STANDALONE BALANCE SHEET AS AT 31 MARCH, 2018
(AMOUNT IN ₹)
Particulars |
Note No. |
As at 31 March, 2018 |
As at 31 March, 2017 |
I. EQUITY AND LIABILITIES |
|
|
|
1 Shareholders' funds |
|
|
|
(a) Share capital |
3 |
|
|
(b) Reserves and surplus |
4 |
|
|
2 Share application money pending allotment |
|
- |
- |
3 Non-current liabilities |
|
|
|
(a) Long-term borrowings |
5 |
|
|
(b) Deferred tax liabilities (Net) |
|
|
|
4 Current liabilities |
|
|
|
(a) Short-term borrowings |
6 |
|
|
(b) Trade payables |
7 |
|
|
(i) Due to micro enterprises and small enterprises |
|
17,99,221 |
2,03,982 |
(ii) Due to others |
|
4,01,44,830 |
2,89,23,700 |
(c) Other current liabilities |
8 |
|
|
(d) Short-term provisions |
9 |
|
|
TOTAL |
|
|
|
II. ASSETS |
|
|
|
1 Non-current assets |
|
|
|
(a) Fixed assets |
10 |
|
|
(i) Tangible assets |
|
|
|
(ii) Intangible assets |
|
|
|
(iii) Capital work-in-progress |
|
- |
- |
(iv) Intangible assets under development |
|
|
|
(b) Non-current investments |
11 |
|
|
(c) Long-term loans and advances |
12 |
|
|
(d) Other non-current assets |
13 |
|
|
2 Current assets |
|
|
|
(a) Trade receivables |
14 |
|
|
(b) Cash and Bank Balance |
15 |
|
|
(c) Short-term loans and advances |
16 |
|
|
(d) Other current assets |
17 |
|
|
TOTAL |
|
|
|
The accompanying policies and notes form an integral part of the financial statements
As per our Report of even date attached
For M. P. Chitale & Co. | For and on behalf of Board of Directors of IRIS Business Services Limited | ||
Chartered Accountants | |||
FRN: 101851W | |||
Viraj Londhe | Swaminathan Subramaniam | Deepta Rangarajan | |
Partner | Whole Time Director & CEO | Whole Time Director | |
Membership No. 45761 | |||
Place: Mumbai | Balachandran Krishnan | Jay Mistry | |
Date: May 30, 2018 | Whole Time Director & CFO | Company Secretary |
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH, 2018
(AMOUNT IN ₹)
Particulars |
Refer Note No. |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
I. Revenue from operations |
18 |
|
|
II. Other income |
19 |
|
|
III. Total Revenue (I + II) |
|
|
|
IV. Expenses: |
|
|
|
Employee benefits expense |
20 |
|
|
Finance costs |
21 |
|
|
Depreciation and amortization expense |
22 |
|
|
Other expenses |
23 |
|
|
Total expenses |
|
|
|
V. Profit from ordinary activities before exceptional and extraordinary items and tax (III-IV) |
|
( |
( |
VI. Exceptional expenses / (incomes) |
24 |
|
|
VII. Profit from ordinary activities before extraordinary items and tax (V-VI) |
|
( |
( |
VIII. Extraordinary Items |
|
- |
- |
IX. Profit from ordinary activities before tax (VII-VIII) |
|
( |
( |
X Tax expense: |
|
|
|
(1) Current tax |
|
- |
- |
(2) Deferred tax |
|
( |
( |
(3) Tax expense/ (income) for earlier years |
|
- |
- |
XI Profit (Loss) for the period from continuing operations (IX-X) |
|
( |
( |
XII Profit/(loss) from discontinuing operations |
|
- |
- |
XIII Tax expense of discontinuing operations |
|
- |
- |
XIV Profit/(loss) from Discontinuing operations (after tax) (XII-XIII) |
|
- |
- |
XV Profit (Loss) for the period (XI + XIV) |
|
( |
( |
XVI Earnings per equity share: |
|
|
|
(1) Basic |
|
( |
( |
(2) Diluted |
|
( |
( |
The accompanying policies and notes form an integral part of the financial statements
As per our Report of even date attached
For M. P. Chitale & Co. | For and on behalf of Board of Directors of IRIS Business Services Limited | ||
Chartered Accountants | |||
FRN: 101851W | |||
Viraj Londhe | Swaminathan Subramaniam | Deepta Rangarajan | |
Partner | Whole Time Director & CEO | Whole Time Director | |
Membership No. 45761 | |||
Place: Mumbai | Balachandran Krishnan | Jay Mistry | |
Date: May 30, 2018 | Whole Time Director & CFO | Company Secretary |
STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2018
(AMOUNT IN ₹)
Particulars |
For the year ended |
For the year ended |
A. CASH FLOW FROM OPERATING ACTIVITIES |
|
|
Profit before tax |
(5,32,03,437) |
(11,56,93,504) |
Adjustments for: |
|
|
Depreciation and amortisation |
|
|
Write-off of Withholding tax |
84,44,946 |
1,33,67,416 |
Loss on Sales of Furniture |
1,91,893 |
6,05,576 |
Exceptional items non cash adjustments during the year |
5,40,765 |
43,76,928 |
Expense on employee stock option scheme |
22,16,220 |
- |
Interest Expenses |
|
|
Non Cash item in prior period expenses |
11,510 |
- |
Profit on sale / discarding of office equipment's |
(2,34,462) |
- |
Interest Income |
(22,45,023) |
(7,59,969) |
Total |
|
|
Operating Cash Profit before Working Capital Changes |
1,95,46,674 |
(3,22,78,325) |
(Increase) / Decrease in Inventories |
- |
- |
(Increase) / Decrease in Sundry Debtors |
(5,64,02,907) |
(2,06,68,807) |
(Increase) / Decrease in Short Term Loans and advances and Deposits |
(3,16,26,190) |
(48,09,480) |
(Increase) / Decrease in Other Current Assets |
( |
|
(Increase) / Decrease in Long Term Loans and advances |
- |
48,270 |
(Increase) / Decrease in Other Non - Current Assets |
(33,92,856) |
(12,26,767) |
(Decrease)/Increase in Trade Payables |
|
|
(Decrease) / Increase in Other Current Liabilities |
|
|
Increase / (Decrease) in Balance of cash credit facilities |
1,33,35,518 |
2,13,28,244 |
(Decrease) / Increase in Short term Provisions |
|
|
Total |
( |
|
Taxes Paid |
( |
( |
Net Cash Inflow /(Outflow) in course of Operating activities (A) |
( |
|
|
|
|
B. CASH FLOW FROM INVESTING ACTIVITIES |
|
|
Purchase of Fixed Assets (including capital advances) |
( |
( |
In-house Software Products Capitalisation |
( |
( |
Interest Income Received |
|
|
Sales/Scrap Value of Fixed Assets |
|
- |
Net Cash Inflow /(Outflow) in the course of Investing Activities (B) |
( |
( |
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
Proceeds From Share Capital & Share Premium |
|
- |
Fresh Loan /(Repayment) of term loans during the year (net) |
( |
( |
Interest paid on Term Loans |
( |
( |
Net cash flow used in financing activities (C) |
|
( |
Net increase/(decrease) in Cash and cash equivalents (A + B + C) |
|
( |
Add: Balance of Cash/Cash Equivalents at the beginning of the year |
|
|
Cash/Cash Equivalents at the close of the year |
|
|
Cash/Cash Equivalents as at 31.03.2018 |
5,23,27,083 |
10,20,491 |
Less: FDs given as security not in nature of cash and cash equivalent |
- |
- |
|
5,23,27,083 |
10,20,491 |
The accompanying policies and notes form an integral part of the financial statements
As per our Report of even date attached
For M. P. Chitale & Co. | For and on behalf of Board of Directors of IRIS Business Services Limited | ||
Chartered Accountants | |||
FRN: 101851W | |||
Viraj Londhe | Swaminathan Subramaniam | Deepta Rangarajan | |
Partner | Whole Time Director & CEO | Whole Time Director | |
Membership No. 45761 | |||
Place: Mumbai | Balachandran Krishnan | Jay Mistry | |
Date: May 30, 2018 | Whole Time Director & CFO | Company Secretary |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
1 Corporate information
IRIS Business Services Limited ("The Company") is a public limited company domiciled and headquartered in India and is listed on the Bombay Stock Exchange (BSE) SME Platform. The registered office of the Company is located at T-231, Tower 2, 3rd Floor, International Infotech Park, Vashi, Navi Mumbai -400 703. The company has subsidiaries in United States, Singapore and Italy. Incorporated in 2000, IRIS is a global provider of software products for compliance, data and analytics.
The company cater to Regulators including Central Banks, Business Registries, Capital Market Regulators and Stock Exchanges. We also provide solutions to the regulated, including Corporates, Banks, Mutual Funds.
The financial statements of the Company for the year were approved and adopted by Board of Directors of the Company in its meeting held on May 30, 2018.
2 Significant accounting policies
2.1 Basis of preparation of financial statements
These financial statements are prepared and presented in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('Act').
The accounts have been prepared on historical cost basis using the accrual basis of accounting. The preparation of financial statements as per this policy requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates.
All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of services and the time between the acquisition of assets/ inputs for processing and their realisation in cash and cash equivalents, the company has ascertained its normal operating cycle as 12 months for the purpose of current/ non current classification of assets and liabilities.
2.2 Revenue Recognition
Revenue is recognized when no significant uncertainty exists as to either the measurement or ultimate realization of the same.
Revenue from Operations
i. Revenue from contracts for development or customization of software is measured using the proportionate completion method and are recognised, provided at the time of performance it is not unreasonable to expect ultimate collection.
ii. Revenue from sale of software/ software licenses which do not involve any customization are recognized upon delivery of the software to the clients and subscription income is recognized as revenue are recognised over the period of the subscription.
iii. Revenue from advertisement, data conversion services is recognised after the performance of the services and it is not unreasonable to expect ultimate collection.
iv. Revenues from maintenance and content contracts are recognised on a straight line basis over the period of the contract.
v. Royalty income is recognised as and when right to receive royalty is established.
vi. When the uncertainty, relating to the collectability arises subsequent to the rendering of the service, a separate provision is made to reflect the uncertainty and the amount of revenue originally recorded is not adjusted.
vii. Unbilled revenue included in 'Other current assets', represents amounts in respect of services performed in accordance with contract terms, not yet billed to customers at the year end. Income billed in advance included in 'Other current liabilities' represents amounts received/billed in excess of the value of work performed in accordance with the terms of the contracts with customers.
Other Income
i. Interest on Bank deposits is recognized on accrual basis.
ii. Rental income is recorded on accrual basis.
iii. Any other income is recognized on accrual basis, when no significant uncertainty as to measurability or collectability exists.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
2.3 Fixed Assets
Tangible Fixed Assets are stated at the cost of acquisition less accumulated depreciation. Cost includes incidental expenses incurred during the acquisition/installation, and excludes taxes and duties for which credit has been claimed.
Intangible assets are recorded at the consideration paid for acquisition of such asset and are carried at cost less accumulated amortisation and impairment.
Capitalisation of Expenses incurred for development of software:
Costs incurred in the development of proprietary software products have been classified and grouped under the heads "Software Developed In-House" & "Intangible Assets under Development" under Fixed Assets as per the recognition criteria laid down under AS 26 . Expenditure on research is recognised as an expense when it is incurred. Development costs of products are also charged to the Statement of Profit and Loss unless all the criteria for capitalisation as set out in AS 26 -Intangible Assets' have been met by the Company.
2.4 Depreciation & Amortization
Tangible fixed assets are depreciated on straight line basis over the useful life as specified in Schedule II of Companies Act, 2013. Individual assets whose cost does not exceed ` 5,000/- are depreciated fully in the year of purchase.
Leasehold Property is being amortised over the remaining leasehold period on straight-line basis.
Software products both proprietary and purchased are amortized over a period of 5 to 6 years on straight line basis, the amortization commences once the said product is available for use.
The useful lives used by the Company on various assets are as below:
Assets type |
Useful life (in Years) |
Building |
60 |
Laptop & desktops |
3 |
Server & networks |
6 |
Furniture |
10 |
Office equipment |
5 |
Software |
5 |
2.5 Impairments
At each Balance Sheet date, the company assesses whether there is any indication that an asset may be impaired. If any such indication exists, management estimates the recoverable amount. Recoverable amount is higher of an asset's net selling price and value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognised in the Statement of Profit and Loss to the extent carrying amount exceeds recoverable amount. Assessment is also done at each Balance sheet date as to whether there is any indication that an impairment loss recognised for an asset in prior accounting periods may no longer exist or many have decreased.
2.6 Investments
Long term investments are stated at cost, and provision for diminution is made when in the management's opinion there is a decline, other than temporary, in the carrying value of such investments. Short term investments are valued at lower of cost and net realizable value.
2.7 Provisions and contingent liabilities
The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources would be required to settle the obligation, the provision is reversed. Contingent assets are not recognized in the financial statements.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
2.8 Miscellaneous Expenditure including share issue expenses
Preliminary and other miscellaneous expenses and share issue expenses are written off as and when incurred in accordance with the requirements of accounting standard 26.
2.9 Foreign Currency Transactions
The functional currency of the Company is the Indian Rupee (`).
Transactions denominated in foreign currency are recorded using the RBI exchange rates prevailing on the date of transaction, with the loss or gain arising on final settlement being adjusted in the Profit & Loss A/c.
The monetary items denominated in the foreign currency as at the end of the year are translated using the RBI exchange rates prevailing on the date of the balance sheet and the corresponding loss or gain on translation adjusted in the Profit & Loss A/c.
2.10 Prepaid Expenses
Expenses which are incurred in one year and which spill over to the subsequent years are recognised as prepaid on proportionate basis.
2.11 Employee Benefits
Short-term employee benefits including salaries, wages, bonus and other benefits are recognized as expenses at the actual value as per contractual terms & charged to the profit and Loss Account for the year in which the related service is rendered.
The employees are eligible for leave as per leave policy of the company. The un-utilised leave can be carried forward and utilised during the course of employment. No encashment is allowed of unutilised leave. The obligation for the leave encashment is recognised based on an independent actuarial valuation at the Balance Sheet date. The expense is recognized in the statement of profit and loss at the present value of the amount payable determined based on actuarial valuation using "projected unit credit method".
The Company has provided for gratuity payable to employees on the basis of actuarial valuation carried out by an independent actuary as per Projected Unit Credit Method carried out at the closed of the year. The Company makes annual contributions in respect of those employees who have completed five years in service, to the Group Gratuity Cash Accumulation Scheme of the LIC, which is a funded defined benefit plan.
2.12 Taxation
Tax expense for the year comprises of current tax and deferred tax. Current tax is measured by the amount of tax expected to be paid to the taxation authorities on the taxable profits after considering tax allowances and exemptions and using applicable tax rates and laws. Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and tax laws enacted or substantively enacted as on the Balance Sheet date. Deferred tax assets are recognised and carried forward to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Deferred tax assets in respect of unabsorbed depreciation or carry forward losses are recognised only to the extent there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.
The carrying amount of deferred tax assets is reviewed at each balance sheet date for any write down or reversal, as considered appropriate.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each balance sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer convincing evidence to the effect that the Company will pay normal income tax during the specified period.
Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognised amount and there is an intention to settle the asset and liability on a net basis.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off assets against liabilities representing the current tax and where the deferred tax assets and liabilities relate to taxes on income levied by the same governing taxation laws.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
2.13 Leases
Where the Company as a lessor leases assets under finance leases, such amounts are recognised as receivables at an amount equal to the net investment in the lease and the finance income is recognised based on a constant rate of return on the outstanding net investment.
Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of ownership vest in the Company are classified as finance leases. Such leases are capitalised at the inception of the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis.
2.14 Service Tax and GST
Service tax is accounted in accordance with the Guidance note on Accounting of Service Tax issued by ICAI. Accordingly input credit to the extent not utilized for payment of service tax accounted as asset as it would be available for adjustment against Service Tax payable in the future.
With effect from 01st July 2017, Goods and Service Tax Act was made effective replacing Value Added Tax and Service Tax provisions. The Goods and Services Tax, namely CGST, SGST and IGST, hereinaftered referred to as GST, was levied on the services rendered by the Company on the similar lines as was Service tax was levied. The unutilised Cenvat credit as on 30th June 2017 was transferred under the GST provisions. The unutilised input credit under the GST provisions as on the balance sheet date was disclosed as other current asset in the balance sheet.
2.15 Segment reporting
The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organisation and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment.
Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market/fair value factors.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on reasonable basis have been included under "unallocated revenue/expenses/assets/ liabilities".
2.16 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share is computed by dividing the profit/ (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
2.17 Provisions and contingencies
A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.
2.18 Accounting for Employee Stock Options
Stock options granted to employees of IRIS Business Services Limited and its subsidiaries under the stock option schemes approved by the shareholders of the company on September 13, 2017 are accounted as per the treatment prescribed by the Guidance Note on Employee Share-based Payments issued by the Institute of Chartered Accounts of India as required by the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. The fair value of the option being stock option granted for purchase could be exchanged between knowledgeable, willing parties in an arm's length transaction is recognised as deferred employee compensation with a credit to share options outstanding account. The Expense on deferred employee compensation is charged to Statement of Profit and Loss on straight line basis over the vesting period of the option. The options that lapse are reversed by a credit to Expense on Employee Stock Option Scheme, equal to the amortized portion of value of lapsed portion and a debit to share options outstanding account equal to the un-amortised portion.
2.19 Cash and Bank Balance
Cash and cash equivalents include cash in hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 3 Share Capital
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
||
Number |
₹ |
Number |
₹ |
|
Authorised |
|
|
|
|
Equity Shares of ₹ 10/- each |
2,50,00,000 |
25,00,00,000 |
80,00,000 |
8,00,00,000 |
Issued |
|
|
|
|
Equity Shares of ₹ 10/- each |
1,88,79,162 |
18,87,91,620 |
69,37,581 |
6,93,75,810 |
Subscribed & Paid up |
|
|
|
|
Equity Shares of ₹ 10/- each fully paid |
1,88,79,162 |
18,87,91,620 |
69,37,581 |
6,93,75,810 |
Total |
1,88,79,162 |
18,87,91,620 |
69,37,581 |
6,93,75,810 |
Reconciliation of shares outstanding at the beginning and at the end of the reporting period.
|
Equity Shares |
|||
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
||
|
Number |
₹ |
Number |
₹ |
Shares outstanding at the beginning of the year |
69,37,581 |
6,93,75,810 |
69,37,581 |
6,93,75,810 |
Shares Issued during the year |
1,19,41,581 |
11,94,15,810 |
- |
- |
Shares bought back during the year |
- |
- |
- |
- |
Shares outstanding at the end of the year |
1,88,79,162 |
18,87,91,620 |
69,37,581 |
6,93,75,810 |
The Company does not have any holding company.
Shares in the company held by each shareholder holding more than 5 percent share specifying the number of shares held:
|
Equity Shares |
|||
Name of Shareholder |
As at 31 March, 2018 |
As at 31 March, 2017 |
||
|
No. of Shares held |
% of Holding |
No. of Shares held |
% of Holding |
Swaminathan Subramaniam |
48,72,168 |
26 |
24,36,084 |
35 |
Vistra ITCL India Limited (Trustee for Shubkam Growth Fund I) |
39,07,598 |
21 |
19,53,799 |
28 |
Deepta Rangarajan |
14,46,052 |
8 |
7,21,026 |
10 |
Balachandran Krishnan |
11,04,000 |
6 |
5,52,000 |
8 |
Madhuri Kela |
10,72,000 |
6 |
- |
- |
Total |
1,24,01,818 |
|
56,62,909 |
|
As per records of the Company, including its Register of Members and other declarations received from them regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
Shares reserved for issue under option
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Number of shares to be issued under the Employee Stock Option Plans |
7,00,000 |
- |
[Refer note 30 for details of shares to be issued under the Employee Stock Option Scheme.]
Aggregate number of shares issued as fully paid up for consideration other than cash, bonus shares issued and shares bought back during the period of 5 years immediately preceding the reporting date.
Particulars |
Year (Aggregate No. of Shares) |
||||
2017-18 |
2016-17 |
2015-16 |
2014-15 |
2013-14 |
|
Equity Shares: |
|
|
|
|
|
Fully paid up pursuant to contract(s) without payment being received in cash |
- |
- |
- |
- |
- |
Fully paid up by way of bonus shares |
69,37,581 |
- |
- |
- |
- |
Shares bought back |
- |
- |
- |
- |
- |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 3 Share Capital (Contd.)
Rights, preferences and restrictions attached to equity shares
The company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the company's residual assets. The equity shares are entitled to receive dividend as declared from time to time subject to payment of dividend to preference shareholders. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
Failure to pay any amount called up on shares may lead to forfeiture of the shares.
On winding up of the company, the holders of equity shares will be entitled to receive the residual assets of the company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Note 4 Reserves & Surplus
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
a. Securities Premium Account |
|
|
Opening Balance |
7,01,14,550 |
7,01,14,550 |
Add : Securities premium credited on Share issue |
11,00,88,000 |
- |
Less: Premium Utilised for various reasons |
|
|
Premium on Redemption of Debentures |
- |
- |
For Issuing Bonus Shares |
6,93,75,810 |
- |
Closing Balance |
11,08,26,740 |
7,01,14,550 |
b. Share Options Outstanding Account |
|
|
Opening Balance |
|
|
Add: Amounts recorded on grants/modifications/cancellations during the year |
22,16,220 |
- |
(+) Current Year Transfer |
- |
- |
(-) Written Back in Current Year |
- |
- |
Closing Balance |
22,16,220 |
- |
c. General Reserves |
|
|
Opening Balance |
4,75,000 |
4,75,000 |
(+) Current Year Transfer |
- |
- |
(-) Written Back in Current Year |
- |
- |
Closing Balance |
4,75,000 |
4,75,000 |
d. Surplus |
|
|
Opening balance |
6,16,18,714 |
16,16,69,498 |
(+) Net Profit/(Net Loss) For the current year |
(4,89,29,519) |
(10,00,50,784) |
Closing Balance |
1,26,89,195 |
6,16,18,714 |
Total |
12,62,07,155 |
13,22,08,264 |
Note 5 Long Term Borrowings
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Secured |
|
|
(a) Term loans |
|
|
#from Federal Bank |
9,15,66,719 |
12,11,47,315 |
(Secured against Property at T-231, 3rd Floor, Tower No. 2, International Infotech Park, Vashi, Navi Mumbai -400 703) |
|
|
Loan Sanctioned ₹ 16,00,00,000 on 16th March 2015 |
|
|
Interest Rate - Base rate + 1.15% p.a. (variable) |
|
|
Current Interest Rate 11.35% (Previous year 11.35%) |
|
|
Repayable in 84 months in 28 quarterly instalments |
|
|
This loan is guaranteed by executive directors of the company |
|
|
Amount disclosed under the head Other Current Liabilities See Note No. 8 (a) |
(2,27,85,185) |
(2,27,85,185) |
Total |
6,87,81,534 |
9,83,62,130 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 6 Short Term Borrowings
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Secured |
|
|
(a) Loans repayable on demand |
|
|
from banks |
|
|
Cash Credit from Federal bank |
6,76,05,463 |
5,42,69,945 |
Loan Sanctioned ` 7,00,00,000 on 19th September 2016 |
|
|
Interest Rate- Base rate+ 2.01% p.a. (variable) |
|
|
Current Interest Rate as on 31.03.2018 10.91% (Previous year 11.53%) |
|
|
This loan is guaranteed by executive directors of the company |
|
|
Total |
6,76,05,463 |
5,42,69,945 |
Note 7 Trade Payables
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
(a) Dues to Micro, Small & Medium Enterprises (MSMEs) |
17,99,221 |
2,03,982 |
(b) Dues to Others |
4,01,44,830 |
2,89,23,700 |
Total |
4,19,44,051 |
2,91,27,682 |
Note 8 Other Current Liabilities
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
(a) Current maturities of long-term debt - Federal |
2,27,85,185 |
2,27,85,185 |
(b) Income billed in Advance |
2,54,03,150 |
2,21,97,828 |
- Refundable Deposits received |
90,000 |
90,000 |
- Statutory Dues |
34,54,893 |
30,25,251 |
- Amounts Payable to staff against Expenses incurred |
1,30,681 |
5,63,426 |
- Salaries, Wages & Bonus Payable |
4,43,27,353 |
2,43,59,383 |
- Contribution to PF / ESIC / MLWF Payable |
8,27,513 |
6,14,146 |
Total |
9,70,18,775 |
7,36,35,219 |
Note 9 Short Term Provisions
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
(a) Provision for employee benefits |
|
|
- Incentives |
5,46,77,370 |
4,55,51,514 |
-Gratuity |
1,84,79,316 |
1,41,38,004 |
- Leave Encashment |
25,78,700 |
28,53,027 |
(b) Others (Specify nature) |
|
|
Provision for Expenses Payable |
|
|
- Audit Fees |
8,19,000 |
8,19,000 |
- Consultancy Charges |
58,40,703 |
85,47,506 |
- Others |
94,88,247 |
43,96,498 |
Provision for Taxes |
6,66,71,524 |
6,66,71,524 |
Total |
15,85,54,860 |
14,29,77,073 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 10 Fixed Assets
(AMOUNT IN ₹)
|
Gross Block |
Accumulated Depreciation and Impairment |
Net Block |
|||||||||
Particulars |
Balance as at 1 April 2017 |
Additions/ (Disposals) |
Acquired through business combinations |
Revaluations / (Impairments) |
Balance as at 31 March 2018 |
Balance as at 1 April 2017 |
Depreciation charge at 31 March 2018 |
Adjustment due to revaluations/ Impairment |
On disposals |
Balance as at 31 March 2018 |
Balance as at 31 March 2017 |
Balance as at 31 March 2018 |
a Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Buildings (Leasehold) |
10,70,93,510 |
- |
- |
- |
10,70,93,510 |
87,00,851 |
19,47,156 |
- |
- |
1,06,48,007 |
9,83,92,659 |
9,64,45,503 |
Plant and Equipment |
5,91,94,406 |
5,52,174 |
- |
- |
5,97,46,580 |
5,35,14,944 |
21,63,890 |
- |
- |
5,56,78,834 |
56,79,462 |
40,67,746 |
Furniture and Fixtures |
79,60,535 |
- |
- |
- |
32,22,914 |
67,02,980 |
3,29,330 |
- |
45,45,728 |
24,86,582 |
12,57,555 |
7,36,332 |
|
|
(47,37,621) |
|
|
|
|
|
|
|
|
|
|
Office equipment |
67,51,011 |
- |
- |
- |
47,33,280 |
63,10,179 |
4,35,264 |
- |
20,17,731 |
47,27,712 |
4,40,832 |
5,568 |
|
|
(20,17,731) |
|
|
|
|
|
|
|
|
|
|
Total |
18,09,99,462 |
(62,03,178) |
- |
- |
17,47,96,284 |
7,52,28,954 |
48,75,640 |
- |
65,63,459 |
7,35,41,135 |
10,57,70,508 |
10,12,55,149 |
Fixed Assets
|
Gross Block |
Accumulated Depreciation and Impairment |
Net Block |
|||||||||
Particulars |
Balance as at 1 April 2017 |
Additions/ (Disposals) |
Acquired through business combinations |
Revaluations / (Impairments) |
Balance as at 31 March 2018 |
Balance as at 1 April 2017 |
Depreciation charge at 31 March 2018 |
Adjustment due to revaluations/ Impairment |
On disposals |
Balance as at 31 March 2018 |
Balance as at 31 March 2017 |
Balance as at 31 March 2018 |
b Intangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Database |
6,00,450 |
- |
- |
- |
6,00,450 |
6,00,450 |
- |
- |
- |
6,00,450 |
- |
- |
URL's |
5,00,000 |
- |
- |
- |
5,00,000 |
5,00,000 |
- |
- |
- |
5,00,000 |
- |
- |
Computer software |
1,93,78,404 |
2,03,087 |
- |
- |
1,95,81,491 |
1,49,77,460 |
20,42,715 |
- |
- |
1,70,20,175 |
44,00,944 |
25,61,316 |
Software developed in-house |
25,13,80,521 |
3,14,72,509 |
- |
- |
28,28,53,030 |
16,06,65,461 |
3,79,71,042 |
- |
- |
19,86,36,503 |
9,07,15,060 |
8,42,16,527 |
Total |
27,18,59,375 |
3,16,75,596 |
- |
- |
30,35,34,971 |
17,67,43,371 |
4,00,13,757 |
- |
- |
21,67,57,128 |
9,51,16,004 |
8,67,77,843 |
c Capital Work In Progress |
- |
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
Total |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
d Intangible assets under Development |
17,68,83,455 |
2,78,81,594 |
- |
- |
17,32,92,540 |
- |
- |
- |
- |
- |
17,68,83,455 |
17,32,92,540 |
|
|
(3,14,72,509) |
|
|
|
|
|
|
|
|
|
|
Total |
62,97,42,292 |
2,18,81,503 |
- |
- |
65,16,23,795 |
25,19,72,325 |
4,48,89,397 |
- |
65,63,459 |
29,02,98,263 |
37,77,69,967 |
36,13,25,532 |
Note 11 Non-Current Investments
A) Other Investments (Refer B below)
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
(a) Investment Properties |
|
|
(b) Investment in Equity instruments -Singapore |
1,11,95,389 |
1,11,95,389 |
(c) Investment in Equity instruments -US |
7,02,975 |
7,02,975 |
(d) Investment in Equity instruments -Italy |
7,12,000 |
7,12,000 |
Total (A) |
1,26,10,364 |
1,26,10,364 |
Grand Total (A + B) |
1,26,10,364 |
1,26,10,364 |
Less: Provision for dimunition in the value of Investments |
9,35,931 |
3,95,166 |
Total |
1,16,74,433 |
1,22,15,198 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 11 Non-Current Investments
B. Details of Other Investments
(AMOUNT IN ₹)
Sr. No. |
Name of the Body Corporate |
Subsidiary /Associate /JV/ Controlled Entity/ Others |
No. of Shares/ Units |
Quoted / Unquoted |
Partly Paid /Fully paid |
Extent of Holding (%) |
Amount (`) |
Whether stated at Cost Yes/No |
If Answer to Column (9) is 'No' - Basis of |
|||
|
|
|
2018 |
2017 |
|
|
2018 |
2017 |
2018 |
2017 |
|
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) |
(12) |
(13) |
(a) |
Investment in Equity Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
IRIS Business Services, LLC |
Subsidiary |
15000 |
15000 |
Unquoted |
Fully Paid |
100 |
100 |
7,02,975 |
7,02,975 |
Yes |
N.A. |
|
IRIS Business Services (Asia) Pte Ltd |
Subsidiary |
299900 |
299900 |
Unquoted |
Fully Paid |
98 |
98 |
1,11,95,389 |
1,11,95,389 |
Yes |
N.A. |
|
Atanou Srl |
Subsidiary |
|
|
Unquoted |
Fully Paid |
100 |
100 |
7,12,000 |
7,12,000 |
Yes |
N.A. |
Total |
- |
- |
- |
- |
- |
- |
- |
1,26,10,364 |
1,26,10,364 |
- |
- |
Note 12 Long Term Loans and Advances
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Security Deposits |
|
|
Secured, considered good |
|
|
Unsecured, considered good |
4,74,410 |
4,74,410 |
Doubtful |
|
|
Less: Provision for doubtful deposits |
- |
- |
|
4,74,410 |
4,74,410 |
Total |
4,74,410 |
4,74,410 |
Note 13 Other non-current assets
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Term Deposits with remaining maturity exceeding 12 months |
67,76,794 |
33,83,938 |
(Term Deposits offerred as security against bank guarantees) |
|
|
Total |
67,76,794 |
33,83,938 |
Note 14 Trade Receivables
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Trade receivables outstanding for a period less than six months from the date they are due for payment |
|
|
Secured, considered good |
|
|
Unsecured, considered good |
12,01,60,398 |
6,81,70,857 |
Unsecured, considered doubtful |
4,56,790 |
1,86,084 |
Less: Provision for doubtful debts |
(4,56,790) |
(1,86,084) |
|
12,01,60,398 |
6,81,70,857 |
Trade receivables outstanding for a period exceeding six months from the date they are due for payment |
|
|
Secured, considered good |
|
|
Unsecured, considered good |
1,33,11,453 |
88,98,087 |
Unsecured, considered doubtful |
22,61,314 |
23,00,933 |
Less: Provision for doubtful debts |
(22,61,314) |
(23,00,933) |
|
1,33,11,453 |
88,98,087 |
Total |
13,34,71,851 |
7,70,68,944 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 14 Trade Receivables (Contd.)
Trade Receivable stated above include debts due by:
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Partnership of Director |
56,91,359 |
85,91,115 |
Other officers of the Company * |
Nil |
Nil |
Firm in which director is a partner * |
Nil |
Nil |
Private Company in which director is a member |
9,98,591 |
12,31,991 |
Total |
66,89,950 |
98,23,106 |
*Either severally or jointly
Note 15 Cash & Bank Balance
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
1. Cash & Bank Balance |
|
|
a. Balances with banks |
5,04,90,187 |
7,91,512 |
b. Cash on hand |
8,179 |
13,723 |
c. Term Deposits with Original Maturity less than or equal to 3 months |
18,28,717 |
2,15,256 |
2. Other Bank Balances |
|
|
a. Term Deposits with remaining maturity of 12 months or less |
3,02,49,247 |
- |
Total |
8,25,76,330 |
10,20,491 |
Note 16 Short-term loans and advances
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
a. Loans and advances to related parties |
|
|
Secured, considered good |
|
|
Unsecured, considered good |
|
|
Less: Provision for doubtful loans and advances |
- |
- |
|
- |
- |
b. Others (specify nature) |
|
|
Secured, considered good |
|
|
Unsecured, considered good |
|
|
Prepaid Expenses |
69,33,356 |
55,15,680 |
Loans to Staff |
- |
52,691 |
Advances to Staff |
31,220 |
19,262 |
|
69,64,576 |
55,87,633 |
Total |
69,64,576 |
55,87,633 |
Note 16(a) Loans and advances to related parties
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Private Company in which director is a member* |
- |
- |
Total |
- |
- |
*Either severally or jointly
Note 17 Other current assets
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
Interest Accrued on Fixed Deposits |
3,88,812 |
60,782 |
Taxes on Income |
10,20,49,379 |
9,59,30,731 |
Service Tax Refund Claim |
44,03,457 |
61,43,714 |
Service Tax Input Credit |
6,26,384 |
36,51,888 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 17 Other current assets (Contd.)
(AMOUNT IN ₹)
GST Input Credit |
17,14,274 |
- |
Unbilled Revenue (net) |
2,84,67,154 |
2,14,35,588 |
Other Current Assets |
86,66,022 |
1,62,706 |
Total |
14,63,15,482 |
12,73,85,409 |
Note 18 Revenue from Operations
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Sale of products |
7,04,81,859 |
2,18,58,201 |
XBRL Related Projects & Services |
25,62,79,147 |
22,15,32,766 |
myiris.com, Content and Technology Services |
2,23,15,691 |
2,83,21,012 |
Total |
34,90,76,697 |
27,17,11,979 |
Note 19 Other Income
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Interest Income |
22,45,023 |
7,59,969 |
Net Exchanges Gain |
3,69,149 |
- |
Other non-operating income (net of expenses directly attributable to such income) |
16,12,144 |
7,16,018 |
Total |
42,26,316 |
14,75,987 |
Note 20 Employee Benefits Expense
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Salaries and wages, |
17,65,50,380 |
14,71,99,569 |
Contribution to provident and other funds |
95,02,704 |
71,93,927 |
Staff welfare expenses |
6,40,824 |
4,96,631 |
Employee Stock Option expenses |
22,16,220 |
- |
Total |
18,89,10,128 |
15,48,90,127 |
Note 21 Finance Cost
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Interest expense |
1,89,46,375 |
1,91,18,159 |
Bank Charges/ Commission |
9,63,225 |
11,17,475 |
Other Finance costs |
- |
5,88,125 |
Total |
1,99,09,600 |
2,08,23,759 |
Note 22 Depreciation and amortisation expenses
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Depreciation |
4,48,77,887 |
4,61,18,944 |
Amortisation of preliminary Expenses |
- |
- |
Total |
4,48,77,887 |
4,61,18,944 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 23(a) Other Expenses (I)
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Legal, Professional and Consultancy Fees |
1,97,44,327 |
3,15,89,797 |
Directors' Sitting Fees |
3,40,000 |
- |
Travelling and Conveyance |
47,72,031 |
23,13,613 |
STPI / Non-STPI - Annual Service Charges |
6,75,000 |
- |
Commission / Brokerage Charges |
8,24,944 |
- |
Postage, Telephone & Communication Charges |
17,39,133 |
15,41,103 |
Printing & Stationery |
1,89,900 |
3,03,029 |
Business Promotion Expenses |
7,41,023 |
66,110 |
Foreign Travel Expenses |
1,92,04,800 |
2,16,44,313 |
Onsite Marketing & Sales Expenses |
3,06,93,831 |
2,97,77,042 |
Software Development Expenses |
33,57,200 |
9,43,500 |
Conference Expenses |
11,800 |
14,24,846 |
Data Sourcing Expenses |
6,57,449 |
6,47,092 |
Internet Co-Location Charges |
84,61,508 |
60,74,767 |
Membership Fees |
2,38,542 |
7,35,723 |
Registry Maintenance Expenses |
59,671 |
- |
Exchange Loss (Net) |
- |
20,19,694 |
Office Maintenance Expenses |
21,62,113 |
21,92,078 |
Repairs & Maintenance Expenses |
1,51,800 |
9,31,885 |
Kuwait Retention Expenses |
5,05,152 |
12,59,715 |
Software Licence & Hardware Fees |
2,64,98,697 |
2,09,41,213 |
Bad debts written off |
89,27,054 |
344 |
Sundry Balance Written-Off |
88,09,735 |
39,72,309 |
Provision for Doubtful Debts |
2,31,087 |
1,24,58,737 |
IPO Issue Expenses |
45,97,097 |
- |
Loss on Disposals of Fixed Assets |
1,91,893 |
6,05,576 |
Total |
14,37,85,787 |
14,14,42,486 |
Note 23(b) Other Expenses (II)
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Payment to auditors as |
|
|
Auditor |
6,25,000 |
6,25,000 |
For taxation matters |
2,20,000 |
2,20,000 |
For other services |
65,000 |
65,000 |
Reimbursement of expenses |
29,520 |
7,500 |
Total |
9,39,520 |
9,17,500 |
Note 23(c) Other Expenses (III)
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Prior year Adjustments (Net) Expense/(Income) |
(27,44,844) |
1,04,92,608 |
Total |
(27,44,844) |
1,04,92,608 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 23(d) Other Expenses (IV)
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
(a) Electricity & Water Charges |
35,48,723 |
34,90,285 |
(b) Rent |
25,40,061 |
32,37,025 |
(c) Repairs to machinery |
7,65,678 |
8,47,421 |
(d) Insurance |
2,16,525 |
1,46,691 |
(e) Rates and taxes, excluding, taxes on income |
27,49,018 |
15,21,700 |
(f) Miscellaneous expenses |
4,67,603 |
5,75,996 |
Total |
1,02,87,608 |
98,19,118 |
Note 23 (a+b+c+d) |
15,22,68,071 |
16,26,71,712 |
Note 24 Exceptional items
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Diminution in the value of investment |
5,40,765 |
- |
Impairments On Fixed Assets |
- |
43,76,928 |
Total |
5,40,765 |
43,76,928 |
Note 25 Contingent Liabilities and Commitments
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
(i) Contingent Liabilities |
|
|
(a) Guarantees |
3,28,26,416 |
1,66,91,283 |
(b) Revenue Commitment |
2,61,192 |
31,10,107 |
Total |
3,30,87,608 |
1,98,01,390 |
Note 26 Taxes On Income
Current Tax is determined as the amount of tax payable in respect of the taxable income for the period. Deferred tax is computed in respect of timing differences in accordance with Accounting Standard 22. The components of deferred tax liabilities/assets are as under
(AMOUNT IN ₹)
|
As at 31 March, 2018 |
As at 31 March, 2017 |
Deferred tax assets in respect of: |
|
|
Provision for Gratuity & Leave Encashment |
54,75,084 |
52,50,229 |
Provision for Bad Debts |
7,06,707 |
39,45,503 |
Provision for Bonus |
1,42,16,116 |
1,40,75,418 |
Total |
2,03,97,907 |
2,32,71,150 |
Deferred tax liabilities in respect of: |
|
|
Depreciation |
2,10,73,856 |
2,82,21,017 |
Total |
2,10,73,856 |
2,82,21,017 |
Net Deferred Tax Asset/ Liability |
6,75,949 |
49,49,867 |
Deferred tax expenses (Net) |
(42,73,918) |
(1,56,42,720) |
Minimum Alternative Tax (MAT) Credit
In accordance with accounting policy of the company, MAT credit balance not recognised as an assets as at 31.03.2018 is ₹ 3,75,54,770/- (As at 31.03.2017 is ₹ 3,75,54,770/-).
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 27 Operating Leases
The Company has entered into leave & license arrangement for its office premises for a period of 60 months.
The total future minimum lease payments under the leave & license arrangements classified as operating lease for each of the periods is given below:
(AMOUNT IN ₹)
|
As at 31 March, 2018 |
As at 31 March, 2017 |
In less than a year |
NIL |
31,10,107 |
In 1 year to 5 years |
2,61,192 |
2,61,192 |
In greater than 5 years |
NIL |
NIL |
Note 28 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
(AMOUNT IN ₹)
|
As at 31 March, 2018 |
As at 31 March, 2017 |
Principal amount remaining unpaid to any supplier as at the end of the accounting year |
17,99,221 |
2,03,982 |
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.
Note 29.1 Employee benefits
The disclosures required as per the revised Accounting Standard (AS) 15 -Employee Benefits (revised 2005) are as under:
Defined benefit plan (Gratuity) -As per the independent actuarial valuation carried out as at March 31, 2018
(AMOUNT IN ₹)
|
As at 31 March, 2018 |
As at 31 March, 2017 |
(A) Change in Present Value of Obligation |
|
|
Defined Benefit Obligation, Beginning of Period |
1,94,46,276 |
1,89,56,458 |
Service Cost |
29,37,176 |
31,34,643 |
Interest Cost |
13,19,621 |
14,84,052 |
Actual Plan Participants' Contributions |
- |
- |
Actuarial (Gains)/Losses |
10,23,237 |
6,93,225 |
Changes in Foreign Currency Exchange Rates |
- |
- |
Acquisition/Business Combination/Divestiture |
- |
- |
Benefit paid directly by the Company |
(24,00,023) |
(48,22,102) |
Past Service Cost |
4,71,762 |
- |
Losses / (Gains) on Curtailments/Settlements |
- |
- |
Defined Benefit Obligation, End of Period |
2,27,98,049 |
1,94,46,276 |
(B) Change in Fair Value of plan assets |
|
|
Fair value of Plan Assets, Beginning of Period |
53,08,272 |
71,93,533 |
Expected Return on Plan Assets |
3,30,775 |
4,76,064 |
Actual Company Contributions |
12,34,185 |
26,57,471 |
Actual Plan Participants' Contributions |
- |
- |
Changes in Foreign Currency Exchange Rates |
- |
- |
Actuarial Gains/(Losses) |
(1,54,476) |
(1,96,694) |
Benefits Paid by the insurer |
(24,00,023) |
(48,22,102) |
Acquisition/Business Combination/Divestiture |
- |
- |
Assets extinguished on Settlements/Curtailments |
- |
- |
Fair value of Plan Assets, End of Period |
43,18,733 |
53,08,272 |
(C) Amount recognized in the Balance Sheet |
|
|
Defined Benefit Obligation |
2,27,98,049 |
1,94,46,276 |
Fair value of Plan Assets |
43,18,733 |
53,08,272 |
Funded Status - (Surplus)/Deficit |
1,84,79,316 |
1,41,38,004 |
Past Service Cost not yet Recognised |
- |
- |
Unrecognised Asset due to Limit in Para 58(B) |
- |
- |
(Asset)/Liability Recognised in the Balance Sheet |
1,84,79,316 |
1,41,38,004 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 29.1 Employee benefits (Contd.)
(AMOUNT IN ₹)
As at 31 March, 2018 |
As at 31 March, 2017 |
|
(D) Net Gratuity Cost |
|
|
Service Cost |
29,37,176 |
31,34,643 |
Interest Cost |
13,19,621 |
14,84,052 |
Expected Return on Plan Assets |
(3,30,775) |
(4,76,064) |
Past Service Cost |
4,71,762 |
- |
Net Actuarial Losses/(Gains) Recognised during the period |
11,77,713 |
8,89,919 |
(Gain)/Loss due to Settlements/Curtailments/Terminations/Divestitures |
- |
- |
Unrecognised Asset due to Limit in Para 58(B) |
- |
- |
Total Expense/(Income) included in "Employee Benefit Expense" |
55,75,497 |
50,32,550 |
Assumptions used in accounting for gratuity costs |
|
|
Date of Valuation |
|
|
Discount Rate |
7.53% |
7.00% |
Salary Escalation Rate |
7.00% |
7.00% |
Expected Rate of Return on Assets |
7.53% |
7.00% |
Demographic Assumptions |
|
|
Mortality |
IALM (2006-08) Ultimate |
IALM (2006-08) |
Employee Turnover/Withdrawal Rate |
25.00% |
23.00% |
Retirement Age |
60 years |
60 years |
29.2 Provision for Leave Encashment
Accounting Standard 15 (Revised 2005) Disclosures
(AMOUNT IN ₹)
|
As at 31 March, 2018 |
As at 31 March, 2017 |
Amounts Recognised in Statement of Profit & Loss at Period-End |
|
|
Service Cost |
4,33,070 |
4,53,370 |
Interest Cost |
1,66,208 |
2,22,462 |
Expected Return on Plan Assets |
- |
- |
Past Service Cost |
- |
- |
Net Actuarial Losses/(Gains) Recognised during the period |
(8,73,605) |
(21,40,991) |
(Gain)/Loss due to Settlements/Curtailments/Terminations/Divestitures |
- |
- |
Unrecognised Asset due to Limit in Para 58(B) |
- |
- |
Total Expense/(Income) included in "Employee Benefit Expense" |
(2,74,327) |
(14,65,159) |
Change in Defined Benefit Obligation during the Period |
|
|
Defined Benefit Obligation, Beginning of Period |
28,53,027 |
43,18,186 |
Service Cost |
4,33,070 |
4,53,370 |
Interest Cost |
1,66,208 |
2,22,462 |
Actual Plan Participants' Contributions |
- |
- |
Actuarial (Gains)/Losses |
(8,73,605) |
(21,40,991) |
Changes in Foreign Currency Exchange Rates |
- |
- |
Acquisition/Business Combination/Divestiture |
- |
- |
Benefits Paid |
- |
- |
Past Service Cost |
- |
- |
Losses / (Gains) on Curtailments/Settlements |
- |
- |
Defined Benefit Obligation, End of Period |
25,78,700 |
28,53,027 |
Reconciliation of Amounts recognised in Balance Sheet |
|
|
Balance Sheet (Asset)/Liability, Beginning of Period |
28,53,027 |
43,18,186 |
29.2 Provision for Leave Encashment (Contd.)
Accounting Standard 15 (Revised 2005) Disclosures
(AMOUNT IN ₹)
|
As at 31 March, 2018 |
As at 31 March, 2017 |
Total Expense/(Income) Recognised in Profit & Loss |
(2,74,327) |
(14,65,159) |
Acquisition/Business Combination/Divestiture |
- |
- |
Benefit Payouts |
- |
- |
Balance Sheet (Asset)/Liability, End of Period |
25,78,700 |
28,53,027 |
Assumptions used in accounting for leave encashment |
|
|
Date of Valuation |
|
|
Discount Rate |
7.53% |
7.00% |
Salary Escalation Rate |
7.00% |
7.00% |
Expected Rate of Return on Assets |
NA |
NA |
Demographic Assumptions |
|
|
Mortality |
IALM (2006-08) Ultimate |
IALM (2006-08) Ultimate |
Employee Turnover/Withdrawal Rate# |
25.00% |
23.00% |
Retirement Age |
60 years |
60 years |
Leave Availment Ratio |
10% |
10% |
Note 30 Employee Stock Option Scheme
The Company provides share-based payment schemes to its employees. The relevant details of the scheme are as follows:
In September 11, 2017 the Board of Directors approved the "lRIS Business Services Limited - Employee Stock Option Scheme 2017" in order to reward the employees for their past association and performance as well as to motivate them to contribute to the growth and profitability of the Company (including subsidiary companies) with an intent to attract and retain talent in the organization. The aforesaid scheme was duly approved by shareholders in its EGM held on September 13, 2017. The Nomination and Remuneration committee of the Board has granted following options under the said Scheme to certain category of employees as per criteria laid down by Nomination and Remuneration committee of the Board. Key terms of the scheme:
Date of Shareholder's Approval |
September 13, 2017 |
Total Number of Options approved |
7,00,000 |
Vesting Schedule |
Option shall vest not earlier than 1 (One) year and not later than maximum Vesting Period of 4 (Four) years from the date of grant. |
Maximum term of Options granted |
9 Years |
Method of Settlement |
Shares |
Source of shares |
Primary-Fresh equity allotment by the Company |
Option Movement during the year ended Mar 2018
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
No. of Options Outstanding at the beginning of the year |
- |
NA |
Options Granted during the year |
7,00,000 |
NA |
Options Forfeited / Surrendered during the year |
- |
NA |
Number of options Outstanding at the end of the year |
7,00,000 |
NA |
Method and Assumptions used to estimate the fair value of options granted during the year ended: The fair value has been calculated using the Black Scholes Option Pricing model.
Variables |
As at 31 March, 2018 |
As at 31 March, 2017 |
Risk Free Interest rate |
6.61% to 7.00% |
NA |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 30 Employee Stock Option Scheme (Contd.)
Variables |
As at 31 March, 2018 |
As at 31 March, 2017 |
Expected Life (in Years) |
3.5 Years to 6.5 Years |
NA |
Expected Volatility |
11.73% |
NA |
Dividend Yield |
0.00% |
NA |
Stock Price (in `) |
32 |
NA |
Exercise Price (in `) |
32 |
NA |
Stock price
The stock price of the Company is the listing market price of the Company's equity share on Stock Exchanges on the date of grant.
Under the ESOP Schemes one option entitles one equity share of the Company.
Expected Volatility
Expected volatility is a measure of the amount by which share price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time.
Since shares of the Company got listed only on the Grant Date and there is no history of share price trading, expected volatility had been derived from historic values NSE ViX index as on the Grant date.
Risk-free Rate of interest
The current yield rates of Central Government securities (with similar residual maturity as expected life of stock option) are being considered. This is based on the zero-coupon yield curve for Government Securities obtained from NSE.
Exercise Price
Exercise price is the price which the option holder has to pay at the time of exercising the option. Exercise prices are considered as per the information provided by the Company. As per the rules of ESOP plans, exercise price is the listing price of the shares of the Company on 11th October 2017 which is ` 32.00.
Time to Maturity / Expected Life of options
The expected life of an option will be in-between the minimum period before which the options cannot be exercised and the period after which the options cannot be exercised.
The fair value of each award has been determined based on different expected lives of the options that vest each year, as if the award were several separate awards, each with a different vesting date. A weighted average of all the vests has been calculated to arrive at the value of the options granted.
The time to maturity has been estimated as illustrated by the following example. In case of the grant made on 11 October 2017, the earliest date of vesting is one year from the date of grant that is 11 October 2018. Hence, the minimum life of the option is 1 year. The exercise period is Five years from the date of vest as per the ESOP scheme; hence the maximum life of this vest is 6 years. The expected life is the average of minimum and maximum life, i.e. 3.5 years [(1 +6)/2]. The time to maturity for the remaining vests has been calculated in a similar manner.
Dividend Yield
Expected dividend yield has been taken as "NIL" since the Company has not declared any dividend in the past.
Note 31 Segment reporting
The Company has identified business segments (Nature of revenue stream) as its primary segment and geographic segments as its secondary segment. Business segments comprise of Collect Segment (Regulatory platform), Create Segment (Enterprise Platform) and Consume Segment (Data Consumption Platform and Content Services).
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to a specific segment have been allocated on the basis of associated manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as un-allocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as un-allocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 31 Segment reporting (Contd.)
Geographical revenue is allocated based on the location of the customer. Geographic segments of the company are Middle Eastern Countries, America (including Canada and South American countries), Europe, India and Others:
Reporting of Segment wise Revenue, Results and Capital Employed
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
1. Segment Revenue |
|
|
(net sale/income from each segment should be disclosed under this head) |
|
|
(a) Segment-Collect |
21,91,21,955 |
17,80,22,185 |
(b) Segment - Create |
10,76,39,051 |
6,53,68,782 |
(c) Segment-Consume |
2,23,15,691 |
2,83,21,012 |
(d) Unallocated |
- |
- |
Less: Inter Segment Revenue |
- |
- |
Net sales/Income From Operations |
34,90,76,697 |
27,17,11,979 |
2. Segment Results (Profit)(+)/ Loss (-) before tax and interest from Each segment) |
|
|
(a) Segment-Collect |
4,24,20,743 |
1,66,31,225 |
(b) Segment - Create |
(3,18,79,261) |
(3,09,47,090) |
(c) Segment-Consume |
(31,83,748) |
(3,17,32,725) |
(d) Unallocated |
42,26,316 |
16,74,717 |
Total |
1,15,84,050 |
(4,43,73,872) |
Less: i) Interest |
1,99,09,600 |
2,08,23,759 |
ii) Depreciation & Amortisation |
4,48,77,887 |
4,61,18,944 |
iii) Other non-cash un-allocable expenses |
- |
43,76,928 |
iv) Other Un-allocable Expenditure net off Un-allocable income |
- |
- |
Total Profit Before Tax |
(5,32,03,437) |
(11,56,93,504) |
(AMOUNT IN ₹)
Particulars |
As at 31 March, 2018 |
As at 31 March, 2017 |
3. Segment Assets |
|
|
(a) Segment-Collect |
8,75,80,932 |
5,26,35,219 |
(b) Segment - Create |
4,92,97,629 |
3,32,65,369 |
(c) Segment-Consume |
16,98,85,830 |
16,80,51,811 |
(d) Unallocated |
44,28,15,016 |
35,09,53,591 |
Total assets |
74,95,79,407 |
60,49,05,990 |
4. Segment Liabilities |
|
|
(a) Segment-Collect |
2,00,95,142 |
89,55,117 |
(b) Segment - Create |
71,13,613 |
13,91,866 |
(c) Segment-Consume |
17,70,806 |
1,05,000 |
(d) Unallocated |
40,56,01,071 |
39,28,69,932 |
Total liabilities |
43,45,80,632 |
40,33,21,915 |
5. Total cost incurred during the period to acquire segment assets that are expected to be used during more than one period (tangible and intangible fixed assets);
(a) Segment-Collect |
- |
- |
(b) Segment - Create |
3,14,72,509 |
7,53,61,945 |
(c) Segment-Consume |
- |
- |
(d) Unallocated |
7,55,261 |
23,89,526 |
Total |
3,22,27,770 |
7,77,51,471 |
Note 31 Segment reporting (Contd.)
Revenues by Geography:
(AMOUNT IN ₹)
Country |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
China |
- |
1,73,817 |
England |
2,88,03,890 |
2,87,43,557 |
India |
11,43,72,717 |
6,01,89,115 |
Italy |
4,25,181 |
- |
Jordan |
61,02,430 |
86,53,902 |
Kuwait |
1,55,27,128 |
4,36,77,832 |
Malaysia |
4,11,29,147 |
2,08,57,320 |
Mauritius |
3,86,89,847 |
3,37,94,808 |
Qatar |
77,72,589 |
32,86,889 |
Saudi Arabia |
2,77,22,332 |
4,03,99,399 |
Singapore |
1,53,62,729 |
1,65,19,059 |
South Africa |
3,22,77,715 |
- |
Thailand |
3,00,218 |
20,23,633 |
Turkey |
13,18,949 |
17,58,095 |
UAE |
74,47,347 |
9,73,988 |
USA |
1,18,24,478 |
1,06,60,565 |
Total |
34,90,76,697 |
27,17,11,979 |
Segment assets by Geography:
India |
74,95,79,407 |
60,49,05,990 |
Capital assets acquired during the period by Geography:
India |
3,22,27,770 |
7,77,51,471 |
Note 32 Earnings Per Share
The EPS computed in accordance with the Accounting Standard 20 on 'Earnings per Share' issued by the Institute of Chartered Accountants of India is as under:
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Net Profit for the Year |
(4,89,29,519) |
(10,00,50,784) |
Weighted Average No. of Shares - Basic |
1,62,33,211 |
1,38,75,162 |
Weighted Average No. of Shares - Diluted |
1,62,33,211 |
1,38,75,162 |
(Since the potential dilutive equity shares are anti-dilutive no. of shares considered for diluted EPS is same as basic EPS) |
|
|
EPS-Basic |
(3.01) |
(7.21) |
EPS-Diluted |
(3.01) |
(7.21) |
Nominal value of each Equity Share |
10.00 |
10.00 |
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 33 Additional information to the financial statements
Related Party Transactions
a. Subsidiary companies
1. IRIS Business Services, LLC
2. IRIS Business Services (Asia) Pte. Ltd.
3. Atanou Sri
b. Key managerial personnel (KMP), including KMP under Companies Act, 2013
1. S.Swaminathan, Whole Time Director and Chief Executive Officer
2. Deepta Rangarajan, Whole Time Director
3. K. Balachandran, Whole Time Director and Chief Financial Officer
4. Rajesh Singh, Company Secretary and Compliance Officer (was on employment till 28th February 2018)
5. Jay Mistry, Company Secretary and Compliance Officer
c. Relatives of Key managerial personnel (KMP)
1. Deepta Rangarajan, Spouse of Mr. S.Swaminathan
2. N Subramaniam, Father of Mr. S. Swaminathan
3. Sivakamu Subramaniam, Mother of Mr. S. Swaminathan
4. S. Chandrasekhar, Brother of Mr. S. Swaminathan
5. S. Swaminathan, Spouse of Ms. Deepta Rangarajan
6. Santhanakrishnan Rangarajan, Father of Ms. Deepta Rangarajan
7. Shanti Rangarajan, Mother of Ms. Deepta Rangarajan
8. Rajlaxmi Nambiar, Spouse of Mr. K. Balachandran
9. Sharanya Balachandran, Daughter of Mr. K. Balachandran
10. Shyama Balachandran, Daughter of Mr. K. Balachandran
11. Krishnan Parmeshwaran Nambiar, Father of Mr. K. Balachandran
12. Vijayalakshmi Nambiar, Mother of Mr. K. Balachandran
d. Enterprises over which the above persons exercise significant influence/ control and with which the Company has transactions
during the Year
1. FinX Solutions (UAE)
2. IRIS Knowledge Foundation
3. TVS Wealth Private Limited
4. TVS Electronics Limited
e. Independent Directors
1. Narayan Seshadri, Non-Executive Independent Director
2. Partho Datta, Non-Executive Independent Director (Resigned on 28th November 2017)
3. Sanjoy Bhattacharya, Non-Executive Independent Director (Resigned on 24th November 2017)
4. Rakesh Kathotia, Nominee Director (Resigned on 12th September 2017)
5. U R Bhat, Non-Executive Independent Director (Resigned on 3rd September 2017)
6. Bhaswar Mukherjee, Non-Executive Independent Director
7. Vinod Balmukand Agarwala, Non-Executive Independent Director
8. Ashok Venkatramani, Non-Executive Independent Director
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018
Note 33 Transactions and balances with related parties
(AMOUNT IN ₹)
Particulars |
Transactions during 2017-18 |
Outstanding as at 31.03.2018 |
Transactions during 2016-17 |
Outstanding as at 31.03.2017 |
Services rendered |
|
|
|
|
FinX Solutions |
55,93,639 |
56,91,359 |
- |
85,91,115 |
IRIS Knowledge Foundation |
3,60,000 |
10,88,591 |
3,41,406 |
13,21,991 |
TVS Wealth Private Limited |
10,000 |
- |
- |
- |
TVS Electronics Limited |
4,70,000 |
4,20,000 |
50,000 |
- |
Services availed |
|
|
|
|
IRIS Business Services, LLC |
44,50,462 |
4,20,943 |
- |
- |
IRIS Business Services (Asia) Pte. Ltd. |
2,84,35,293 |
38,73,365 |
2,83,59,753 |
9,60,782 |
Investments |
|
|
|
|
Atanou SRL |
- |
7,12,000 |
- |
7,12,000 |
IRIS Business Services, LLC |
- |
7,02,975 |
- |
7,02,975 |
IRIS Business Services (Asia) Pte. Ltd. |
- |
1,11,95,389 |
- |
1,11,95,389 |
Remuneration |
|
|
|
|
S. Swaminathan |
30,00,000 |
57,54,958 |
30,00,000 |
33,62,934 |
Deepta Rangarajan |
30,00,000 |
24,86,930 |
30,00,000 |
14,56,363 |
K. Balachandran |
30,00,000 |
27,17,390 |
30,00,000 |
20,31,883 |
Rajesh Singh (was on employment till 28th February 2018) |
85,316 |
- |
- |
- |
Jay Mistry |
2,93,548 |
99,800 |
- |
- |
Reimbursement of Expenses |
|
|
|
|
S. Swaminathan |
16,47,566 |
- |
14,92,809 |
- |
Deepta Rangarajan |
14,33,900 |
- |
16,12,594 |
- |
K. Balachandran |
7,11,128 |
- |
15,27,295 |
- |
Jay Mistry |
2,795 |
- |
- |
- |
Note 34 Details of Movement in Provisions and contingent liabilities, in terms of Accounting Standard 29 is as under:
(AMOUNT IN ₹)
Nature of Provision |
Opening Balance as on 01-04-2017 |
Additions during the year |
Reversal/ adjustments |
Closing Balance as on 31/03/2018 |
Provision for Income Tax |
6,66,71,524 |
- |
- |
6,66,71,524 |
Provision for Deferred Tax (Asset)/ Liability |
49,49,867 |
- |
42,73,918 |
6,75,949 |
Provision for Gratuity |
1,41,38,004 |
55,75,497 |
12,34,185 |
1,84,79,316 |
Provision for leave encashment |
28,53,027 |
- |
2,74,327 |
25,78,700 |
Provisions in respect of Employee Benefits |
4,55,51,514 |
93,74,067 |
2,48,211 |
5,46,77,370 |
Provision for Bad & Doubtful Debts |
1,27,68,617 |
4,56,790 |
1,05,07,303 |
27,18,104 |
Provision for Other Expenses Payable |
1,37,63,004 |
1,30,84,846 |
1,34,18,004 |
1,34,29,846 |
Movements in Contingent Liabilities |
|
|
|
|
Contingent Liabilities |
1,66,91,283 |
1,61,35,133 |
- |
3,28,26,416 |
Note 35 Expenditure and Earnings in foreign currency
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Expenditure in Foreign Currency on Account of |
|
|
Professional/Consultation Fees |
79,66,669 |
2,31,41,909 |
Foreign Travel |
1,26,61,621 |
1,27,30,098 |
Business Promotion/ Conference Expenses |
- |
27,64,664 |
Sales and Marketing Expenses |
3,06,93,831 |
2,97,77,042 |
Software License Fess |
34,26,476 |
3,41,638 |
Membership Fees |
1,63,120 |
2,08,971 |
Note 35 Expenditure and Earnings in foreign currency (Contd.)
(AMOUNT IN ₹)
Particulars |
For the year ended 31 March, 2018 |
For the year ended 31 March, 2017 |
Kuwait Retention Expenses |
5,05,152 |
12,59,715 |
Earnings in foreign exchange: |
|
|
Export of Services |
23,46,09,854 |
21,13,92,862 |
Less: Withholding tax Thereon |
(68,53,698) |
(36,91,613) |
Net Earnings |
22,77,56,156 |
20,85,84,626 |
Royalty |
94,126 |
1,30,002 |
Less: Withholding tax Thereon |
(28,237) |
(34,325) |
Net Earnings |
65,889 |
95,677 |
Note 36
Note on activities of Subsidiary "IRIS Business services (Asia) PTE Ltd.
As at 31st March 2018, the subsidiary's total liabilities exceeded its total assets by SGD 64,022/- (₹ 31,80,722/-). Its financial statements have been prepared on a going concern basis. We are committed to provide necessary financial support as and when necessary and there will not by any financial crisis in the said subsidiary.
Note 37
In the opinion of the Board, all assets other than fixed assets and non-current investments have a realisable value in the ordinary course of business which is not different from the amount at which it is stated.
Note 38
Previous year's figures have been regrouped wherever necessary.
For M. P. Chitale & Co. | For and on behalf of Board of Directors of IRIS Business Services Limited | ||
Chartered Accountants | |||
FRN: 101851W | |||
Viraj Londhe | Swaminathan Subramaniam | Deepta Rangarajan | |
Partner | Whole Time Director & CEO | Whole Time Director | |
Membership No. 45761 | |||
Place: Mumbai | Balachandran Krishnan | Jay Mistry | |
Date: May 30, 2018 | Whole Time Director & CFO | Company Secretary |