devAR 2017 2018

Dev Information Technology Limited
21 ST
ANNUAL
REPORT
“
“ People first; business always
We are a “People First” company. We always
ensure the continued success of our clients
and employees by placing problem solving
ahead of anything else and walking the extra
mile when needed. This means that we value
our engagements with our employees as
well as clients and base our consultations on
client’s specific goals which empower them
to meet their business objectives. Although
we work with technology, our primary
focus is maintaining a rock solid and secure
relationship with each of our clients. Our clients
can rely on every professional of our company
to deliver exemplary service and become
their loyal and valued technology partner.
HELPING COMPANIES WITH
DIGITAL
TRANSFORMATION
BY DELIVERING END-TO-END IT SERVICES
ESTABLISHED SINCE 1997
CMMi LEVEL 3 COMPANY
ISO 9001 CERTIFIED
ISO 27001 CERTIFIED
500+ CLIENTS GLOBALLY

Table of Contents
CORPORATE INFORMATION .............................................................. 6-23
• Board of Directors and Key Managerial Personnel
• Leadership Team
• Other Information
• Our Values
• Our Philosophy
• Awards
• DEVLabs
• Nearshore Support Center
• Dev Accelerator LLP
LETTER TO SHAREHOLDERS .............................................................. 24-26
NOTICE OF 21ST ANNUAL GENERAL MEETING........................... 27-37
DIRECTORS’ REPORT ........................................................................................... 38-98

• Annexure A : Extract of Annual Return
• Annexure B : Secretarial Audit Report
• Annexure C : Disclosure Of Employees Remuneration
• Annexure D : Management Discussion And Analysis Report
• Annexure E : Report On Corporate Governance
• Annexure F : Declaration Regarding Code of Conduct
• Annexure G: CFO Certification
FINANCIALS.......................................................................................... 99-180
• Standalone Financial Statements 2017-18
• Consolidated Financial Statements 2017-18
ATTENDANCE SLIP AND PROXY FORM ..................................... 181-184
Dev Information Technology Ltd. | Annual Report 2017-18 5

Board of Directors
*Seated from left to right
Prerak Shah PRANAV PANDYA

whole-time director Chairman & whole-time director
Mr. Prerak Shah holds MS in Computer Science and has Mr. Pranav Pandya is a First Generation Electronic and
successfully led many IT projects to fruition. “Lead by Microprocessor Engineering entrepreneur with a strong
example” is his mantra for motivating team as while backing of 25 years plus experience. He has very good
evolving solutionsTechnology
Dev Information that aptly Ltd.
aligns technology,
Annual process
Report 2017-18 understanding of technology business implications in local
and people and in turn, helps business maximize their scenarios of both public and private sectors.
IT investments. In his 22 years of IT stint, he has assisted
corporates across the globe in defining and realizing their A visionary and having an eye for details, he is very well
digital transformation journey by driving implementation known in the e-Governance power circle as a dependable
of innumerable IT solutions – spanning from Business IT expert who is always finding innovative solutions to
Process Automation to Customer experience as well as a given challenge. He is personally inclined towards
business intelligence & analytics solutions. rendering his services to the uplifting and modernization
of education institutes
Being PMP himself, he advocates good governance and
adheres to project management principles and spearheads His policy of going extra mile translates into association of
company’s PMO processes and as the AVP of PMI ’s a long term relationship, making him one of the most well
Ahmedabad Branch (PMI Mumbai Chapter) – he looks after received businessman locally among varied crossection
spreading knowledge and awareness of project management of the community across the State of Gujarat, India.
practices in Gujarat region.
He is Vice Chairman Gujarat Innovation Society (GIS)
Helping the less privileged is a subject close to his heart and Director on Board of Gujarat Electronic & Software
and he leads companies community oriented activities. Industry Association. He is associated with National and
He has been recognized by Yuva Unstoppable as “Youth State level industry bodies like NASCOM, CII, FICCI, TiE &
Icon” for his continuous support and guidance. Gujarat Chamber of Commerce.
6 Dev Information Technology Ltd. | Annual Report 2017-18

Board of Directors
Board of
JAIMIN SHAH VISHAL VASU

Managing director whole-time director
Mr. Jaimin Shah has 20+ years of experience in the IT industry Mr. Vishal Vasu leads the company’s Technology and
and carries a Bachelor Degree in Computers. He is focused Innovation ecosystem. He is responsible for managing
on strengthening strategic partnerships, increasing client DEV IT’s innovation portfolio and creating new growth
relevance and evolving the company’s business model towards drivers for the company. In addition to planning and
becoming a next generation global IT consulting and end to executing DEV IT’s technology roadmap and strategy,
end IT Services company. His key priorities are to support Vishal has responsibility for driving innovation through
the company’s growth, manage critical finance function and Research & Development activities in DEVLabs and
adhere to regulatory and compliance requirements. leveraging emerging technologies to bring the newest
innovations to clients globally. He provides technical
Jaimin has been awarded “Alumni of the Year” by direction across the company in areas of managed
Dharamsinh Desai University (DDU) and also has services, architecture designs, software technology, and
been elected as Chairman of Domestic Council of cybersecurity thus supporting project development that
NASSCOM, Past Chairperson of Indo-Canada Business fuels business growth. Along with this, he is also leading
Chamber (ICBC), Gujarat Region, Past Chairman of the Information Technology function for DEV IT, including
Indo-American Chamber of Commerce (IACC), Gujarat its infrastructure, systems, processes, and security.
Region, Member of the NASSCOM National Executive
Committee and The Institutions of Engineers (I), Vishal brings with him extensive systems engineering,
Gujarat Local Centre. He is Past President of Gujarat software development and information management
Electronics & Software Industries Association (GESIA). expertise from over two decades of experience. He is a
He is also trustee of Dewang Mehta Foundation Trust. certified technology specialist on Microsoft platforms,
He has been recently awarded as Outstanding IT Entrepreneur a certified Cybersecurity Expert and carries a diploma of
of the Year by Ahmedabad Management Association. Management in e-Business.

independent directors’
V V Rama Subba Rao

IAS, ACS (RETD) | GOVT. OF GUJ.
Dr. V V Rama Subba Rao is retired IAS Officer. He has spent over 36 years in the Indian Administrative Service, 27
of them in Gujarat. He served the state government in various senior positions as Secretary, Social Welfare, and as
Additional Chief Secretary Urban Development, Finance departments and lastly the Home Department.
Hiren K. Patel
MD, Nirma Ltd.
Hiren Patel is Managing Director of Nirma Ltd. His strategic leadership and business acumen helped Nirma surge as
a conglomerate, with US$ 1.5 billion revenue in global arena. With farsighted vision, he plays the key role in overall
functioning of the company, with hands-on role for the upcoming projects, procurement and strategic investment
deals for inorganic growth.
Anand A. Patel
Director, Gujarat Apollo Ind. Ltd.
Dev Information Technology Ltd. Annual Report 2017-18

Anand Patel holds Bachelors in Mechanical Engineering from L. D. College of Engineering, Ahmedabad. An MBA
from Johnson Graduate School of Management, USA, he holds Masters of Engineering in Mechanical from Stevens
Institute of Technology, USA. He is presently the director of Gujarat Apollo Industries Ltd.
Rama Moondra
Premium Educator, Harvard Business Publishing
Rama Moondra holds a degree of Master in Business Administration and M.S. in Psychotherapy. She is a certified
Coach from International Coach Federation and listed as Premium Educator with Harvard Business Publishing, she
regularly contributes to Harvard case studies and surveys.

leadership team
Alpna Sharma Chaitali Shah Devaang Bhatt Devang Bhatt

HR Manager Assistant Manager (HR) Associate Vice President, Business Development
International Business Manager
Debashish Ghosh Harshil Shah Ketan Shah Kaushal Vyas

Sr. Project Manager Chief Financial Officer Sr. Project Manager Head Business
Development, Licensing
MohammedIrfan Nilay Bhatt Paritosh Jani Sanjay Santoki

Balawala Team Leader IT Operations Manager Technical Account
Project Manager Manager (MIT)
Shomy Tejas Patel Zenul Jinwala

Sathyadevan Associate Vice President, Marketing Strategist
Project Manager Public Sector

CORPORATE INFORMATION
Board of Directors and Key Managerial Personnel
PRANAV NIRANJANBHAI Jaimin Jagdishbhai Vishal Nagendra

PANDYA Shah Vasu
Chairman & Whole-Time Director Managing Director Whole-Time Director
Prerak Pradyumna Venkata Rama Subba Hiren Karsanbhai

Shah Rao Velamuri Patel
Whole-Time Director Independent Director Independent Director
Anand Anilbhai Rama Harshil Hemant

Patel Moondra Shah
Independent Director Woman Independent Director Chief Financial Officer
Krisa Rupalkumar
Patel
Company Secretary and

Compliance Officer

Other Information
Registered Office and Corporate Office:
DEV INFORMATION TECHNOLOGY LIMITED

14, Aaryans Corporate Park,
Nr. Shilaj Railway Crossing,Thaltej
Ahmedabad-380059, Gujarat,India
Website: www.devitpl.com
Listing: Registrar & Transfer Agent:

National Stock Exchange of India Limited LINK INTIME INDIA PRIVATE LIMITED
(SME Platform): C-101, 247 Park, LBS Marg,
Exchange Plaza, Plot No. C/1, Vikhroli (West), Mumbai-400 083
G- Block, Bandra-Kurla Complex, Maharashtra, India.
Bandra (E), Mumbai 400 051, India Tel. No.: +91 22 49186270
w.e.f. April 17, 2017 Website: www.linkintime.co.in
Statutory Auditors: Secretarial Auditor:

M/s CHANDULAL M SHAH & CO. M/S. MURTUZA MANDORWALA & ASSOCIATES
CHARTERED ACCOUNTANTS 411, Devpath Complex, Near Lal Bunglow
Address: 601, Samrudhi Complex; B/H Super Mall, C.G Road
Ashram Road, Income Tax, Ahmedabad - 380 014 Ahmedabad-380009
Phone : +91 79 2754 4430 Email: [email protected]
Email: [email protected] COP No.: 14284
Firm Registration No.: 101698W Website: www.csmkmurtuza.com
Contact Person: Bharat M. Zinzuvadia
Contact Details for Investors:

KRISA R. PATEL
Company Secretary &Compliance Officer
Nr. Shilaj Railway Crossing, Thaltej.
Ahmedabad-380059,
Gujarat,India
Tel No: +91-79-26304241/ 26305751;
E-mail: [email protected]; Website: www.devitpl.com

Imbibe
our
Values
What we stand for
Integrity
Collaboration
Innovation
Respect
13
Believe
our
Philosophy
What we follow
People First;
Business Always
15
commit
awards Our dedication paid off
ChannelWorld Premier Top 100 SME’s of India SKOCH Achiever Order-of-

100 Award 2018 Award 2018 Merit Award 2018
Channel World India SME Forum SKOCH Group
ISODA Award for Innovative Best ICT Managed Service 5 Most Promising IT
Strategy Achiever 2018 Provider by GESIA 2016 Infrastructure Companies
ISODA GESIA IT Association SiliconIndia
Best Smart Technology Best Managed IT Services The EXCELLENCIA for

Solution for Governance, Company by ITPV 2015 Excellence in ICT Business,
2016 ITPV 2016
and many more...
17
Innovate
Fostering !nnovation by creative thinking
Thinking about new things and thinking in new ways.

Currently nurturing passion and determination to immerse in the process of
developing new and different ideas on following platform:
Mixed Reality
Transforming your world and work through mixed reality
Touch Computing
Experience the future of touch computing
Business Intelligence with Artificial Intelligence

Analytical assistants that turn visualizations intomeaningful conversations
19
Expand
nearshore
support
centerA way to advanced global delivery model
Next Step Towards

quality Service Delivery
Get advantage of proximity, cultural affinity,
and ease of doing business with great cost savings
21
Accelerate
Accelerating innovation
Startup Accelerator Program

Designed to support early stage, growth driven Start-ups through education,
mentorship, funds and connecting them to the right investors
Collaborative Work Space

Our state of the art 40,000 Sq. Ft. area, with 700+ seater capacity, first and largest in
the state of Gujarat, provides plug & play office spaces, with 24*7 access to build a
strong community of Growth oriented Entrepreneurs.
Corporate Innovation
We support enterprises to accelerate the pace at which they solve
critical business problems by bridging the gap between large
Corporates/SMEs/Startups and talented Innovators
Hackathon-as-a-Solution
Hackathon-as-a-Solution, is a trademark service of Dev Accelerator LLP (DevX) .
Our team of experts has in-depth understanding and experience
of conceptualizing and executing successful Hackathons across the nation.
23
letter to shareholders
Dear DEV IT Family, driving events as well activities that DEV IT was
involved into in FY16-17. The same underlying current
Greetings
Dev on behalf
Information of Team
Technology Ltd.DEV IT Report 2017-18
Annual of interesting happenings and dynamism continued
for DEV IT during FY 17-18 too. The incredible thrust
While we celebrated 20th anniversary in December of positivity among the entire community of Team DEV
2017, we are also turning One! What I am citing is the IT was received when we went public in April 2017.
fact that DEV IT as public listed company turned One. Especially the crescendo of positive business thrust
In that sense, DEV IT is as aggressive and fresh as a that we experienced during Bell Ringing Ceremony
Start-up. Therefore, the environment that DEV IT has on April 17,2017 with subsequent acceptance of the
imbibed is of letting new ideas, plans and strategies market kept the fantastic sentiment of positivity alive
flow unbounded from all the ranks of Team DEV IT so in all the business achievements the company during
that, as far as possible, nothing worthy is missed out the entire FY 17-18.
by our internal research team DEV LABS. Thanks to this
approach, in fact our vision of making it a concurrent The jewel in the crown was our efforts to come up with
and thriving company is alive and the same is evident by Start-up incubator, accelerator and Co Working place
palpable effervescence flowing all across the company. – DEV X, with its state of the art set-up has turned into
superb success story and has created great buzz in
While referring to my message in last year Annual the market. In fact, entire IT Market dynamics across
Report, I would like to state that the Year FY 17-18 the country started looking at Gujarat with renewed
inherited many interesting, exciting and business interest with this facility under the mentorship of DEV

IT. The said facilities include provision of co working “dataism” and “techno humanism” as stated by Futurist
space and accelerator program, thereby reducing Yuval Noah Harari. The clients are aligned right from
operations and capital cost of a business and availing the word ‘Go’, with holistic evaluation, before we carry
mentorship. Such value added approach has proved to out the implementation. Hence, in true sense we try
be outright win-win situation proposition for both the our utmost to adhere with the meaning of “partners
sides i.e. Start-ups as well as DEV X-DEV IT combination. in progress”, which is also a key behind year-on-year
business relationship growth with our clients.
The classic IT Service portfolio advocated by DEV IT, since
last few years, continued its good run of year on year Our philosophy – “People First; Business Always” is at
growth in domestic as well as international market in FY heart of every interaction as well as actions that Team
17-18. Further, inclusion of new service lines - Business DEV IT carries out. This motto fosters sense of ownership
Intelligence (BI), Mobility, CRM, Cloud Services, Cyber as well as diligence and dedication to take the company
Security; has helped addressing International Markets. towards positive “Heights of Next” and together, we
At the same time, our strategy of replicating e-Gov have been able to achieve and win many accolades as
Solutions in newer geography within India and Smart well as awards from the industry in FY 17-18.
City Bespoke solutions also found very promising and
growth oriented traction for DEV IT. All the positives cited above has realised for company
noteworthy performance again for the year FY 17-18
Inclusion of the said new service lines was powered with turnover clocking at Rs. 67.32 crore and year-on-
by DEV IT’s belief rhyming with Mr Stephen Hawking’s year growth of 18.39 %.
thought that “Intelligence is the ability to adapt to
change”. In fact, Business Intelligence practise is Hence, on behalf of the company, I am very Thankful
opening out very exciting International and domestic to all the Personnel of DEV IT, our ever vigilant
business growth avenues for DEV IT in zones of Machine Independent Directors for their mentorship and value
Learning, Artificial Intelligence and Internet of Things. added inputs towards management aspects, our
The said service lines will surely be the game changer Business Patrons and Clients, Business Colleagues and
in coming few years and hence, as these disruptive Associates, Family elders and Friends for bestowing all
technologies based service line era unveils at a very the support and encouragement leading us towards
fast pace, DEV IT has already geared up its capacity the Business Growth.
building to ensure readiness. This is clearly reflected in
NASSCOM’s list of top ten early adopters of Future Skills A Big and very special thanks as well as
programme, where DEV IT is proud to hold a position. acknowledgements to DEV IT Shareholder family for
having belief in our business acumen, strategy, strength
Such disruption in technology also spells out and plans which has secured DEV IT an image of very
responsibility of technology service providers to be aspiring and faith laden publicly traded company. We
at forefront in terms of taking care of the fact that sincerely believe and welcome value added inputs
technology should never surmount the humane from the shareholder family which can translate into a
angle. Hence, Nature as well as Humanity should be positive proposition for Team DEV IT.
paramount while we as technology service provider
participate in creation and research of new technology It gives me immense pleasure, in the above stated
frontiers. Team DEV IT is extremely dedicated and backdrop, to place before you the 21st Annual Report
aware on this aspect while rhyming the thoughts of for the Financial Year 2017-18.

Last but not the least, please allow me to convey vote of support, faith and trust in the company governance
thanks to all the Directors, Key Managerial Personnel, which I am sure will continue to be there in the times
shareholders, customers, bankers, financial advisors to come.
and auditors and “DEV ITians” for their continued
With Warm Regards,
DEV INFORMATION TECHNOLOGY LIMITED.

PRANAV N. PANDYA,
(CHAIRMAN)

notice
NOTICE
Notice is hereby given that the 21ST ANNUAL GENERAL MEETING OF DEV INFORMATION TECHNOLOGY
LIMITED will be held on Saturday, 29th September, 2018 at 4:00 P.M. at Block-12 Aaryans Corporate Park,
Nr. Shilaj Railway Crossing, Thaltej, Ahmedabad-380059, Gujarat, India, to transact the following business:
ORDINARY BUSINESS:-
1. Adoption of the Financial Statements:
To consider and adopt the Standalone and Consolidated Financial Statements as at 31st March, 2018
including the Audited Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss for the
year ended on that date and reports of the Board of Directors and Auditors thereon.
2. Declaration of dividend:
To declare dividend on equity shares at the rate of 5% i.e. Rs.0.50/- per share on Equity Shares of the
Company for the Financial Year ended 31st March, 2018.
3. Re-appointment of Director retiring by rotation:
To re-appoint a Director in place of Mr. Pranav N. Pandya (DIN: 00021744), who retires by rotation and
being eligible offers himself for re-appointment.
4. Modification to the resolution related to appointment of Statutory Auditors:

To consider and if thought fit, to pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the amendment to the section 139 of the Companies Act, 2013, effective
from 7th May,2018, the consent of the members of the Company be and is hereby accorded to delete
the requirement, seeking ratification of appointment of Statutory Auditors (M/s. Chandulal M. Shah &
Co.) at every Annual General Meeting, from the resolution passed at the shareholders meeting held on
September 30th, 2016.”
SPECIAL BUSINESS :-
5. To extend the approval of Dev Information Technology Employee Stock Option Plan — 2018 (‘ESOP
2018’ or ‘Plan’)
To consider and if thought fit, to pass the following resolution as an Special Resolution:
"RESOLVED THAT pursuant to the provisions of Section 42, 62 (1) (b) of the Companies Act, 2013 (the
"Act") and the Companies (Share Capital and Debentures) Rules, 2014 and other applicable provisions,
if any, of the Act, including any statutory modification(s) or re-enactment thereof for the time being in
force and in accordance with the provisions of the Memorandum and Articles of Association of the
Company and the provisions of the Securities and Exchange Board of India ("SEBI") (Share Based
Employee Benefits) Regulations, 2014, ("SBEB Regulations") (including any statutory modification(s)or
re-enactment thereof, for the time being in force) and in accordance with circulars / guidelines issued
by SEBI, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"), and other applicable laws, rules and regulations, Circulars / guidelines for the time being
in force and subject to any such other consents, permissions, sanctions and approvals of any authorities
as may be required, and subject to any such condition(s) or modification(s), if any, as may be prescribed

notice
or imposed by such authorities while granting such approval(s), and subject to acceptance of such
condition(s) or modification(s) by the Board of Directors of the Company (hereinafter referred to as
"the Board", which term shall be deemed to include any Committee including the Nomination and
Remuneration Committee (‘Compensation Committee’) which the board has constituted to exercise
its powers including the powers conferred by the resolution), the consent of the Members be and is
hereby accorded to the Compensation Committee to extend the benefits of ESOP 2018 proposed, to
such persons who are in the permanent employment of the holding/subsidiary company(ies) of the
Company, (whether now or hereafter existing, whether incorporated in India or overseas as may be
from time to time be allowed under the prevailing laws, rules and regulations and / or any amendments
thereto from time to time), (hereinafter referred to as "Holding / Subsidiary Companies"), whether
working in India or out of India and to the directors of the Holding/Subsidiary Companies, whether
whole time or not, and to such other persons as may from time to time be allowed, under prevailing
laws, rules and regulations, and/or amendments thereto from time to time, on such terms and
conditions as may be decided by the Compensation Committee, and selected on the basis of criteria
prescribed by the Compensation Committee, hereinafter referred to as "Holding / Subsidiary
Companies Employees" at such price or prices in one or more tranches and on such terms and
conditions, as may be fixed or determined by the Compensation Committee in accordance with the
ESOP 2018.
RESOLVED FURTHER THAT for the purpose of creating, offering, issuing, allotting and listing of the
Securities, the Board/ Compensation Committee be authorized on behalf of the Company to make any
modifications, changes, variations, alterations or revisions in the ESOP 2018 from time to time or to
suspend, withdraw, or revive ESOP 2018 from time to time, provided such variations, modifications,
alterations or revisions are not detrimental to the interests of the Employees.
RESOLVED FURTHER THAT for the purpose of giving effect to this Resolution, the Compensation Committee
be authorized to determine terms and conditions of issue of the Securities and do all such acts, deeds,
mattersTechnology
Dev Information and things as
Ltd.it Annual
may, in Report
its absolute discretion, deem necessary for such purpose and with power
2017-18
on behalf of the Company to settle any questions, difficulties or doubts that may arise in this regard without
requiring to secure any further consent or approval of the Members of the Company."
By Order of Board of Directors,

For, Dev Information Technology Limited,
Place:- Ahmedabad Krisa Patel

Date:- 29th August, 2018 (Company Secretary & Compliance Officer)
Registered Office:
Dev Information Technology Limted,
Nr. Shilaj Railway Crossing,
Thaltej, Ahmedabad-380059,
Gujarat, India.
CIN: L30000GJ1997PLC033479
Tel. No. +91-79-26304241/ 26305751
Email: [email protected]

notice
NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE 21ST ANNUAL GENERAL MEETING (“AGM” or
“MEETING”)OF THE COMPANY IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON A POLL
INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
A proxy form is attached with the said notice. The proxy form duly completed and signed, should be
lodged with the Company, at its registered office at least 48 hours before the time of the Meeting.
Pursuant to provision of Section 105 of the Companies Act, 2013, a person can act as a proxy on
behalf of Members not exceeding 50 (fifty) and holding in the aggregate not more than 10 (ten)
percent of the total share capital of the company carrying voting rights. A Member holding more than
ten percent of the total share capital of the Company carrying voting rights may appoint a single
person as proxy and such person shall not act as a proxy for any other person or Members.
2. Corporate Members intending to send their authorised representatives to attend the Meeting are
requested to send to the Company a certified copy of the Board Resolution authorizing their
representative to attend and vote on their behalf at the Meeting.
3. The Explanatory Statement pursuant to sub -section (1) of section 102 of the Companies Act, 2013 in
respect of Special Business is annexed under Annexure-I hereto and forms part of this Notice.
4. A Statement giving the relevant details of the Directors seeking re-appointment under Item No. 3 of
the accompanying Notice as required under regulation 36(3) of SEBI (Listing Obligation and Disclosure
Requirement) Regulation, 2015, is annexed under Annexure-I herewith.
5. In case of joint holders attending the Meeting, only such Joint holder who is high in the order of
names will entitled to vote.
6. The record date for the purpose of determining the eligibility of the Members to attend the 21st
Annual General Meeting of the Company and for the dividend is 21st September, 2018.
7. Members, Proxies and Authorised Representatives are requested to bring to the meeting, the
Attendance Slip enclosed herewith, duly completed and signed, mentioning therein details of their
DP ID and Client ID.
8. Member / proxy holder shall hand over the attendance slip, duly filled in all respect, at the entrance
for attending the Meeting along with a valid identity proof such as the PAN card, passport, AADHAR
Card or driving license.
Members are encouraged to utilize the Electronic Clearing System (ECS) for receiving dividends by
registering their bank account details with the Company. For further information, you are requested
to approach the Registrar and Share Transfer Agent of the Company. Members holding shares in
dematerialized form are requested to intimate all changes pertaining to their bank details such as
bank account number, name of the bank and branch details, MICR code and IFSC code, mandates,
nominations, power of attorney, change of address, change of name, e-mail address, contact
numbers, etc., to their depository participant (DP). Changes intimated to the DP will then be

notice
automatically reflected in the Company's records which will help the Company and the Company's
Registrars and Transfer Agents, Link Intime India Pvt. Ltd. to provide efficient and better services.
9. Members seeking any information or clarification on the accounts are requested to send written
queries to the Company, atleast 10 days before the date of the Meeting to enable the management
to keep the required information available at the Meeting.
10. The Notice of the AGM along with the 21st Annual Report is being sent by electronic mode to those
Members whose e-mail addresses are registered with the Company Depositories, unless any Member
has requested for a physical copy of the same. For Members who have not registered their e-mail
addresses, physical copies are being sent by the permitted mode. Members may note that this Notice
and the 21st Annual Report will also be available on the Company's website viz. www.devitpl.com.
11. To support the 'Green Initiative', Members who have not registered their e-mail addresses are
requested to register the same with DPs / Link Intime India Pvt. Ltd.
12. Share holders are requested to bring their copy of the Annual Report to the meeting as the practice
of handling out copies of the Annual Report at the Annual General Meeting has been discontinued in
view of the high cost of paper and printing.
13. Company is exempted from conducting E – Voting vide Rule 20(2) of Companies (Management &
Administration) Amendment Rule, 2015. So voting will be conducted by means of show of hands at
the Annual General Meeting.
14. The resolutions shall be deemed to have been passed on the date of the Annual General Meeting,
subject to the same being passed with requisite majority.
Dev Information
15. TheTechnology
route mapLtd. Annual
showing Report 2017-18
directions to reach the venue of the 21st Annual General Meeting is annexed.

notice
ANNEXURE- I TO THE NOTICE:
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013 AND
REGULATION 36(3) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2015
Details of the Directors seeking re-appointment at the forth coming Annual General Meeting
Annexure of Item No: 03:
Name of Director Mr. Pranav Niranjan Pandya
DIN 00021744
Date of Birth 15/03/1968
Date of first Appointment 23/12/1997
Qualification Diploma in Electronics & Radio Engineering.

Mr. Pranav Pandya hails from Family of Nobles at Rajkot who
were legal advisors and administrator of many erstwhile
kingdoms in Saurashtra. His parents were advocates with his
father going retiring ultimately as Judge Bombay High court.
Mr Pranav Pandya is a First Generation Electronic and

Microprocessor Engineering entrepreneur with a strong
backing of 25 years plus experience. He has very good
understanding of technology business implications in local
scenarios of both public and private sectors.
A visionary and having an eye for details, he is very well known

in the e-Governance power circle as a dependable IT expert
who is always finding innovative solutions to a given challenge.
His policy of going that extra mile translates into association of

a long term relationship, making him one of the most well
Expertise in specific functional received businessman locally among varied crossection of the
areas and Experience community across the State of Gujarat, India.
He is personally inclined towards rendering his services to the

uplifting and modernization of education institutes and is
active towards initiatives for Public Private Partnership in the
said sector.
He is Vice Chairman Gujarat Innovation Society (GIS) and

Director on Board of Gujarat Electronic & Software Industry
Association. He is associated with National and State level
industry bodies like NASCOM, CII, FICCI, TiE & Gujarat Chamber
of Commerce.

notice
Directorship held in other 1. Xduce Infotech Private Limited

Companies 2. Gesia It Association
Committee positions held in Nil
other Companies
No. of Equity Shares held in the 175500 Shares
Company as on 31/03/2018
The Board recommends the resolution at Item No. 3 of the Notice, for appointment of Mr. Pranav Pandya
as an Executive Director, for your approval, as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel (KMP) of the Company or their relatives except the
director who is being re-appointed, are in any way concerned or interested in the said resolution.
The shareholders had, at 19th Annual General Meeting (AGM) of the Company held on 30th September,
2016, appointed M/s. Chandulal M. Shah & Co., Chartered Accountants (FRN: 101698W) as Statutory
Auditors of the Company, to hold office from conclusion of 19th AGM of the Company till the conclusion
of 23rd AGM, subject to ratification of such appointment by the shareholders at every AGM.
Pursuant to amendment of section 139 of the Companies Act, 2013 effective from 7 th May, 2018, the
requirement related to ratification of appointment of Statutory Auditors by the members of the Company
at every AGM was omitted.
In view of the above, it is proposed to delete the requirement of seeking ratification of appointment of
Statutory Auditors at every AGM from resolution passed at the shareholders meeting held on September
30, 2016.
The Board recommends the resolution at Item No. 4 of the Notice, for deleting the requirement of seeking
ratification of appointment of Statutory Auditors at every AGM, for your approval, as an Ordinary
Resolution.
None of the Directors or Key Managerial Personnel (KMP) of the Company or their relatives are in any way
concerned or interested in the said resolution.
The Board of Directors on Monday, March 05, 2018 , subject to approval of the shareholders in a General
Meeting, has approved the Dev Information Technology Limited Employee Stock Option Plan – 2018
(“ESOP 2018” or “Plan”) to create a sense of ownership within the organization, encourage employees to
continue contributing to the success and growth of the organization, attract, retain and motivate
employees, encourage and incentivize eligible employees to align their performance with Company
objectives and reward them with proportionate ownership in proportion to their contribution.
Share based compensation is considered to be an integral part of employee compensation across sectors
which enables alignment of personal goals of the employees with organisational objectives by

notice
participating in the ownership of the Company through share based compensation schemes / plans. The
Company believes in rewarding its employees and Directors of the Company including Permanent
Employees, Directors whether whole time or not, but excluding Promoters, members of the Promoter
Group; Independent Directors and Directors holding directly or indirectly more than 10% of the
outstanding Equity Shares of the Company and that of its existing and future Subsidiary Company(ies)
whether in or outside India (“Eligible Persons”) as may be decided by the Compensation Committee from
time to time in due compliance with Securities and Exchange Board of India (Share Based Employee
Benefits) Regulations, 2014 and Companies Act, 2013 and rules made thereunder and in compliance with
other applicable rules and regulations. By this, the Company will have a new Plan for rewarding the Eligible
Employees for their continuous hard work, dedication and support.
The Company intends to implement ESOP 2018 directly through their existing Nomination and
Remuneration Committee (“Compensation Committee”).
Pursuant to provisions of Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 (“SEBI SBEB Regulations”), the Company seeks members’ approval for grant of
employee stock options under the Plan (“Options”) to the Eligible Employees/ Directors of the Company
and those of its Subsidiary Company(s) as decided by the Compensation Committee from time to time in
due compliance of the SEBI SBEB Regulations.
The main features of the ESOP 2017 are as under:
1. Brief Description of the Plan:
The proposed Plan called the Dev Information Technology Limited Employee Stock Option Plan 2018
(“ESOP 2018” or “Plan”) is intended to reward the Eligible Employees of the Company, its Subsidiary
and/or Holding Companies in India and abroad, if any, for their performance and to motivate them to
contribute to the growth and profitability of the Company. The Company also intends to use this
Scheme to retain talent in the organization as it views Employee Stock Options as instruments that
would enable the Employees also to benefit directly from the value they create for the Company and
align individual objectives of employees with objectives of the Company in the years to come.
The Plan shall be implemented and administered by the Compensation Committee of the Company in
compliance with the Companies Act and other applicable rules and regulations.
2. Total number of Options to be granted:
The number of options that would be available for grant to the eligible employees of the Company
and eligible employees of the Subsidiary Company(s) and/or Holding Company(s), if any, under ESOP
2018, in one or more tranches will not more than 5 (five) % of the aggregate number of issued and
outstanding equity shares of the Company fully paid-up Shares. Each option would carry a right to
apply for 1 (One) Equity Share in the Company of face value of Rs 10/- each, fully paid-up.
The SEBI SBEB Regulations require that in case of any corporate action(s) such as rights issues, bonus
issues, merger and sale of division, and others, a fair and reasonable adjustment needs to be made to

notice
the Options granted. Accordingly, if any additional Equity Shares are required to be issued pursuant
to any corporate action, the above ceiling of Equity Shares shall be deemed to increase in proportion
of such additional Equity Shares issued subject to compliance of the SEBI SBEB Regulations.
Vested Options lapsed due to non-exercise and/ or unvested Options that get cancelled due to
resignation/ termination of the employees or otherwise, would be available for being re-granted at a
future date. The Compensation Committee is authorized to re-grant such lapsed / cancelled Options
as per the provisions of ESOP 2018, within overall ceiling.
3. Identification of Eligible Employees:
Following classes of employees are entitled to participate in ESOP 2018:
i. A permanent employee of the Company, who has been, working in India or out of India; and
ii. The Directors of the Company whether whole-time or not but excluding Independent Directors;
iii. An Employee as defined in clause (i) or (ii) of a subsidiary, in India or outside India, or of a holding
company of the Company.
It excludes:
i. An employee who is a promoter or a person belonging to the promoter group; or
ii. A director who either himself or through his relative or through any body corporate, directly or
indirectly, holds more than 10% of the outstanding equity shares of the Company.
4. Requirements of Vesting and Period of Vesting:
The Options granted shall vest so long as an employee continues to be in the employment of the
Company or the Holding/Subsidiary Company as the case may be subject to minimum vesting period
of 12 (Twelve) months from the date of grant. The Compensation Committee may in consultation with
theTechnology
Dev Information Board and/or
Ltd.at its discretion,
Annual lay down certain performance parameters and it shall have the
Report 2017-18
power to prescribe and determine a graded Vesting mechanism based on different levels of
achievement of the performance parameters.
Following table shall be applicable in case of various scenarios (during employment) for vesting and
exercising:
Quantum Vested Option Unvested Options
Normal/ Early Exercisable Within 12 months of the

Lapse
Retirement date of retirement
Resignation /
Exercisable Within 30 days of the
Termination w/o Lapse
date of resignation/ termination
Cause
Exercisable Within 12 months of the
Permanent Exercisable Within 12 months of the
date of permanent total
Incapacity date of permanent total disablement
disablement

notice
Exercisable by the nominee/legal Exercisable by the nominee/legal

Death heir Within 12 months of the date of heir Within 12 months of the date of
death death
Transfer to
Exercisable During Exercise Period Lapse
Subsidiary
Termination –
Expires & stand terminated Expires & stand terminated
misconduct
Termination due
to any other Compensation Committee shall have right to decide
Reasons
5. Maximum Period within which the Options shall be Vested:
Though the Plan do not envisage any restriction on the maximum period within which the Options
shall be Vested, the Options shall vest as long as an employee continues to be in the employment of
the Company and as per the performance basis laid down by the Compensation Committee, subject
to minimum vesting period of 12 (Twelve) months from the date of grant.
6. Exercise Price or Pricing Formula:
The Exercise price per Options shall be determined by the Compensation Committee, from time to
time in line with the SEBI SBEB Regulations, Companies Act and any other applicable guidelines which
shall not be lower than the face value of the shares, which shall be mentioned in the Letter of Offer.
7. Exercise Period and the Process of Exercise:
The vested Options shall be allowed for exercise on and from the date of vesting. The Exercise Period
of Vested Options shall not exceed 45 (forty-five) days from the date of vesting of the Options.
In order to Exercise, the Vested Options, an Optionee shall serve a prior written notice of 7 (seven)
days in the prescribed form, attached to this Plan (“Exercise Notice”) to the Compensation Committee
or its authorized representative specifying the intention to Exercise the Vested Options and the
number of Options the Optionee wishes to Exercise.
8. The lock-in period, if any:
ESOP 2018 does not have any lock-in period and hence this shall not be applicable
9. Appraisal Process for Determining Eligibility:
The Compensation Committee reserves the right to offer Options to Eligible Employee(s) subject to
the appraisal process. The appraisal process for determining the Employees to whom the Option shall
be granted/offered will be specified by the Compensation Committee, and will be based on criteria
such as the seniority of the Employee, length of service, performance record, merit of the Employee,

notice
future potential contribution by the Employee and/ or any such other criteria that may be determined
by the Compensation Committee at its sole discretion.
10. Maximum number of Options Per Employee and In Aggregate:
The maximum number of Options to be granted per Employee and in aggregate shall not exceed 5%
(Five) of the issued capital of the company (excluding outstanding warrants and conversions) at the
time of grant of options, except with the separate approval of the members of the Company, accorded
in a general meeting.
However, the number of Stock Options that may be granted to identified Employees, during any one
year, under the Plan shall not equal to or exceed 1% of the total issued Equity Share Capital in a
financial year (excluding outstanding warrants and conversions) of the Company as at the time of
grant of options except prior approval from shareholders by way of separate resolution in the general
meeting.
11. Whether ESOP 2018 is to be implemented and administered directly by the Company or through a
trust:
ESOP 2018 will be implemented directly by the Company under the guidance of the Compensation
Committee of the Board.
12. Whether ESOP 2018 involves new issue of shares by the Company or secondary acquisition by the
trust or both:
ESOP 2018 shall involve only new issue of shares by the Company.
13. TheTechnology
Dev Information amount ofLtd.loanAnnual
to be Report
provided for implementation of ESOP 2018 by the company to the trust,
2017-18
its tenure, utilization, repayment terms, etc.:
ESOP 2018 does not envisage any loan since this is a scheme directly implemented by the Company.
14. Maximum percentage of secondary acquisition (subject to limits specified under the regulations)
that can be made by the trust for the purposes of the ESOP 2018:
ESOP 2018 does not envisage any secondary acquisition and hence this shall not be applicable to the
ESOP 2018.
15. A Statement to the effect that the company shall conform to the accounting policies specified in
regulation 15:
The Company shall comply to the requirements of the ‘Guidance Note on Accounting for Employee
Share Based Payments’ or Accounting Standards as may be prescribed by the Institute of Chartered
Accountants of India (“ICAI”) from time to time, including the disclosure requirements prescribed
therein. Where the existing Guidance Note or Accounting Standard do not prescribe accounting
treatment or disclosure requirements, ESOP 2018 shall be governed by SEBI (SBEB) Regulations, as
amended from time to time.

notice
The Board of Directors shall at each annual general meeting place before the shareholders a certificate
from the auditors of the Company that the Plan has been implemented in accordance with the
prescribed regulations and in accordance with the resolution of the Company in the general meeting.
16. The method which the company shall use to value its options:
To calculate the employee compensation cost, the Company shall use the Intrinsic Value Method or
Fair Value Method as per applicable Accounting Standards and other regulatory provisions for
valuation of Stock Based Instruments granted. If Intrinsic Value Method is used the difference
between the employee compensation cost so computed and the employee compensation cost that
shall have been recognized if it had used the fair value of the Stock Based Instruments and the impact
of this difference on profits and on Earnings Per Share (EPS) of the Company shall also be disclosed in
the Board’s report.
17. Other Terms:
The Compensation Committee shall have a right to amend, alter or terminate the ESOP 2018
(“Variation”) at any time, in accordance with the regulations and guidelines as prescribed by the
Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 or
regulations that may be issued by any appropriate authority from time to time, unless such variation,
modification or alteration is detrimental to the interest of the Optionees.
None of the Directors and Key Managerial Personnel of the Company including their relatives are
interested or concerned in the abovementioned resolution , except to the extent of their shareholding
entitlements, if any, under the ESOP Scheme.
Our Directors recommend the abovementioned resolution of the notice for adoption by the
shareholders as Special Resolution.
By Order of Board of Directors,

For, Dev Information Technology Limited,
Place:- Ahmedabad Krisa Patel

Date:- 29th August, 2018 (Company Secretary & Compliance Officer)

DIRECTORS’ REPORT
DIRECTORS’ REPORT
To
The Members,
Your directors are pleased to present the 21st Annual Report of your company together with the
Audited Statement of Accounts and the Auditor’s Report of your company for the financial year ended,
31st March, 2018. The summarized financial results for the year ended on 31st March, 2018 is as under:
1. HIGHLIGHTS:
The key highlights for the Financial Year 2017-18 are:
Listed on Stock Exchange: The Company has achieved a remarkable landmark milestone by getting
itself Listed on the SME platform of National Stock Exchange i.e. NSE emerged. The Company came up
with an IPO of Equity Shares of Rs 10 each at a premium of Rs 32 in the captioned Financial Year. The
Company’s shares got listed on NSE platform on 17/04/2017. The company received and
overwhelming response from investors and the result of which the issue was oversubscribed by 75
times.
Revision in Lot Size: The Lot Size of the Company’s shares was revised from 3000 shares to 1500 shares
by National Stock Exchange i.e. NSE emerged vide circular Ref. No: 18/2018 dated March 08, 2018.
Devlabs – Fostering Innovation by Creative Thinking : At DEVlabs we believe in fostering innovation

by creative thinking. We nurture passion and are determined to immerse in the process of developing
new and different ideas by thinking about new things and thinking in new ways. Currently team at
DEVlabs is working on next-gen technologies like Artificial Intelligence, Chatbots, Augmented Reality,
Virtual Reality, Blockchain, etc.
Dev Accelerator: Dev Information Technology Ltd. through its subsidiary company i.e. Dev Accelerator
LLP (DevX), has setup a massive Accelerator Center for startups, making it a one-stop solution for
entrepreneurs to conceive, develop, test and commercially rollout their ideas. The accelerator is
having co-working space of about 40,000 square feet at single location with seating capacity for over
700 people. This will be Gujarat largest accelerator. It has focused on Artificial Intelligence (AI),
Internet of Things (IOT), Augmented Reality (AR), Virtual Reality (VR) and Financial technology areas.
Achievements : Dev Information Technology Ltd. has been awarded with Premier 100 award by
Channel World, Top 100 SME's of INDIA by India SME Forum, Achiever Order-of-Merit Award by SKOCH
group, Award for Business Excellence by ISODA in 2017-18.

DIRECTORS’ REPORT
2. FINANCIAL RESULTS:
The working results of the company for the year ended are as follows:
Standalone Consolidated
Particulars
2017-18 2016-17 2017-18 2016-17
Net Total Income 67,32,85,173 56,86,22,353 69,94,36,704 64,42,55,688
Less: Operation and Admin
58,99,79,713 50,23,66,491 65,95,65,600 57,58,79,500
Expenses
Profit before depreciation and
8,33,05,460 6,62,55,862 3,98,71,104 6,83,76,188
Taxes
Less: Depreciation 1,74,99,339 75,01,438 1,74,99,417 75,01,438
Add: Extraordinary/ Exceptional
0 0 0 0
Items
Profit before interest and
6,58,06,126 5,87,54,424 2,23,71,687 6,08,74,750
tax(PBIT)
Less: Interest 1,63,12,229 1,53,98,728 1,68,69,689 1,62,58,806
Profit before Tax (PBT) 4,94,93,897 4,33,55,696 5,50,19,998 4,46,15,945
Less: Taxes (including deferred
1,50,02,120 1,43,51,268 1,53,89,894 1,47,54,208
tax and fringe benefit tax)
Profit after Tax (PAT) 3,44,91,778 2,90,04,428 3,96,30,104 2,98,61,737
Balance brought forward from
0 0 0 0
previous period
Less: Adjustment of opening
liability in respect of employees
0 0 0 0
benefits in accordance with AS-
15
Net profit carried to Balance
3,44,91,778 2,90,04,428 3,96,30,104 2,98,61,737
Sheet
3. PERFORMANCE OF YOUR COMPANY:
Consolidated Financial Result:
The audited consolidated financial statement of your company as on 31st March, 2018 prepared in
accordance with the Generally Accepted Accounting Principles in India, relevant applicable regulation
33 of SEBI (LODR) Regulation 2015 and provision of Companies Act, 2013 Forms part of this Annual
report.
The Key Aspect of your company consolidated financial performance during the financial year 2017-
18 are as follows:
Operational Highlights: The consolidated revenue of the company from Sales is Rs. 69,94,36,703/-as
compared to Rs. 64,42,55,688 /- in the previous year.

DIRECTORS’ REPORT
Financial highlights: The consolidated profit of the company is Rs. 3,96,30,104/- as compared to Rs.
2,98,61,737/- in the previous year.
Standalone Financial Highlights:
Operational Highlights: The standalone revenue of the company from Sales is Rs. 67,32,85,173/- as
compared to Rs. 56,86,22,353/- in the previous year.
Financial highlights: The standalone profit of the company is Rs. 3,44,91,778/- as compared to Rs.
2,90,04,428/- in the previous year.
4. CHANGE IN SHARE CAPITAL AND INITIAL PIBLIC OFFER:
The Authorised Share Capital of the Company as on March 31, 2018 was Rs 6,00,00,000/- (Rupees six
crore) divided into 60,00,000 (Sixty lakhs) equity shares of Rs 10 each.
During the Year under review, the company has completed the Initial Public Offer (Ipo) and raised a
total capital of Rs. 624.96 Lakhs Comprising of 14,88,000 Equity Shares at an issue price of Rs. 42/- per
Equity share, including Rs. 32/- towards Security premium.
Due to IPO The Paid-up Share Capital of the company is increased from 4,03,25,000 (Rupees Four Crore
Three Lacs Twenty-Five Thousand only) divided into 40,32,500 (Fourty Lacs Thirty Two Thousand Five
Hundred) equity shares of Rs. 10/- each to Rs 5,52,05,000 (Rupees Five Crore Fifty-Two Lacs Five
Thousand only) divided into 55,20,500 (Fifty-Five Lacs Twenty Thousand Five Hundred) equity shares
of Rs 10/- each.
The Equity shares of the company were listed on NSE- Emerge Platform and were permitted to trade
with effect from April 17, 2017.
5. USE OF PROCEEDS:
The proceeds raised from the Initial Public Offer (IPO) of the Company are fully utilized as per the
Objects of Issue stated in the Company’s Prospectus dated March 24, 2017 .
6. DIVIDEND:
Your Director have recommended final dividend @5% (i.e. Rs. 0.50 per equity shares) of Rs. 10/-
each on the equity shares out of the profit of the company for the financial year 2017-18. The said
dividend, if approved by the shareholders, would involve a cash outflow of Rs. 33,22,236.90/-
including Tax there on.
7. DEPOSIT:
During the year under review your company has not accepted any deposits pursuant to the provisions
of Section 73 to 76 of the Companies Act, 2013.
8. CHANGES IN NATURE OF BUSINESS:
There is no significant change made in the nature of the company during the financial year.

DIRECTORS’ REPORT
9. NAME OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARIES,

JOINT VENTURES OR ASSOCIATE COMPANIES:
Besides exsiting subsidiary of the company, the company has incorporated a new subsidiary with 52%
contribution in “M/s. Dev Accelerator LLP”. The board reviews the affairs of the Company’s Subsidiary
at regular intervals. In accordance with Section 129(3) of the Companies Act, 2013, the Company has
prepared Consolidated Financial Statements of the Company which form part of this Annual Report.
None of the companies have ceased to be subsidiaries, joint ventures or associate companies.
10. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
A report on the performance and financial position of our subsidiary companies as per the Companies
Act, 2013 in the prescribed Form AOC-1 is annexed to Consolidated Financial Statements and hence
not repeated here for the sake of brevity. The brief details of the activities carried our Subsidiary
Companies is provided below.
Dev Info-Tech North America Limited (Canada):
Dev Info-Tech North America Ltd, (Dev Info-Tech), Canada is a subsidiary company of Dev Information
Technology Ltd (DEV IT), India. Dev Info-Tech North America Ltd is a Global Nearshore Centre located in
Charlottetown, PEI. Our nearshore center will cater advancing our various Information Technology
services in addition to better quality services. Dev Info-Tech was incorporated to increase focus on
international markets as well as meet business demands from America and Europe. Started with two
people, the centre is expected to create local employment more than 10 people by the end of this year.
Dev Info-Tech delivers end-to-end IT services worldwide. Beginning from the advisory to execution
backed by expert applications and infrastructure management, we optimize our client’s IT into a
strategic asset. We aim at making our client’s digital transformation journey a wonderful experience.
Dev Info-Tech is committed to delivering technical support services while meeting client’s satisfaction.
It provides various information technology and consultancy services, including Enterprise Applications,
e-governance solutions, Microsoft Dynamics 365, ERP and CRM, Business Intelligence and Analytics,
Technical Support Services, IT Infrastructure Management services, Cloud Services, Custom
Application Development, Digital Marketing and Mobile Application Development.
Dev Accelerator LLP (Ahmedabad, Gujarat):
A massive start-up in the form of Accelerator Center for Start-up companies was announced by DevIT
in the form of its subsidiary LLP. Dev Accelerator LLP was formed on 14 September, 2017 in which
DevIT is having 52% contribution. Dev Accelerator LLP, is a Gujarat based Corporate accelerator, and
has launched a State-of-the-art and dynamic looking 40,000 Sq. Ft. Co-working space, the biggest in
the state of Gujarat. It has established an office solution that is agile enough to support
entrepreneurs and gets them onboard right away. Dev Accelerator offers spacious and open
workstations, well crafted, state of art furniture, private cabins for bigger teams, meeting and
conference rooms or lounge and breakout zone.

DIRECTORS’ REPORT
Dev Accelerator foray into Co-working space and its not about venturing in the real-estate industry, It has
been set up to redefine the work culture among the Startups and SMEs of Gujarat. It strives to provide a
fostering environment to businesses and not just a desk. Dev Accelerator have created an innovative
framework for the rapid growth of Startups. It focuses on transformative and tumultuous ideas to
create solutions for our rapidly ever-changing technology-driven atmosphere. The hosted startups get the
most effective infrastructure facilities in the largest co-working space floated by Dev Accelerator in Gujarat. It
has built a platform for startups to communicate their vision to a plethora of industry experts. By
providing quality support and environment, Dev Accelerator makes sure that the selected startups
leave the nest stronger than ever.
11. RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM:

9. NAME OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARIES,
JOINT VENTURES OR ASSOCIATE COMPANIES:
Besides exsiting subsidiary of the company, the company has incorporated a new subsidiary with 52%
contribution in “M/s. Dev Accelerator LLP”. The board reviews the affairs of the Company’s Subsidiary
at regular intervals. In accordance with Section 129(3) of the Companies Act, 2013, the Company has
prepared Consolidated Financial Statements of the Company which form part of this Annual Report.
None of the companies have ceased to be subsidiaries, joint ventures or associate companies.
A report on the performance and financial position of our subsidiary companies as per the Companies
Act, 2013 in the prescribed Form AOC-1 is annexed to Consolidated Financial Statements and hence
not repeated here for the sake of brevity. The brief details of the activities carried our Subsidiary
Companies is provided below.
Dev Info-Tech North America Limited (Canada):
Dev Info-Tech North America Ltd, (Dev Info-Tech), Canada is a subsidiary company of Dev Information
Technology Ltd (DEV IT), India. Dev Info-Tech North America Ltd is a Global Nearshore Centre located in
Charlottetown, PEI. Our nearshore center will cater advancing our various Information Technology
services in addition to better quality services. Dev Info-Tech was incorporated to increase focus on
international markets as well as meet business demands from America and Europe. Started with two
people, the centre is expected to create local employment more than 10 people by the end of this year.
Dev Info-Tech delivers end-to-end IT services worldwide. Beginning from the advisory to execution
backed by expert applications and infrastructure management, we optimize our client’s IT into a
strategic asset. We aim at making our client’s digital transformation journey a wonderful experience.
Dev Info-Tech is committed to delivering technical support services while meeting client’s satisfaction.
It provides various information technology and consultancy services, including Enterprise Applications,
e-governance solutions, Microsoft Dynamics 365, ERP and CRM, Business Intelligence and Analytics,
Technical Support Services, IT Infrastructure Management services, Cloud Services, Custom
Application Development, Digital Marketing and Mobile Application Development.
Dev Accelerator LLP (Ahmedabad, Gujarat):
A massive start-up in the form of Accelerator Center for Start-up companies was announced by DevIT
in the form of its subsidiary LLP. Dev Accelerator LLP was formed on 14 September, 2017 in which
DevIT is having 52% contribution. Dev Accelerator LLP, is a Gujarat based Corporate accelerator, and
has launched a State-of-the-art and dynamic looking 40,000 Sq. Ft. Co-working space, the biggest in
the state of Gujarat. It has established an office solution that is agile enough to support
entrepreneurs and gets them onboard right away. Dev Accelerator offers spacious and open
workstations, well crafted, state of art furniture, private cabins for bigger teams, meeting and
conference rooms or lounge and breakout zone.
Risk management is the identification, evaluation, and prioritization of risks followed by coordinated
and economical application of resources to minimize, monitor, and control the probability or impact
of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is
to assure uncertainty does not deflect the endeavor from the business goals. An enterprise wide
approach to Risk Management is being adopted by the Company and key risks will now be managed
within a unitary framework. The Company has established a well-defined process of risk management,
wherein the identification, analysis and assessment of the various risks, measuring of the probable
impact of such risks, formulation of risk mitigation strategy and implementation of the same takes
place in a structured manner. Though the various risks associated with the business cannot be
eliminated completely, all efforts are made to minimize the impact of such risks on the operations of
the Company. Necessary internal control systems are also put in place by the Company on various
activities across the board to ensure that business operations are directed towards attaining the stated
organizational objectives with optimum utilization of the resources.
12. RELATED PARTY TRANSACTIONS:
All contracts/transactions entered into by the Company during the financial year with related parties
were in the ordinary course of business and on an arm’s length basis.
No material Related Party Transactions, i.e. transactions exceeding ten percent of the annual
consolidated turnover as per the last audited financial statements, were entered during the year by
your Company. Accordingly, the disclosure of Related Party Transactions as required under Section
134(3)(h) of the Act in Form AOC-2 is not applicable.
All Related Party Transactions are placed before the Audit Committee for review and approval. Prior
omnibus approval is obtained for Related Party Transactions for transactions which are of repetitive
nature and entered in the ordinary course of business and are at arm’s length. All Related Party
Transactions are subjected to independent review by a reputed accounting firm to establish compliance
with the requirements of Related Party Transactions under the Act and SEBI LODR Regulations.
13. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant and material orders passed by the Regulators/Courts which would impact the
going concern status of the Company and its future operations.

DIRECTORS’ REPORT
14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Disclosure on details of loans, guarantees and investments pursuant to the provisions of Section 186
of the Companies Act, 2013, and LODR Regulations, are provided in the financial statements.
15. TRANSFER TO RESERVES:
The directors have decided to retain the entire amount of Rs. 19.93 crore in the reserves & surplus.
16. DIRECTORS & KEY MANAGERIAL PERSONNEL:
1. Retire by Rotation- Mr. Pranav N. Pandya
In accordance with the provisions of the Companies Act, 2013 and Articles of Association of
the Company, Mr. Pranav N. Pandya, Executive Director (DIN: 00021744) of the company is
liable to retire by rotation in the fourth coming Annual General Meeting and being eligible,
seeks re-appointment.
2. Board Evaluation
In compliance with the provisions of the Companies Act, 2013, the Board has carried out an
annual performance evaluation of its own performance, the directors individually as well as
the evaluation of the working of its various Committee. The manner in which the evaluation
has been carried out has been explained in the Corporate Governance Report.
3. Nomination And Remuneration Policy
The policy on nomination and remuneration of Directors, Key Managerial Personnel and other
employees has been formulated in terms of the provision of The Compnies act, 2013 and SEBI
(LODR) Regulation, 2015 in order to pay equitable remuneration to the Directors, Key
Managerial Personnel and employees of the Company and to harmonise the aspiration of
human resources consistent with the goals of the Company.
The remuneration policy is aimed at rewarding performance based on review of

achievements on a regular basis. The components of the total remuneration vary for
different levels and are governed by Industry pattern, practice, qualification and
experience of the employees and responsibilities handled by them. The objectives of the
remuneration policy are to motivate and encourage the employees to deliver higher
performance and to recognize their contribution.
17. DECLARATION BY INDEPENDENT DIRECTORS:
All the Independent Directors have confirmed that they meet the criteria of independence as
mentioned under Regulation 16(1)(b) of the SEBI Listing Regulations and Section 149(6) of the Act.

DIRECTORS’ REPORT
18. MEETING OF BOARD OF DIRECTORS AND COMPLIANCE TO SECRETARIAL STANDARD:
1. Number of Board Meetings in the year:
During the year 05 meetings of the Board of Director’s were held. The intervening gap
between the meetings was within the period prescribed under the Companies Act, 2013.
Date on which board Meetings Total Strength Of the

Sr. No. No of Directors Present
were held Board
1. 12th April,2017 8 4
th
2. 30 June, 2017 8 6
th
3. 26 August, 2017 8 7
4. 13th November, 2017 8 5
th
5. 05 March, 2018 8 8
2. Attendance of Directors at Board meetings held in the previous year are as follows:
No. of BoardMeeting
Directors Category
Held Attended
Promoter/Chairman and
Mr Pranav Niranjanbhai Pandya 05 05
Whole-time director
Promoter And Managing
Mr. Jaimin Jagdishbhai Shah 05 04
Director
Whole-time
Mr Vishal Nagendra Vasu 05 05
Director
Whole-time
Mr Prerak Pradyumna Shah 05 05
Director
Mr Venkata Rama Subba Rao Independent
05 03
Velamuri Director
Independent
Mr Hiren Karsanbhai Patel 05 01
Director
Independent
Mr Anand Anilbhai Patel 05 04
Director
Woman Independent
Ms. Rama Moondra 05 03
Director
The Company has complied with the provisions of Secretarial Standard 1 (relating to meetings of the
Board of Directors) and Secretarial Standard 2 (relating to General meetings) during the year.
19. COMMITTEES:
There are three Committees constituted as per Companies Act, 2013 by the company:

DIRECTORS’ REPORT
1. Audit Committee:
Name of the Director Status in Committee Nature of Directorship

Mr Venkata Rama Subba Rao Independent Non-Executive
Chairman
Velamuri Director
Independent Non-Executive
Ms. Rama Moondra Member
Director
Mr. Jaimin Jagdishbhai Shah Member Managing Director
2. Nomination and Remuneration Committee:

Mr Venkata Rama Subba Rao Velamuri Chairman
Director
Director
Mr. Anand Anilbhai Patel Member
Director
Mr. Jaimin J. Shah Member Managing Director
3. Stakeholders Relationship Committee:
Status in
Name of the Director Nature of Directorship
Committee
Mr Venkata Rama Subba Rao
Chairman Independent Non-Executive Director
Velamuri
Ms. Rama Moondra Member Independent Non-Executive Director
Mr. Hiren Karsanbhai Patel Member Independent Non-Executive Director
Mr. Paranv N. Pandya Member Whole-Time Director
 Company Secretary Miss Krisa R Patel is the secretary of all the committees.
20. EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as
“Annexure - A”. The annual return for the year 2017-18, of the company is also available at
www.devitpl.com.
21. DIRECTORS’ RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information and explanation obtained
by them, your Directors make the following statements in terms of the Section 134(3)(c) of the
Companies Act, 2013:

DIRECTORS’ REPORT
1. That in the preparation of the annual financial statements for the year ended March31, 2018,
the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
2. That such accounting policies, as mentioned in the Financial Statements as ‘Significant

Accounting Policies’ have been selected and applied consistently and judgments and
estimates have been made that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the company as at March 31, 2018 and of the profit of the Company
for the year ended on that date;
3. That proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
4. That the annual financial statements have been prepared on a going concern basis;
5. That proper internal financial controls were in place and that the financial controls were
adequate and were operating effectively;
6. That proper systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
22. AUDITORS:
1. Statutory Auditors
In the 19th Annual General Meeting held on 30th September, 2016 M/s Chandulal M. Shah &
Co., Chartered Accountants, Ahmedabad having FRN: 101698W was appointed as Statutory
Auditors of the Company until the Conclusion of the Annual General Meeting of the Company
for the year ended 31.03.2021, subject to ratification by the members at every Annual General
Meeting.
The Ministry of Corporate Affairs vide Companies Amendment Act, 2017 omitted the
requirement related to ractification of appointment of statutory auditors by members at
every AGM w.e.f. 7th May, 2018. Pursuant to the amendment, the Board hereby recommends
to the shareholders for their approval that the requirement of seeking ratification of
appointment of Statutory Auditors (M/s Chandulal M. Shah & Co.) at every Annual General
Meeting (referred in the resolution passed at the Shareholders meeting held on 29th
September, 2017), be deleted.
2. Auditors Report
The report of the Statutory Auditors along with Notes to Accounts is enclosed to this report.
The observations made in the Auditors Report are self-explanatory and therefore do not call
for any further comments.
3. Secretarial Auditor
In terms of Section 204 of the Companies Act, 2013 and Rules made there under, M/s Murtuza
Mandorwala & Associates, Practising Company Secretary, Ahmedabad have been appointed

DIRECTORS’ REPORT
as a Secretarial Auditors of the Company. The report of the Secretarial Auditor is enclosed as
“Annexure-B”.
4. Internal Auditor
In terms of Section 138 of the Companies Act, 2013 and Rules made there under, M/s. Nisarg
J. Shah & Co.,Chartered Accountants, Ahmedabad have been appointed as an Internal
Auditors of the Company for Financial Year 2017-2018. During the year, the Company
continued to implement his suggestions and recommendations to improve the control
environment. Their scope of works includes, Review of the accuracy and reliability of the
Corporation accounting records and financial reports, review of operational efficiency,
effectiveness of systems and processes, and assessing the internal control strengths,
opportunities for cost saving and recommending company for improving cost efficiencies.
23. DISCLOSURE OF EMPLOYEES REMUNERATION:
The statement containing particulars of employees as required under Section 197(12) of the Act read
with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, is provided in a separate annexure forming part of this report. However, the Annual Report is
being sent to the members excluding the said annexure. In terms of Section 136 of the Act, the said
annexure is open for inspection at the Registered Office of your Company. Any member interested in
obtaining a copy of the same may write to the Company Secretary.
The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 is given in the
Statement annexed herewith as “Annexure-C”.
24. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management’s Discussion and Analysis Report for the year under review, is presented in a separate
section forming part of the Annual Report and is annexed herewith as “Annexure D”.
25. CORPORATE GOVERNANCE:
Your company provides utmost importance at best Governance Practices and are designated to act in
the best interest of its stakeholders. Better governance practices enables the company to introduce
more effective internal controls suitable to the changing nature of business operations, improve
performance and also provide an opportunity to increase stakeholders understanding of the key
activities and policies of the organisation.
Your Company has incorporated the appropriate standards for corporate governance. Pursuant to
Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Company is not required to mandatorily comply with the provisions of certain regulations of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. Hence, company is not filing
Corporate Governance Report to stock exchange quarterly. However, as per Regulation 34(3) read
with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 company
is giving report on corporate governance report in annual report of the company. Details regarding
Corporate Governance Report of the Company regarding Compliance of the Conditions of Corporate

DIRECTORS’ REPORT
Governance pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are
annexed herewith as “Annexure-E”.
A certificate from M/s Murtuza Mandorwala & Associates, Practising Company Secretary, Ahmedabad
confirming compliance to the conditions of Corporate Governance as stipulated under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, is annexed to Corporate Governance Report.
26. VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has constituted an audit committee, therefore it is also mandatory for such Committee
to operate the vigil mechanism, and if any of the members of the committee have a conflict of interest
in a given case, they should rescue themselves and the others on the committee would deal with the
matter on hand, to whom other directors and employees may report their concerns. It provides
adequate safeguard against victimization of employees and directors who avail of the vigil mechanism
and also provide for direct access to the chairperson of the Audit committee or the director nominated
to play the role of audit committee, as the case may be, in exceptional cases. The existence of the
mechanism may be appropriately communicated within the organization. The detailed Whistle Blower
Policy/Vigil Mechanism available on below link:
https://www.devitpl.com/wp-content/uploads/Vigil-Mechanism-for-Directors-and-Employees.pdf
27. SEXUAL HARASSMENT:
There was no case filled during the year, under the sexual harassment of women at workplace
(Prevention, Prohibition & Redressal) Act, 2013. Further Company ensures that there is a healthy and
safe atmosphere for every women employee at the workplace and made the necessary policies for
staff and secure environment for women employee.
28. EQUAL EMPLOYMENT OPPRTUNITIES:
Being an
Dev Information equal opportunity
Technology Ltd. Annualemployer, the company will do its utmost to ensure that all of its
Report 2017-18
employees are treated fairly during the period of their employment irrespective of their race, religion,
sex (including pregnancy), colour, creed, age, national origin, physical or mental disability, citizenship
status, ancestry, marital status veteran status, political affiliation, or any other factor protected by law.
All decisions regarding employment will be taken based on merit and business needs only
29. POLICY ON CODE OF CONDUCT AND ETHICS:
Being a SME listed Company exemption has been provided to the Company from formulating of Code
of Conduct for Board of Directors and Senior Management Personnel. However, Board of Directors
has formulated and adopted Code of Business Conduct Ethics for Director & Senior Management
Executive policy. As an organization your Company places a great importance in the way business is
conducted and the way each employee performs his/her duties. Your Company encourages
transparency in all its operations, responsibility for delivery of results, accountability for the outcomes
of our actions, participation in ethical business practices and being responsive to the needs of our
people and society. Towards this end, your Company has laid down a Code of conduct applicable to all
the employees of your Company and conducted various awareness sessions across the Company. The
Code provides for the matters related to governance, compliance, ethics and other matters. In this
regard certificate from Managing Directors as required under Schedule V of SEBI (Listing Obligations

DIRECTORS’ REPORT
and Disclosure Requirements) Regulations, 2015 has been received by the Board and the same is
attached herewith as per “Annexure – F”.
The detailed Code of Business Conduct Ethics for Director & Senior Management Executive policy
available on below link:
https://www.devitpl.com/wp-content/uploads/Code-of-Business-Conduct-Ethics-for-Directors-
Senior-Management-Executive.pdf
30. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF YOUR

COMPANY:
There are no material changes and commitments, affecting the financial position of your Company
which has occurred between end of financial year of the Company i.e. March 31, 2018 and the date of
Directors’ Report i.e. 29th August, 2018.
31. FOREIGN EXCHANGE EARNINGS AND OUTFLOW:
During the year, the total foreign exchange used was Rs. 4,04,633/- and the total foreign exchange
earned was Rs. 13,05,59,001/-.
32. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
The details of conservation of energy and technology absorption are not applicable to the company
hence not furnished.
33. MAINTENANCE OF COST RECORDS:
Maintenance of cost records as specified by the Central Government under sub-section (1) of section
148 of the Companies Act, 2013 is not applicable to the company having regards to the nature of the
Company’s business/ activities.
34. CORPORATE SOCIAL RESPONSIBILITY:
The provisions of Section 135(1) and 135(5) of the Companies Act, 2013 regarding constitution of
Corporate Social Responsibility (CSR) Committee and spending of atleast 2% of average net profit are
not applicable to the Company.
35. CEO/ CFO CERTIFICATION:
In terms of Regulation 17(8) of the Listing Regulations, the CFO has certified to the Board of Directors
of the Company with regard to the financial statements and other matters specified in the said
regulation for the financial year 2017-18. The certificate received from CFO is attached herewith as
per “Annexure – G”.
36. LISTING FEES:
The Company affirms that the annual listing fees for the year 2018-19 to The National Stock Exchange
of India Limited (NSE) has been duly paid.

DIRECTORS’ REPORT
37. APPRECIATION AND ACKNOWLEDGEMENT:
The Board wishes to place on record their sincere appreciation to all the DEVITians and acknowledge
with gratitude the effort put in for adopting the Vision, Mission and values of the Company .The board
immensely thank all the Departments of Central and State Governments, Tax Authorities, Reserve
Bank of India, Ministry of Corporate Affairs, Securities and Exchange Board of India, The National Stock
Exchange of India Limited (NSE) and other governmental bodies and look forward to their continued
support in near future. The board also places on record deep sense of appreciation and co-operation
extended by bankers, shareholders, investors and all other stakeholders, other bodies or agencies for
their continued and consistent support to the company during the year.
Place:-Ahmedabad FOR AND ON BEHALF OF BOARD OF DIRECTORS
Date: - 29th August, 2018 PRANAV N. PANDYA

(Chairman)
(DIN: 00021744)

DIRECTORS’ REPORT
“ANNEXURE A”
FORM MGT- 9 EXTRACT OF ANNUAL RETURN
as on the financial year ended 31.03.2018 [Pursuant to Section 92(3) of the Companies Act, 2013, and Rule
12(1) of the Companies (Management and Administration) Rules, 2014]
Registration and other details
CIN: L30000GJ1997PLC033479
Registration Date: 23/12/1997
Name of the Company Dev Information Technology Limited
Company limited by Shares/ Indian/ Non-government

Category / Sub-Category of the Company
company
14, Aaryans Corporate Park Nr. Shilaj Railway Crossing,
Address of the Registered Office and
Thaltej Ahmedabad, Gujarat 380059, India.
contact details
Tel No: +91-79-26304241/ 26305751
YES, (Listed on 17th April,2017) on
Whether listed company National Stock Exchange of India Limited‐ (SME
Platform)
LINK INTIME INDIA PRIVATE LIMITED
C-101, 247 Park, LBS Marg, Vikhroli (West),
Name, address and contact details of Mumbai 400 083, Maharashtra, India
Registrar and Transfer Agent, if any Tel. No.: +91-22 – 49186000
Fax No.: +91-22 – 49186060
SEBI Regn. No. INR000004058
1. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Name and Description of main NIC Code of the % to total turnover of

Sr. No.
products / service Product/service* the company
1. Reselling of Softwares 46512 44.37%
Maintenance of software & Technical
2. 62013 55.63%
support(Others)
* As per National Industrial Classification 2008 – Ministry of Statistics and Programme Implementation

DIRECTORS’ REPORT
Name and address CIN/GLN/(Corporation Holding/ subsidiary % of shares Applicable

Sr. No.
of the Company no.) /associate held Section
Dev Info-Tech North
1. 834578-3 Subsidiary 74.42% 2(87)
America Limited
2. Dev Accelerator LLP AAK-5929 Subsidiary 52% 2(87)
3. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity):
i. Category-wise Share Holding:

%
Sr. Category of Shareholding at the beginning of Shareholding at the beginning of Change
No. Shareholders the year – 2017 the year - 2018 during
the year
% of % of
Demat Physical Total Total Demat Physical Total Total
Shares Shares
Shareholding of
(A) Promoter and
Promoter Group
[1] Indian
Individuals /
(a) Hindu Undivided 3750000 0 3750000 93 3777000 0 3777000 68.42 -24.58
Family
Dev InformationCentral
Technology Ltd. Annual Report 2017-18
Government /
(b) 0 0 0 0 0 0 0 0 0
State
Government(s
Financial
(c) Institutions / 0 0 0 0 0 0 0 0 0
Banks
(d) Any Other
(Specify)
Sub Total (A)(1) 3750000 0 3750000 93 3777000 0 3777000 68.42 -24.58
[2] Foreign
Individuals (Non-
Resident
(a) Individuals / 0 0 0 0 0 0 0 0 0
Foreign
Individuals)
(b) Government 0 0 0 0 0 0 0 0 0
(c) Institutions 0 0 0 0 0 0 0 0 0

DIRECTORS’ REPORT
(d) Foreign Portfolio

0 0 0 0 0 0 0 0 0
Investor
(e) Any Other
(Specify)
Sub Total (A)(2) 0 0 0 0 0 0 0 0 0
Total
Shareholding of
Promoter and
3750000 0 3750000 93 3777000 0 3777000 68.42 -24.58
Promoter
Group(A)=(A)(1)+
(A)(2)
(B) Public
Shareholding
[1]
Institutions
(a) Mutual Funds /
0 0 0 0 0 0 0 0 0
UTI
(b) Venture Capital
0 0 0 0 0 0 0 0 0
Funds
Alternate
(c) 0 0 0 0 0 0 0 0 0
Investment
Funds Venture
Foreign
(d) 0 0 0 0 0 0 0 0 0
Capital Investors
(e) Foreign Portfolio
0 0 0 0 0 0 0 0 0
Investor
Financial
(f) Institutions / 0 0 0 0 0 0 0 0 0
Banks
Insurance
(g) 0 0 0 0 0 0 0 0 0
Companies
Provident Funds/
(h) 0 0 0 0 0 0 0 0 0
Pension Funds
Any Other
(i)
(Specify)
Sub Total (B)(1) 0 0 0 0 0 0 0
Central
Government/
[2] State
Government(s)/
President of
India
Sub Total (B)(2) 0 0 0 0 0 0 0
[3] Non-Institutions
(a) Individuals

DIRECTORS’ REPORT
Individual
shareholders
(i) holding nominal 0 0 0 458653 0 458653 8.31 8.31
share capital
upto Rs. 1 lakh.
Individual
shareholders
(ii)
holding nominal 0 0 0 0 555000 0 555000 10.05 10.05
share capital in
excess of Rs. 1 lakh
NBFCs registered
(b) 0 0 0 0 0 0 0 0 0
with RBI
(c) Employee Trusts 0 0 0 0 0 0 0 0 0
Overseas
Depositories(hol
(d)
ding DRs) 0 0 0 0 0 0 0 0 0
(balancing
figure)
Any Other
(e)
(Specify)
Hindu Undivided
0 0 0 0 123000 0 123000 2.23 2.23
Family
Clearing
0 0 0 0 81273 0 81273 1.47 1.47
Member
Bodies
282500 0 282500 7 525574 0 525574 9.52 2.252
Corporate
Sub Total (B)(3) 0 0 0 0 1743500 0 1743500 31.58 31.58
Total Public
Shareholding(B)
0 0 0 0 1743500 0 1743500 31.58 31.58
=(B)(1)+(B)(2)+(B
)(3)
Total (A)+(B) 0 0 0 0 5520500 0 5520500 100
Non Promoter -
(C)
Non Public
Custodian/DR
[1] 0 0 0 0 0 0 0 0 0
Holder
Employee
Benefit Trust
(under SEBI
(Share based
[2] 0 0 0 0 0 0 0 0 0
Employee
Benefit)
Regulations,
2014)
Total (A)+(B)+(C) 4032500 0 4032500 0 5520500 0 5520500 100

DIRECTORS’ REPORT
ii. Shareholding Of Promoters& Promoter Group:
Shareholding at the beginning of Share holding at the end of the

the year-2017 year-2018
% change
Shareholder’s
Sr. % of %of Shares %of Shares in share
Name % of total
No. total Pledged / Pledged / holding
No. of No. of Shares of
Shares of encumbere encumber during the
Shares Shares the
the d to total ed to total year
company
company shares shares
Amisha
1. Jayminbhai 337500 8.37 337500 6.11 -2.26
Shah
Hemant
2. Suryakant 337500 8.37 337500 6.11 -2.26
Shah
Kruti Pranav
3. 337500 8.37 337500 6.11 -2.26
Pandya
Madhuri
4. Niranjanbhai 337500 8.37 337500 6.11 -2.26
Pandya
Saryuben
5. Mahendrabhai 337500 8.37 337500 6.11 -2.26
Shah
Pratibhaben
6. Mohanlal 318750 7.90 318750 5.77 -2.13
Desai
NIL
Jaimin NIL
7. Jagdishbhai 297000 7.37 297000 5.38 -1.99
Shah
Aarti Prerak
8. 187500 4.65 205500 3.72 -0.93
Shah
Prerak
9. Pradyumna 187500 4.65 187500 3.40 -1.25
Shah
Manisha
10. Mahendrakum 175500 4.35 175500 3.18 -1.17
ar Shah
Pranav
175500
11. Niranjanbhai 175500 4.35 3.18 -1.17
Pandya
Sapna Vishal
12. 150000 3.72 159000 2.88 -0.84
Vasu
Jayshreeben
13. Jagdishbhai 150000 3.72 150000 2.72 -1.0
Shah

DIRECTORS’ REPORT
Vishal
14. 150000 3.72 150000 2.72 -1.0
Nagendra Vasu
Pranav
15.
Niranjan 82690 2.05 82690 1.50 -0.55
Pandya Huf
Jaimin
16. Jagdishbhai 82685 2.05 82685 1.80 -0.25
Shah Huf .
Vishal Vasu
17. 75000 1.86 75000 1.36 -0.5
Huf .
Rakhi
18. Jagadishbhai 11475 0.28 11475 0.21 -0.07
Shah
Niranjna
19. Satishbhai 6750 0.17 6750 0.12 -0.05
Jambudi
Urmilaben
20. Surendrabhai 6750 0.17 6750 0.12 -0.05
Parikh
Jagadishbhai
21. Chinubhai 3375 0.08 3375 0.06 -0.02
Shah
Meeta Hemant
22. 2025 0.05 2025 0.03 -0.02
Shah
TOTAL 3750000 93.00 3777000 68.42 -24.58
iii. Change
Dev Information In Promoters’
Technology Shareholding:
Ltd. Annual Report 2017-18
Shareholding at the Shareholding at

beginning of the the end of the
year-2017 year-2018
Sr. Name of Increase/D
No. Promoter % of Total ecrease in % of Total
No. of Shares of shareholdi No. of Shares of
shares the Date Reason shares the
ng
Company Company
Due to
Jaimin J. Shah 297000 7.37 14.04.2017 Nil allotment of 297000 5.38
1.
shares in IPO
Due to
Pranav N.
175500 4.35 14.04.2017 Nil allotment of 175500 3.18
2. Pandya
shares in IPO
Due to
3.
Amisha J. Shah 337500 8.37 14.04.2017 Nil allotment of 337500 6.11
shares in IPO

DIRECTORS’ REPORT
Due to
Kruti P. Pandya 337500 8.37 14.04.2017 Nil allotment of 337500 6.11
4.
shares in IPO
Due to
Jaimin J. Shah
82685 2.05 14.04.2017 Nil allotment of 82685 1.50
5. (HUF)
shares in IPO
Due to
Pranav N.
82690 2.05 14.04.2017 Nil allotment of 82690 1.50
6. Pandya (HUF)
shares in IPO
iv. Shareholding Pattern Of Top Shareholders:

(Other than Directors, Promoters and Holders of GDRs and ADRs)
Cumulative
Shareholding at the
Shareholding at the
beginning of the
Increase/Dec beginning of the
year-2017
Sr. Name of rease in year-2018
Date Reason
No. Shareholder % of Total shareholding % of Total
No. of Shares of No. of Shares
shares the shares of the
Company Company
Due to
Hi Tech allotment
1. 282500 7 14.04.2017 Nil 282500 5.12
Isolutions Llp of shares
in IPO
Beeline
2. Broking 0 00 21.04.2017 3000 Transfer 3000 0.053
Limited
05.05.2017 3000 Transfer 6000 0.11
12.05.2017 9000 Transfer 15000 0.27
19.05.2017 -9000 Transfer 6000 0.11
26.05.2017 6000 Transfer 12000 0.22
16.06.2017 3000 Transfer 15000 0.27
30.06.2017 -6000 Transfer 9000 0.16
11.08.2017 3000 Transfer 12000 0.22
18.08.2017 3000 Transfer 15000 0.27
25.08.2017 45000 Transfer 60000 1.08
01.09.2017 3000 Transfer 63000 1.14
08.09.2017 69000 Transfer 132000 2.40
15.09.2017 -12000 Transfer 120000 2.17
29.09.2017 39000 Transfer 159000 2.88
06.10.2017 30000 Transfer 189000 3.42

DIRECTORS’ REPORT
13.10.2017 24000 Transfer 213000 3.85

20.10.2017 12000 Transfer 225000 4.07
27.10.2017 3000 Transfer 228000 4.13
01.12.2017 -27000 Transfer 201000 3.64
08.12.2017 18000 Transfer 219000 3.96
15.12.2017 -6000 Transfer 213000 3.85
22.12.2017 -102000 Transfer 111000 2.01
29.12.2017 -21000 Transfer 90000 1.63
05.01.2018 9000 Transfer 99000 1.79
12.01.2018 48000 Transfer 147000 2.66
19.01.2018 6000 Transfer 153000 2.77
26.01.2018 6000 Transfer 159000 2.88
09.02.2018 6000 Transfer 165000 2.98
02.03.2018 9000 Transfer 174000 3.15
09.03.2018 12000 Transfer 186000 3.36
16.03.2018 -12000 Transfer 174000 3.15
23.03.2018 15000 Transfer 189000 3.42
31.03.2018 6000 Transfer 195000 3.53
AT THE END
195000 3.53
OF THE YEAR
Pulin
2. Vinoobhai 0 0 0 0 0
Patel
12.05.2017 32754 Transfer 32754 0.59
19.05.2017 9246 Transfer 42000 0.76
27.07.2017 18000 Transfer 60000 1.08
08.09.207 29948 Transfer 89948 1.62
13.10.2017 6052 Transfer 96000 1.73
11.11.2017 3000 Transfer 99000 1.79
17.11.2017 -3000 Transfer 96000 1.73
24.11.2017 -6000 Transfer 90000 1.63
01.12.2017 3000 Transfer 93000 1.68
22.12.2017 -3000 Transfer 90000 1.63
05.01.2018 -3000 Transfer 870000 1.57
02.03.2018 21000 Transfer 108000 1.95
AT THE END
108000 1.95
OF THE YEAR

DIRECTORS’ REPORT
Rushabh
3. Pravinchadra 0 0 0 0 0
Shah
21.04.2017 9000 Transfer 9000 0.16
26.05.2017 45000 Transfer 54000 0.97
02.06.2017 -15000 Transfer 39000 0.70
08.09.2017 12000 Transfer 51000 0.92
15.09.2017 51000 Transfer 102000 1.84
30.09.2017 -51000 Transfer 51000 0.92
22.12.2017 6000 Transfer 57000 1.03
12.01.2018 3000 Transfer 60000 1.08
AT THE END
60000 1.08
OF THE YEAR
5. Vinod Lodha 0 0 0 0 0
14.04.2017 18000 Transfer 18000 0.32
24.04.2017 18000 Transfer 36000 0.65
28.04.2017 -18000 Transfer 18000 0.32
26.05.2017 18000 Transfer 36000 0.65
02.06.2017 -18000 Transfer 18000 0.32
30.06.2017 33000 Transfer 51000 0.92
15.09.2017 51000 Transfer 102000 1.84
30.09.2017 -51000 Transfer 51000 0.92
AT THE END
51000 0.92
OF THE YEAR
Param
6. Darshan 0 0 0 0 0
Mahendra
22.12.2017 36000 Transfer 36000 0.65
AT THE END
36000 0.65
OF THE YEAR
Global Park
7. 0 0 0 0 0
Developer LLP
14.04.2017 6000 Transfer 6000 0.18
16.03.2018 24000 Transfer 30000 0.54
AT THE END
30000 0.54
OF THE YEAR
Hemang
8. 0 0 0 0 0
Yagnesh Shah
28.04.2017 9000 Transfer 9000 0.16
08.12.2017 -3000 Transfer 6000 0.10
22.12.2017 30000 Transfer 36000 0.65
31.03.2018 -6000 Transfer 30000 0.54

DIRECTORS’ REPORT
AT THE END
30000 0.54
OF THE YEAR
Chandrasinh B.
9. 0 0 0 0 0
Dhadhal
14.04.2017 3000 Transfer 3000 0.05
21.04.2017 6000 Transfer 9000 0.16
11.08.2017 6000 Transfer 15000 0.21
25.08.2017 12000 Transfer 27000 0.48
15.09.2017 27000 Transfer 54000 0.97
30.09.2017 -27000 Transfer 27000 0.48
AT THE END
27000 0.48
OF THE YEAR
Shital
10. Ashokbhai 0 0 0 0 0
Shah
22.12.2017 24000 Transfer 24000 0.43
AT THE END
24000 0.43
OF THE YEAR
v. Shareholding Of Directors And Key Managerial Personnel:
Shareholding
Shareholding at
at the
the end of the
beginning of
Incr year-2018
the year-2017 %of Shares % change
ease
Sr. Shareh % of Pledged / in share
/Dec % of
No older’s Total encumber holding
Dev Information Technology Ltd. Annual reas Reason Total
. Name Share Report 2017-18 ed to total during the
No. of e in No. of Shares
s of Date shares year
shares shar shares of the
the
ehol Compa
Comp
ding ny
any
Due to
Jaimin
1. 297000 7.37 14.04.2017 Nil allotment of Nil 297000 5.38 -1.99
J. Shah
shares in IPO
Pranav Due to
2. N. 175500 4.35 14.04.2017 Nil allotment of Nil 175500 3.18 -1.17
Pandya shares in IPO
Prerak Due to
3. P. 187500 4.65 14.04.2017 Nil allotment of Nil 187500 3.40 -1.25
Shah shares in IPO
Due to
Vishal
4. 150000 3.72 14.04.2017 Nil allotment of Nil 150000 2.72 -1.0
N. Vasu
shares in IPO
5. Harshil
Nil Nil Nil Nil Nil Nil Nil Nil Nil
H. Shah
Krisa R.
6. Nil Nil Nil Nil Nil Nil Nil Nil Nil
Patel

DIRECTORS’ REPORT
vi. Indebtedness:
Indebtedness Of The Company Including Interest Outstanding/Accrued But Not Due For Payment:
Secured
Loans Unsecured Total
Particulars Deposits
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the
financial year
i) Principal Amount 4,67,54,193 4,57,0515 0 5,131,5,708
ii) Interest due but not paid - - - -
iii) Interest accrued but not Due - - - -
Total (i+ii+iii) 4,67,54,193 4,570,515 0 5,13,15,708

Change in Indebtedness during the
financial year
Net Addition 36,00,46,980 0 0 36,00,46,980
Net Reduction 32,36,62,970 20,15,865 0 32,56,78,835
Net Change 3,63,84,010 -20,15,865 0 3,43,68,145

Indebtedness at the end of the
financial year
i) Principal Amount 3,63,84,010 21,70,514 0 3,90,94,524
ii) Interest due but not paid 0 3,84,136 0 3,84,136
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 8,84,83,998 25,54,650 0 9,10,38,648
vii. Remuneration Of Directors And Key Managerial Personnel:
i. Remuneration to Managing Director, Whole-time Directors and/or Manager:

(Rs. In Lacs)
Sr. Jaimin J. Pranav N. Vishal N. Prerak P.
Particulars of Remuneration
No. Shah Pandya Vasu Shah
1 Gross Salary
(a) Salary as per provisions
contained in Section 17(1) of the 23.78 23.78 18 15
Income Tax Act, 1961

DIRECTORS’ REPORT
(b) Value of perquisites under

0.67 0.47 8.89 0.38
Section 17(2) Income Tax Act, 1961
(c) Profits in lieu of salary under
- - - -
2 Stock Options - - - -
3 Sweat Equity - - - -
4 Commission
As % profit - - - -
Others, specify
Contribution towards PF - - - -
5 Others, please specify - - - -
TOTAL (A) 24.45 24.25 26.89 15.38
CEILING AS PER THE ACT NOT APPLICABLE
ii. Remuneration To Key Managerial Personnel Other Than MD/Manager/WTD:

(Rs. In Lacs)
Sr. Harshil H. Shah Krisa Patel
Particulars of Remuneration
No. (CFO) (Company Secretary)
1 Gross Salary
(a) Salary as per provisions
Dev Information Technology
contained inLtd. Annual
Section Report
17(1) 2017-18
of the 6.00 2.16
Income Tax Act, 1961
(b) Value of perquisites under
- -
(c) Profits in lieu of salary under
- -
Stock Options - -
2
3 Sweat Equity - -
4 Commission
As % profit - -
Others, specify
Contribution towards PF - -
5 Others, please specify - -
TOTAL (A) 6.00 2.16

DIRECTORS’ REPORT
viii. Penalties / Punishment/ Compounding Of Offences:
Details of
Section of
Penalty/ Authority Appeal made,
the Brief
Type Punishment/ [RD/NCLT/C if any (give
Companies Description
Compounding OURT] Details)
Act
fees imposed
A. COMPANY
Penalty Nil
Punishment Nil
Compounding Nil
B. DIRECTORS
Penalty Nil
Punishment Nil
Compounding Nil
C. OTHER OFFICERS IN DEFAULT
Penalty Nil
Punishment Nil
Compounding Nil

(Chairman)
(DIN: 00021744)

DIRECTORS’ REPORT
“ANNEXURE B”
Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31.03.2018
[Pursuant to section 204(1) of the Companies Act, 2013 and rule
No.9 of the Companies (Appointment and Remuneration Personnel)
Rules, 2014]
To,
The Members,
14, Aaryans Corporate Park, Nr. Shilaj Railway Crossing,
Thaltej Ahmedabad-380059
CIN: L30000GJ1997PLC033479
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the
adherence to good corporate practices by DEV INFORMATION TECHNOLOGY LIMITED (hereinafter
called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis
for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company (books, papers, minute books, forms and returns filed and
other records maintained by the company) and also the information provided by the Company, its
officers, agents and authorized representatives during the conduct of secretarial audit. We hereby
report that in our opinion, the company has, during the audit period covering the financial year ended
on 31.03.2018, complied with the statutory provisions listed hereunder and also that the Company
has proper Board-processes and compliance-mechanism in place to the extent, in the manner and
Dev Information
subjectTechnology Ltd. Annual
to the reporting Report 2017-18
made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records
maintained by the Company for the financial year ended on 31.03.2018 according to the provisions of:
1. The Companies Act, 2013 (the Act) and the rules made there under;
2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under;
3. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
4. Foreign Exchange Management Act, 1999 and the rules and regulations made there under to
the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial
Borrowings;
5. The following Regulations and Guidelines prescribed under the Securities and Exchange Board
of India Act, 1992 (‘SEBI Act’):-
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;

DIRECTORS’ REPORT
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009;
d. The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client;
g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not
applicable to the Company during the Audit Period) and
h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not
applicable to the Company during the Audit Period)
i. The Securities and Exchange Board of India (Listing Obligations and Disclosures and Requirement)
Regulation 2015;
(VI) Other Applicable Acts, - As per Management representation there are no other specific act
applicable to the company
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
During the period under review the Company has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. mentioned above.
We further report that
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors. The changes in the composition of the Various
Committee of the Company that took place during the period under review were carried out in
compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes
on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining
further information and clarifications on the agenda items before the meeting and for meaningful
participation at the meeting.
Majority decision is carried through while the dissenting members’ views are captured and recorded
as part of the minutes.

DIRECTORS’ REPORT
We further report that there are adequate systems and processes in the company commensurate
with the size and operations of the company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines.
We further report that during the audit period the Company has no specific events / actions having a
major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations,
guidelines, standards, etc
Place: Ahmedabad
Date: 25/08/2018
Murtuza Kaizar Mandorwala
Propritor
Murtuza Mandorwala & Associates
ACS No. 38021
C P No.: 14284
This report is to be read with our letter of even date which is annexed as Annexure A and forms an
integral part of this report.

DIRECTORS’ REPORT
‘ANNEXURE A’
To,
The Members
Our Secretarial Audit Report of even date is to be read along with this letter.
Management’s Responsibility
It is the responsibility of the management of the Company to maintain secretarial records, devise
proper systems to ensure compliance with the provisions of all applicable laws and regulations and to
ensure that the systems are adequate and operate effectively.
Auditor’s Responsibility
Our responsibility is to express an opinion on these secretarial records, standards and procedures
followed by the Company with respect to secretarial compliances.
We believe that audit evidence and information obtain from the Company’s management is adequate
and appropriate for us to provide a basis for our opinion.
Wherever required, we have obtained the management representation about the compliance of laws,
rules and regulations and happening of events etc.
Disclaimer
The Secretarial Audit Report is neither an assurance as to the future viability of the company nor of
the efficacy or effectiveness with which the management has conducted the affairs of the Company.
Place: Ahmedabad
Date: 25/08/2018

Proprietor
ACS No. 38021
C P No.: 14284

DIRECTORS’ REPORT
“ANNEXURE C”
Particulars Pursuant To Section 197(12) Of The Companies Act, 2013 Read With Rule 5 Of The
Companies (Appointment & Remuneration Of Managerial Personnel) Rules, 2014:
1. The ratio of the remuneration of each director to the median employee’s remuneration for
the financial year and such other details as prescribed is as given below:
Name Ratio
Jaimin J. Shah 26.88%
Pranav N. Pandya 26.66%
Vishal N. Vasu 29.56%
Prerak P. Shah 16.91%
2. The percentage in increase/decrease in remuneration of each Managing Director, Chief

financial Officer, Chief Executive officer, if any, in the financial year:
Name Designation %Increase / % Decrease

Jaimin J. Shah Managing Director NIL
Chairman and Whole-time
Pranav N. Pandya NIL
Director
Vishal N. Vasu Whole-time Director NIL
Prerak P. Shah Whole-time Director NIL
Harshil H. Shah Chief Financial Officer NIL
Krisa Patel Company Secretary NIL
3. The percentage increase in the median remuneration of employees in the financial year :
18%
4. The number of permanent employees in the Company: 820
5. It is hereby affirmed that the remuneration paid is as per the remuneration policy for
Directors, Key Managerial Personnel and other Employees.

(Chairman)
(DIN: 00021744)

DIRECTORS’ REPORT
“ANNEXURE D”
MANAGEMENT DISCUSSIONS AND ANALYSIS

INDUSTRY OVERVIEW:
On study of the reports from NASSCOM, write up by India Brand Equity Foundation (IBEF is a Trust
established by the Department of Commerce, Ministry of Commerce and Industry, Government of
India), the snapshot of the Information Technology and Information Technology enabled Services
related Industry segment of India reveals that
 The global digitalisation transformation market size is expected to rise at a CAGR of 18.56 per
cent from US$ 1.2 trillion in 2017 to US$ 2 trillion in 2020.
 India’s IT industry is increasingly focusing on digital opportunities as it is poised to be a major
segment in the next few years. It is also currently the fastest growing segment, growing over 30
per cent annually.
 Export revenue from digitalisation segment already forms about 20 per cent of the industry’s total
export revenue as exports have grown at a CAGR of 50.76 per cent to an estimated US$ 25 billion
in FY18.
 Revenue from digital is expected to comprise 38 per cent of the forecasted US$ 350 billion
industry revenue by 2025.
 Total PE/VC investments in FY17 were observed to be US$ 7 billion, which increased at a CAGR of
27.25 per cent from US$ 0.8 billion in FY08
 Total number of PE/VC investment deals reached 322 in FY17. During April-December 2017, 245
PE/VC deals were undertaken in the IT-BPM sector.
PREFACE:
The global sourcing market in India continues to grow at a higher pace. India is the leading sourcing
destination across the world, amounting to approximately 55 per cent market share of the US$ 185-
190 billion global services sourcing business in 2017-18. Indian IT & ITeS companies have set up over
1,000 global delivery centres in about 80 countries across the world.
India's cost competitiveness in providing IT services, cost savings of 60–70 per cent over source
countries, continues to be the mainstay of its Unique Selling Proposition (USP) in the global sourcing
market. However, India is also gaining prominence in terms of intellectual capital with several global
IT firms setting up their innovation centres in India.
MARKET SIZE:
The internet industry in India is likely to double to reach US$ 250 billion by 2020, growing to 7.5 per
cent of gross domestic product (GDP). The number of internet users in India is expected to reach 730
million by 2020, supported by fast adoption of digital technology, according to a report by National
Association of Software and Services Companies (NASSCOM).
Indian IT exports increased to US$ 126 billion in FY18 while domestic revenues (including hardware)
advanced to US$ 41 billion. Indian IT and BPM industry is expected to grow to US$ 350 billion by 2025 and
BPM is expected to account for US$ 50-55 billion out of the total revenue. Total spending on IT by banking
and security firms in India is expected to grow 8.6 per cent year-on-year to US$ 7.8 billion by 2017

DIRECTORS’ REPORT
India’s Personal Computer (PC) shipment advanced 11.4 per cent year-on-year to 9.56 million units in
2017 on the back of rise in the quantum of large projects. Revenue from digital segment is expected
to comprise 38 per cent of the forecasted US$ 350 billion industry revenue by 2025.
INVESTMENTS AND DEVELOPMENTS:
Indian IT's core competencies and strengths have attracted significant investments from major
countries. The computer software and hardware sector in India attracted cumulative Foreign Direct
Investment (FDI) inflows US$ 29.825 billion from April 2000 to December 2017, according to data
released by the Department of Industrial Policy and Promotion (DIPP).
Leading Indian IT firms like Infosys, Wipro, TCS and Tech Mahindra, are diversifying their offerings and
showcasing leading ideas in block chain, artificial intelligence to clients using innovation hubs, research
and development centres, in order to create differentiated offerings.
Some of the major developments in the Indian IT and ITeS sector are as follows:
 NASSCOM has launched an online platform which is aimed at up-skilling over 2 million technology
professionals and skilling another 2 million potential employees and students.
 As of March 2018, there were over 1,140 GICs operating out of India.
 Private Equity (PE)/Venture Capital (VC) investments in India's IT & ITeS sector reached US$ 7.6
billion during April-December 2017.
ROAD AHEAD:
India is the topmost offshoring destination for IT companies across the world. Having proven its
capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies
now offer an entire new gamut of opportunities for top IT firms in India. Export revenue of the industry
is expected to grow 7-9 per cent year-on-year to US$ 135-137 billion in FY19.
DEV IT – THE COMPANY
PREFACE:
Our journey began in 1997 with a small-scale setup mainly engaged in to business automation software
development. Today, Dev Information Technology Limited (NSE: DEVIT) works together with its clients
across the globe to empower their business with the right mix of information technology, innovation
and digital transformation.
We are trusted today as one of the leading IT enabled services provider, having a remarkable track
record of consistently delivering workable and robust solutions. This becomes possible as we adopt
continual innovation and remain committed to quality, implement and refine processes and leverage
technological prowess.
People who patiently put all their effort in accomplishing their goal make great things. Great things
are not done overnight and any venture is crowned with success when persistent efforts are made
patiently. We believed and live the same.

DIRECTORS’ REPORT
People first; business always. We are a “People First” company. We always ensure the continued
success of our clients and employees by placing problem solving ahead of anything else and walking
the extra mile when needed. This means that we value our engagements with our employees as well
as clients and base our consultations on client’s specific goals which empower them to meet their
business objectives.
Although we work with technology, our primary focus is maintaining a rock solid and secure
relationship with each of our clients. Our clients can rely on every professional of our company to
deliver exemplary service and become their loyal and valued technology partner.
INDUSTRY ASSOCIATION AND RECOGNITION:
DEV IT thanks to its exemplary and dedicated quality laced activities in the field of IT Services since
year 1997 enjoys credit worthy Industry Associations and Certifications.
 NASSCOM the premier Software Industry association has always had amiable relations with DEV
IT since last half a decade based on which today DEV IT is represented as Domestic Council Chair
besides being one of the first SME IT company to be the voice of SME in NASSCOM’s EC Council.
 Empanelled as Solution provider with Government of Gujarat, Rajasthan and Haryana and with
National Informatics Centre Government of India body as their IT Project Partner strengthening
our Public Sector presence across the western region footprint of India.
 Microsoft and Adobe Partnering is technology exposure partnering which strengthens execution
and delivery of our Infra Structure Management Services and Enterprise Bespoke Software
Solutions Services with the cutting edge technology experience and learnings of latest technology
from the sources made available via the said companies
 DEV IT rated by worldwide famous rating agency CARE as MSE1 rated thanks to prudent financial
performance of the company
 Being quality stickler the company’s projects and activities are under the management lenses
towards which the crucial certifications such as ISO 90001, ISO 27001 has been achieved. While
continuing the same story in case of our bespoke software development activity the quality
aspects have been cleared by way of acquiring world renowned and extremely eminent standard
of CMMI level 3
END-TO-END IT SERVICES FROM DEV IT:
Our services are tailored to suit the specific needs of each client and the demands of their industry at
International and Domestic level. We empower businesses across the globe meet their objectives,
gearing them to better compete in their own individual business vertical. The services that DEV IT
renders in Global and Local geographies are
 Enterprise Applications Solutions and Services encompasses ERP, CRM and e-Governance
Bespoke Solutions Application Development
 Infrastructure Management Solutions encompasses services pertaining to Data Centre

Operations, End-User Computing, Cybersecurity Services and IT Infrastructure Consulting
 Digitalization and Digital aspects of IT services takes care of client needs pertaining to Document
Digitization, E Office and Digital Marketing

DIRECTORS’ REPORT
 Enterprise Mobility provides cutting edge solutions and services to SME as well as large
enterprises at national and international level on Mobile App Development, Managed Mobility,
etc on both Android and iOS platforms
 Cloud Computing is the fastest growing adoption among SME as well as large enterprises wherein
the services being rendered by DEV IT pertaining to Cloud Advisory and Managed Cloud services
related entire portfolio
 Licensing is the major requirement in Public Sector and among SME with planned software
platform purchases in order to remain compliance oriented thereby safeguarding their IT
investments from the cyber security perspective too. DEV IT is dominant player in terms of
Licencing provisions towards Microsoft & Adobe licenses as well as Digital Signatures and SSL
Cerficates related requirements in business environs, mainly in western region of India.
DEV IT’S DIGITAL TRANSFORMATION MANTRA BY DELIVERING END-TO-END IT SERVICES:
Right from advisory to execution backed by expert applications and infrastructure management; we
optimize client’s IT requirements into a strategic asset. The methodology employed by the Team DEV
IT is Consult, Plan, Develop, Implement and Manage.
 Consult – Engage with clients to identify most suitable technological solution that help them
realize the full potential of their IT resources and investments
 Plan – Define befitting architecture, methodologies and work plan to achieve set goals
 Develop – Build applications and solutions that deliver as per organizational needs and goals
 Implement – Configure and roll out the best fit solution in a manner that is easy to adapt.
 Manage - Provide full suite of technical & functional support services round-the-clock
The Digital Transformation Mantra has resulted into startling IT Solution and Service delivery numbers
for Team DEV IT
 Projects developed and delivered successfully 2,500+
 Cloud instances managed annually 5,000+
 Clients served across the globe 300+
 Support calls handled annually 10,000+
 Devices monitored and managed globally 30,000+
 e-Governance portals developed Successfully 100+

DIRECTORS’ REPORT
DEV IT INFRASTRUCTURE:
With the best of software and hardware environments coupled with state-of-the-art communication
facilities; our offices are fully equipped to work as virtual extensions of clients’ environment, providing
custom application development services as well as 24×7 infrastructure management services.
30,000+ sq. ft. of 24×7 Network Operations Fully equipped

office space Centre (NOC) development center
RFID restricted Redundant internet Uninterrupted power

access leased lines supply
High grade systems for Latest virus protection and Automated backup service
development, intrusion detection systems, integrated with all server
support and testing safeguarding data and workstations infrastructure
24×7 surveillance State-of-the-art IPBX systems Modern “state-of-the-art”

work environment

DIRECTORS’ REPORT
FINANCIAL PERFORMANCE HIGHLIGHTS:
DEV IT’s Net Jumps 18.62% to Rs 3.44 crore in for the FY 17-18. Total Income rose by 18.39% in for the
FY 17-18 to Rs 67.32 crore against Rs. 56.86 crore last year.
Financials for FY 2017-18 (Rs. crore) Particulars 2017-18 2016-17 % Growth
Total Income 67.32 56.86 18.39
EBIDTA 8.54 6.42 33.02
Net Profit 3.44 2.90 18.62
Turnover
80.00
67.32
70.00
60.00 56.86
50.00 45.40
40.00
30.00
20.00
10.00
-
Turnover (Rs. In Cr.)
2015-16 2016-17 2017-18
Profit
8.00 6.69
6.00 4.88
3.77 3.44
4.00 2.90
2.02
2.00
-
PBTD (Profit Before Tax & Depriciation) PAT
(Rs. In Cr.)
2015-16 2016-17 2017-18

DIRECTORS’ REPORT
Future Business Prospects
The futuristic technology trends of 2020 that DEV IT has already adopted by way of acting as absolute
IT Service provider and is already being handled as part of few projects from overseas and local
markets are
Enterprise Mobility arena will be addressed by providing Advisory services for developing a strategy
to achieve enterprise mobility goals, Design and develop custom mobile applications which are aligned
to client’s business.
Cloud and Virtualisation services will include providing Strategy & Consulting for clients to Identify
drivers for cloud strategy and road map. Carry out Application Development such that client can have
Transformation of application from on premise to cloud. Manage Implementation, Migration &
Automation on cloud for client to handle their cloud implementation. Provide requisite cloud related
Licensing Solutions to clients on all possible cloud technology platform available.
Digitalisation Services will cater to the business enterprise needs towards Digital Commerce related
web and mobility solutions, Digital Marketing solutions pertaining to Social Media based Marketing
activities of businesses, Document Digitisation Solutions taking care of eOffice and Document
Management of enterprises and Digital Certificate solutions providing Information Technology Act
compliant digital identity by way of digital certificates and signatures
Big Data Analytics solution provides services to clients on Strategy & Consulting taking care of Data
discovery, unstructured and structured data collation. Also Visualisation and Analytics solution and
services handling KPIs, score cards, dashboards, trend analysis, etc. of business enterprises are
provided.
Infrastructure Management Services (IMS) encompassing Strategy & Consulting services for
technology roadmap, consolidation and modernisation, compliance. Data Centre Services for
Infrastructure monitoring and incident management, system administration and management. Cloud
Operations Services for Performance monitoring and optimization of commissioned cloud
infrastructure by client. Server focussed Infrastructure Management services involves Server network
management, security management and database management. Workplace Infrastructure
Management Services includes ticketing based support management, asset management, patch
management, IT security, etc.
IoT and Smart Cities Services are meant for Enterprises, Consumers, Large Ecosystems which involves
Solutions delivery that focus on monitoring, control, efficiency, connected & wearable devices as well
as bespoke specific apps for Smart Cities, Smart farms, Smart energy, etc. laced with intelligent insights
generating analytics, decision support dashboards and machine driven social interfacing.
Augmented Reality Services delivers solutions towards Content Development such as 3D modelling,
animation, environment creation, presentation. Augmented reality apps about Health, Retail, Real
Estate, etc. developed for mobile, wearable devices, product sales information dissipation for mass by
giving virtual experience, etc.

DIRECTORS’ REPORT
CHALLENGING AND OPPORTUNITY LADEN BUSINESS SCENARIO:
Globally the widespread use of Internet virtually in almost all aspects of day to day life coupled along
with fast pace innovations in technology is leading to highly competitive environment in almost all
spheres of life. In this backdrop the scenario of economy and business across the world has become
very dynamic making business worldwide to hunt for high end quality oriented technology solutions
sources providing the same at apt cost.
This translates into a very big opportunity of acting as End-to-End service provider company which
partners with client to help them carry out their business’s prudent digital transformation. The same
which can be addressed by DEV IT thinking through diligently, strategizing and planning.
Hence your company while delivering and fulfilling the said requisite need and at the same time
running an agile and state of the art ready company has to do a balancing act leading towards
challenges that requires constant watch and work around of mitigation activities too. The evident
challenges are:
 Develop world class end-to-end service delivery facilities that can help client to address their
digital transformation needs on the go at very competitive budgets factoring adherence to GDPR
and other such compliances at global level
 Relevant high end technology upscaling as well as capacity building such that world class service
delivery across the globe can be handled in round the clock fashion as well as develop internal
practise knowledge management enabling the company to replicate the same as and when need
arises.
 High end Infrastructure and Personnel resource up scaling capability in agile fashion as and when
project demands
 Ensure appropriate organic and inorganic growth opportunities arising out of global operations
that company may encounter is seamlessly handled
 Diverse Client base requires up to the mark relationship management as well as parallel newer
client acquisition and market acquisition too with help of year round dedicated marketing drive,
since service provider company cannot remain directed only towards a particular domain or a
particular geography
 Prudent and pre-emptive finance management such that the requisition of fund during the time
of upscaling as well as cash flow crunch is achieved. Also monitoring of global currency fluctuation
in geography of operations forms a major line of activity.
THE CHALLENGE MITIGATION APPROACH:
 Keeping GDPR style compliances in mind carry out periodic audit of Information Systems and
Policies
 Carrying Audits on regular basis of Corporate and Management practices as well as Organisation
Restructuring practices vide External and Internal Advisory
 Technology Practises and Alignment with newer technology evaluation and audits on regular basis
 Financial due diligence regular evaluation
 Tax and other Statutory regulation compliance practices evaluation

DIRECTORS’ REPORT
NETWORKING AND RELATIONSHIP IN THE INDUSTRY:
During the year under review, your company had cordial and harmonious relations at all levels in the
industry as well-meaning company invited to be part of noteworthy associations such as NASSCOM,
ICBC, FICCI, GESIA, ISODA, GCCI, GIS so as to give value added inputs and asked to participate in the
Business, Social Responsibility and IT ecosystem related activities being carried out by the said bodies
across the country. In fact, the numerous accolades and recognition received by the company due to
Team DEV IT’s diligence and focus for holistic IT Service Delivery Performance has resulted into a large
symbiotic relationship network among IT ecosystem participants across the country leading towards
wholesome growth of the company in years to come.
FORWARD LOOKING AND CAUTIONARY STATEMENT:
Statement in the management discussion and analysis report detailing the company’s objectives,
projections, estimates, expectations or predictions may be forward looking statements within the
meaning of applicable laws and regulations. These statements are based on certain assumptions,
Projections and estimates. Actual results may vary from those expressed or implied depending upon
the economic conditions, Government policies and other incidental factors.

(Chairman)
(DIN: 00021744)

DIRECTORS’ REPORT
“ANNEXURE E”
REPORT ON CORPORATE GOVERNANCE
In terms of Regulation 27 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015
the report containing details of corporate governance systems and processes at Dev Information
Technology Limited is as under:
1. COMPANY PHILOSOPHY ON CODE OF GOVERNANCE:
Your company believes that Corporate Governance is an essential element of business, which helps
the company to fulfill its responsibilities to all its stakeholders. Your company is committed to good
corporate governance and has benchmarked itself against best practices in Governance and
Disclosure. Your company believes that highest standards of Corporate Governance are essential to
enhance long term value of the Company for its stakeholders and practice the same at all levels of the
organization
Your company also strives to achieve optimum performance at all levels by adhering to corporate
governance practices, such as fair and transparent business practices, effective management controls
at all levels, adequate representation of promoter, executive and independent director on the board,
accountability of performance at all levels, monitoring of executive performance by the Board and
transparent and timely disclosure of financial and management information.
2. BOARD OF DIRECTORS:
Your company has optimum combination of both Executive and Non-Executive Directors. The board
composition comprises of Eight Directors consisting of four Exceutive Directors and four non-executive
and independent directors including one woman director. The composition of the Board was in
accordance
Dev Information with SEBI
Technology Ltd.(Listing
AnnualObligations and Disclosure Requirements) Regulations, 2015 (hereinafter
Report 2017-18
referred as “Listing Regulations”) and Companies Act, 2013.
The Board Members are not related to each other. Number of Directorships held by Executive, Non-
Executive and Independent Directors are within the permissible limits under Listing Regulations and
Companies Act, 2013. The necessary disclosures regarding change in Committee positions, if any, have
been made by all the Directors, during the year under review. None of the Directors hold directorship
in more than 20 public limited companies nor is a Member of more than 10 Committees or Chairperson
of more than 5 Committees across all Public Companies (only Audit Committee and Stakeholders’
Relationship Committee).
A. Composition of board of directors:

As on 31st March, 2018 the board of Directors comprises of Eight directors out of which one is Exceutive
Chairman, one is Executive Mananging Director, two are Executive Whole-time directors and
remaiming four Non-exceutive Independent Directors. As on the date of this report, Board of Directors
of the company comprises as follows:

DIRECTORS’ REPORT
Name Of Directors Designation
Mr. Pranav Niranjanbhai Pandya Executive Chairman and Whole-time Director
Mr Jaimin Jagdishbhai Shah Executive Managing Director
Mr. Vishal Nagendra Vasu Whole-time Director
Mr. Prerak Pradyumna Shah Whole-time Director
Mr. Hiren Karsanbhai Patel Non Exceutive Independent Director
Mr. Venkata Rama Subba Rao Velamuri Non Exceutive Independent Director
Mr. Anand Anilbhai Patel Non Exceutive Independent Director
Ms. Rama Moondra Non Exceutive Woman Independent Director
The Details of Directorship held by the Directors as on 31st March, 2018 and their attendance at the
Board meetings during the year are as follows:
No. of other Board No. of

Committee(s) in Attendance Attendance Shares
Name of Category of No. of other which he is at last at Board held as
Director(s) Director Directorship AGM Meetings on
31.03.
Member Chairman
2018
Pranav
Chairman/prom
Niranjanbhai NIL NIL YES 05 175500
oter/Executive 02
Pandya
Jaimin Managing
Jagdishbhai Director/Promo 03 NIL NIL YES 04 297000
Shah ter/Executive
Vishal Whole-
NIL NIL NIL YES 05 150000
Nagendra Vasu time/Executive
Prerak
Whole-
Pradyumna 01 NIL NIL YES 05 187500
time/Executive
Shah
Hiren
Independent
Karsanbhai 04 03 NIL YES 01 NIL
Director
Patel
Venkata Rama
Independent
Subba Rao NIL NIL NIL YES 03 NIL
Director
Velamuri
Anand Anilbhai Independent
08 03 01 YES 04 NIL
Patel Director
Rama Independent
NIL NIL NIL NO 03 NIL
Moondra Director

DIRECTORS’ REPORT
B. Induction & Familiarization Programs for Independent Directors:

On appointment, the concerned New Independent Director is issued a letter of Appointment setting
out in detail, the terms of appointment, duties and responsibilities. The newly appointed Independent
Directors of the Company are familiarized with the various aspects of the Company provided with an
overview of the requisite criteria of independence, roles, rights, duties and responsibilities of directors,
terms of appointment of the Company and policies of the Company and other important regulatory
aspects as relevant for directors. The Business Heads, CFO, Compliance Officer and Executive Directors
update the Board on business model of the Company, the nature of industry and its dynamism, the
roles, responsibilities and liabilities of Independent Directors, etc. Further, business, legal, regulatory
and industry updates are made available to the Independent Directors. The details of Familiarization
program available on below link:
https://www.devitpl.com/wp-content/uploads/Familization-Programmes.pdf
Board Evaluation:
In compliance with the provisions of the Companies Act, 2013 (‘the Act’) and LODR regulation, the
Board during the year adopted a formal mechanism for evaluation of its performances as well as that
of its committees and individual Directors, including the Chairman of the Board.
The performance of the Board was evaluated after seeking inputs from all the Directors on the basis
of criteria such as Board composition, Board mechanism, Board information, dynamics, Board member
engagement and development, roles and responsibilities of DEVIT Board, engagement with
stakeholders and regulators,etc.
The performance of the individual Directors was evaluated after seeking inputs from all the Directors
other than the one who is being evaluated. The evaluation was based on the criteria such as Directors’
understanding on the Company’s mission, Company’s market position, qualification and experience of
the Director, Directors’ commitment, preparation at the meetings, etc.
In a separate meeting of independent directors, performance of non-independent directors,
performance of the board as a whole and performance of the chairman was evaluated, taking into
account the views of executive directors and non-executive directors.
The performance evaluation of the Independent Directors was carried out by the entire Board. The
performance evaluation of the Chairman and the Non-Independent Directors was carried out by the
Independent Directors. The Directors expressed their satisfaction with the evaluation process.
C. Number of Board Meetings:

During the year 05 meetings of the Board of Director’s were held. The intervening gap between the
meetings was within the period prescribed under the Companies Act, 2013.

DIRECTORS’ REPORT
Date on which board Meetings were Total Strength Of the No of Directors

Sr. No.
held Board Present
th
1 12 April, 2017 08 04
2 30th June, 2017 08 06
3 26th August, 2017 08 07
4 13th November, 2017 08 05
5 05th March, 2018 08 08
D. Attendance of Directors at Board meetings held in the previous year are as follows:
No. of Board Meeting

Directors Category
Held Attended
Promoter/Chairman and
Mr Pranav Niranjanbhai Pandya 05 05
Whole-time director
Promoter And Managing
Mr. Jaimin Jagdishbhai Shah 05 04
Director
Whole-time
Mr Vishal Nagendra Vasu 05 05
Director
Mr Prerak Pradyumna Whole-time
05 05
Shah Director
Mr Venkata Rama Subba Rao Independent
05 03
Velamuri Director
Independent
Mr Hiren Karsanbhai Patel 05 01
Director
Independent
Mr Anand Anilbhai Patel 05 04
Director
Woman Independent
Ms. Rama Moondra 05 03
Director
E. Independent Director’s Meeting:

Pursuant to provisions of Schedule IV to the Companies Act, 2013, during the year under review, one
meeting of Independent Directors was held on 05th March, 2018. Mr Venkata Rama Subba Rao
Velamuri was elected as a chairperson of the meeting with mutual discussion and consent of all the
directors present. All the Independent Directors remained present at the meeting wherein the
Independent Directors reviewed the performance of the Non-Independent Directors (including
Chairperson) and the Board as a whole and assessed the quality, quantity and timeleness of the flow
of information between the company, management and the Board that is necessary for the Board to
effectively and reasonably perform their duties.
F. Committees Of The Board

Nomination Remuneration Committee, Stakeholders Relationship Committee and Audit Committee
is considered for the purpose.

DIRECTORS’ REPORT
The Board of directors of the company has constituted various committees of the members of the
board. The terms of reference of these committees have determined by the board from time to time.
i. Audit Committee:
Pursuant to requirement of Section 177(1) of the Companies Act, 2013 Company has formulated Audit
Committee. All the Directors have good understanding Finance, Accounts and Law. During the year the
Audit Committee was duly re-constructed with the approval of board members on August 26th, 2017.
The Composition of the Committee as on 31st March, 2018 is as under:

Chairman
Velamuri Director
Director
Mr. Jaimin Jagdishbhai Shah Member Managing Director
During the financial year 2017-18, Four (4) meetings, of Audit Committee were held on following
dates:
 30th June, 2017
 26th August 2017
 13th Novemver, 2017
 05th March, 2018
Attendance of members for the meeting of Audit Committee held during the year 2017-18 is as below:
Dev Information Technology No. of Meeting

NameLtd. Annual ReportCategories
2017-18 Note
Attended
The Committee was re-
Ms. Rama Moondra Chairman 02
structured in the Board
meeting held on 26th
Mr. Anand Anilbhai Patel Member 02
August, 2017.
Mr Venkata Rama Subba Rao The Committee was re-
Chairman 02 structured in the Board
Velamuri
meeting held on 26th
Ms. Rama Moondra Member 02 August, 2017.
Mr. Jaimin Jagdishbhai Shah Member 03
The Role of Audit Committee together with its powers shall be as under:
 Overseeing the company’s financial reporting process and the disclosure of its financial
information to ensure that the financial statements are correct, sufficient and credible;
 Recommending to the Board, the appointment, re-appointment and, if required, the
replacement or removal of the statutory auditor and the fixation of audit fees;
 Approving payment to statutory auditors for any other services rendered by the statutory
auditors;

DIRECTORS’ REPORT
 Approving initial or any subsequent modification of transactions of the company with related
parties;
 Scrutinizing inter-corporate loans and investments
 Valuation of undertakings or assets of the company, wherever it is necessary;
 Monitoring the end use of funds raised through public offers and related matters
 Reviewing, with the management, the annual financial statements before submission to the
Board for approval, with particular reference to;
1. matters required to be included in the Director’s Responsibility Statement to be included

in the Board’s report in terms of clause (c) of sub-section 134 of the Companies Act,2013 ;
2. changes, if any, in accounting policies and practices along with reasons for the same;
3. major accounting entries involving estimates based on the exercise of judgment by
management;
4. significant adjustments made in the financial statements arising out of audit findings;
5. compliance with listing and other legal requirements relating to financial statements;
6. disclosure of any related party transactions; and
7. Qualifications in the audit report.
 Reviewing, with the management, the quarterly financial statements before submission to the
board for approval;
 Reviewing, with the management, the statement of uses / application of funds raised through
an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for
purposes other than those stated in the offer document/prospectus/notice and the report
submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights
issue, and making appropriate recommendations to the Board to take up steps in this matter;
 Reviewing, with the management, performance of statutory and internal auditors, and
adequacy of the internal control systems;
 Reviewing the adequacy of internal audit function, if any, including the structure of the internal
audit department, staffing and seniority of the official heading the department, reporting
structure coverage and frequency of internal audit;
 Discussing with the internal auditors any significant findings and follow up there on;
 Reviewing the findings of any internal investigations by the internal auditors into matters where
there is suspected fraud or irregularity or a failure of internal control systems of a material
nature and reporting the matter to the Board;
 Discussing with the statutory auditors before the audit commences, about the nature and scope
of audit as well as post-audit discussion to ascertain any area of concern;
 Looking into the reasons for substantial defaults in the payment to the depositors, debenture
holders, shareholders (in case of non-payment of declared dividends) and creditors;
 Reviewing the functioning of the Whistle Blower mechanism, in case the same is existing;
 Approving the appointment of the Chief Financial Officer (i.e. the whole time finance director
or any other person heading the finance function) after assessing the qualifications, experience
and background, etc., of the candidate; and
Further, the Audit Committee shall mandatorily review the following:
1. management discussion and analysis of financial condition and results of operations;

2. statement of significant related party transactions (as defined by the Audit Committee),
submitted by management;

DIRECTORS’ REPORT
3. management letters / letters of internal control weaknesses issued by the statutory

auditors;
4. internal audit reports relating to internal control weaknesses; and
5. the appointment, removal and terms of remuneration of the chief internal auditor.”
ii. Nomination And Remuneration Committee:
Pursuant to requirement of Section 178(1) of the Companies Act, 2013 Company has formulated
Nomination and Remuneration Committee. During the year the Nomination and Remuneration
Committee was duly re-constructed with the approval of board members on August 26th, 2017.

Chairman
Velamuri Director
Director
Mr. Anand Anilbhai Patel Member
Director
Mr. Jaimin J. Shah Member Managing Director
During the financial year 2017-18, Two (2) meetings, of Nomination and Remuneration Committee
were held on following dates:
 30th June, 2017

Attendance of members for the meeting of Nomination and Remuneration Committee held during the
year 2017-18 is as below:
No. of
Name Categories Meeting Note
Attended
Ms. Rama Moondra Chairman 02

The Committee was re-structured
Mr. Anand Anilbhai Patel Member 02 in the Board meeting held on 26th
August, 2017.
Mr. Hiren Karsanbhai Patel Member 00
The Nomination and Remuneration Committee shall identify persons who are qualified to become
directors and who may be appointed in senior management in accordance with the criteria laid down,
recommend to the Board their appointment and removal and shall carry out evaluation of every
director’s performance. The committee has been constituted to recommend/ review the
remuneration package of Managing/ whole time Directors.
Definitions:

DIRECTORS’ REPORT
“Remuneration” means any money or its equivalent given or passed to any person for services
rendered by him and includes perquisites as defined under the Income-tax Act, 1961;
“Key Managerial Personnel” means:
1. Managing Director, or Chief Executive Officer or Manager and in their absence, a Whole-time
Director;
2. Chief Financial Officer;
3. Company Secretary; and
4. such other officer as may be prescribed.
“Senior Managerial Personnel” mean the personnel of the company who are members of its core
management team excluding Board of Directors. Normally, this would comprise all members of
management, of rank equivalent to General Manager and above, including all functional heads.
Terms of Reference of the Committee:
1. Identify persons who are qualified to become directors and may be appointed in senior
management in accordance with the Criteria laid down, recommend to the Board their
appointment and removal and shall carry out evaluation of every director’s performance.
2. Formulate the criteria for determining the qualifications, positive attributes and independence
of a director and recommend to the board a policy relating to the remuneration for directors,
KMPs and other employees.
3. Determine our Company’s policy on specific remuneration package for the Managing Director
/ Executive Director including pension rights.
4. Decide the salary, allowances, perquisites, bonuses, notice period, severance fees and
increment of Executive Directors.
5. Define and implement the Performance Linked Incentive Scheme (including ESOP of the
Company) and evaluate the performance and determine the amount of incentive of the
Executive Directors for that purpose.
6. Decide the amount of Commission payable to the Whole time Directors.
7. Review and suggest revision of the total remuneration package of the Executive Directors
keeping in view the performance of the Company, standards prevailing in the industry, statutory
guidelines etc.
8. To formulate and administer the Employee Stock Option Scheme.
iii. Stakeholders Relationship Committee:
Pursuant to requirement of Section 178(5) of the Companies Act, 2013 Company has formulated
Stakeholders Relationship Committee. During the year the Stakeholders Relationship Committee was
duly re-constructed with the approval of board members on August 26th, 2017.

DIRECTORS’ REPORT

Mr. Venkata Rama Subba
Chairman Independent Non-Executive Director
Rao Velamuri
Ms. Rama Moondra Member Independent Non-Executive Director
Mr. Hiren Karsanbhai. Patel Member Independent Non-Executive Director

Mr. Pranav Niranjanbhai
Member Chairman & Whole-time director
Pandya
During the financial year 2017-18, Two (2) meetings, of Stakeholders Relationship Committee were
held on following dates:
 30th June, 2017

Attendance of members for the meeting of Stakeholders Relationship Committee held during the year
2017-18 is as below:
Name Categories No. of Meeting Attended Note
Ms. Rama Moondra Chairman 02 The Committee was

re-structured in the
Mr. Anand Anilbhai Patel Member 02 Board meeting held
on 26th August,
Mr. Jaimin Jagdishbhai Shah Member 02 2017.
Terms of Reference of the Committee:
Redressal of shareholders’ and investors’ complaints, including and in respect of:
 Allotment, transfer of shares including transmission, splitting of shares, changing joint holding
into single holding and vice versa, issue of duplicate shares in lieu of those torn, destroyed, lost
or defaced or where the cages in the reverse for recording transfers have been fully utilized.
 Issue of duplicate certificates and new certificates on split/consolidation/renewal, etc.; and
 Review the process and mechanism of redressal of Shareholders /Investors grievance and
suggest measures of improving the system of redressal of Shareholders /Investors grievances.
 Non-receipt of share certificate(s), non-receipt of declared dividends, non-receipt of
interest/dividend warrants, non-receipt of annual report and any other grievance/complaints
with Company or any officer of the Company arising out in discharge of his duties.
 Oversee the performance of the Registrar & Share Transfer Agent and also review and take note
of complaints directly received and resolved them.

DIRECTORS’ REPORT
 Oversee the implementation and compliance of the Code of Conduct adopted by the Company
for prevention of Insider Trading for Listed Companies as specified in the SEBI (Prohibition of
Insider Trading) Regulation, 2015, as amended from time to time.
 Any other power specifically assigned by the Board of Directors of the Company from time to
time by way of resolution passed by it in a duly conducted Meeting.
Name & Designation and address of the Compliance Officer:
CS Krisa Patel
14, Aaryans Corporate Park Nr. Shilaj Railway Crossing,
Thaltej Ahmedabad-380059 ,Gujarat India.
Pursuant to the Regulation 13(3) of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015; the details regarding investor’s complaints are as follows:
Status of Complaints pending, received, disposed and unresolved:
Number of Shareholders’ Complaints Pending at the end of the year NIL

Number of Shareholders’ Complaints received during the year 01
Number of Shareholders’ Complaints disposed during the year 01
Number of Shareholders’ Complaints remain unresolved during the year NIL
G. Details Of Remuneration To Directors During The Year Ending On 31st March, 2018
During the year company has paid following remuneration or setting fees to the directors as follows:
Name Category Remuneration

Executive Chairman and Whole-time
Mr. Pranav Niranjanbhai Pandya 23.78 Lakhs
Director
Mr Jaimin Jagdishbhai Shah Executive Managing Director 23.78 Lakhs
Mr. Vishal Nagendra Vasu Whole-time Director 18 Lakhs
Mr. Prerak Pradyumna Shah Whole-time Director 15 Lakhs

Mr. Hiren Karsanbhai Patel Non Exceutive Independent Director Nil
Mr. Venkata Rama Subba Rao
Non Exceutive Independent Director 15,000
Velamuri
Mr. Anand Anilbhai Patel Non Exceutive Independent Director 20,000
Non Exceutive Woman Independent
Ms. Rama Moondra 15,000
Director

DIRECTORS’ REPORT
H. General Body Meetings:
I.Annual General Meeting (“AGM”):
Financial Year AGM Date Time Venue
2014-15 18th AGM 30th September, 2015 11:30 A. M Registered Office of the
2015-16 19th AGM 30th September, 2016 10:00 A.M. Company
AMA Seminar hall,

Ahmedabad management
2016-17 20th AGM 29th September, 2017 3:00 P.M. association, , ATIRA Campus,
Dr.Vikram Sarabhai Marg,
Ahmedabad-380015
The details of Resolution(s) which were passed in the last three Annual General Meetings (“AGM”)
of the Company along with details of Postal Ballot & voting pattern are as follows:
Date of AGM Resolution Ordinary/Special

Adoption of Annual Accounts, Auditor’s Report and
30th Ordinary
Directors Report
September,
Appoinment Of Statutory Auditors Otherthan Retiring
2015 Ordinary
Auditors
Adoption of Annual Accounts, Auditor’s Report and
30th Ordinary
Directors Report
September,
Appoinment Of Statutory Auditors Otherthan Retiring
2016 Ordinary
Auditors
Dev Information Technology Adoption
Ltd. Annual
of Report 2017-18
Standalone and Consolidated Financial
Ordinary
Statements, Auditor’s Report and Directors Report
29th Declaration of dividend at the rate of 5% Ordinary

September,
Reappointment of Mr. Vishal Vasu and Mr. Prerak Shah
2017 Ordinary
liable to retire by rotation
Ratification of Appointment of Statutory Auditor Ordinary
* All the above resolutions were passed unanimously by show of hands.

DIRECTORS’ REPORT
II. Extra-Ordinary General Meetings (EGM) of the earlier three years:
Financial Day, Date,Time and

Resolution Ordinary/Special
Year Venue
Appointment Of Mr Prerak Pradyumna
1st July, 2014, Tuesday,
Ordinary
at 10:30 A.M. at Shah As A Director
2014-15 Registered Office of Appointment Of Mr Vishal Nagendra Vasu
Ordinary
the Company As A Director
Increase in the Authorised Share Capital of
the Company from Rs. 50,00,000/- to Rs. Ordinary
25th February, 2016, 75,00,000/-
Thursday, at 11:00
A.M. at Registered Issue Of Bonus Shares in proportion of
2015-16 Office of the Company 1(One) Bonus Equity Shares for every 2
(Two) fully paid up Equity Shares of Rs. 10/- Special
each.
Increase in the Authorised Share Capital of
the Company from Rs. 75,00,000/- to Rs. Ordinary
6,00,00,000/-
06th February, 2017, Approval for Conversion of the Company

Special
Monday, at 10:30 from "Private Limited" to "Public Limited"
A.M. at Registered
Office of the Company Adoption of New Sets of Articles of
2016-17 Association of Company inter-alia pursuant Special
to the Companies Act, 2013
Amendment(s) to Memorandum of
Special
Association of the Company
21st February, 2017,
Preferential Allotment of Shares of 56500
Tuesday at 10:30 A.M.
equity shares of Rs. 10/- each at a
at Registered Office of Special
preminum of Rs. 404.16/- per share
the Company
Change in Designation of Mr. Jaimin
Special
Jagdishbhai Shah as a Managing Director
Change in Designation of Mr. Pranav
Niranjanbhai Pandya as Chairman and Special
Whole Time Director
Change in Designation of Mr. Vishal
Nagendra Vasu as Whole Time Director Special
and Chief Technical Officer
Change in Designation of Mr. Prerak
Special
Pradyumna Shah as Whole Time Director
Issues And Allotment Of Equity Shares To
Special
The Public (Initial Public Offer)
Authorization to Board of Directors for sell,
lease or otherwise dispose of Undertaking Special
u/s 180(1)(a) of Companies Act, 2013

DIRECTORS’ REPORT
Authorization to Board of Directors for

Borrowings u/s 180(1)(c) of Companies Special
Act, 2013
Authorization to Board of granting Loan
and Investment u/s 186 of Companies Act, Special
2013
03rd March, 2017,
Issue and allotment of 32,26,000 Equity
Tuesday at 10:30 A.M.
shares through Bonus Shares By way of Special
at Registered Office of
Capitalization of Profits and/or Reserves
the Company
Appointment of Mr. Hiren Karsanbhai
16th March, 2017, Patel, Mr. Anand Anilbhai Patel, Ms. Rama
Thursday at 11:00 Moondra and Mr. Venkata Rama Subba
Ordinary
A.M. at Registered Rao Velamuri as an Independent Non
Office of the Company Executive
Director
Approval For Increase The Issue Size from
Special
Rs. 6.00 Crores To Rs. 7.00 Crores.
* All the above resolutions were passed unanimously by show of hands.
III. Postal Ballot:
No resolution was passed through Postal Ballot during the Financial Year 2017-18.
I. MEANS OF COMMUNICATION:
I. Quarterly and Annual Financial Results:
The communication is the key element of the overall Corporate Governance framework. Your
Company constantly interacts with Shareholders through multiple channels of communication such
as result
Dev Information announcement,
Technology annual
Ltd. Annual report,
Report Company’s website and other specific communications,
2017-18
as applicable.
During the year, Company has declared all financials results within the sipulated time provided
under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The half yearly
and yearly financial results of the Company are duly uploaded on website of the Company i.e. on
www.devitpl.com as well as on NEAPS portal of National Stock Exchange. All half yearly and yearly
financial results have been submitted to stock exchange within 30 minutes from the conclusion of
Board Meeting in which financial results have been approved. During the year, following half yearly
and yearly financial results have been submitted on NEAPS portal:
Period of Financial Results Date

Unaudited Financial Results for the half year ended
November 13, 2017
September 30, 2017
Audited Financial Results for the half year and year
May 29, 2018
ended March 31, 2018

DIRECTORS’ REPORT
The company being listed on SME platform, exemptions have been provided to the Company from
publishing financial results in newspaper. Hence, Company has not published abovementioned half
yearly and yearly financial results in any of the newspaper.
II. Annual Report:
Physical copy of the Annual Report for the FY 2016-17 accompnished with Notice of 20th Annual
General Meeting, Audited Financial Statements, Director’s Report, Corporate Governance Report
and Management Discussion and Analysis Report was sent to all the shareholders who have not
registered their email IDs with the Company prior to clear 21 days of 20th Annual General Meeting.
Soft copy of the Annual Report for the FY 2016-17 accompnished with Notice of 20th Annual General
Meeting, Audited Financial Statements, Director’s Report, Corporate Governance Report and
Management Discussion and Analysis Report was sent by email to the shareholders who have
registered their email IDs with the Company. The Annual Report for the FY 2016-17 had also been
uploaded on the website of the Company www.devitpl.com .
III. Communication to Shareholders:
Communication like Annual Report, Notices, Dividend payment advice, etc. are being sent to the
shareholders through email to the shareholders who have registered their email IDs with the
Company and by speed post/ courier to the shareholders who have not registered their email IDs
with the Company.
The technological advancement of communication has made it possible for us to communicate

paperless. Henceforth Company is sending all shareholders communication through email and
thereby conserving paper and reducing waste. Those shareholders who have not registered their
email ids are requested to register their email ids with the Company or to their respective
depositories.
IV. Website:
The Company’s website www.devitpl.com contains a dedicated segment called ‘Investor Relations’,
where all the information as may be required by the Shareholders is available including half yearly
and yearly results notices of the Board Meetings, Outcomes of the Board meeting, Annual Reports,
shareholding pattern, Policies and other announcements, news and notices made to stock
exchange are displayed in due course for the shareholders information.
V. Email IDs for investors:
Your Company has a designated e-mail ID, [email protected] or [email protected] for the
redressal of any Stakeholders’ related grievances exclusively for the purpose of registering
complaints by Members/stakeholders. Investor can also contact share Registrar and Transfer
Agent (RTA) of the Company on their email id : [email protected] . Your Company has also
displayed other relevant details prominently for creating investor/stakeholder awareness under
the investors section at its website www.devitpl.com .
VI. SEBI Scores:
The Investors can also raise complaints in a centralized web-based complaints redress system
called “Scores” developed by SEBI. The Company uploads the action taken report on the

DIRECTORS’ REPORT
complaints raised by the Shareholders on “Scores”, which can be viewed by the Shareholder. The
complaints are closed to the satisfaction of the Shareholder and SEBI.
VII. Stock Exchange Filings:
For submitting all listing compliances National Stock Exchange has developed NEAPS portal in
which all corporate can file their listing compliances. During the year, company has filed all the
listing compliances on NSE Electronic Application Processing System (NEAPS) of NSE at link
https://www.connect2nse.com/LISTING/ and after submitting the same is also available on official
website of NSE www.nseindia.com/emerge.
J. GENERAL SHAREHOLDER INFORMATION:
Saturday, 29th September, 2018 at 4:00

P.M. at Block-12 Aaryans Corporate Park,
Date, Time and Venue of AGM
Nr. Shilaj Railway Crossing, Thaltej,
Ahmedabad-380059, Gujarat, India
From, the 22nd day of Sepetmber, 2018 to,
Date of Book Closure the 23rd day of Sepetmber, 2018 (both day
inclusive)
The National Stock Exchange Of India (NSE)
Listed on Stock Exchanges (SME Platform).
W.e.f. 17th April, 2017
Trading Symbol DEVIT
Minimum Lot Size for trading 1500 shares
Corporate Identity Number (CIN) L30000GJ1997PLC033479
14, Aaryans Corporate Park Nr. Shilaj
Dev Information Technology Ltd. Annual Report 2017-18 Railway Crossing, Thaltej, Ahmedabad
Registered Office
Gujarat- 380059 India
International Securities Identification Number
INE060X0108
(ISIN)
MARKET PRICE DATA:
Company was listed on NSE Emerge platform on 17th April, 2017.
Volume (No. of Turnover (In

Month High (Rs.) Low (Rs.)
Shares) Lakhs
April-17 64.5 50.15 18,60,000 1102.95
May-17 65 46.1 7,47,000 400.27
June-17 63.4 52.5 1,56,000 85.99
July-17 57.5 50.6 2,10,000 113.13
August-17 55 45.1 2,85,000 147.31

DIRECTORS’ REPORT
September-17 67.75 54.05 4,47,000 284.22

October-17 63.6 54.14 1,47,000 87.6
November-17 79.9 55.05 2,91,000 204.73
December-17 85.7 69 2,25,000 177.24
January-18 94 80 1,74,000 151.84
February-18 80.8 67.05 3,84,000 292.11
March-18 79.6 69 1,05,000 77.51
PERFORMANCE IN COMPARISON TO OTHER INDICES:
Company has listed on NSE Emerge platform on 17th April, 2017. Hence, data of DEVIT’s share price
comparison shown below is from the month of 17th April, 2017. The charts have share prices and BSE
Sensex indexed to100 as on the first working day of 2017-18 i.e. on 17th April, 2017.
Chart: DEVIT’s Share Performance VS. BSE Sensex
200 DEVIT
180 BSE Sensex
160
140
120
100
80
60
40
20
-
Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18
FINANCIAL CALENDAR:
The Financial year of the company is for period of 12 months from 1st April to 31st March. The
financial result of the company is scheduled to be published in the Annual Report.
DIVIDEND PAYMENT:
The board of directors of the company has recommended final dividend for the financial year
ended on 31st March, 2018 at the rate of 5% i.e. Rs.0.50/- per equity share. For the aforesaid
dividend, the Company had fixed book closure date from 22 nd September, 2018 to 23 rd September,
2018.

DIRECTORS’ REPORT
DEMATERIALIZATION OF SHARES:
All the shares of the company are in Demate form. There are no Physical shares in existence.
OUTSTANDING GDRS/ADRS/WARRANTS OR ANY CONVERTIBLE INSTRUMENTS: NIL
INVESTORS / SHAREHOLDERS CORRESPONDENCE:
a. Registrar And Transfer Agents (b) Registered Office:

LINK INTIME INDIA PRIVATE LIMITED 14, Aaryans Corporate Park,
C-101,47park,Lbsmarg, Nr. Shilaj Railway Crossing,
Vikhroli (West), Mumbai-400 083, Thaltej Ahmedabad,
Maharashtra, India Gujarat-380059, India.
K. DISCLOSURES:
Statutory Compliance, Penalties and Strictures:
The Company has complied with the requirements of the Stock Exchanges / Securities and Exchange
Board of India (SEBI) / and Statutory Authorities to the extent applicable and accordingly There were
no instances of non-compliances or penalty imposed on the company by Stock Exchanges or SEBI or
any other statutory authority or any matter related to capital markets, during the last three years.
Whistle Blower Policy/Vigil Mechanism Policy:
The Company has formulated Whistle Blower Policy to establish a Vigil Mechanism for directors and
employees of the Company and the same has been uploaded on the website of the Company i.e
www.devitpl.com .

Mandatory Ltd. Annual Requirements:
& Non Mandatory Report 2017-18
The Company has complied with all the mandatory requirements of Corporate Governance and
endeavors to adopt good corporate governance practices which help in adoption of non mandatory
requirements. The financial statements have been prepared in compliance with the requirements of
the Companies Act, 2013 and in conformity, in all material respects, with the generally accepted
accounting principles and standards in India. The estimates/judgments made in preparation of these
financial statement are consistent, reasonable and on prudent basis so as to reflect true and fair view
of the state of affairs and results/operations of the Company.
Material Subsidiary:
No transaction of material has been entered into by the company with its promoters, Directors or
management or relatives etc. that may have potential conflict with the interest of the company.
DISCRETIONARY REQUIREMENTS
The Board:
The chairperson of the company is Executive Director.

DIRECTORS’ REPORT
Shareholder Rights:
Half yearly and yearly declaration of financial performance is uploaded on the website of the company
www.devitpl.com as soon as it is intimated to the stock exchange.
Modified opinion(s) in audit report:
Standard practices and procedures are followed to ensure unmodified financial statements.
Separate posts of chairperson and chief Executive Officer:
The Company has appointed Executive director as a Chairman and also appointed another executive
director as a Managing Director. Hence, there will be no conflict of interest between these two
positions.
Reporting of Internal Auditor:
The Internal Auditors M/s Nisarg J. Shah & Co., Chartered Accountant have reported directly to the
Audit Committee of the Company.

(Chairman)
(DIN: 00021744)

DIRECTORS’ REPORT
SECRETARIAL AUDITOR CERTIFICATE ON CORPORATE GOVERNANCE
CERTIFICATE OF CORPORATE GOVERNANCE
To,
The Members of Dev Information Technology Limited
We have examined the compliance of conditions of Corporate Governance by Dev Information

Technology Limited for the year ended 31st March, 2018 as stipulated in in relevant regulation of
Listing Regulation of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The
compliance of conditions of Corporate Governance is the responsibility of the Management. Our
examination was limited to procedures and implementation thereof, adopted by the Company for
ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an
expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we
certify that the Company has complied with the conditions of Corporate Governance as stipulated in
the above mentioned SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
We further state that such compliance is neither an assurance as to the future viability of the Company
nor the efficiency or effectiveness with which the Management has conducted the affairs of the
company.
Place: Ahmedabad
Date: 25/08/2018
Propritor
Dev Information Technology Ltd. Annual Report 2017-18 ACS No. 38021
C P No.: 14284

DIRECTORS’ REPORT
“ANNEXURE – F”
DECLARATION REGARDING CODE OF CONDUCT
All Board Members and Senior Management Personnel have, for the year ended March 31, 2018 have
affirmed compliance with the Code of Conduct laid down by the Board of Directors in terms of
Regulation 17 (5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Date: - 29th August, 2018 JAIMIN J. SHAH

(Mananging Director)
(DIN: 00021880)

DIRECTORS’ REPORT
“ANNEXURE – G”
CFO CERTIFICATION
To,
Board of Directors,
In accordance with Regulation 17(8) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, we certify that:
1. we have reviewed financial statements and the cash flow statement for the year ending 31st
March, 2018 and that to the best of their knowledge and belief :
a. these statements do not contain any materially untrue statement or omit any material fact
or contain statements that might be misleading;
b. these statements together present a true and fair view of the company’s affairs and are in
compliance with existing accounting standards, applicable laws and regulations.
2. There are, to the best of our knowledge and belief, no transactions entered into by the
company during the year which are fraudulent, illegal or violative of the company’s code of
conduct.
3. We accept responsibility for establishing and maintaining internal controls for financial
reporting and that we have evaluated the effectiveness of internal control systems of the
company pertaining to financial reporting and we have disclosed to the auditors and the Audit
Committee, deficiencies in the design or operation of such internal controls, if any, of which
we are aware and the steps we have taken or proJpose to take to rectify these deficiencies.
4. We have indicated to the auditors and the Audit committee:
a. significant changes in internal control over financial reporting during the year;
b. significant changes in accounting policies during the year and that the same have been
disclosed in the notes to the financial statements; and
c. instances of significant fraud of which we have become aware and the involvement
therein, if any, of the management or an employee having a significant role in the
company’s internal control system over financial reporting
Date: - 29th August, 2018 HARSHIL SHAH

Chief Financial Officer

Standalone
Financial
Statements
2017-18
99
financials
INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF
DEV INFORMATION TECHNOLOGY LTD.
REPORT ON THE FINANCIAL STATEMENTS:
We have audited the accompanying financial statements of Dev Information Technology Ltd.(“the
Company”) which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss,
Cash Flow Statement for the year then ended, and a summary of significant accounting policies and
other explanatory information.
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial performance and cash flows of the Company
in accordance with the accounting principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
AUDITOR’S
Dev Information RESPONSIBILITY:
Our responsibility is to express an opinion on these financial statements based on our audit. We have
taken into account the provisions of the Act, the accounting and auditing standards and matters which
are required to be included in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10)
of the Act. Those Standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal financial control
relevant to the Company’s preparation of the financial statements that give a true and fair view in
order to design audit procedures that are appropriate in the circumstances.

financials
An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the financial statements
OPINION:
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of
the state of affairs of the Company as at 31 March 2018 and its Profit and its cash flows for the year
ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1) As required by section 143 (3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account
d. In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.
e. On the basis of written representations received from the directors as on March 31, 2018
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to adequacy of Internal Financial Controls with reference to financial statements
of the company and the operating effectiveness of such controls , refer to our separate report
in “Annexure – A”
g. With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:
(i) The company has disclosed the impact of pending litigations on its financial position
in its financial statements – Refer Note (6) of Part B to Notes to accounts ;
(ii) The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

financials
(iii) There has been no delay in transferring the amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
(iv) The disclosure requirement relating to holding as well as dealing with specified bank
notes were applicable for the period from 8th November to 30th December,2016,which
is not relevant to this financial statement and hence reporting under this clause is not
applicable.
2) As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), as amended, issued
by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give
in the “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
FOR AND ON BEHALF OF

FOR, CHANDULAL M SHAH & CO.
CHARTERED ACCOUNTANTS
FRN 101698 W
BHARAT M. ZINZUVADIA
PARTNER
MEMB. NO. F 109606
PLACE: AHMEDABAD
DATE: 29.05.2018

financials
ANNEXURE ‘A’
Annexure to the Independent Auditor’s report of even date on the Standalone financial
statements of Dev Information Technology Limited
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (1) OF SUB-SECTION 3

OF SEC.143 OF THE COMPANIES ACT, 2013 (“THE ACT”):
We have audited the internal financial controls with reference to financial statements of DEV
INFORMATION TECHNOLOGY LIMITED (“the Company”) as of March 31, 2018 in conjunction with our
audit of the financial statements of the Company for the year ended on that date.
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS:
The Company’s management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
controls issued by the Institute of Chartered Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Act.
AUDITOR’S RESPONSIBILITY:
Our responsibility is to express an opinion on the Company’s internal financial controls with reference
to financial statements based on our audit. We conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls (the “Guidance Note”) and the Standards on Auditing,
issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls, both applicable to an audit of internal Financial Controls and,
both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to financial
statements was established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls systems with reference to financial statements and their operating effectiveness.
Our audit of internal financial controls included obtaining an understanding of internal financial
controls, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s Judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
for our audit opinion on the Company’s internal financial controls system.

financials
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL

STATEMENTS:
A company’s internal financial control with reference to financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purpose in accordance with generally accepted accounting principles.
A company’s internal financial control with reference to financial statements includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company. (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles , and that receipts and expenditures of
the company are being made only in accordance with authorizations of management and directors of
the company, and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO

FINANCIAL STATEMENTS:
Because of the inherent limitations of internal financial controls with reference to financial
statements, including the possibility of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls with reference to financial statements to future periods
are subject to the risk that the internal financial control with reference to financial statements may
become inadequate because of changes in conditions, or that the degree of compliance with the
policies of procedures may deteriorate.
OPINION:
In our opinion,
Dev Information the Company
Technology has,
Ltd. Annual in all 2017-18
Report material respects, an adequate internal financial control system
with reference to financial statements and such internal financial controls with reference to financial
statements was operating effectively as on March 31,2018, based on the internal control with
reference to financial statements criteria established by the Company considering the essential
components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reports issued by the Institute of Chartered Accountants of India.

FRN 101698 W
PARTNER
MEMB. NO. F 109606
PLACE: AHMEDABAD
DATE: 29.05.2018

financials
ANNEXURE ‘B’
Annexure to the Independent Auditor’s report of even date on the
Standalone financial statements of Dev Information Technology Limited.
Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory Requirements’ of
our report of even date to the financial statements of the Company for the year ended March 31,
2018:
1. In respect of Fixed Assets :
(a) The Company is maintaining proper records showing full particulars, including quantitative
details and situation of fixed assets;
(b) (b) The Fixed Assets have been physically verified by the management in a phased manner,
designed to cover all the items over a period of five years, which in our opinion, is
reasonable having regard to the size of the company and nature of its business. According
to information and explanation given to us, no material discrepancies were notice doing
such verification.
(c) (c) According to the audit process and based on records of the company ,the title deeds
of immovable properties are held in the name of company.
2. In respect of Inventories:
According to information and explanation given to us, Physical verification of inventories has
been conducted in reasonable interval by the Management and no material discrepancies
were noticed on physical verification during the year.
1. According to information and explanation given to us, the Company has granted Unsecured
Loans to company, Limited Liability partnerships which are covered in the Register
maintained under section 189 of the Act. In this respect
(a) In our opinion and according to the information given to us, the terms and conditions of
the loans given by the Company are not prima facie prejudicial to the interest of the
company.
(b) The schedule of repayment of principal and payment of interest has been stipulated and
repayments of principal amounts and/or receipts of interest have been regular as per
stipulations.
(c) There are no overdue amounts as at the year-end in respect of both principal and interest.
2. In our opinion and according to the information and explanations given to us, the company
has complied with the provisions of section 185 and I86 of the Companies Act, 2013 in respect
of loans, investments, guarantees, and security.
3. According to information and explanation given to us, the Company has not accepted any
deposits from the public and hence the directives issued by the Reserve Bank of India and the
provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies
(Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are
not applicable.

financials
4. According to the information and explanation given to us, provisions regarding maintenance
of cost records under sub-section (1) of section 148 of the Companies Act, 2013, are not
applicable to the company.
5. According to information and explanations given to us in respect of statutory dues and on the
basis of our examination of the books of account, and records,
(a) The Company has been generally regular in depositing undisputed statutory dues
including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax,
Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with
the appropriate authorities. According to the information and explanations given to us, no
undisputed amounts payable in respect of the above were in arrears as at March 31, 2018
for a period of more than six months from the date on when they become payable.
(b) According to the information and explanations given to us, there are no dues of income
tax, sales tax, and service tax value added tax, wealth tax, duty of customs and Cess which
have not been deposited with the appropriate authorities on account of any dispute, other
than those specified in table below:
Nature of Amount Period to which Forum where the

Name of the Statute
dues (Rs.) the amount relates dispute is pending
Income tax Act, 1961 Income tax 3,38,000 A.Y.2011-12 ITAT
Income tax Act, 1961 Income tax 18,61,000 A.Y. 2013-14 ITAT
A.Y. 2013-14 to
Income tax Act, 1961 TDS 35,335 ITAT
2018-19
6. The Company has not defaulted in repayment of loan or borrowing to financial institution,
bank, government or dues to debenture holders.
7. According to the information and explanations given by the management, the company has
raised money by way of initial public offer and term Loans during the year. And the said funds
are used for the purpose the same are raised.
8. According to the information and explanations given by the management, we report that no
fraud by the Company or on the company by its officers or employees has been noticed or
reported during the year and we are not informed of any such cases by the management of
the company.
9. In our opinion, the company has paid the managerial remuneration within the limits as
prescribed as per the provisions of Section 197 read with Schedule V to the Companies Act.
10. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii)
of the Order are not applicable to the Company.

financials
11. In our opinion, all transactions with the related parties are in compliance with section 177 and
188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements
as required by the applicable accounting standards.
not made any preferential allotment during the year under review. Accordingly, the provisions
of section 42 of companies Act, 2013 has been complied.
not entered into any non-cash transactions with directors or persons connected with him.
Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the
Company and hence not commented upon.
14. In our opinion, the company is not required to be registered under section 45 IA of the Reserve
Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not
applicable to the Company and hence not commented upon.

FRN 101698 W
PARTNER
MEMB. NO. F 109606
PLACE: AHMEDABAD
DATE: 29.05.2018

financials

( CIN : L30000GJ1997PLC033479 )
STANDALONE BALANCE SHEET AS AT 31ST MARCH 2018
AS ON 31ST AS ON 31ST
REFER
PARTICULARS MARCH 2018 MARCH 2017
NOTE NO.
Rs Rs
I. EQUITY AND LIABILITIES
1 Shareholders’ funds
(a) Share capital 2 5,52,05,000 4,03,25,000
(b) Reserves and surplus 3 19,93,72,300 12,05,72,230
Non-current liabilities
(a) Long-term borrowings 4 1,18,74,643 2,22,12,632
(b) Deferred Tax Liability/(Asset) 5 11,68,156 25,36,107
(c) Other Long term liabilities 6 12,18,572 37,47,823
Current liabilities
(a) Short-term borrowings 7 7,08,35,793 4,45,23,773
(b) Trade payables 8 16,89,43,638 16,70,08,468
(c) Other current liabilities 9 1,85,34,716 2,53,91,688
(d) Short-term provisions 10 58,23,626 26,60,084
Total 53,29,76,444 42,89,77,805
II. ASSETS
1 Non-current assets
(a) Property Plant & Equipment
(i) Tangible assets 11 5,44,46,209 5,17,60,102
(ii) Intangible assets 3,14,46,638 3,95,39,726
(b) Non-Current Investments 12 28,29,978 26,72,350
Dev Information (c) Long Term
Technology Ltd. Loans
Annualand Advances
Report 2017-18 13 62,85,549 59,80,045
2 Current assets
(a) Inventories 14 6,55,14,367 4,61,80,300
(b) Trade receivables 15 27,39,96,991 20,74,34,180
(c) Cash and cash equivalents 16 5,98,41,937 4,36,69,472
(d) Short-term loans and advances 17 3,86,14,775 3,17,41,630
Total 53,29,76,444 42,89,77,805
FOR CHANDULAL M SHAH & CO. FOR, DEV INFORMATION TECHNOLOGY LTD.
FIRM REGN. NO. 101698W
BHARAT M ZINZUVADIA PRANAV N. PANDYA JAIMIN.J. SHAH

PARTNER (DIN: 00021744) (DIN : 00021880)
CHAIRMAN MANAGING DIRECTOR
MEMBERSHIP NO. 109606 HARSHIL H. SHAH KRISA R. PATEL

PLACE : AHMEDABAD CHIEF FINANCIAL OFFICER COMPANY SECRETARY
DATE : 29/05/2018

financials

( CIN : L30000GJ1997PLC033479 )
STANDALONE PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH, 2018
REFER 2017-18 2016-17

PARTICULARS
NOTE NO. Rs Rs
I. Revenue from operations 18 66,97,13,857 56,52,46,056
II. Other income 19 35,71,316 33,76,297
III. Total Revenue (I + II) 67,32,85,173 56,86,22,353
IV. Expenses:
Cost of Goods & Services 20 37,18,25,173 30,82,16,218
Changes in inventories of Stock-in-Trade & 21 -1,93,34,067 -1,27,31,578
Project in Progress
Employee benefits expenses 22 19,04,07,986 17,19,74,568
Finance costs 23 1,63,12,229 1,53,98,728
Depreciation and amortization expenses 1,74,99,339 75,01,438
Other expenses 24 4,70,80,616 3,49,07,283
Total expenses 62,37,91,276 52,52,66,657
V. Profit before tax (III - IV) 4,94,93,896 4,33,55,696
VI. Tax expense:
(1) Current Tax 1,71,00,000 1,23,00,000
(2) Deferred tax -13,67,951 25,75,138
(3) Excess Provision of Tax of Earlier Years 7,29,929 5,23,870
VII. Profit for the Year (V - VI) 3,44,91,777 2,90,04,428
VIII. Earnings per equity share:
(1) Basic 6.30 7.28
(2) Diluted 6.30 7.28
Significant Accounting Policies and Notes 1
Forming Part of the Financial Statements

PARTNER (DIN: 00021744) (DIN : 00021880)

DATE : 29/05/2018

financials

( CIN : L30000GJ1997PLC033479 )
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018
2017-18 2016-17
PARTICULARS
Rs Rs
A) CASH FLOW FROM OPERATING
ACTIVITIES
Net Profit Before Tax As Per Profit &
4,94,93,897 43355696
Loss A/C
Adjustments :
Depreciation 1,74,99,339 7501438
Dividend Income (1,50,000) -150000
Profit from Investment (91,149)
Profit on Sale of Fixed Assets (2,44,523)
Dimunition In Investment 0 747600
Interest Income (28,96,996) -3218458
Interest Exps 1,63,12,229 15398728
Foreign Exchange Effects Gain/Loss -14480 7839
3,04,14,420 2,02,87,147
Operating Profit Before Working Capital 7,99,08,317 6,36,42,843
Adjusted For :
i) Trade Receivables,Other current
(8,78,51,460) -85234023.47
Assets
ii) Stock
Dev Information (1,93,34,067)
Technology Ltd. Annual Report 2017-18 -12731578
iii) Trade Payable, Provisions and
(17,69,947) 62149108.37
other Current Liabilities
(10,89,55,474) (3,58,16,493)
Cash Generated From Operations (2,90,47,157) 2,78,26,350
Net Cash From Operating Activities (A) (2,90,47,157) 2,78,26,350
B) Cash Flow From Investing Activities

:
Purchase Of Fixed Assets (1,22,58,835) -57368820
Sale Of Fixed Assets 4,11,000 -
Purchase Of Investments (1,02,000) -
Interest Income 28,96,996 3218458
Dividend Income 1,50,000 150000
Net Cash Used In Investing Activities
(89,02,839) (5,40,00,362)
(B)

financials
C) Cash Flow From Financing

Activities
Proceeds Of Borrowings 1,34,59,467 3657674
Payment Of Interest (1,63,12,229) -15398728
Proceeds Of Issue of Shares 6,24,96,000 23400000
Dividend Paid Including Distribution Tax (33,19,182) -1493110
Net Cash From Financing Activities 5,63,24,056 1,01,65,836
Net Increase In Cash & Cash
1,83,74,060 (1,60,08,176)
Equivalents (A+B+C)
Opening Balance Of Cash & Cash

1,75,36,289 33544465
Equivalents
Closing Balance Of Cash & Cash
3,59,10,349 1,75,36,289
Equivalents
Net Increase/(Decrease) In Cash &
Cash Equivalents

PARTNER (DIN: 00021744) (DIN : 00021880)

DATE : 29/05/2018

financials
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
CORPORATE INFORMATION
Dev Information Technology Limited (formerly known as Dev Information Technology Private
Limited), incorporated under the Companies Act, 1956 is listed on NSE SME Platform (NSE Emerge).
The Company is engaged in providing Information Technology (IT) services. The company offers tightly
integrated end-to-end IT services to global clientele.
Note No- 1
A. IGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS FOR THE YEAR
ENDED MARCH 31, 2018.
A. BASIS OF ACCOUNTING:
The financial statements of the company have been prepared in accordance with the Generally
Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these
financial statements to comply in all material respects with the Companies (Accounts) Rules
2014 and the relevant provisions of the companies Act, 2013. The financial statements have
been prepared on an accrual basis and under the historical cost convention. The accounting
policies adopted in the preparation of financial statements are consistent with those of
previous year.
B. USE OF ESTIMATES:
The preparation of financial statements in accordance with the generally accepted accounting
principles requires management to make judgments, estimates and assumptions that affect
the application
Dev Information Technology of accounting
Ltd. Annual policies and the reported amounts of assets and liabilities,
Report 2017-18
income and expenses. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revision to accounting estimate is recognised in the period in which the estimates are
Revised and in any future period affected.
C. PROPERTY PLANT & EQUIPMENT:
Property Plant & Equipment are stated at historical cost less accumulated depreciation. Costs
include expenditure directly attributable to the acquisition of the asset. Borrowing costs
directly attributable to the construction or production of qualifying assets are capitalized as
part of the cost.
D. DEPRECIATION:
a) Depreciation on Property Plant & Equipment is provided on the Written Down Value
Method (WDV) Method on the basis of Useful Life prescribed in Schedule II to the
Companies Act, 2013
b) Depreciation on additions to the assets and the assets sold or disposed off, during the year
is provided on pro-rata basis, at their respective rates with reference to the date of
acquisition / installation or date of sale/disposal.

financials
c) Intangible assets are amortized on straight line basis over their respective individual
estimated useful lives as determined by the management.
E. INVESTMENT:
Long Term Investments are carried at cost less provision for permanent diminution, if any, in
value of such investments.
F. IMPAIRMENT OF ASSETS:
The company on an Annual basis makes an assessment of any indicator that may lead to
impairment of Assets. If any such indication exists, the company estimates the recoverable
amount of the assets. If such recoverable amount is less than the carrying amount, then the
carrying amount is reduced to its recoverable amount by creating the difference as
impairment loss & is charged to Profit & Loss Account.
G. FOREIGN CURRENCY TRANSACTIONS:
a) Foreign currency transactions are accounted for at the exchange rate prevailing on the
date of the transaction. All monetary foreign currency assets and liabilities are converted
at the exchange rates prevailing on the date of the balance sheet. All exchange differences
other than those relating to the acquisition of Property Plant & Equipment from outside
India are dealt with in the statement of profit and loss. Exchange gain or loss relating to
Property Plant & Equipment acquired from outside India is adjusted in the cost of
respective Property Plant & Equipment.
b) Exchange difference is calculated as the difference between the foreign currency amount
of the contract translated at the exchange rate at the reporting date, or the settlement
date where the transaction is settled during the reporting period, and the corresponding
foreign currency amount translated at the later of the date of inception of the forward
exchange contract and the last reporting date. Such exchange differences are recognized
in the statement of profit and loss in the reporting period in which the exchange rates
change.
H. REVENUE RECOGNITION:
Income and Expenditure are recognized and accounted on Accrual Basis. Revenue from
Sale of goods is recognized on delivery of the goods, when all significant contractual
obligations have been satisfied, the property in the goods is transferred for a price,
significant risks and rewards of ownership are transferred to customers & no effective
ownership is retained However;
a) Revenue in respect of insurance/other claims etc., is recognized only when it is

reasonably certain that the ultimate collection will be made.
b) Interest income is recognized on a time proportion basis taking into account the
amount outstanding and the applicable rate of interest.
c) Dividend Income is recognized on receipt basis.
d) Recognition of revenue from rendering of services

financials
e) Revenue from the fixed price technical maintenance services are recognized rateably
over the period of the service contract.
f) Revenue from the use of the software license are recognized on the transfer of the
title in the user license for software application.
g) In case of software development contract having multiple stages or benchmark of the
completion, the revenue is recognized on percentage of completion method.
h) Revenue from other support services arising out of sale of software products are
recognized when the services are performed.
I. VALUATON OF STOCK:
Trading Goods and project in progress are valued at lover of cost or net realizable value.
J. EARNINGS PER SHARE:
The earnings considered in ascertaining the Company’s EPS comprises the net profit after tax
(and include the post tax effect of any extra ordinary item). The number of shares used in
computing Basic EPS is the weighted average number of shares outstanding during the year.
K. TAXATION:
a) Direct Taxes:
Tax expense for the year, comprising Current Tax and Deferred Tax is included in
determining the net profit for the year.
A provision is made for the current tax based on tax liability computed in accordance with
relevant tax rates and tax laws. A provision is made for deferred tax for all timing
differences arising between taxable income and accounting income at currently enacted
tax rates.
Deferred tax assets are recognized only if there is reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective carrying values at
each balance sheet date.
b) Indirect Taxes:
The liabilities are provided or considered as contingent depending upon the merit of each
case and/or receiving the actual demand from the department.
L. PROVISIONS AND CONTINGENT LIABILITY:
A provision is recognized when there is a legal and constructive obligation as a result of a

past event, for which it is probable that cash outflow will be required and a reliable
estimate can be made of the amount of the obligation. A contingent liability is disclosed
when there is a possible or present obligation where it is not probable that an outflow of
resources will be required to settle it. Contingent assets are neither recognized nor
disclosed.

financials
B. NOTES ON ACCOUNTS
1. Balances of Sundry Debtors, Creditors, and Loans & Advances Deposits are subject to the
confirmation by the parties.
2. The Company got Listed on the SME platform of National Stock Exchange i.e. NSE Emerge.
3. The Company has come up with IPO of Equity Shares of Rs 10 each at a premium of Rs 32.
The Company opened its IPO on 31/03/2017 which was closed on 06/04/2017.The
Company’s shares got listed on NSE platform on 17/04/2017.
4. There are no Micro and Small Enterprise, to whom company owes dues, which are
outstanding for more than 45 days as at 31st March, 2018. This information as required
to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED
Act), 2006 has been determined to the extent such parties have been identified on the
basis of information available with the company.
5. In terms of Accounting Standard 28 – Impairment of Assets issued by ICAI, the

management has reviewed its Property Plant & Equipment and arrived at the conclusion
that Impairment loss which is difference between the carrying amount and recoverable
value of Assets was not material and hence no provision is required to be made
6. Disclosure pursuant to Accounting Standard - 15 [Revised] ‘Employee Benefits
a) The Company has, with effect from 1st April, 2007, adopted Accounting Standard 15,
Employee Benefits [Revised 2005] [the ‘Revised AS 15’]. In accordance with the
transitional provisions governing gratuity valuation – defined benefit plan – long term
liability based on actuarial valuation is as follows:
b) The Amount (in Rs.) as certified by the Approved Value is as under:
Reconciliation statement of expense in the statement of profit and loss

Table Showing Changes in Present Value of Obligations
From:
From:
01/04/2016
Period 01/04/2017 To:
To:
03/31/2018
03/31/2017
Present value of the obligation at the beginning
1,14,87,646 90,15,798
of the period
Interest cost 8,61,573 6,76,185
Current service cost 30,27,876 23,02,752
Past Service Cost 10,91,696
Benefits paid (if any) (6,96,966) (22,757)
Actuarial (gain)/loss 8,27,753 (4,84,332)
Present value of the obligation at the end of the
1,65,99,578 1,14,87,646
period

financials
Key results (The amount to be recognized in the Balance Sheet):
As on As on
Period
31/03/2017 31/03/2016
1,65,99,578 1,14,87,646
Period
Fair value of plan assets at end of period 1, 18,72,952 71,63,630
Net liability/(asset) recognized in Balance Sheet
47,26,626 43,24,016
and related analysis
Funded Status (47,26,626) (43,24,016)
1,65,99,578 1,14,87,646
period
Net liability/(asset) recognized in Balance Sheet
47,26,626 43,24,016
and related analysis
Expense recognized in the statement of Profit and Loss:
As on As on
Period
31/03/2017 31/03/2016
Interest cost 8,61,573 6,76,185
Expected return on plan asset (5,37,272) (1 ,42,789
Net actuarial (gain)/loss recognized in the period 7,08,737 (6,24,077)
Expenses to be recognized in P&L 51,52,610 22,12,071
Table showing changes in the Fair value of Planned Assets:
From:
From:
01/04/2016
Period 01/04/2017 To:
To:
03/31/2018
03/31/2017
Fair value of plan assets at the beginning of the
71,63,630 19,03,853
Period
Expected return on plan assets 5,37,272 1,42,789
Contributions 47,50,000 50,00,000
Benefits paid (6,96,966) (22,757)
Actuarial gain/(Loss) on plan Assets 1,19,016 1,39,745
Fair Value of Plan Asset at the end of the Period 1,18,72,952 71,63,630

financials
Table showing Fair Value of Planned Assets:
From: From:
Period 01/04/2017 To: 01/04/2016 To:
03/31/2018 03/31/2017
71,63,630 19,03,853
Period
Actual return on plan assets 6,56,288 2,82,534
Contributions 47,50,000 50,00,000
Benefits paid (6,96,966) (22,757)
Fair value of plan assets at the end of the period 1,18,72,952 71,63,630
Actuarial Gain)/Loss on Planned Assets:
From: From:
Period 01/04/2017 To: 01/04/2016 To:
03/31/2018 03/31/2017
Actuarial gain/(Loss) 1,19,016 1,39,745
Actuarial gain/(Loss) recognized:
From:
From:
01/04/2016
Period 01/04/2017 To:
To:
03/31/2018
03/31/2017
Actuarial gain/(Loss)-obligation 8,27,753 (4,84,332)
Actuarial gain/(Loss)-plan asset (1,19,016) (1,39,745)
Total Actuarial gain/(Loss) 7,08,737 6,24,077
Actuarial gain/(Loss) recognize 7,08,737 6,24,077
Outstanding actuarial gain/ (loss) at the end of
0 0
the period
Experience adjustment:
As on As on
Period
31/03/2017 31/03/2016
Experience Adjustment (Gain ) / loss for Plan
19,19,449
liabilities
Experience Adjustment Gain / (loss ) for Plan assets 1,19,016

financials
Summary of membership data at the date of valuation and statistics based thereon:
As on As on
Period
31/03/2017 31/03/2016
Number of employees 797 677
Total monthly salary 96,94,289 70,41,969
Average Past Service(Years) 2.8 2.8
Average Future Service (yr) 29.0 29.5
Average Age(Years) 29.0 28.5
Weighted average duration (based on discounted cash
22 23
flows) in years
Average monthly salary 12,163 10,402
The assumptions employed for the calculations are tabulated:
Discount rate 7.50 % per annum 7.50 % per annum

Salary Growth Rate 6.00 % per annum 6.00 % per annum
IALM 2006-08
Mortality IALM 2006-08 Ultimate
Ultimate
Expected rate of return 7.50 % per annum 7.50 % per annum
Withdrawal rate (Per Annum) 20.00% p.a. 20.00% p.a.
Benefits valued:
Normal Retirement Age 58 Years 58 Years

Last drawn qualifying Last drawn qualifying
Salary
salary salary
Vesting Period 5 Years of service 5 Years of service
15/26 * Salary * Past 15/26 * Salary * Past
Benefits on Normal Retirement
Service (yr) Service (yr)
Benefit on early exit due to As above except that no As above except that no
death and disability vesting conditions apply vesting conditions apply
Limit 2000000.00 1000000.00
Current Liability (*Expected payout in next year as per schedule III of the Companies Act, 2013) :
As on As on
Period
31/03/2017 31/03/2016
Current Liability (Short Term)* 27,89,658 19,01,361
Non Current Liability (Long Term) 1 ,38,09,920 95,86,285
Total Liability 1,65,99,578 1,14,87,646

financials
Projection for next period:
Best estimate for contribution during next Period 47,29,903
Sensitivity Analysis: Significant actuarial assumptions for the determination of the defined
benefit obligation are discount rate and expected salary increase rate. Effect of change in
mortality rate is negligible. Please note that the sensitivity analysis presented below may
not be representative of the actual change in the defined benefit obligation as it is unlikely
that the change in assumption would occur in isolation of one another as some of the
assumptions may be correlated. The results of sensitivity analysis are given below:
Period As on: 03/31/2018

1,6 5,99,578@ Salary Increase Rate :
Defined Benefit Obligation (Base)
6%, and discount rate :7.5%
Liability with x% increase in Discount Rate 1,59,23,901; x=1.00% [Change (4)% ]
Liability with x% decrease in Discount Rate 1,73,33,242; x=1.00% [Change 4% ]

Liability with x% increase in Salary Growth
1,73,36,904; x=1.00% [Change 4% ]
Rate
Liability with x% decrease in Salary Growth
1,59,08,376; x=1.00% [Change (4)% ]
Rate
Liability with x% increase in withdrawal
1,65,42,205; x=1.00% [Change 0% ]
Rate
Liability with x% decrease in withdrawal
1,66,54,432; x=1.00% [Change 0% ]
Rate
7. Following are the Income Tax and TDS demands pertaining to previous years for which
company has not made any provisions in the books.
Period to
Forum where
Nature of Amount which the
Name of the Statute the dispute is
dues (Rs.) amount
pending
relates
A.Y. 2013-14
Income tax Act, 1961 TDS 35,335 ITAT
to 2018-19

financials
8. Earnings per share:
Particular 2017-18 2016-17

Net profit attributable to Shareholders 3,44,91,772 2,90,04,428
Weighted average number of equity shares 54,75,656 39,82,501
Basic earnings per share of Rs.10/- each (in
6.30 7.28
Rs)
9. Disclosure in respect of related parties pursuant to Accounting Standard 18;
a) List of Related parties :
i) Key Management Personnel and Enterprises having common Key Management

Personnel or their Relatives
Name of the Key Management

Sr No Designation
Personnel :
1 Mr. Jaimin J. Shah Managing Director
2 Mr. Pranav N. Pandya Chairman
3 Mr. Vishal N. Vasu Executive Director
4 Mr. Prerak P. Shah Executive Director
ii) Enterprises having common Key Management Personnel and/or their Relatives:
Transactions taking place during the year
Sr No Name of the Enterprises

1 Xduce Infotech Private Limited
2 Dev Infotech North America Ltd.
3 Dev Accelerator LLP
4 Amisha J. Shah
5 Sapna V. Vasu
6 Kruti P. Pandya
7 Jayshree J. Shah
b) During the year following transactions were carried out with related parties in the
ordinary course of business and at arm’s Length.

financials
(Brackets figure are of previous year.)
Enterprise/
Key Relatives of O/S Balance
Sr Nature Of Associate
Managerial Key as on
No Transactions Company
Personnel Management 31.3.2018
Personnel
Remuneration 90,52,384 25,00,000
1 N.A N.A
Paid (82,98,502) (26,19,606)
Nil Nil 2,70,000
2 Rent Paid N.A
(Nil) (Nil) (2,49,692)
25,54,649
Nil Nil
3 Loan Taken (45,70,515)
(Nil) (Nil )
(Nil )
Nil 20,15,864 Nil Nil
4 Loan Repaid
(Nil ) (56,20,000) (Nil) ( Nil )
Service 25,55,291 Nil Nil
5 N.A
Charges Paid (17,42,361) (Nil) (Nil)
Service
33,007 Nil Nil
6 Charges N.A
(1,45,286) (Nil) (Nil)
Received
4,26,818 Nil
7 Interest Paid Nil (Nil) N.A
(9,61,926) (Nil)
Interest 76,828 Nil Nil
8 N.A
Received (Nil) (Nil) (Nil)
10,49,70,788 Nil Nil 3,76,06,063
9 Sales
(7,05,75,307) (Nil) (Nil) (2,25,47,250)
10. In the opinion of the Board, the Current Assets are approximately of the value stated if
realized in ordinary course of business. Provisions for known liabilities are adequate and
not excess of the amount reasonably necessary.
Sr No Particular 2017-18 (Rs) 2016-17 (Rs)

1 Auditors remuneration 1,00,000 1,00,000
C.I.F. value of imported of
2 NIL NIL
capital goods
Remittance in Foreign Currency
3 NIL NIL
on account of dividend
4 Earning in Foreign Exchange 13,05,59,000 7,05,48,126
5 Expenditure in foreign currency
5.1 Foreign Traveling 9,55,188 9,38,175
5.2 Foreign Subscription NIL NIL

financials
Figures of previous year has been regrouped or rearranged wherever necessary to make
them comparable with those of the current years as per our separate report of even date.

PARTNER CHAIRMAN MANAGING DIRECTOR
M.NO. 10960
BHARAT M ZINZUVADIA (DIN: 00021744) (DIN : 00021880)
PARTNER
MEMBERSHIP NO. 109606 JAIMIN SHAH PRANAV PANDYA
(DIN : 00021880) (DIN : 00021744)
HARSHIL H. SHAH KRISA R. PATEL
MANAGING DIRECTOR CHAIRMAN
CHIEF FINANCIAL OFFICER COMPANY SECRETARY

HARSHIL SHAH KRISA PATEL
PLACE : AHMEDABAD CHIEF FINANCIAL
PLACE : AHMEDABAD OFFICER COMPANY
DATE : 29/05/2018 SECRETARY
DATE : 29/05/2018
PLACE : AHMEDABAD
DATE : 29/05/2018

financials
Note No. 2
As at 31 March 2018 As at 31 March 2017

Share Capital
Number of Number of EQ
Rs Rs
EQ Share Share
Authorised
Equity Shares of Rs. 10/- each 60,00,000 6,00,00,000 60,00,000 6,00,00,000
Issued
Equity Shares of Rs 10/- each 55,20,500 5,52,05,000 40,32,500 4,03,25,000
Subscribed & Paid up

Equity Shares of Rs. 10/- each fully 55,20,500 5,52,05,000 40,32,500 4,03,25,000
paid
Total 55,20,500 5,52,05,000 40,32,500 4,03,25,000
Note No. 2.1

Share Capital
Number of Number of EQ
Rs Rs
EQ Share Share
Equity Shares outstanding at the 40,32,500 4,03,25,000 5,00,000 50,00,000

beginning of the year
Shares Issued during the year 14,88,000 1,48,80,000 35,32,500 3,53,25,000
Shares bought back during the
year
Shares outstanding at the end of 55,20,500 5,52,05,000 40,32,500 4,03,25,000
the year

financials
Note No. 2.2
Name of Shareholder (Details of As at 31 March 2018 As at 31 March 2017

Shareholders holding more than
No. of Shares No. of Shares
5% Shares.) % of Holding % of Holding
held held
JAIMIN JAGDISHBHAI SHAH 2,97,000 5.38% 2,97,000 7.37%

AMISHA JAYMINBHAI SHAH 3,37,500 6.11% 3,37,500 8.37%
HEMANT SURYAKANT SHAH 3,37,500 6.11% 3,37,500 8.37%
KRUTI PRANAV PANDYA 3,37,500 6.11% 3,37,500 8.37%
MADHURI NIRANJANBHAI PANDYA 3,37,500 6.11% 3,37,500 8.37%
SARYUBEN MAHENDRABHAI 3,37,500 6.11% 3,37,500 8.37%
SHAH
PRATIBHABEN MOHANLAL DESAI 3,18,750 5.77% 3,18,750 7.90%
HI TECH ISOLUTIONS LLP 2,82,500 5.12% 2,82,500 7.01%
the year
Note No. 2.3

The company has only one class of shares referred to as equity shares having a par value of Rs 10. Each holder
of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees
The dividend recommended by the Board of Directors is subject to the approval of the share holders in the
ensuing Annual General Meeting.
Note No. 2.4
The company has issued 56,500 shares to Hi Tech LLP for as part of Prefrential Allotement for other than cash
in pursuant to contract. The comapny has not bought back any share during the period of 5 years immediately
preceding balance sheet date.Bonus Issue of 2,50,000 Eq. Shares of Face Value Rs10 Each in the Ratio of 1:2
i.e. 1 Bonus equity share for every 2 eq. shares held by shrareholders in the year 2016-17. Bonus Issue of
32,26,000 eq. Shares of Face Value Rs. 10 each in the Ratio of 4:1 i.e. 4 Bonus equity shares for every 1 equity
share held in the year 2016-17.

Note No. 2.5
There are no unpaid calls from Directors or officers.
Note No. 2.6
Equity shares rank pari pasu & subject to right, preference and restrictions under the Companies Act.


financials
Note No. 3
As at 31 March As at 31 March
Reserves & Surplus 2018 2017
Rs Rs
(a) Share Securities Premium

Opening Balance
Add: Additions during the year 4,76,16,000 2,28,35,000
Less: Utilised For issuing Bonus Shares - -2,28,35,000
Closing Balance 4,76,16,000 -
(b) Foreign Currency Monetary Item Translation

Difference Accounts
Foreign Currency Translation Reserve -47,716 -62,196
(c) General Reserves

Opening Balance 5,10,75,000 6,30,00,000
(-) Capitalised by Issue of Bonus Shares -1,19,25,000
(+) Current Year Transfer
Closing Balance 5,10,75,000 5,10,75,000
(d) Surplus in Statement of Profit & Loss
Opening balance 6,95,59,426 4,05,54,998

(+) Net Profit For the current year 3,44,91,772 2,90,04,428
(-) Final Dividends Paid 27,60,250 -
(-) Corporate Dividend Tax 5,61,932 -
(-) Depreciation of Earlier years -
(-) Transfer to Reserves - -
Closing Balance 10,07,29,016 6,95,59,426
Total 19,93,72,300 12,05,72,230

financials
Note No. 4
Long Term Borrowings 2018 2017
Rs Rs
Secured
(a) Term loans

- Vehicle Loan from HDFC Bank & Axis Bank ** 34,86,813 53,08,898
(Against Hypothecation of Vehicles of
Company , Repayable in 36 to 60 Monthly
Installment, Rate of Interest 9.30 % to 10.54%
- The Kalupur commercial cop Bank Ltd ** 58,33,180 1,23,33,220
(Against Equitabale Mortgage of immovable
properties situtated at 14-Aaryans Corporate
Park , Shilaj Railway Crossing , Thaltej, Ahmed-
abad & guaranteed by directors Repayable in
84 monthly instalments starting from 07-01-
2012)
93,19,993 1,76,42,118
Unsecured
- FromAnnual
Ltd. Report 2017-18
Directors 25,54,650 45,70,514
Closing Balance 25,54,650 45,70,514
Total 1,18,74,643 2,22,12,632
** 1. The above amount have been guaranteed by Directors of Company.

financials
Note No. 5
Deferred Tax (Assets)/Liabilities (Net) 2018 2017
Rs Rs
Opening Balance 25,36,107 -39,031
Current Year Adjustment/(Provision) in respect -13,67,951 25,75,138

of
Deferred tax Liabilty

Fixed Asset 27,30,921 31,31,301
Deferred Tax Asset

For Expense allowable on payment basis 13,62,970 5,56,163
Deferred Tax Liability/(Assets) 11,68,156 25,36,107
Note No. 6
Other Long Term Liabilities 2018 2017
Rs Rs
- Security Deposit 12,18,572 37,47,823
Total 12,18,572 37,47,823

financials
Note No. 7
Short Term Borrowings 2018 2017
Rs Rs
Secured
Term loans
Vehicle Loan from HDFC Bank & Axis Bank **
(Against Hypothecation of Vehicles of Company )
The Kalupur commercial cop Bank Ltd **
properties situtated at 14-Aryans Corporate Park
, Shilaj Railway Crossing , Thaltej, Ahmedabad &
guaranteed by directors .Repayable in 84 monthly
instalments starting from 07-01-2012)
Loans repayable on demand

- The Kalupur Commercial Co-operative Bank Ltd 25,57,500
(OD)**
(Secured against hypothecation of Fixed Deposits)
Working Capital Cash Credit Facilities

- The Kalupur Commercial Co-operative Bank Ltd ** 7,08,35,793 4,19,66,273
Dev Information Technology(Secured against
Ltd. Annual Report 2017-18 of stock in trade
hypothecation
& book debts,and further guaranteed by Director
)
Other
Inter-Corporate Deposits
(Unsecured)
Total 7,08,35,793 4,45,23,773
Note No. 7.1
** There is no default as on the balance sheet date in repayment of loans and interest.

financials
Note No. 8
Trade Payable 2018 2017
Rs Rs
(a) Trade payable 15,15,58,822 15,24,96,998

(b) Other payables 1,73,84,816 1,45,11,470
Total 16,89,43,638 16,70,08,468
Note No. 9
Other Current Liabilities 2018 2017
Rs Rs
(a) Current maturities of long-term borrowings 83,28,212 1,13,95,939

(Refer Note 9.1 below)
(b) Other payables
Advances from Customers 13,224 2,49,186
Statutory Dues 88,65,368 1,24,47,025
Unpaid Dividends 3,000 -
Others 13,24,912 12,99,538
Total 1,85,34,716 2,53,91,688
Note No. 9.1
Current maturities of long-term borrowings 2018 2017
Rs Rs
The Kalupur Commercial Co-operative Bank Ltd 65,00,040 97,13,788

HDFC Bank Ltd 18,28,172 16,82,151
Total 83,28,212 1,13,95,939

financials
Note No. 10
Short Term Provisions 2018 2017
Rs Rs
Provision for employee benefits

Leave Encashment 10,97,000 8,59,902
Gratuity 47,26,626 18,00,182
Total 58,23,626 26,60,084

Note :11 - Property Plant & Equipment
Gross Block Depreciation Block Net Block
Depreciation for the
Opening Balance As on 1- Closing Balance as on Opening Balance Closing Balance as Net asset balance Net asset balance
Sr.No. Group Head Additions Deduction period up to 31-Mar- Deduction
Apr-2017 31-Mar-2018 As on 1-Apr-2017 on 31-Mar-2018 as on 31-Mar-2018 as on 31-Mar-2017
2018
A Tangible Assets
Office Building 4,53,31,015 21,78,234 — 4,75,09,249 1,21,32,398 16,54,082 — 1,37,86,480 3,37,22,769 3,31,98,617
Furniture 1,04,20,406 33,78,042 — 1,37,98,448 50,42,760 16,77,407 — 67,20,166 70,78,281 53,77,646
Office Equipments 67,20,967 17,16,700 — 84,37,667 48,36,596 10,80,451 — 59,17,047 25,20,620 18,84,371
Computer 1,40,21,211 37,87,073 — 1,78,08,284 1,07,15,013 25,73,830 — 1,32,88,842 45,19,442 33,06,198
Vehicle 1,62,10,864 4,74,860 21,47,732 1,45,37,992 85,86,582 23,34,076 19,81,255 89,39,403 55,98,589 76,24,282
Plant & Machinery 3,78,000 3,96,130 — 7,74,130 48,553 63,333 — 1,11,886 6,62,244 3,29,447
Computer software — 3,27,796 — 3,27,796 — 12,840 — 12,840 3,14,957 —
Trademark 40,000 — — 40,000 460 10,232 — 10,692 29,308 39,540
Sub total 9,31,22,463 1,22,58,835 21,47,732 10,32,33,566 4,13,62,362 94,06,251 19,81,255 4,87,87,358 5,44,46,209 5,17,60,101
B Intangible Assets
Goodwill 4,00,00,000 — — 4,00,00,000 4,60,274 80,93,088 — 85,53,362 3,14,46,638 3,95,39,726

financials
Dev Information Technology Ltd. | Annual Report 2017-18

Sub total 4,00,00,000 — — 4,00,00,000 4,60,274 80,93,088 — 85,53,362 3,14,46,638 3,95,39,726
Total 13,31,22,463 1,22,58,835 21,47,732 14,32,33,566 4,18,22,636 1,74,99,339 19,81,255 5,73,40,720 8,58,92,847 9,12,99,828
Prev. Year Figures 7,57,53,643 5,73,68,820 - 13,31,22,463 3,43,21,195 75,01,436 4,18,22,631 9,12,99,828 4,14,32,448
8,58,92,846
131
132
Note :12
F.Y. 2017-18
As at 31 March
As at 31 March 2018
Non - Current Investments 2017
Rs. Rs.
Other Investment
(a) Investment in Equity instruments 26,86,830 26,72,350
(b) Investment in Other Corporate Entities* 1,43,148
Total 28,29,978 26,72,350
* It includes profit for the current year.
Details of Non - Trade Investment
If Answer
Subsidiary / Whether
to Column
Associate / JV/ Quoted / Partly Paid / stated at
Sr. No. Name of the Body Corporate No. of Shares / Units Extent of Holding (%) Amount (Rs.) (9) is 'No' -
Controlled Entity / Unquoted Fully paid Cost
Basis of
Others Yes / No
Valuation
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (12) (13)
(a) Investement in Equity Instruments

1 Eq share of Digi Corp P.Ltd (Shares of Rs.10 Each) Others 700 700 Unquoted Fully Paid up - - 17,00,000 17,00,000 Yes N.A
2 Eq share of Anjani Infra P.Ltd (Shares of Rs.10 Each) Others 8,000 8,000 Unquoted Fully Paid up - - 80,000 80,000 Yes N.A
3 Eq share of Kalupur commercial co-op Bank Ltd. (Shares of Rs.25 Each) Others 50,000 50,000 Unquoted Fully Paid up - - 12,50,000 12,50,000 Yes N.A
4 Dev Infotech North America Ltd. Subsidiary 8,000 8,000 Unquoted Fully Paid up 74.42% 74.42% 4,04,080 3,89,600 Yes N.A
5 Eq Share Of GESIA IT Association Others 5 5 Unquoted Fully Paid up 100 100 Yes N.A
6 Ep Share of Kesari Nandan Co-op Housing Society (Shares of Rs.50 Each) Others 5 5 Unquoted Fully Paid up - - 250 250 Yes N.A
Total 34,34,430 34,19,950
Particulars 2017-18 2016-17

Rs. Rs.
Aggregate amount of unquoted investments 34,34,430 34,19,950
financials
Less: Provision for dimunition in value of unquoted investment 7,47,600 7,47,600

Net Value Aggregate amount of unquoted investments 26,86,830 26,72,350

financials
Note No. 13
Long Term Loans and Advances 2018 2017
Rs Rs
(a) Other Deposits 7,28,208 58,55,045

(Unsecured, considered good)
(b) Loans & Advances to Other 11,25,000 1,25,000

(c) InterCorporate Loan 44,32,341 -

(There is Loans and Advance due from LLP in
which Company is Partner.)
Total 62,85,549 59,80,045
Name of the Company 2018 2017
Rs Rs
Dev Accelerator LLP 17,93,924
Note No. 14
Inventories 2018 2017
Rs Rs
(a) Stock in Trade * 25,92,109 21,51,078

(b) Software Development Project in Process** 6,29,22,258 4,40,29,222
Total 6,55,14,367 4,61,80,300
Note No. 14.1
Note : *Stock in Trade valued at cost or Net Realisable value , Whichever is Lower
** Software Development Project in Progress are Valued At Cost

financials
Note No. 15
Trade receivables 2018 2017
Rs Rs
Trade receivables outstanding for a period less

than six months from the date they are due for
payment
- Unsecured, considered good 23,50,54,044 16,74,57,733
Sub Total 23,50,54,044 16,74,57,733

Trade receivables outstanding for a period
exceeding six months from the date they are due
for payment
Sub Total 3,89,42,947 3,99,76,447
Total 27,39,96,991 20,74,34,180
Note No. 15.1
There is Trade Receivable due from Directors, Officers Or Company in which Directors are Director.
Name of the Company 2018 2017
Rs Rs
Xduce InfoTech Pvt Ltd - 47,300

Dev Info-tech North America Ltd 3,76,06,063 2,25,47,250

financials
Note No. 16
Cash and cash equivalents 2018 2017
Rs Rs
(a) Cash on hand 8,235 99,507
(b) Balances with banks

This includes:
Balances in current accounts 3,58,99,113 1,74,36,782
Balances in Unpaid Dividend Accounts 3,000 -
Balance In Fixed deposits ** More than 12 2,39,31,589 2,61,33,183

months
Total 5,98,41,937 4,36,69,472

Fixed Deposits are held as security against
** 43,85,887 93,26,094
Guarantee
Note No. 17
Short-term loans and advances 2018 2017
Rs Rs
Others Loans & Advances

Advance Tax & TDS Receivable (Net of Provi- 1,63,00,196 1,24,95,630
sions)
Advance to employees 1,37,036 2,70,224
Advance to Supplier 8,58,556 7,02,233
Others 2,13,18,986 1,82,73,543
Total 3,86,14,775 3,17,41,630

financials
Note No. 18
2017-18 2016-17
Revenue from Operations
Rs Rs
Sale of products 29,54,10,707 30,50,69,065

Sale of services 37,25,46,822 25,81,97,530
Other operating revenues 17,56,328 19,79,461
Total 66,97,13,857 56,52,46,056
Note No. 19
2017-18 2016-17
Other Income
Rs Rs
Interest Income 28,96,996 32,18,458

Dividend Income 1,50,000 1,50,000
Share of Profit from Dev Accelerator LLP 91,149 -
Profit on sale of assets 2,44,522 -
Foreign Exchange Fluctuation Gain 1,88,649 7,839
Total 35,71,316 33,76,297

Note No. 20
2017-18 2016-17
Cost Of Goods & Services
Rs Rs
Purchase of Products 21,95,85,118 25,13,05,706

Cost of IT Infra & Support Services 15,22,40,055 5,69,10,512
Total 37,18,25,173 30,82,16,218

financials
Note No. 21
Changes in Inventories of Stock in Trade & 2017-18 2016-17

Work in Progress of Services Rs Rs
Opening Stock
i)Products 21,51,078 32,15,308
ii)Projects in process 4,40,29,222 3,02,33,414
4,61,80,300 3,34,48,722
Less :
Closing Stock
i)Products 25,92,109 21,51,078
6,55,14,367 4,61,80,300
Total -1,93,34,067 -1,27,31,578
Note No. 22
2017-18 2016-17
Employee Benefits Expenses
Rs Rs
Directors Remuneration 1,13,61,800 80,56,800

Salaries and incentives 16,02,83,481 14,96,50,051
Contributions to :-
Provident fund 61,09,784 69,20,596
E.S.I.C. 25,57,559 26,00,449
Gratuity fund contributions 70,91,708 22,74,552
Leave Encashment Expense 11,10,055 8,73,565
Staff welfare expenses 18,93,599 15,98,555
Total 19,04,07,986 17,19,74,568

financials
Note No. 23
2017-18 2016-17
Finance Cost
Rs Rs
Interest on Term Loan 77,24,470 1,01,23,552

Other Interest expense 38,92,068 45,73,890
Other Borrowing Cost 46,95,691 7,01,286
Total 1,63,12,229 1,53,98,728
Note No. 24
2017-18 2016-17
Other Expenses
Rs Rs
Donation Expense 1,17,550 9,30,900

General Charges 52,43,682 31,26,880
Insurance Expense 13,26,755 9,08,670
Marketing & Distribution Expense 28,74,876 15,35,637
Postage & Telephone Expense 25,62,822 29,24,543
Electricity Expenses 23,31,172 21,25,488
Printing & Stationery Expense 12,43,730 4,26,662
Legal & Professional Charges 10,64,255 18,21,089
Rent Rates & Taxes 37,74,212 36,85,951
Dimunition In I nvestment - 7,47,600
Auditor Remuneration 1,01,980 1,00,000
Repairs & Maintenance - -
-Building 6,19,887 2,48,406
-Furniture & Fixture 7,300 1,71,235
-Others 1,95,892 3,28,761
Subscription & Membership Fees 10,50,031 13,06,566
Travelling & Conveyance 2,40,71,586 1,35,80,720
Directors Foreign Travelling Expense 4,94,886 9,38,175
Total 4,70,80,616 3,49,07,283

Consolidated
Financial
Statements
2017-18

financials
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTSP:
We have audited the accompanying Consolidated financial statements of Dev Information Technology
Ltd. (hereinafter referred to as “the Holding Company”) and its subsidiary (the Holding Company and
its Subsidiary together referred to as “the Group”) which comprise the Consolidated Balance Sheet as
at March 31, 2018, the Consolidated Statement of Profit and Loss, the Consolidated Cash Flow
Statement for the year then ended, and a summary of significant accounting policies and other
explanatory information.
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these Consolidated financial
statements that give a true and fair view of the Consolidated financial position, financial performance
and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Holding Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies;
makingTechnology
Dev Information judgments Ltd.
andAnnual
estimates that2017-18
Report are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement,
whetherdue to fraud or error. Which have been used for the purpose of preparation of the
consolidated financial statements by the Directors of the Holding Company, as aforesaid.
Our responsibility is to express an opinion on these consolidated financial statements based on our
audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and the
Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10)
of the Act. Those Standards require that we comply with ethical requirements and plan and perform

financials
the audit to obtain reasonable assurance about whether the consolidated financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal
financial control relevant to the Holding Company’s preparation of the consolidated financial
statements that give a true and fair view in order to design audit procedures that are appropriate in
the circumstances,
An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Holding Company’s Directors, as well as
evaluating the overall presentation of the consolidated financial statements.
for our audit opinion on the consolidated financial statements
OPINION:
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid consolidated financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted
in India, of the consolidated state of affairs of the Company as at 31 March 2018 and its consolidated
Profit and its consolidated cash flows for the year ended on that date.
OTHER MATTERS:
We did not audit the financial statements of the two subsidiaries named 1. DEV INFO-TECH NORTH
AMERICA LIMITED, 2. DEV ACCELERATOR LLP included in the consolidated year to date results as one
of the subsidiary company is Canadian company which is not subject to audit under the Canadian Laws
and other LLP’s do not come under the purview of Audit, whose total Assets are of Rs. 490.92 Lacs as
at year ended on 31st March, 2018 as well as Total Revenue are of Rs. 1202.36 Lacs.
Our opinion on the consolidated financial statements, and our report on other Legal and Regulatory
Requirements below is not modified in respect of above matters with respect to our reliance on the
work done and the reports of the other auditors and the financial statements / consolidated financial
statements certified by the management.
LEGAL AND REGULATORY REQUIREMENTS:
1. As required by section 143 (3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit of the aforementioned
Consolidated Financial Statements;

financials
b. in our opinion proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books;
c. the Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss and the
Consolidated Cash Flow Statement dealt with by this Report are in agreement with the books of
account maintained for the purpose of the consolidated financial statements.
d. In our opinion, the aforesaid consolidated financial statements comply with the Accounting
Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
e. On the basis of written representations received from the directors as on March 31, 2018 taken
on record by the Board of Directors, none of the directors of the Holding company is disqualified
as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to adequacy of Internal Financial Controls over financial reporting of the company
and the operating effectiveness of such controls , refer to our separate report in “Annexure A”
g. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Consolidated Financial Statements disclose the impact of pending litigations on its financial
position in its financial statements – Refer Note (6) of Part B to Notes to accounts ;
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There has been no delay in transferring the amounts, required to be transferred, to the
Investor Education and Protection Fund by the Holding Company.
iv. The disclosure requirement relating to holding as well as dealing with specified bank notes
were applicable for the period from 8th November to 30th December,2016,which is not
relevant to this financial statement and hence reporting under this clause is not applicable

FOR,CHANDULAL M SHAH & CO.
FRN 101698 W
PARTNER
MEMB.NO. F 109606
PLACE: AHMEDABAD
DATE: 29.05.2018

financials
ANNEXURE ‘A’
Annexure to the Independent Auditor’s report of even date on the Consolidated financial
statements of Dev Information Technology Limited.
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (1) OF SUB-SECTION 3 OF

SEC.143 OF THE COMPANIES ACT,2013 (“THE ACT”)
We have audited the internal financial controls with reference to financial statements DEV
INFORMATION TECHNOLOGY LIMITED (hereinafter referred to “the Holding Company”) and its
subsidiary (together referred to as “the Group”) as of March 31, 2018 in conjunction with our audit of
the financial statements of the Company for the year ended on that date.
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS:
The Company’s management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
controls issued by the Institute of Chartered Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Act.
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note
on Audit of Internal Financial Controls (the “Guidance Note”) and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of
internal financial controls, both applicable to an audit of internal Financial Controls and, both issued by the
Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls with reference to financial statements was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls systems with reference to financial statements and their operating effectiveness.
Our audit of internal financial controls included obtaining an understanding of internal financial
controls , assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s Judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.

financials
for our audit opinion on the Company’s internal financial controls system .
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS:
A company’s internal financial control with reference to financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purpose in accordance with generally accepted accounting principles. A company’s
internal financial control with reference to financial statements includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company. (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles , and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors of the company, and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use,
or disposition of the company’s assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL

STATEMENTS:
Because of the inherent limitations of internal financial controls with reference to financial statements ,
including the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls with reference to financial statements to future periods are subject to the risk that the
internal financial control with reference to financial statements may become inadequate because of changes
in conditions, or that the degree of compliance with the policies of procedures may deteriorate.
OPINION:
In our opinion, the Company has, in all material respects, an adequate internal financial control system
with reference to financial statements and such internal financial controls with reference to financial
statements was operating effectively as on March 31,2018, based on the internal control with
reference to financial statements criteria established by the Company considering the essential
components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reports issued by the Institute of Chartered Accountants of India.

FOR,CHANDULAL M SHAH & CO.
FRN 101698 W
PARTNER
MEMB. NO. F 109606
PLACE: AHMEDABAD
DATE: 29.05.2018

financials
FORM AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts)
Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries or associate

companies or joint ventures
Part A Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Rs.)
DEV INFO- TECH NORTH

DEV Accelerator LLP
1 Name of the subsidiary AMERICA LIMITED
(LLPIN : AAK-5929)
(Corporation no: 834578-3)
The date since when subsidiary was
2 8th November, 2011 14th September, 2017
acquired
Reporting period for the subsidiary
3 concerned, if different from the
------------------- -------------------------
holding company’s reporting period
Reporting currency and Exchange
Canadian Dollar As on
rate as on the last date of the
4 31/03/2018, 1 CAD=50.51 NA
relevant Financial year in the case
INR
of foreign subsidiaries
5,42,983
5 Share capital 1,00,000
64,55,394 1,75,284
6 Reserves and surplus
20,91,875
7 Total assets 4,50,95,543
3,80,97,166
8 Total Liabilities 18,16,591
9 Investments ------- -------

14,24,820
10 Turnover 11,88,12,136
52,72,404 2,53,702
11 Profit before taxation
3,09,356 77,900
12 Provision for taxation
49,63,048 1,75,284
13 Profit after taxation
14 Proposed Dividend -------- -------
15 Extent of shareholding (in percentage) 74.42% 52.00%

financials
NOTE:
1. AOC-1 Part: B
“Associates & Joint Ventures” is not applicable as the Company does not have any associates or joint
ventures.
FOR CHANDULAL
FOR CHANDULAL M M SHAH
SHAH &
& CO.
CO. FOR,FOR,
DEV DEV INFORMATION
INFORMATION TECHNOLOGY
TECHNOLOGY LTD. LTD.
PRANAV N. PANDYA JAIMIN.J. SHAH
(DIN: 00021744) (DIN : 00021880)
BHARAT M ZINZUVADIA
PARTNER
MEMBERSHIP
BHARAT NO. 109606
M ZINZUVADIA JAIMIN
HARSHIL SHAH
H. SHAH PRANAV PANDYA
KRISA R. PATEL
PARTNER (DIN : 00021880)
CHIEF FINANCIAL OFFICER (DIN : 00021744)
COMPANY SECRETARY
MEMBERSHIP NO. 109606

PLACE : AHMEDABAD PLACE : AHMEDABAD
DATE : 29/05/2018 DATEHARSHIL SHAH
: 29/05/2018 KRISA PATEL
CHIEF FINANCIAL OFFICER COMPANY SECRETARY
PLACE : AHMEDABAD
DATE : Technology
Dev Information 29/05/2018Ltd. Annual Report 2017-18

financials

( CIN : L30000GJ1997PLC033479 )
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2018
AS ON 31ST AS ON 31ST
REFER
PARTICULARS MARCH 2018 MARCH 2017
NOTE NO.
Rs Rs
I. EQUITY AND LIABILITIES
1 Shareholders’ funds
(a) Share capital 2 5,52,05,000 4,03,25,000
(b) Reserves and surplus 3 20,43,15,275 12,15,99,709
2 Minority Interest 19,72,321 4,65,718
3 Non-current liabilities
(a) Long-term borrowings 4 1,18,74,643 2,22,12,632
(b) Deferred Tax Liability/(Asset) 5 11,68,674 25,36,107
(c) Other Long term liabilities 6 13,68,572 37,47,823
4 Current liabilities
(a) Short-term borrowings 7 7,27,27,715 4,49,37,627
(b) Trade payables 8 16,87,48,944 17,00,74,263
(c) Other current liabilities 9 1,88,65,968 2,57,51,476
(d) Short-term provisions 10 59,63,677 26,60,084
54,22,10,789 43,43,10,439
II. ASSETS
1 Non-current assets
(a) Property Plant & Equipment 11
(i) Tangible assets 5,44,55,131 5,14,78,463
(ii) Intangible assets 3,14,46,638 3,98,21,365
(b) Goodwill on Consolidation 47,716 62,193
(c) Non-Current Investments 12 22,82,750 22,82,750
(d) Long-term loans and advances 13 69,49,105 1,05,51,255
(e) Other Non-Current Asset 12,250 -
2 Current assets
(a) Inventories 14 6,55,14,367 4,61,80,300
(b) Trade receivables 15 26,32,04,677 20,28,56,671
(c) Cash and cash equivalents 16 7,32,10,136 5,14,55,542
(d) Short-term loans and advances 17 4,50,88,017 2,96,21,900
Total 54,22,10,789 43,43,10,439
Significant Accounting Policies and Notes
1
As per our attached report of even date
PARTNER (DIN: 00021744) (DIN : 00021880)
DATE : 29/05/2018

financials

( CIN : L30000GJ1997PLC033479 )
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH, 2018
REFER
PARTICULARS 2017-18 2016-17
NOTE NO.
I. Revenue from operations 18 69,58,65,387 63,92,31,957
II. Other income 19 35,71,316 50,23,731
III. Total Revenue (I + II) 69,94,36,703 64,42,55,688
IV. Expenses:
Cost of Goods & Services 20 38,73,77,530 37,97,73,631
Changes in inventories of Stock-in-Trade & 21 (1,93,34,067) (1,27,31,578)
Project in Progress
Employee benefits expenses 22 19,05,11,198 17,20,43,747
Finance costs 23 1,68,69,689 1,62,58,806
Depreciation and amortization expenses 1,74,99,417 75,01,438
Other expenses 24 5,14,92,938 3,67,93,700
Total expenses 64,44,16,705 59,96,39,743
V. Profit before tax (III - IV) 5,50,19,998 4,46,15,945
VI. Tax expense:
(1) Current Tax 1,74,87,256 1,27,02,940
(2) Deferred tax (13,67,433) 25,75,138
(3) Excess Provision of Tax of Earlier Years 7,29,929 5,23,870
VII. Profit for the Year (V - VI) 3,96,30,104 2,98,61,737
Dev Information
VIII. Technology
Earnings perLtd. Annual
equity Report 2017-18
share:
(1) Basic 7.24 7.41
(2) Diluted 7.24 7.41
Significant Accounting Policies and Notes 1
As per our attached report of even date

PARTNER (DIN: 00021744) (DIN : 00021880)

DATE : 29/05/2018

financials

( CIN : L30000GJ1997PLC033479 )
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018
2017-18 2016-17
PARTICULARS
Rs Rs
A) Cash Flow From Operating Activities
Net Profit Before Tax As Per Profit &
5,50,19,998.00 4,46,15,944.58
Loss A/C
Adjustments :
Depreciation 1,74,99,417.00 75,01,438.00
Dividend Income -1,50,000.00 -1,50,000.00
Interest Income -35,71,316.00 -15,48,170.00
Interest Exps 1,68,69,689.00 1,62,58,805.60
Gratuity Provision - -
Foreign Exchange Effects Gain/Loss -14,480.00 7,839.00
Profit from Investment -91,149.00
Dimunition in Investment - 7,47,600.00
Profit/Loss on Sale of Fixed Assets And
-2,44,523.00
Investments
3,02,97,638.00 2,28,17,512.60
Operating Profit Before Working Capital 8,53,17,636.00 6,74,33,457.18
Adjusted For :
i)Trade Receivables & Other Loans &
-8,62,62,705.00 -6,04,14,126.60
Advances
ii) Stock -1,93,34,067.00 -1,27,31,578.00
iii) Trade Payable and Other Liability &
-72,86,590.00 6,51,61,760.37
Provisions
-11,28,83,362.00 -79,83,944.24
Cash Generated From Operations -2,75,65,726.00 5,94,49,512.94
Interest Paid
Net Cash From Operating Activities (A) -2,75,65,726.00 5,94,49,512.94
B) Cash Flow From Investing Activities :
Purchase Of Fixed Assets -1,22,67,835.00 -5,73,68,820.00
Foreign Exchange Effect On Fixed Assets
Sale of Fixed Assets 4,11,000.00 -
Purchase of Investments -1,02,000.00 -
Interest Income 35,71,316.00 15,48,170.00
Interest Income
Net Gain On Sale Of Investments
Dividend Income 1,50,000.00 1,50,000.00
Net Cash Used In Investing Activities (B) -82,37,519.00 -5,56,70,650.00

financials
C) Cash Flow From Financing Activities

Borrowing Of Funds
Interst Exps
Proceeds Of Borrowings 1,74,52,099.00 36,45,781.00
Payment Of Interest -1,68,69,689.00 -1,62,58,805.60
Loans & Advances accepted
Short Term Loan And Advances
Security deposits accepted
Long Term Loan And Advances
Proceeds From Issue Of Shares
Dividend Paid Including Distribution Tax -33,19,182.00 -14,93,110.00
Proceeds From Issue Of Shares 6,24,96,000.00 -
Net Cash From Financing Activities 5,97,59,228.00 -1,41,06,134.60
Net Increase In Cash & Cash
2,39,55,983.00 -1,03,27,271.66
Equivalents (A+B+C)
Opening Balance Of Cash & Cash
2,53,22,360.00 3,56,49,632.00
Equivalents
Closing Balance Of Cash & Cash
4,92,78,343.00 2,53,22,360.00
Equivalents
Net Increase/(Decrease) In Cash & Cash
2,39,55,983.00 -1,03,27,272.00
Equivalents
FIRM REGN.
Dev Information NO. 101698W

PARTNER (DIN: 00021744) (DIN : 00021880)

DATE : 29/05/2018

financials
NOTES FORMING PART OF THE FINANCIAL STATEMENTS

CORPORATE INFORMATION:
Dev Information Technology Limited (formerly known as Dev Information Technology Private
Limited), incorporated under the Companies Act, 1956 is listed on NSE SME Platform (NSE Emerge).
The Company is engaged in providing Information Technology (IT) services. The company offers tightly
integrated end-to-end IT services to global clientele.
Note No- 1
(A) SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE CONSOLIDATED
ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2018.
The consolidated Financial statements relate to DEV INFORMATION TECHNOLOGY LTD (‘the
Company’) and its subsidiary companies. The consolidated Financial statements have been
prepared on the following basis:
a) The Financial statements of the Company and its subsidiaries company are combined on
a line-by-line basis by adding together the book values of like items of assets, liabilities,
income and expenses, after fully eliminating intra-group balances and intra group
transactions.
b) In case of foreign subsidiary, being non-integral foreign operations, revenue items are
consolidated at the average rate prevailing during the year. All assets and liabilities are
converted at rates prevailing at the end of the year. Any exchange difference arising on
consolidation is recognized in the Exchange Fluctuation Reserve.
c) The difference between the cost of investment in the subsidiary, over the net assets at the
time of acquisition of shares in the subsidiary is recognized in the consolidated Financial
statements as Goodwill or Capital Reserve, as the case may be.
d) The difference between the proceeds from disposal of investment in subsidiaries and the
carrying amount of its assets less liabilities as of the date of disposal is recognized in the
consolidated Profit and Loss Statement being the profit or loss on disposal of investment
in subsidiary.
e) Minority Interest share of net profit of consolidated subsidiaries for the year is identified
and adjusted against the income of the group in order to arrive at the net income
attributable to shareholders of the Company.
f) Minority Interest share of net assets of consolidated subsidiaries is identified and

presented in the consolidated balance sheet separate from liabilities and the equity of the
Company’s shareholders.

financials
g) As far as possible, the consolidated Financial statements are prepared using uniform
accounting policies for like transactions and other events in similar circumstances and are
presented in the same manner as the Company’s standalone Financial statements .
A. BASIS OF ACCOUNTING:
The financial statements of the company have been prepared in accordance with the Generally
Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these
financial statements to comply in all material respects with the Companies (Accounts) Rules
2014 and the relevant provisions of the companies Act, 2013. The financial statements have
been prepared on an accrual basis and under the historical cost convention. The accounting
policies adopted in the preparation of financial statements are consistent with those of
previous year.
B. USE OF ESTIMATES:
The preparation of financial statements in accordance with the generally accepted accounting
principles requires management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets and liabilities,
income and expenses. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revision to accounting estimate is recognized in the period in which the estimates are
Revised and in any future period affected.
C. PROPERTY PLANT & EQUIPMENT:
Property Plant & Equipment are stated at historical cost less accumulated depreciation. Costs
include expenditure directly attributable to the acquisition of the asset. Borrowing costs
directlyLtd. Annual Report
attributable to the2017-18
construction or production of qualifying assets are capitalized as
part of the cost.
D. DEPRECIATION:
a. Depreciation on Property Plant & Equipment is provided on the Written Down Value
Method (WDV) Method on the basis of Useful Life prescribed in Schedule II to the
Companies Act, 2013
b. Depreciation on additions to the assets and the assets sold or disposed off, during the
year is provided on pro-rata basis, at their respective rates with reference to the date of
acquisition / installation or date of sale/disposal.
c. Intangible assets are amortized on straight line basis over their respective individual
estimated useful lives as determined by the management.
E. INVESTMENT:
Long Term Investments are carried at cost less provision for permanent diminution, if any, in
value of such investments.

financials
F. IMPAIRMENT OF ASSETS:
The company on an Annual basis makes an assessment of any indicator that may lead to
impairment of Assets. If any such indication exists, the company estimates the recoverable
amount of the assets. If such recoverable amount is less than the carrying amount, then the
carrying amount is reduced to its recoverable amount by creating the difference as
impairment loss & is charged to Profit & Loss Account.
G. FOREIGN CURRENCY TRANSACTIONS:
a. Foreign currency transactions are accounted for at the exchange rate prevailing on the
date of the transaction. All monetary foreign currency assets and liabilities are converted
at the exchange rates prevailing on the date of the balance sheet. All exchange differences
other than those relating to the acquisition of Property Plant & Equipment from outside
India are dealt with in the statement of profit and loss. Exchange gain or loss relating to
Property Plant & Equipment acquired from outside India is adjusted in the cost of
respective Property Plant & Equipment.
b. Exchange difference is calculated as the difference between the foreign currency amount
of the contract translated at the exchange rate at the reporting date, or the settlement
date where the transaction is settled during the reporting period, and the corresponding
foreign currency amount translated at the later of the date of inception of the forward
exchange contract and the last reporting date. Such exchange differences are recognized
in the statement of profit and loss in the reporting period in which the exchange rates
change.
H. REVENUE RECOGNITION:
Income and Expenditure are recognized and accounted on Accrual Basis. Revenue from Sale
of goods is recognized on delivery of the goods, when all significant contractual obligations
have been satisfied, the property in the goods is transferred for a price, significant risks and
rewards of ownership are transferred to customers & no effective ownership is retained
However;
a. Revenue in respect of insurance/other claims etc., is recognized only when it is reasonably

certain that the ultimate collection will be made.
b. Interest income is recognized on a time proportion basis taking into account the amount
outstanding and the applicable rate of interest.
c. Dividend Income is recognized on receipt basis.
d. Recognition of revenue from rendering of services
e. Revenue from the fixed price technical maintenance services are recognized ratably over
the period of the service contract.
f. Revenue from the use of the software license are recognized on the transfer of the title
in the user license for software application.
g. In case of software development contract having multiple stages or benchmark of the
completion, the revenue is recognized on percentage of completion method.
h. Revenue from other support services arising out of sale of software products are
recognized when the services are performed.

financials
I. VALUATON OF STOCK:
Trading Goods and project in progress are valued at lover of cost or net realizable value.
J. EARNINGS PER SHARE:
The earnings considered in ascertaining the Company’s EPS comprises the net profit after tax
(and include the post tax effect of any extra ordinary item). The number of shares used in
computing Basic EPS is the weighted average number of shares outstanding during the year.
K. TAXATION:
a. Direct Taxes:
Tax expense for the year, comprising Current Tax and Deferred Tax is included in
determining the net profit for the year.
A provision is made for the current tax based on tax liability computed in accordance
with relevant tax rates and tax laws. A provision is made for deferred tax for all timing
differences arising between taxable income and accounting income at currently enacted
tax rates.
Deferred tax assets are recognized only if there is reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective carrying values at
each balance sheet date.
b. Indirect Taxes :
The liabilities are provided or considered as contingent depending upon the merit of
Dev Information Technologyeach
Ltd. case and/or
Annual receiving
Report 2017-18the actual demand from the department.
L. PROVISIONS AND CONTINGENT LIABILITY:
A provision is recognized when there is a legal and constructive obligation as a result of

a past event, for which it is probable that cash outflow will be required and a reliable
estimate can be made of the amount of the obligation. A contingent liability is disclosed
when there is a possible or present obligation where it is not probable that an outflow of
resources will be required to settle it. Contingent assets are neither recognized nor
disclosed.
M. Disclosure pursuant to Accounting Standard - 15 [Revised] ‘Employee Benefits:
a. The Company has, with effect from 1st April, 2007, adopted Accounting Standard 15,
liability based on actuarial valuation is as follows :

financials
b. The Amount (in Rs.) as certified by the Approved Value is as under:
Table Showing Changes in Present Value of Obligations:
From: From:
Period 01/04/2017 To: 01/04/2016
31/03/2018 To: 31/03/2017
Present value of the obligation at the beginning of 1,14,87,646 90,15,798
the period
Interest cost 8,61,573 6,76,185
Present value of the obligation at the end of the 1,65,99,578 1,14,87,646
period
As on: As on:
Period
31/03/2018 31/03/2017
1,65,99,578 1,14,87,646
period
Net liability/(asset) recognized in Balance Sheet and
47,26,626 43,24,016
related analysis
Funded Status (47,26,626) (43,24,016)
From: From:
Period 01/04/2017 To: 01/04/2016
31/03/2018 To: 31/03/2017
Interest cost 8,61,573 6,76,185

financials
From: From:
Period 01/04/2017 To: 01/04/2016
31/03/2018 To: 31/03/2017
71,63,630 19,03,853
Period
Contributions 47,50,000 50,00,000
Benefits paid (6,96,966) (22,757)
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
71,63,630 19,03,853
Period
Contributions 47,50,000 50,00,000
Benefits paid (6,96,966) (22,757)
Actuarial Gain)/Loss
Dev Information Technology Ltd. Annualon Planned
Report Assets:
2017-18
From: From:
Period 01/04/2017 To: 01/04/2016
31/03/2018 To:
31/03/2017
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017

financials

Outstanding actuarial gain/ (loss) at the end of the
0 0
period
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
Experience Adjustment (Gain ) / loss for Plan 19,19,449
liabilities
Experience Adjustment Gain / (loss ) for Plan 1,19,016
assets
As on: As on:
Period
31/03/2018 31/03/2017
Weighted average duration (based on discounted
22 23
cash flows) in years

Mortality IALM 2006-08 Ultimate IALM 2006-08 Ultimate
Withdrawal rate (Per
20.00% p.a. 20.00% p.a.
Annum)
Benefits valued:

Last drawn qualifying
Salary Last drawn qualifying salary
salary

financials
Benefits on Normal 15/26 * Salary * Past Service 15/26 * Salary * Past

Retirement (yr) Service (yr)
Benefit on early exit due to As above except that no As above except that no
death and disability vesting conditions apply vesting conditions apply
Limit 2000000.00 1000000.00
Current Liability (*Expected payout in next year as per schedule III of the Companies Act,
2013) :
As on: As on:
Period
03/31/2018 03/31/2017
Total Liability 1,65,99,578 1,14,87,646
Best estimate for contribution during next Period 47,29,903
mortality rate is negligible. Please note that the sensitivity analysis presented below may not
be representative of the actual change in the defined benefit obligation as it is unlikely that
the change in assumption would occur in isolation of one another as some of the assumptions
may be correlated.
Dev Information Technology TheReport
Ltd. Annual results2017-18
of sensitivity analysis are given below:

1,59,23,901; x=1.00% [Change (4)%
Liability with x% increase in Discount Rate
]
Liability with x% increase in Salary Growth Rate 1,73,36,904; x=1.00% [Change 4% ]

1,59,08,376; x=1.00% [Change (4)%
Liability with x% decrease in Salary Growth Rate
]
Liability with x% increase in withdrawal Rate 1,65,42,205; x=1.00% [Change 0% ]
Liability with x% decrease in withdrawal Rate 1,66,54,432; x=1.00% [Change 0% ]

financials
(A) NOTES ON ACCOUNTS:
1. Balances of Sundry Debtors, Creditors, and Loans & Advances Deposits are subject to the
confirmation by the parties.
2. The holding Company got Listed on the SME platform of National Stock Exchange i.e. NSE
Emerge.
3. The Company has come up with IPO of Equity Shares of Rs 10 each at a premium of Rs 32.
The Company opened its IPO on 31/03/2017 which was closed on 06/04/2017.The
Company’s shares got listed on NSE platform on 17/04/2017.
4. There are no Micro and Small Enterprise, to whom company owes dues, which are
outstanding for more than 45 days as at 31st March, 2018. This information as required
to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED
Act), 2006 has been determined to the extent such parties have been identified on the
basis of information available with the company.
5. In terms of Accounting Standard 28 – Impairment of Assets issued by ICAI, the

management has reviewed its Property Plant & Equipment and arrived at the conclusion
that Impairment loss which is difference between the carrying amount and recoverable
value of Assets was not material and hence no provision is required to be made.
6. Disclosure pursuant to Accounting Standard - 15 [Revised] ‘Employee Benefits:
a. The Company has, with effect from 1st April, 2007, adopted Accounting Standard 15,
liability based on actuarial valuation is as follows :
b. The Amount (in Rs.) as certified by the Approved Value is as under:
Table Showing Changes in Present Value of Obligations:
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
Present value of the obligation at the beginning of 1,14,87,646 90,15,798
the period
Interest cost 8,61,573 6,76,185
Present value of the obligation at the end of the 1,65,99,578 1,14,87,646
period

financials
As on: As on:
Period
31/03/2018 31/03/2017
1,65,99,578 1,14,87,646
period
Net liability/(asset) recognized in Balance Sheet and
47,26,626 43,24,016
related analysis
Funded Status (47,26,626) (43,24,016)
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
Interest cost 8,61,573 6,76,185
From: From:
Dev Information Technology Ltd. Annual Report
Period2017-18 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
71,63,630 19,03,853
Period
Contributions 47,50,000 50,00,000
Benefits paid (6,96,966) (22,757)
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
71,63,630 19,03,853
Period

financials
Contributions 47,50,000 50,00,000

Benefits paid (6,96,966) (22,757)
Actuarial Gain/Loss on Planned Assets:
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
From:
From:
01/04/2016
01/04/2017 To:
Period To:
31/03/2018
31/03/2017
Outstanding actuarial gain/ (loss) at the end of the
0 0
period
From: From:
Period 01/04/2017 To: 01/04/2016 To:
31/03/2018 31/03/2017
Experience Adjustment (Gain ) / loss for Plan
19,19,449
liabilities
Experience Adjustment Gain / (loss ) for Plan
1,19,016
assets
As on: As on:
Period
31/03/2018 31/03/2017

financials

Weighted average duration (based on discounted
22 23
cash flows) in years
Mortality IALM 2006-08 Ultimate IALM 2006-08 Ultimate

Withdrawal rate (Per
20.00% p.a. 20.00% p.a.
Annum)
Benefits valued:

Salary Last drawn qualifying salary Last drawn qualifying salary
Benefits on Normal 15/26 * Salary * Past 15/26 * Salary * Past Service
Retirement Service (yr) (yr)
Benefit on early exit due As above except that no As above except that no
to death and disability vesting conditions apply vesting conditions apply
Limit 2000000.00 1000000.00
Current Liability (*Expected payout in next year as per schedule III of the Companies Act,
2013) :
As on:
31/03/2017
Total Liability 1,65,99,578 1,14,87,646
Best estimate for contribution during next

47,29,903
Period

financials
mortality rate is negligible. Please note that the sensitivity analysis presented below may not
be representative of the actual change in the defined benefit obligation as it is unlikely that
the change in assumption would occur in isolation of one another as some of the assumptions
may be correlated. The results of sensitivity analysis are given below:

Liability with x% increase in Discount Rate 1,59,23,901; x=1.00% [Change (4)% ]
Liability with x% increase in Salary Growth Rate 1,73,36,904; x=1.00% [Change 4% ]
Liability with x% decrease in Salary Growth
1,59,08,376; x=1.00% [Change (4)% ]
Rate
Liability with x% increase in withdrawal Rate 1,65,42,205; x=1.00% [Change 0% ]
Liability with x% decrease in withdrawal Rate 1,66,54,432; x=1.00% [Change 0% ]
7. Following are the Income Tax and TDS demands pertaining to previous years for which
company has not made any provisions in the books.
Forum
Period to which
Name of the Amount where the
Nature of dues the amount
Statute (Rs.) dispute is
relates
pending
Income tax 3,38,000 A.Y.2011-12 ITAT
Income tax
Act, 1961
Income tax ITAT
Income tax 18,61,000 A.Y. 2013-14
Act, 1961
Income tax ITAT
Income tax 51,40,000 A.Y. 2014-15
Act, 1961
Income tax A.Y. 2013-14 to
TDS 35,335 ITAT
Act, 1961 2018-19
8. Earnings per share:
Particular 2017-18 2016-17
Net profit attributable to Shareholders 3,96,30,104 2,98,61,737
Weighted average number of equity shares 54,75,656 39,82,501
Basic earnings per share of Rs.10/- each (in Rs) 7.24 7.41
9. Disclosure in respect of related parties pursuant to Accounting Standard 18;
a. List of Related parties :

financials
1) Key Management Personnel and Enterprises having common Key Management

Personnel or their Relatives
Sr No Name of the Key Management Personnel : Designation

1 Mr. Jaimin J. Shah Managing Director
2 Mr. Pranav N. Pandya Chairman
3 Mr. Vishal N. Vasu Executive Director
4 Mr. Prerak P. Shah Executive Director
2) Enterprises having common Key Management Personnel and/or their Relatives:

Transactions taking place during the year
Sr No Name of the Enterprises

1 Xduce Infotech Private Limited
2 Dev Infotech North America Ltd.
3 Dev Accelerator LLP
4 Amisha J. Shah
5 Sapna V. Vasu
6 Kruti P. Pandya
7 Jayshree J. Shah
b. During the year following transactions were carried out with related parties in the
ordinary course of business and at Arms Length.
(Brackets figure are of previous year.)
Enterprise/
O/S
Key Relatives of
Nature Of Associate Balance as
Sr Managerial Key
Transactions Company on
No Personnel Management
31.3.2018
Personnel
Remuneration 90,52,384 25,00,000
1 N.A N.A
Paid (82,98,502) (26,19,606)
Nil Nil 2,70,000
2 Rent Paid N.A
(Nil) (Nil) (2,49,692)
Nil Nil 25,54,649
3 Loan Taken
( Nil) ( Nil ) (45,70,515)
Nil 20,15,864 Nil Nil
4 Loan Repaid
( Nil ) (56,20,000) (Nil) ( Nil )
25,55,291
Service Nil Nil
5 N.A
Charges Paid (17,42,36 (Nil) (Nil)
1)

financials
Service 33,007
Nil Nil
6 Charges (1,45,286 N.A
(Nil) (Nil)
Received )
4,26,818 Nil
7 Interest Paid Nil (Nil) N.A
(9,61,926) ( Nil)
Interest 76,828 Nil Nil
8 N.A
Received (Nil) (Nil) (Nil)
Nil
Nil Nil
9 Sales (4,84,536 N.A
(Nil) ( Nil)
)
10. In the opinion of the Board, the Current Assets are approximately of the value stated if
realized in ordinary course of business. Provisions for known liabilities are adequate and
not excess of the amount reasonably necessary
Sr
Particular 2017-18 (Rs) 2016-17 (Rs)
No
1 Auditors remuneration 1,00,000 1,00,000
2 C.I.F. value of imported of capital goods NIL NIL
Remittance in Foreign Currency on account of
3 NIL NIL
dividend
4 Earning in Foreign Exchange 13,05,59,000 7,05,48,126
5 Expenditure in foreign currency
5.1 Foreign Traveling 9,55,188 9,38,175
5.2 Foreign Subscription NIL NIL
Figures of previous year has been regrouped or rearranged wherever necessary to make them
comparable with those of the current years as per our separate report of evedate
CO.
FOR CHANDULAL M SHAH & CO. FOR,FOR,
DEVDEV INFORMATION
INFORMATION TECHNOLOGY
TECHNOLOGY LTD.LTD.
ACCOUNTANTS
101698W
BHARAT M ZINZUVADIA
PARTNER
BHARAT M ZINZUVADIA
MEMBERSHIP NO. 109606 PRANAV
JAIMINN. PANDYA
SHAH JAIMIN.J.
PRANAV SHAH
PANDYA
PARTNER (DIN:(DIN
00021744)
: 00021880) (DIN : 00021880)
(DIN : 00021744)
HARSHIL SHAH KRISA PATEL

CHIEF FINANCIAL OFFICER COMPANY
SECRETARY
DATE : 29/05/2018
PLACE : AHMEDABAD
DATE : 29/05/2018

financials
Note No. 2

Share Capital
Number Rs. Number Rs.
Authorised
Equity Shares of Rs. 10/- each 60,00,000 6,00,00,000 60,00,000 6,00,00,000
Issued
Equity Shares of Rs 10/- each 55,20,500 5,52,05,000 40,32,500 4,03,25,000
Subscribed & Paid up

Equity Shares of Rs. 10/- each fully 55,20,500 5,52,05,000 40,32,500 4,03,25,000
paid
Total 55,20,500 5,52,05,000 40,32,500 4,03,25,000
Note No. 2.1
2017-18 2016-17
Particulars
Number Rs. Number Rs.
Equity Shares outstanding at the 40,32,500 4,03,25,000 5,00,000 50,00,000

beginning of the year
Shares Issued during the year 14,88,000 1,48,80,000 35,32,500 3,53,25,000
Shares bought back during the
year
the year

financials
Note No. 2.2

Details of Shareholders holding more than 5% Shares.

Name of Shareholder
No. of Shares No. of Shares
% of Holding % of Holding
held held
JAIMIN JAGDISHBHAI SHAH 2,97,000 5.38% 2,97,000 7.37%
AMISHA JAYMINBHAI SHAH 3,37,500 6.11% 3,37,500 8.37%
HEMANT SURYAKANT SHAH 3,37,500 6.11% 3,37,500 8.37%
KRUTI PRANAV PANDYA 3,37,500 6.11% 3,37,500 8.37%
MADHURI NIRANJANBHAI PANDYA 3,37,500 6.11% 3,37,500 8.37%
SARYUBEN MAHENDRABHAI SHAH 3,37,500 6.11% 3,37,500 8.37%
PRATIBHABEN MOHANLAL DESAI 3,18,750 5.77% 3,18,750 7.90%
HI TECH ISOLUTIONS LLP 2,82,500 5.12% 2,82,500 7.00%
Note No. 2.3

The company has only one class of shares referred to as equity shares having a par value of Rs 10. Each holder
of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rs The
dividend recommended by the Board of Directors is subject to the approval of the share holders in the ensuing
Annual General Meeting.
Note No. 2.4

The company has issued 56,500 shares to Hi Tech LLP for as part of Prefrential Allotement for other than cash
in pursuant to contract. The company has not bought back any share during the period of 5 years immediately
preceding balance sheet date.Bonus Issue of 2,50,000 Eq. Shares of Face Value Rs10 Each in the Ratio of 1:2 i.e.
1 Bonus equity share for every 2 eq. shares held by shrareholders. Bonus Issue of 32,26,000 eq. Shares of Face
Value Rs. 10 each in the Ratio of 4:1 i.e. 4 Bonus equity shares for every 1 equity share held.

Note No. 2.5

There are no unpaid calls from Directors or officers.

Note No. 2.6
Equity shares rank pari pasu & subject to right, preference and restrictions under the Companies Act.


financials
Note No. 3
Reserves & Surplus 2018 2017
Rs Rs
(a) Share Securities Premium

Op. Balance -
Add: Additions during the year 4,76,16,000 2,28,35,000
Less: Utilised For issuing Bonus Shares - -2,28,35,000
Cl. Balance 4,76,16,000 -
(b) General Reserves

Opening Balance 5,10,75,000 6,30,00,000
(-) Capitalised by Issue of Bonus Shares - -1,19,25,000
(+) Current Year Transfer - -
Closing Balance 5,10,75,000 5,10,75,000
Total 5,10,75,000 3,91,50,000
(c) Surplus of Profit & Loss

Opening balance 6,95,59,426 4,05,54,998
(+) Net Profit For the current year 3,44,91,772 2,90,04,428
(+) Share in Profits' Of Subsidaries & Associates 48,95,259
(-) Ltd. AnnualDividends
Proposed Report 2017-18 27,60,250 -
(-) Corporate Dividend Tax 5,61,932 -
Closing Balance 10,56,24,275 6,95,59,426
Total 20,43,15,275 12,15,99,709

financials
Note No. 4
Long Term Borrowings 2018 2017
Rs Rs
Secured
(a) Term loans
- Vehicle Loan from HDFC Bank & Axis Bank ** 34,86,813 53,08,898
(Against Hypothecation of Vehicles of Company,
Repayable in 36 to 60 Monthly Installment, Rate
of Interest 9.30 % to 10.54%
- The Kalupur commercial cop Bank Ltd ** 58,33,180 1,23,33,220
properties situtated at 14-Aaryans Corporate
Park , Shilaj Railway Crossing , Thaltej,
Ahmedabad & guaranteed by directors
Repayable in 84 monthly instalments starting
from 07-01-2012)
93,19,993 1,76,42,118
Unsecured
- From Directors 25,54,650 45,70,514
Total 1,18,74,643 2,22,12,632
** 1. The above amount have been guaranteed by Directors of Company.

2.There is no continuing default as on the balance sheet date in repayment of loans & interest


financials
Note No. 5
Deferred Tax (Assets)/Liabilities (Net) 2018 2017
Rs Rs
Opening Balance 25,36,107 -39,031
Current Year Adjustment/(Provision) in respect -13,67,433 25,75,138

of
Deferred tax Liabilty

Fixed Asset 27,30,403 31,31,301
Deferred Tax Asset

For Expense allowable on payment basis 13,62,970 5,56,163
Deferred Tax Liability/(Assets) 11,68,674 25,36,107
Note No. 6
Other Long Term Liabilities 2018 2017
Rs Rs
- Security Deposit 13,68,572 37,47,823
Total 13,68,572 37,47,823
Note No. 7
Short Term Borrowings 2018 2017
Rs Rs
Secured
Loans repayable on demand
- The Kalupur Commercial Co-operative Bank Ltd - 25,57,500
(OD)**
(Secured against hypothecation of Fixed
Deposits)

financials
Secured
- The Kalupur Commercial Co-operative Bank Ltd 7,08,35,793 4,19,66,273
**
(Secured against hypothecation of stock in
trade & book debts,and further guaranteed by
Director )
Unsecured
From Directors & Partners 18,91,922 4,13,854
Total 7,27,27,715 4,49,37,627
Note No. 7.1
** There is no default as on the balance sheet date in repayment of loans and interest.
Note No. 8
Trade Payable 2018 2017
Rs Rs
(a) Trade payable 15,12,14,294 15,55,62,792

(b) Other payables 1,75,34,649 1,45,11,471
Total (A) 16,87,48,944 17,00,74,263
Note No. 9
Other Current Liabilities 2018 2017
Rs Rs
(a) Current maturities of long-term borrowings 83,28,212 1,13,95,939

(Refer Note 9.1 below)
(b) Other payables
Advances from Customers 13,224 2,49,186
Statutory Dues 91,96,620 1,28,06,813
Unpaid Dividends 3,000
Others 13,24,912 12,99,538
Total 1,88,65,968 2,57,51,476

financials
Note No. 9.1
Current maturities of long-term borrowings 2018 2017
Rs Rs
The Kalupur Commercial Co-operative Bank Ltd 65,00,040 97,13,788

HDFC Bank Ltd 18,28,172 16,82,151
Total 83,28,212 1,13,95,939
Note No. 10
Short Term Provisions 2018 2017
Rs Rs
Provision for employee benefits

Leave Encashment 10,97,000 8,59,902
Gratuity 47,26,626 18,00,182
Others 62,151 -
Total 59,63,677 26,60,084

Note :11 - Property Plant & Equipment 2018
Gross Block Depreciation Block Net Block
Depreciation for the
Opening Balance As on 1- Closing Balance as on Opening Balance Closing Balance as Net asset balance Net asset balance
Sr.No. Group Head Additions Deduction period up to 31-Mar- Deduction
Apr-2017 31-Mar-2018 As on 1-Apr-2017 on 31-Mar-2018 as on 31-Mar-2018 as on 31-Mar-2017
2018
A Tangible Assets
Office Building 4,53,31,015 21,78,234 — 4,75,09,249 1,21,32,398 16,54,082 — 1,37,86,480 3,37,22,769 3,31,98,617
Furniture 1,04,20,406 33,78,042 — 1,37,98,448 50,42,760 16,77,407 — 67,20,166 70,78,281 53,77,646
Office Equipments 67,20,967 17,16,700 — 84,37,667 48,36,596 10,80,451 — 59,17,047 25,20,620 18,84,371
Computer 1,40,21,211 37,96,073 — 1,78,17,284 1,07,15,013 25,73,908 — 1,32,88,920 45,28,364 33,06,198
Vehicle 1,62,10,864 4,74,860 21,47,732 1,45,37,992 85,86,582 23,34,076 19,81,255 89,39,403 55,98,589 76,24,282
Plant & Machinery 3,78,000 3,96,130 — 7,74,130 48,553 63,333 — 1,11,886 6,62,244 3,29,447
Computer software — 3,27,796 — 3,27,796 — 12,840 — 12,840 3,14,957 —
Trademark 40,000 — — 40,000 460 10,232 — 10,692 29,308 39,540
Sub total 9,31,22,463 1,22,67,835 21,47,732 10,32,42,566 4,13,62,362 94,06,329 19,81,255 4,87,87,436 5,44,55,131 5,17,60,101
B Intangible Assets
Goodwill 4,00,00,000 — — 4,00,00,000 4,60,274 80,93,088 — 85,53,362 3,14,46,638 3,95,39,726

financials

Sub total 4,00,00,000 — — 4,00,00,000 4,60,274 80,93,088 — 85,53,362 3,14,46,638 3,95,39,726
Total 13,31,22,463 1,22,67,835 21,47,732 14,32,42,566 4,18,22,636 1,74,99,417 19,81,255 5,73,40,798 8,59,01,769 9,12,99,827
Prev. Year Figures 7,57,53,643 5,73,68,820 - 13,31,22,463 3,43,21,195 75,01,436 — 4,18,22,631 9,12,99,828 4,14,32,448
173
174
Note :12 F.Y. 2017-18
As at 31 March
As at 31 March 2018
Non - Current Investments 2017
Rs. Rs.
Other Investment
(a) Investment in Equity instruments 22,82,750 22,82,750
Total 22,82,750 22,82,750
Details of Non - Trade Investment
If Answer
Subsidiary / Whether
to Column
Associate / JV/ Quoted / Partly Paid / stated at
Sr. No. Name of the Body Corporate No. of Shares / Units Extent of Holding (%) Amount (Rs.) (9) is 'No' -
Controlled Entity / Unquoted Fully paid Cost
Basis of
Others Yes / No
Valuation
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (12) (13)
(a) Investement in Equity Instruments
1 Eq share of Digi Corp P.Ltd (Shares of Rs.10 Each) Others 700 700 Unquoted Fully Paid up - - 17,00,000 17,00,000 Yes N.A
2 Eq share of Anjani Infra P.Ltd (Shares of Rs.10 Each) Others 8,000 8,000 Unquoted Fully Paid up - - 80,000 80,000 Yes N.A

3 Eq share of Kalupur commercial co-op Bank Ltd. (Shares of Rs.25 Each) Others 50,000 50,000 Unquoted Fully Paid up - - 12,50,000 12,50,000 Yes N.A
5 Eq Share Of GESIA IT Association Others 5 5 Unquoted Fully Paid up 100 100 Yes N.A
6 Ep Share of Kesari Nandan Co-op Housing Society (Shares of Rs.50 Each) Others 5 5 Unquoted Fully Paid up - - 250 250 Yes N.A
Total 30,30,350 30,30,350
Particulars 2017-18 2016-17

Rs. Rs.
Aggregate amount of unquoted investments 30,30,350 30,30,350
Less: Provision for dimunition in value of unquoted investment 7,47,600 7,47,600

Net Value Aggregate amount of unquoted investments 22,82,750 22,82,750
financials

financials
Note No. 13
Long Term Loans and Advances 2018 2017
Rs Rs
(a) Other Deposits 31,85,688 1,04,26,255

(b) Loans & Advances to Related parties 11,25,000 1,25,000

(c) InterCorporate Loan 26,38,417 -

Total 69,49,105 1,05,51,255
Note No. 14
Inventories 2018 2017
Rs Rs
(a) Stock in Trade * 25,92,109 21,51,078

(b) Software Development Project in Process** 6,29,22,258 4,40,29,222
Total 6,55,14,367 4,61,80,300
Note No. 14.1
*Stock in Trade valued at cost or Net Reliazable , Whichever is Lower

** Software Development Project in Progress are Valued At Cost

financials
Note No. 15
Trade Receivables 2018 2017
Rs Rs
Trade receivables outstanding for a period less

than six months from the date they are due for
payment
Sub Total 22,42,61,730 16,28,80,224

Trade receivables outstanding for a period
exceeding six months from the date they are
due for payment
Sub Total 3,89,42,947 3,99,76,447
Total(A) 26,32,04,677 20,28,56,671
Note No. 16
Dev Information Technology Ltd.
CashAnnual Report
and cash 2017-18
equivalents 2018 2017
Rs Rs
(a) Cash on hand 8,236 99,508
(b) Balances with banks

This includes:
Balances in current accounts 4,90,67,211 2,52,22,852
Balances in Unpaid Dividend Accounts 3,000
Balance In Fixed deposits ** 2,00,000
Balance In Fixed deposits with more than 2,39,31,689 2,61,33,182

twelve month maturity**
Total 7,32,10,136 5,14,55,542

** Fixed Deposits are held as security against 43,85,887 93,26,094
Guarantee

financials
Note No. 17
Short-term loans and advances 2018 2017
Rs Rs
Others Loans & Advances

Advance Tax & TDS Receivable (Net of Provisions) 1,63,00,196 1,24,95,629
Advance to employees 3,14,211 2,70,224
Advance to Supplier 8,58,556 -
Others 2,76,15,054 1,68,56,047
Total 4,50,88,017 2,96,21,900
Note No. 18
2017-18 2016-17
Revenue from Operations
Rs Rs
Sale of products 29,54,10,707 30,50,84,518

Sale of services 49,24,38,215 33,21,67,978
Other operating revenues 21,01,891 19,79,461
Total 69,58,65,387 63,92,31,957
Note No. 19
2017-18 2016-17
Other Income
Rs Rs
Interest Income 28,96,996 32,18,458

Dividend Income 1,50,000 1,50,000
Share of Profit from Dev Accelerator LLP 91,149 -
Profit on sale of assets 2,44,522 -
Foreign Fluctuation gain 1,88,649 16,55,273
Total 35,71,316 50,23,731

financials
Note No. 20
2017-18 2016-17
Cost Of Goods & Services
Rs Rs
Purchase of Products 32,59,52,555 32,21,60,596

Cost of IT Infra & Support Services 15,55,10,400 5,76,13,035
Total 38,73,77,530 37,97,73,631
Note No. 21
Changes in Inventories of Stock in Trade & 2017-18 2016-17

Work in Progress of Services Rs Rs
Opening Stock
i)Products 21,51,078 32,15,308
4,61,80,300 3,34,48,722
Less :
Closing Stock
i)Products 25,92,109 21,51,078
6,55,14,367 4,61,80,300
Total -1,93,34,067 -1,27,31,578
Note No. 22
2017-18 2016-17
Employee Benefits Expenses
Rs Rs
Salaries and incentives 16,03,76,011 14,96,50,050

Directors Remuneration 1,13,61,800 80,56,800
Contributions to :
Provident fund 61,09,784 69,20,596
E.S.I.C. 25,57,559 26,00,449
Gratuity fund contributions 70,91,708 22,74,553
Leave Encashment Expense 11,10,055 8,73,565

financials
Staff welfare expenses 19,04,281 16,67,734
Total 19,05,11,198 17,20,43,747
Note No. 23
2017-18 2016-17
Finance Cost
Rs Rs
Interest on Term Loan 77,24,470 1,01,23,552

Other Interest expense 44,49,528 45,85,727
Other Borrowing Cost 46,95,691 15,49,527
Total 1,68,69,689 1,62,58,806
Note No. 24
2017-18 2016-17
Other Expenses
Rs Rs
Donation Expense 1,17,550 9,30,900

General Charges 87,75,129 35,83,020
Insurance Expense 14,68,812 9,08,670
Marketing & Distribution Expense 28,74,876 15,35,637
Bookkeeping Services 4,83,342 3,23,950
Postage & Telephone Expense 26,66,629 43,11,715
Electricity Expenses 23,41,223 21,32,662
Printing & Stationery Expense 12,47,390 4,26,662
Legal & Professional Charges 11,51,246 14,13,658
Rent Rates & Taxes 37,74,212 36,85,951
Dimunition In Investment - 7,47,600
Auditor Remuneration 1,01,980 1,00,000
Repairs & Maintenance
-Building 6,19,887 2,48,406
-Furniture & Fixture 7,300 1,71,235
-Others 2,00,124 3,28,761
Subscription & Membership Fees 10,55,031 13,06,566
Travelling & Conveyance 2,41,13,322 1,35,80,720
Directors Foreign Travelling Expense 4,94,886 9,38,175
Total 5,14,92,938 3,67,93,700

nk
bla
left
lly
o na
nti
nte
ni
ee

b
as
eh
ag
is p
Th

attendence slip & proxy form

(CIN: L30000GJ1997PLC033479)
Registered Office: 14, Aaryans Corporate Park Nr. Shilaj Railway Crossing,
Thaltej, Ahmedabad-380059 Gujarat, India
Tel No: +91-79-26304241/ 26305751; E-mail: [email protected] ;
ATTENDANCE SLIP
This attendance slip duly filled in is to be handed over at the entrance of the meeting hall.
Folio No *DP ID
No. of Shares *Client ID
Full name of the member attending _____________________________________________________
Full name of the first joint-holder _______________________________________________________

(To be filled in if first named joint-holder does not attend the meeting)
Name of Proxy ______________________________________________________________________

(To be filled in if Proxy Form has been duly deposited with the Company)
I hereby record my presence at the 21ST ANNUAL GENERAL MEETING being at Block-12 Aaryans Corporate
Park, Nr. Shilaj Railway Crossing, Thaltej, Ahmedabad-380059, Gujarat, India on Saturday, 29th
September, 2018 at 4:00 P.M.
Member’s / Proxy Signature

(To be signed at the time of handing over of this slip)
* Applicable to holders holding shares in demat/electronic form
Notes:-
1. Only Member / Proxyholder can attend the Meeting.

2. Member / Proxyholder should bring his/her copy of the Annual Report for reference at the
Meeting.
3. Please fill this attendance slip and hand it over at the entrance of the Meeting Hall.
4. Members signature should be in accordance with the specimen signature in the Register of
Members of the Company.
------------------------------------------------------------------------------------------------------------------------

nk
bla
left
lly
o na
nti
nte
ni
ee

b
as
eh
ag
is p
Th


(CIN: L30000GJ1997PLC033479)
Registered Office: 14, Aaryans Corporate Park Nr. Shilaj Railway Crossing,
Thaltej, Ahmedabad-380059 Gujarat, India
Tel No: +91-79-26304241/ 26305751; E-mail: [email protected] ;
Form MGT-11 PROXY FORM

[Pursuant to section 105(6) if the Companies Act, 2013 and rule 19(3) if the Companies (Management
and Administration Rules, 2014]
21st Annual General Meeting
Name of the member(s): _____________________________________________________________________
Registered address: _________________________________________________________________________
Email ld: ___________________________________________________________________________________
Folio No.: __________________________________________________________________________________
DP ld/Ciient ld:______________________________________________________________________________
I/We, being the member(s) of________________________ shares of the above named Company,
hereby appoint
1. Name: ________________________________________________________________________________
Address: ______________________________________________________________________________
Email ld: ____________________________________________________
Signature: __________________________________________, or failing him
2. Name: ________________________________________________________________________________
Address: ______________________________________________________________________________
Email ld: ____________________________________________________
3. Name: ________________________________________________________________________________
Address: ______________________________________________________________________________
Email ld: ____________________________________________________

As my/our proxy to attend and vote (on a poll) for me/ us and my/our behalf at the 21st Annual General
Meeting of the Company, to be held on Saturday, the 29th day of September, 2018 at 04:00 p.m. at 12,
Aaryans Corporate Park Nr. Shilaj Railway Crossing, Thaltej Ahmedabad, Gujarat 380059 India and at
any adjournment thereof in respect of such resolutions as are indicated below:
Sr. No. Resolution For Against
ORDINARY BUSINESS
1 Adoption of Annual Accounts, Auditor’s & Director’s Report
2 Declaration of Dividend @ 5%
Re-appointment of Mr. Pranav N. Pandya, as an Executive director,
3 retire by
rotation
Modification to the resolution related to appointment of Statutory
4 Auditors (M/s. Chandulal M. Shah & Co.), passed at 19th AGM held on
September 30th, 2016
SPECIAL BUSINESS
To extend the approval of Dev Information Technology Employee
5 Stock Option Plan — 2018 (‘ESOP 2018’ or ‘Plan’)
Signed this
Dev Information _______Ltd.
Technology dayAnnual
of ___________ 2018
Report 2017-18 Affix revenue
Stamp of not
less than Re. 1
Signature of Shareholder
Note:
1. This form of proxy in order to be effective should be duly completed deposited at the Registered Office of the
Company not less than 48 hours before the commencement of the Meeting.
2. A proxy need not be a member of the Company.
3. For, the resolutions, statement setting out material facts concerning items of Special business, please refer the
Notice convening 21st Annual General Meeting.
------------------------------------------------------------------------------------------------------------------------

nk
bla
left
lly
ona
nti
nte
ni
b ee
as
eh
ag
is p
Th

nk
bla
left
lly
o na
nti
nte
ni
ee

b
as
eh
ag
is p
Th

AGM VENUE:

12, Aaryans Corporate Park, Near Shilaj Railway Crossing,
Thaltej – Shilaj Road, Thaltej, Ahmedabad – 380059,
Gujarat, INDIA
ZYDUS HOSPITAL ROAD

SP PATEL RING ROAD
SG HIGHWAY
Near Shilaj Baghban
Railway Crossing Party
Plot
Hind Super Market Axis Bank
Khyati Baghban Thalte

Thaltej Shilaj Road Cross Towards Drive in Road
Circle Char Rasta Road
Aaryans Zion Silver

Corporate Prime Square
WAY TO SINDHUBHAVAN MARG
SP PATEL RING ROAD
Park Complex Complex
Dev Information Technology Ltd. SG HIGHWAY

12, Aaryans Corporate Park, Near
Shilaj Railway Crossing,
Thaltej – Shilaj Road, Thaltej,
Ahmedabad – 380059,

Corporate and Registered Office
Dev Information Technology Limited

14, Aaryans Corporate Park, Near Shilaj Railway Crossing,
Thaltej – Shilaj Road, Thaltej, Ahmedabad – 380059, Gujarat, INDIA
Tel: +91-79-26 30 4241 | +91-79-26 30 5751 |
+91-942 989 9852 | +91-942 989 9853 | +91-987 910 7870
Rajasthan, India Maharashtra, India

Dev Information Technology Limited Dev Information Technology Limited
90, Neelkanth Colony, Queens Road, 14 Flat No12 Shreedatta Apartment,
Nr. Purani Chungi, Jaipur-302-021, INDIA Shivajinagar, Mumbai Pune Road,
Phone: +91-9001092525 Pune-411005, Maharashtra

devAR 2017 2018

Uploaded by

Copyright:

Available Formats

devAR 2017 2018

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

devAR 2017 2018

Uploaded by

Copyright:

Available Formats

Dev Information Technology Limited

CMMi LEVEL 3 COMPANY

ISO 9001 CERTIFIED

ISO 27001 CERTIFIED

500+ CLIENTS GLOBALLY

LETTER TO SHAREHOLDERS .............................................................. 24-26

NOTICE OF 21ST ANNUAL GENERAL MEETING........................... 27-37

DIRECTORS’ REPORT ........................................................................................... 38-98

Dev Information Technology Ltd. | Annual Report 2017-18 5

*Seated from left to right

Prerak Shah PRANAV PANDYA

6 Dev Information Technology Ltd. | Annual Report 2017-18

JAIMIN SHAH VISHAL VASU

Dev Information Technology Ltd. | Annual Report 2017-18 7

V V Rama Subba Rao

Dev Information Technology Ltd. Annual Report 2017-18

8 Dev Information Technology Ltd. | Annual Report 2017-18

Alpna Sharma Chaitali Shah Devaang Bhatt Devang Bhatt

Debashish Ghosh Harshil Shah Ketan Shah Kaushal Vyas

MohammedIrfan Nilay Bhatt Paritosh Jani Sanjay Santoki

Shomy Tejas Patel Zenul Jinwala

Dev Information Technology Ltd. | Annual Report 2017-18 9

Board of Directors and Key Managerial Personnel

PRANAV NIRANJANBHAI Jaimin Jagdishbhai Vishal Nagendra

Chairman & Whole-Time Director Managing Director Whole-Time Director

Prerak Pradyumna Venkata Rama Subba Hiren Karsanbhai

Whole-Time Director Independent Director Independent Director

Anand Anilbhai Rama Harshil Hemant

Independent Director Woman Independent Director Chief Financial Officer

Dev Information Technology Ltd. Annual Report 2017-18

Company Secretary and

10 Dev Information Technology Ltd. | Annual Report 2017-18

Registered Office and Corporate Office:

DEV INFORMATION TECHNOLOGY LIMITED

Listing: Registrar & Transfer Agent:

Statutory Auditors: Secretarial Auditor:

Contact Details for Investors:

Dev Information Technology Ltd. | Annual Report 2017-18 11

ChannelWorld Premier Top 100 SME’s of India SKOCH Achiever Order-of-

Best Smart Technology Best Managed IT Services The EXCELLENCIA for

and many more...

Thinking about new things and thinking in new ways.

Business Intelligence with Artificial Intelligence

Next Step Towards

Startup Accelerator Program

Collaborative Work Space

24 Dev Information Technology Ltd. | Annual Report 2017-18

Dev Information Technology Ltd. | Annual Report 2017-18 25

With Warm Regards,

DEV INFORMATION TECHNOLOGY LIMITED.

26 Dev Information Technology Ltd. | Annual Report 2017-18

3. Re-appointment of Director retiring by rotation:

4. Modification to the resolution related to appointment of Statutory Auditors:

Dev Information Technology Ltd. | Annual Report 2017-18 27

By Order of Board of Directors,

Place:- Ahmedabad Krisa Patel

28 Dev Information Technology Ltd. | Annual Report 2017-18

Dev Information Technology Ltd. | Annual Report 2017-18 29