Exhibit 99.2
Credit Information Bureau (India) Limited
Consolidated Financial Statements
Years Ended December 31, 2012 and 2011
with Independent Auditors’ Report
Credit Information Bureau (India) Limited
Consolidated Financial Statements
Years Ended December 31, 2012 and 2011
Contents:
Independent Auditors’ Report | ||
Balance Sheet | ||
Statement of Profit and Loss | ||
Cash Flow | ||
Notes Forming Part of Financial Statements |
 | Tower 3, 27th - 32nd Floor Indiabulls Finance Centre Elphinstone Mill Compound Senapati Bapat Marg Elphinstone (W), Mumbai - 400 013 India
Tel: +91 (22) 6185 4000 Fax: +91 (22) 6185 4501/4601 |
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors of
Credit Information Bureau (India) Limited
We have audited the accompanying financial statements of Credit Information Bureau (India) Limited, which comprise the balance sheet as of March 31, 2013, and the related statements of profit and loss, and cash flow for the year then ended, and the related notes to the financial statements, which, as described in Note 2 to the financial statements, have been prepared in accordance with the provisions contained in Section 211(3C) of the Companies Act, 1956, read with Revised Schedule VI thereto, which are the generally accepted accounting principles in India.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with generally accepted accounting principles in India; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we 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 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 control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, 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.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Credit Information Bureau (India) Limited as of March 31, 2013, and the results of its operations and its cash flows for the year then ended in accordance with generally accounting principles in India.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the Company prepares its financial statements in accordance with generally accepted accounting principles in India, which differs from accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. The Comparative number of financial statement for the year ended 31st March, 2012 and 31st March, 2011 are not subject to audit.
/s/ Deloitte Haskins & Sells
CHARTERED ACCOUNTANTS
Mumbai, India
June 11, 2013
CREDIT INFORMATION BUREAU (INDIA) LIMITED
BALANCE SHEET AS AT MAR 31, 2013
| Note No. | MAR 31, 2013 (000’s) | MAR 31, 2012 (000’s) | ||||||||||
| (Audited) | (Unaudited) | |||||||||||
EQUITY AND LIABILITIES | ||||||||||||
Shareholders’ funds | ||||||||||||
Share capital | 3 | 250,000 | 250,000 | |||||||||
Reserves and surplus | 4 | 1,189,552 | 949,703 | |||||||||
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| 1,439,552 | 1,199,703 | |||||||||||
Non-current liabilities | ||||||||||||
Deferred tax liabilities (net) | 5 | 15,217 | 16,503 | |||||||||
Other long-term liabilities | 6 | 42 | 6,002 | |||||||||
Long-term provisions | 7 | 50,050 | 37,190 | |||||||||
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| 65,309 | 59,695 | |||||||||||
Current liabilities | ||||||||||||
Trade payables | 8 | 111,653 | 80,606 | |||||||||
Other current liabilities | 9 | 23,640 | 19,540 | |||||||||
Short-term provisions | 7 | 83,880 | 85,763 | |||||||||
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| 219,173 | 185,909 | |||||||||||
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TOTAL | 1,724,034 | 1,445,307 | ||||||||||
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ASSETS | ||||||||||||
Non-current assets | ||||||||||||
Fixed assets | 10 | |||||||||||
Tangible assets | 101,361 | 110,101 | ||||||||||
Intangible assets | 99,933 | 93,082 | ||||||||||
Intangible assets under development | — | 10,863 | ||||||||||
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| 201,294 | 214,046 | |||||||||||
Non-current investments | 11 | 120,000 | — | |||||||||
Long-term loans and advances | 12 | 142,101 | 152,030 | |||||||||
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| 463,395 | 366,076 | |||||||||||
Current assets | ||||||||||||
Trade receivables | 13 | 197,855 | 135,504 | |||||||||
Cash and bank balances | 14 | 928,234 | 893,381 | |||||||||
Short-term loans and advances | 12 | 115,974 | 37,526 | |||||||||
Other current assets | 15 | 18,576 | 12,820 | |||||||||
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| 1,260,639 | 1,079,231 | |||||||||||
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TOTAL | 1,724,034 | 1,445,307 | ||||||||||
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Summary of significant accounting policies | 2 | |||||||||||
Notes 1 to 29 annexed hereto form an integral part of the financial statements.
| For and on behalf of the Board | ||
| sd | sd | |
| M. V. Nair | Arun Thukral | |
| Chairman | Managing Director | |
sd | sd | |
Vivek Kumar Aggarwal | Swati Naik | |
CFO & Exec. VP | Company Secretary | |
Mumbai, June 11, 2013 | ||
CREDIT INFORMATION BUREAU (INDIA) LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MAR 31, 2013
| Note No. | MAR 31, 2013 (000’s) | MAR 31, 2012 (000’s) | MAR 31, 2011 (000’s) | |||||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||||||
Income | ||||||||||||||||
Revenue from operations | 16 | 1,304,041 | 1,030,123 | 756,532 | ||||||||||||
Other income | 17 | 119,523 | 86,041 | 50,074 | ||||||||||||
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Total revenue | 1,423,564 | 1,116,164 | 806,606 | |||||||||||||
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Expenses | ||||||||||||||||
Employee benefits expense | 18 | 189,518 | 167,662 | 122,043 | ||||||||||||
Establishment and other expenses | 19 | 304,961 | 262,549 | 210,461 | ||||||||||||
Royalty & Software Technology Fees | 186,604 | 147,603 | 99,376 | |||||||||||||
Finance costs | 20 | 1,175 | 1,211 | 1,220 | ||||||||||||
Depreciation and amortisation expense | 83,461 | 55,522 | 49,720 | |||||||||||||
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Total expenses | 765,719 | 634,547 | 482,820 | |||||||||||||
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Profit before tax | 657,845 | 481,617 | 323,786 | |||||||||||||
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Less: Tax expense | ||||||||||||||||
Current tax | 222,100 | 161,839 | 109,100 | |||||||||||||
Earlier years tax written back | (6,594 | ) | (156 | ) | (258 | ) | ||||||||||
Deferred tax charge / (credit) | (1,286 | ) | (5,092 | ) | 25 | |||||||||||
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| 214,220 | 156,591 | 108,867 | ||||||||||||||
| — | ||||||||||||||||
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Profit for the year | 443,625 | 325,026 | 214,919 | |||||||||||||
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| 17.74 | 13.00 | 8.60 | ||||||||||||||
| Earning per equity share—Basic and Diluted | ||||||||||||||||
| (nominal value Rs 10 per share) | ||||||||||||||||
| Summary of significant accounting policies | 2 | |||||||||||||||
Notes 1 to 29 annexed hereto form an integral part of the financial statements.
| For and on behalf of the Board | ||
| sd | sd | |
| M. V. Nair | Arun Thukral | |
| Chairman | Managing Director | |
sd | sd | |
Vivek Kumar Aggarwal | Swati Naik | |
CFO & Exec. VP | Company Secretary | |
Mumbai, June 11, 2013 | ||
CREDIT INFORMATION BUREAU (INDIA) LIMITED
CASH FLOW FOR THE YEAR ENDED MAR 31, 2013
| Mar 31, 2013 (000’s) | Mar 31, 2012 (000’s) | Mar 31, 2011 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
CASH FLOW FROM OPERATING ACTVITIES | ||||||||||||
Profit before tax | 657,845 | 481,617 | 323,786 | |||||||||
Add/(Less): Non operating (income) / expenses | ||||||||||||
Depreciation and amortisation | 83,461 | 55,522 | 49,720 | |||||||||
(Profit)/ Loss on sale /write off of fixed assets | (422 | ) | 2,119 | 779 | ||||||||
Interest on fixed deposits and others | (108,412 | ) | (81,661 | ) | (48,198 | ) | ||||||
Provision for employee benefits | 17,220 | 19,826 | 14,008 | |||||||||
Doubtful debts (written back) | — | — | (290 | ) | ||||||||
Grant Income recognised | (5,320 | ) | (3,593 | ) | (8,091 | ) | ||||||
Interest on taxes and others | 1,175 | 1,211 | 1,220 | |||||||||
Doubtful advances written off / provided | 1,732 | 895 | 743 | |||||||||
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Cash flow before changes in working capital | 647,279 | 475,936 | 333,677 | |||||||||
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Adjustments for changes in operating assets | ||||||||||||
Decrease/(increase) in trade receivables | (62,351 | ) | (39,471 | ) | (9,677 | ) | ||||||
Decrease/(increase) in short term loans and advances | 3,552 | (7,453 | ) | 4,433 | ||||||||
Decrease/(increase) in long term loans and advances | 517 | (2,266 | ) | 3,619 | ||||||||
Decrease/(increase) in other current assets | (2,120 | ) | 8,121 | (5,477 | ) | |||||||
Adjustments for changes in operating liabilities | ||||||||||||
Increase/(decrease) in trade payables | 31,047 | 5,801 | 15,942 | |||||||||
Increase/(decrease) in other current liabilities | 3,460 | (28,271 | ) | 36,496 | ||||||||
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Total | (25,895 | ) | (63,539 | ) | 45,336 | |||||||
Less: Taxes Paid | (219,397 | ) | (146,908 | ) | (101,792 | ) | ||||||
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Cash generated from Operations (A) | 401,987 | 265,489 | 277,221 | |||||||||
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CASH FLOW FROM INVESTING ACTVITIES | ||||||||||||
Purchase of tangible assets (includes capital advances) | (36,828 | ) | (33,437 | ) | (59,477 | ) | ||||||
Purchase of intangible assets (includes capital advances) | (30,492 | ) | (40,863 | ) | (27,281 | ) | ||||||
Proceeds from sale of fixed asset | 1,974 | 424 | 1,072 | |||||||||
Purchase of Non-current Investment | (120,000 | ) | — | — | ||||||||
Purchase of fixed deposits with financial institution | (223,000 | ) | (118,000 | ) | (94,900 | ) | ||||||
Proceeds from fixed deposits with financial institution | 141,000 | 62,500 | 42,300 | |||||||||
Purchase of fixed deposits with banks with maturity more than 3 months | (1,236,500 | ) | (1,109,100 | ) | (521,800 | ) | ||||||
Proceeds from fixed deposits with banks with maturity more than 3 months | 1,217,100 | 877,700 | 380,000 | |||||||||
Interest received on tax refund | 216 | 2,223 | — | |||||||||
Interest received on fixed deposits | 103,393 | 101,149 | 31,460 | |||||||||
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Cash used in Investing Activities (B) | (183,137 | ) | (257,404 | ) | (248,626 | ) | ||||||
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CASH FLOW FROM FINANCING ACTVITIES | ||||||||||||
Dividend paid on equity shares | (175,000 | ) | (25,000 | ) | — | |||||||
Tax on equity dividend paid | (28,389 | ) | (4,056 | ) | — | |||||||
Interest paid on overdraft | (8 | ) | — | — | ||||||||
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Cash used in Financing Activities (C) | (203,397 | ) | (29,056 | ) | — | |||||||
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Net Increase / (Decrease) in cash equivalent (A+B+C) | 15,453 | (20,971 | ) | 28,595 | ||||||||
Add: Opening cash and cash equivalents | 21,381 | 42,352 | 13,757 | |||||||||
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Closing cash and cash equivalents at the end of the year | 36,834 | 21,381 | 42,352 | |||||||||
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(Refer Note 14) | ||||||||||||
| For and on behalf of the Board | ||
| sd | sd | |
| M. V. Nair | Arun Thukral | |
| Chairman/Director | Managing Director | |
sd | sd | |
Vivek Kumar Aggarwal | Swati Naik | |
CFO & Exec. VP | Company Secretary | |
Mumbai, June 11, 2013 | ||
CREDIT INFORMATION BUREAU [INDIA] LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
| 1. | BACKGROUND |
CIBIL is India’s pioneer credit information company. It creates immense value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. It provides its members with advanced risk management tools on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses.
These financial statements have been prepared and authorized by the Board of Directors of the Company on June 11, 2013 on the basis of a request and undertaking received from one of its shareholders viz., TransUnion International Inc., to be included, in accordance with Rule SX 3-09 in the Form 10-K of Transunion Holding Company Inc., USA (ultimate parent company of TransUnion International Inc.) for the year ended 31st December, 2012 to be filed with the U.S. Securities and Exchange Commission (SEC). These financial statements have been prepared in accordance with generally accepted accounting principles in India. In reliance of an exemption granted by the Securities and Exchange Commission to Transunion Holding Company, these financial statements have not been reconciled to US GAAP in any of the years presented.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| 2.1 | System of accounting |
The Company follows the accrual concept in the preparation of accounts. The Balance Sheet and the Profit and Loss Account of the Company are prepared in accordance with the provisions contained in Section 211 of the Companies Act, 1956, read with Revised Schedule VI thereto.
The preparation of the financial statements 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. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual result could differ from the estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialised. Any changes in such estimates are recognised prospectively.
| 2.2 | Revenue recognition |
| a) | Initial Membership Fees are recognised on admission of members. |
| b) | Annual Membership Fees are recognised proportionately for the period of such membership. |
| c) | Service Report fees and Decision Centre Service credits are recognised on rendering of services. |
| d) | Interest and other dues are recognised on accrual basis. |
| 2.3 | Grants |
Grants received and accrued are recognised as income over the periods necessary to match them with the costs for which they are intended to compensate, based on the claims made as laid down in Accounting Standard “Accounting for Government Grants” (AS-12) notified by the Companies (Accounting Standards) Rules, 2006.
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
| 2.4 | Foreign currency translation |
Foreign currency transactions are recorded at rates as on the date of the transaction. Exchange differences arising on foreign currency transactions settled during the year are recognised in the Statement of Profit and Loss.
All foreign currency denominated monetary assets and liabilities are translated at the exchange rates prevailing on the Balance Sheet date. The resultant exchange differences are recognised in the Statement of Profit and Loss.
| 2.5 | Tangible assets and depreciation |
| a) | Tangible assets have been stated at purchase/acquisition cost inclusive of installation cost less accumulated depreciation. |
| b) | Leasehold improvements are amortised over the period of the lease. |
| c) | The Company adopts Straight Line Method of depreciation at the rates prescribed under Schedule XIV to the Companies Act, 1956 or Management’s experience and estimate of useful life of assets, whichever is higher, as detailed below: |
Asset Head | Depreciation Rates | |||
Computers * | 20.00 | % | ||
Office Equipment | 16.67 | % | ||
Furniture & Fixtures | 16.67 | % | ||
Electrical Installations | 16.67 | % | ||
Vehicles | 25.00 | % | ||
Mobile Phones | 50.00 | % | ||
| * | During the year the estimated useful life of computers is revised to 5 years from 6 years in the previous year. |
| d) | Capital work-in-progress: |
Projects under which assets are not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable interest (if any).
| 2.6 | Intangible assets and amortisation |
| a) | Intangible assets are stated at cost less accumulated amortisation, |
| b) | Intangible assets are amortised on the Straight Line Basis over the useful life. System Softwares (including related Application Softwares) are amortised over the estimated useful life or five years (six years in the previous year) whichever is lower. Trademark cost is amortised over 5 years. Any expenses on Software for support and maintenance are charged to the Statement of Profit and Loss. |
| c) | Intangible assets under development: |
Projects under which intangible assets are not ready for their intended use and intangible assets under development are carried at cost, comprising direct cost, related incidental expenses and attributable interest (if any).
| 2.7 | Operating leases |
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.
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
| 2.8 | Impairment of assets |
The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment of assets. If any indication of such impairment exists, then the recoverable amount of such assets is estimated and impairment is recognized, for the excess of the carrying amount of these assets vs their recoverable amount. The recoverable amount is considered as the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in prior accounting periods no longer exists or may have decreased such reversal of impairment loss is recognised.
| 2.9 | Investments |
| a) | Long term Investments are carried at cost less provision (if any) for diminution (other than temporary) in value of such investments, |
| b) | Current Investments are carried at the lower of cost or fair value on an individual basis. |
| 2.10 | Cash and cash equivalents |
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
| 2.11 | Employee benefits |
| a) | Liability in respect of Privilege Leave which is of short term nature and Leave Travel Allowance is provided based on the expected cost and period of service which entitles the employee to such benefits. |
| b) | The Company’s contribution to Employees Provident Fund paid / payable during the year is recognised in the statement of profit and loss. |
| c) | The Company has a long term incentive plan for eligible employees whereby they are entitled for cash payment against appreciation in notional value of share units (that is determined based on EPS and benchmarked multiple) over long term. Provision is made for any such appreciation at end of every year, till the grant is either exercised or lapsed, and the cost is fully charged to the Statement of Profit and Loss as part of Employees benefits expense. |
Defined Benefits Plan:
| d) | Liability for compensated absences in respect of sick leave and privilege Leave which is of long term nature is actuarially determined based on the Project Unit Credit method. |
| e) | The Company’s liability towards gratuity is determined using the projected unit credit method which considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Actuarial gains and losses based on actuarial valuation done by an independent actuary carried out annually are recognised immediately in the Statement of Profit and Loss as income or expense. Obligation is measured at the present value of estimated future cash flows using a discounted rate that is determined by reference to market yields at the Balance Sheet date on Government bonds where the currency and terms of the Government bonds are consistent with the currency and estimated terms of the defined benefit obligation. |
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
| 2.12 | Taxes on income |
Current Tax is the amount of the tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
Deferred Tax Assets in respect of unabsorbed depreciation and carry forward of losses are recognised if there is virtual certainty that there will be sufficient future taxable income available to realise such losses. Other Deferred Tax Assets are recognised if there is reasonable certainty that there will be sufficient future taxable income to realise such assets. Deferred tax assets are reviewed at each balance sheet date for their realisabilty.
| 2.13 | Provisions and contingencies |
A provision is recognised when the Company has a present legal or constructive 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 employee benefits) are not discounted to their present value and are determined based on 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 Notes to Accounts.
| 2.14 | Cash flow statement |
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
Note 3
Share Capital
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Authorised capital 50,000,000 (31st March 2012: 50,000,000) equity shares of Rs 10/- each | 500,000 | 500,000 | ||||||
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Issued, Subscribed and fully paid up shares 25,000,000 (31st March 2012: 25,000,000) equity shares of Rs 10/- each | 250,000 | 250,000 | ||||||
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TOTAL | 250,000 | 250,000 | ||||||
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| a. | Reconciliation of equity shares at the beginning and at the end of the year. |
| Mar 31, 2013 | Mar 31, 2012 | |||||||||||||||
| (Audited) | (Unaudited) | |||||||||||||||
| Particulars | No (000’s) | (000’s) | No (000’s) | (000’s) | ||||||||||||
Equity shares at the beginning of the year | 25,000 | 250,000 | 25,000 | 250,000 | ||||||||||||
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Equity shares outstanding at the end of the year | 25,000 | 250,000 | 25,000 | 250,000 | ||||||||||||
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CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
| b. | Details of shareholders holding more than 5% shares in the Company |
| Mar 31, 2013 | Mar 31, 2012 | |||||||||||||||
| Name of the shareholder | (Audited) | (Unaudited) | ||||||||||||||
| No (000’s) | % of Holding | No (000’s) | % of Holding | |||||||||||||
Transunion International Inc. (USA) | 6,875 | 27.5 | % | 6,875 | 27.5 | % | ||||||||||
State Bank of India | 2,500 | 10.0 | % | 2,500 | 10.0 | % | ||||||||||
ICICI Bank Ltd | 2,500 | 10.0 | % | 2,500 | 10.0 | % | ||||||||||
| c. | Details of rights, preferences and restrictions attached to the equity shareholders: |
The Company has only one class of equity shares having a par value of 10 per share. Members of the Company holding equity shares capital therein have a right to vote, on every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid up equity capital of the Company held by the shareholders. The Company declares dividends in Indian rupees. The interim and final dividend is proposed by the Board of Directors. However, the final dividend is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to revive the remaining assets of the Company in proportion to their shareholding.
Note 4
Reserves and Surplus
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
General Reserve | ||||||||
Balance as per last balance sheet | 24,377 | — | ||||||
Add: transfer from Statement of Profit and Loss | 44,363 | 24,377 | ||||||
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Closing Balance | 68,740 | 24,377 | ||||||
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Surplus in the Statement of Profit and Loss | ||||||||
Balance as per last balance sheet | 925,326 | 682,788 | ||||||
Add: Profit for the year | 443,625 | 325,026 | ||||||
Less: Transferred to: | ||||||||
General Reserve | 44,363 | 24,377 | ||||||
Interim dividend | 125,000 | — | ||||||
Final dividend | 50,000 | 50,000 | ||||||
Tax on dividend | 28,776 | 8,111 | ||||||
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Total | 248,139 | 82,488 | ||||||
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Closing balance | 1,120,812 | 925,326 | ||||||
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| 1,189,552 | 949,703 | |||||||
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CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 5
Deferred tax liabilities (net)
The major components of deferred tax liabilities and deferred tax assets are as under :
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Deferred tax liabilities (A) | ||||||||
Difference between the book balance and tax balance of fixed assets. | 34,987 | 34,669 | ||||||
Deferred tax assets (B) | ||||||||
Provision for employee benefits | 14,203 | 14,998 | ||||||
Provision for expenses | 5,567 | 3,168 | ||||||
|
|
|
| |||||
Net deferred tax liabilities (A-B) | 15,217 | 16,503 | ||||||
|
|
|
| |||||
Charge / (credit) for the year | (1,286 | ) | (5,092 | ) | ||||
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Note 6
Other long-term liabilities
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Deferred income | 42 | 6,002 | ||||||
|
|
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| |||||
| 42 | 6,002 | |||||||
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| |||||
Note 7
Provisions
| Long-term | Short-term | |||||||||||||||
| Mar 13 (000’s) | Mar 12 (000’s) | Mar 13 (000’s) | Mar 12 (000’s) | |||||||||||||
| (Audited) | (Unaudited) | (Audited) | (Unaudited) | |||||||||||||
Provision for employee benefits | ||||||||||||||||
Provision for gratuity | 1,000 | 1,000 | — | — | ||||||||||||
Provision for compensated absences | 37,340 | 24,890 | 3,447 | 2,837 | ||||||||||||
Provision for employee stock appreciation rights (refer note 21 (iv)) | 11,710 | 11,300 | 9,950 | 6,200 | ||||||||||||
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| |||||||||
| 50,050 | 37,190 | 13,397 | 9,037 | |||||||||||||
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| |||||||||
Other provisions | ||||||||||||||||
Provision for income tax | — | — | 11,986 | 18,605 | ||||||||||||
Provision for wealth tax | — | — | — | 10 | ||||||||||||
Provision for proposed dividend | — | — | 50,000 | 50,000 | ||||||||||||
Provision for dividend tax | — | — | 8,497 | 8,111 | ||||||||||||
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| |||||||||
| — | — | 70,483 | 76,726 | |||||||||||||
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| |||||||||
| 50,050 | 37,190 | 83,880 | 85,763 | |||||||||||||
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CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 8
Trade payables
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Due to: | ||||||||
– Micro and small enterprises [refer foot note [i] ] | 74 | — | ||||||
– Others | 111,579 | 80,606 | ||||||
|
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| |||||
| 111,653 | 80,606 | |||||||
|
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| |||||
Foot note
| (i) | Trade payables includes 74(000’s) (Previous Year Nil/-) payable to “Suppliers” who have confirmed that they are registered under the Micro, Small and Medium Enterprises Development Act, 2006. This has been relied upon by the auditors. No interest has been due to be paid/ payable by the Company during the year to these “Suppliers” (Previous Year Nil/-). |
Note 9
Other current liabilities
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Other payables | ||||||||
Advance from customers | 7,946 | 12,053 | ||||||
Unearned income | 3,986 | 1,669 | ||||||
Deferred income | 4,050 | 3,410 | ||||||
Taxes payable | 7,491 | 2,238 | ||||||
Others | 167 | 170 | ||||||
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| |||||
| 23,640 | 19,540 | |||||||
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| |||||
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 10
Fixed assets
| (000’S) | ||||||||||||||||||||||||||||||||||||||||
| Gross block | Depreciation and amortisation | Net block | ||||||||||||||||||||||||||||||||||||||
Description | As at Mar 31, 2012 | Additions | Deductions | As at Mar 31, 2013 | As at Mar 31, 2012 | Charge | Deductions | As at Mar 31, 2013 | As at Mar 31, 2013 | As at Mar 31, 2012 | ||||||||||||||||||||||||||||||
| during the period | during the period | |||||||||||||||||||||||||||||||||||||||
Tangible assets | ||||||||||||||||||||||||||||||||||||||||
Leasehold improvements | 27,931 | — | 1,560 | 26,371 | 16,283 | 3,405 | 1,560 | 18,128 | 8,243 | 11,648 | ||||||||||||||||||||||||||||||
| (28,405 | ) | — | (474 | ) | (27,931 | ) | (13,352 | ) | (3,405 | ) | (474 | ) | (16,283 | ) | (11,648 | ) | (15,053 | ) | ||||||||||||||||||||||
Computers (Refer note i) | 172,714 | 28,124 | 140 | 200,698 | 84,536 | 36,667 | 103 | 121,100 | 79,598 | 88,178 | ||||||||||||||||||||||||||||||
| (165,605 | ) | (24,145 | ) | (17,036 | ) | (172,714 | ) | (76,629 | ) | (24,383 | ) | (16,476 | ) | (84,536 | ) | (88,178 | ) | (88,976 | ) | |||||||||||||||||||||
Office equipments | 10,066 | 96 | 68 | 10,094 | 5,824 | 1,074 | 49 | 6,849 | 3,245 | 4,242 | ||||||||||||||||||||||||||||||
| (11,836 | ) | (1,353 | ) | (3,123 | ) | (10,066 | ) | (5,498 | ) | (1,558 | ) | (1,232 | ) | (5,824 | ) | (4,242 | ) | (6,338 | ) | |||||||||||||||||||||
Furniture and fixtures | 4,856 | 471 | 590 | 4,737 | 3,368 | �� | 407 | 590 | 3,185 | 1,552 | 1,488 | |||||||||||||||||||||||||||||
| (4,840 | ) | (16 | ) | (— | ) | (4,856 | ) | (3,014 | ) | (354 | ) | (— | ) | (3,368 | ) | (1,488 | ) | (1,826 | ) | |||||||||||||||||||||
Electrical installations | 392 | 6 | — | 398 | 189 | 48 | — | 237 | 161 | 203 | ||||||||||||||||||||||||||||||
| (418 | ) | (— | ) | (26 | ) | (392 | ) | (167 | ) | (48 | ) | (26 | ) | (189 | ) | (203 | ) | (251 | ) | |||||||||||||||||||||
Vehicles | 7,244 | 8,131 | 4,575 | 10,800 | 2,902 | 2,414 | 3,078 | 2,238 | 8,562 | 4,342 | ||||||||||||||||||||||||||||||
| (6,315 | ) | (929 | ) | (— | ) | (7,244 | ) | (1,126 | ) | (1,776 | ) | (— | ) | (2,902 | ) | (4,342 | ) | (5, 190 | ) | |||||||||||||||||||||
Tangible assets total - current year | 223,203 | 36,828 | 6,933 | 253,098 | 113,102 | 44,015 | 5,380 | 151,737 | 101,361 | 110,101 | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||
| (217,419 | ) | (26,443 | ) | (20,659 | ) | (223,203 | ) | (99,786 | ) | (31,524 | ) | (18,208 | ) | (113,102 | ) | (110,101 | ) | (117,634 | ) | |||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||||||||||||||||||
Software (Refer note i) | 215,500 | 46,297 | — | 261,797 | 122,543 | 39,411 | — | 161,954 | 99,843 | 92,957 | ||||||||||||||||||||||||||||||
| (233,993 | ) | (37,540 | ) | (56,033 | ) | (215,500 | ) | (154,529 | ) | (23,956 | ) | (55,942 | ) | (122,543 | ) | (92,957 | ) | (79,464 | ) | |||||||||||||||||||||
Trademark | 176 | — | — | 176 | 51 | 35 | — | 86 | 90 | 125 | ||||||||||||||||||||||||||||||
| (176 | ) | (— | ) | (— | ) | (176 | ) | (9 | ) | (42 | ) | (— | ) | (51 | ) | (125 | ) | (166 | ) | |||||||||||||||||||||
Intangible assets total - current year | 215,676 | 46,297 | — | 261,973 | 122,594 | 39,446 | — | 162,040 | 99,933 | 93,082 | ||||||||||||||||||||||||||||||
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| (234,169 | ) | (37,540 | ) | (56,033 | ) | (215,676 | ) | (154,538 | ) | (23,998 | ) | (55,942 | ) | (122,594 | ) | (93,082 | ) | (79,630 | ) | |||||||||||||||||||||
Intangible assets under Development | 10,863 | — | 10,863 | — | — | — | — | — | — | 10,863 | ||||||||||||||||||||||||||||||
| (8,504 | ) | (8,869 | ) | (6,510 | ) | (10,863 | ) | (— | ) | (— | ) | (— | ) | (— | ) | (10,863 | ) | (8,504 | ) | |||||||||||||||||||||
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| |||||||||||||||||||||
Current Period - TOTAL | 449,742 | 83,125 | 17,796 | 515,071 | 235,696 | 83,461 | 5,380 | 313,777 | 201,294 | 214,046 | ||||||||||||||||||||||||||||||
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Previous Year | (460,092 | ) | (72,852 | ) | (83,202 | ) | (449,742 | ) | (254,324 | ) | (55,522 | ) | (74,150 | ) | (235,696 | ) | (214,046 | ) | (205,768 | ) | ||||||||||||||||||||
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Note:
| (i) | The Company has revised the estimated useful life of Computers and Software from 6 years to 5 years in the current year. Consequently, the depreciation charge for the year is higher by Rs 13,310 (Previous year Rs Nil/-). |
| (ii) | The figures in brackets indicate Previous Year (unaudited). |
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 11
Non-current investments
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||||||||||
| (Audited) | (Unaudited) | |||||||||||||||
Quoted Investments | No of Bonds | Face Value (Rs. | ) | |||||||||||||
7.38%, Rural Electrification Corporation Ltd. | 20,000 | 1,000 | 20,000 | — | ||||||||||||
7.36%, Power Finance Corporation Ltd. | 20,000 | 1,000 | 20,000 | — | ||||||||||||
7.08%, Indian Infrastructure Finance Co. Ltd. | 20,000 | 1,000 | 20,000 | — | ||||||||||||
7.40%, Indian Infrastructure Finance Co. Ltd. | 20,000 | 1,000 | 20,000 | — | ||||||||||||
7.34%, Indian Railway Finance Corpn. Ltd. | 20,000 | 1,000 | 20,000 | — | ||||||||||||
7. 04%, Indian Railway Finance Corpn. Ltd. | 20,000 | 1,000 | 20,000 | — | ||||||||||||
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| |||||||||||||
| 120,000 | — | |||||||||||||||
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| |||||||||||||
(Aggregate market value of quoted securities as on 31.03.13 is | ||||||||||||||||
All Investments are made in the current year | ||||||||||||||||
Note 12
Loans and advances
| Long-term | Short-term | |||||||||||||||
| Mar 13 (000’s) | Mar 12 (000’s) | Mar 13 (000’s) | Mar 12 (000’s) | |||||||||||||
| (Audited) | (Unaudited) | (Audited) | (Unaudited) | |||||||||||||
Unsecured, considered good | ||||||||||||||||
(unless otherwise stated) | ||||||||||||||||
(a) Capital advances | 3,923 | 8,865 | — | — | ||||||||||||
(b) Other loans & advances | ||||||||||||||||
Advance income tax (doubtful) | 2,550 | 1,227 | ||||||||||||||
Less: Provision for doubtful TDS | (2,550 | ) | (1,227 | ) | — | — | ||||||||||
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| |||||||||
| — | — | — | — | |||||||||||||
Advance income tax | 20,147 | 24,617 | — | — | ||||||||||||
Deposit with Financial Institution | 105,000 | 105,000 | 95,000 | 13,000 | ||||||||||||
Advance wealth tax | 19 | 19 | — | — | ||||||||||||
Deposits | 10,908 | 10,908 | — | — | ||||||||||||
Prepaid expenses | 2,104 | 2,621 | 18,223 | 22,534 | ||||||||||||
Employee advances (refer footnote (i)) | — | — | 1,921 | 786 | ||||||||||||
Other advances | — | — | 830 | 1,206 | ||||||||||||
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| |||||||||
| 142,101 | 152,030 | 115,974 | 37,526 | |||||||||||||
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Footnote:
| (i) | Employee advances includes advance against salary outstanding of 971 (000’s) due from Mr. Arun Thukral (Managing Director) as on Mar 31, 2013 (Previous Year 146 (000’s) |
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 13
Trade receivables
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Unsecured, considered good: | ||||||||
- Trade receivables outstanding for a period exceeding 6 months from the date they were due for payment | — | — | ||||||
- Other trade receivables | 197,855 | 135,504 | ||||||
|
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|
| |||||
| 197,855 | 135,504 | |||||||
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| |||||
Note 14
Cash and bank balances
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Cash and cash equivalents as per Accounting Standard 3 | ||||||||
Cash on hand | 18 | — | ||||||
Remittance in transit | 33,100 | — | ||||||
Balances with Banks: | ||||||||
Current accounts | 3,716 | 21,381 | ||||||
|
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| |||||
| 36,834 | 21,381 | |||||||
|
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| |||||
Other bank balances | ||||||||
Deposits with remaining maturity more than 3 months but less than 12 months | 313,500 | 729,500 | ||||||
Deposits with remaining maturity more than 12 months | 577,900 | 142,500 | ||||||
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| |||||
| 891,400 | 872,000 | |||||||
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| |||||
| 928,234 | 893,381 | |||||||
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| |||||
Note 15
Other current assets
| Mar 13 (000’s) | Mar 12 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
Unsecured, considered good; | ||||||||
Interest accrued on fixed deposits | 15,196 | 10,177 | ||||||
Service tax recoverable | 3,380 | 1,260 | ||||||
Interest on income tax refund | — | 1,383 | ||||||
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| |||||
| 18,576 | 12,820 | |||||||
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CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 16
Revenue from operations
| Mar 13 (000’s) | Mar 12 (000’s) | Mar 11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Sale of Services | ||||||||||||
Membership fees | 29,196 | 30,522 | 27,671 | |||||||||
Service reports fees | 1,262,910 | 988,596 | 707,579 | |||||||||
Other operating income | ||||||||||||
Grants | 5,320 | 7,184 | 21,282 | |||||||||
Decision centre service credits | 6,615 | 3,821 | — | |||||||||
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| |||||||
| 1,304,041 | 1,030,123 | 756,532 | ||||||||||
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Note 17
Other income
| Mar 13 (000’s) | Mar 12 (000’s) | Mar 11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Interest income comprises of: | ||||||||||||
Interest income on fixed deposits | 106,337 | 79,231 | 46,645 | |||||||||
Interest on tax free bonds | 1,258 | — | — | |||||||||
Interest from customers | 71 | — | 378 | |||||||||
Interest on tax refunds | — | 2,430 | 1,176 | |||||||||
Interest Others | 746 | — | — | |||||||||
Other non-operating income | ||||||||||||
Profit on Sale of Assets (net) | 422 | — | — | |||||||||
Miscellaneous income | 10,689 | 4,380 | 1,585 | |||||||||
Reversal of provision for doubtful debts | — | — | 290 | |||||||||
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| |||||||
| 119,523 | 86,041 | 50,074 | ||||||||||
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| |||||||
Note 18
Employees benefits expense
| Mar 13 (000’s) | Mar 12 (000’s) | Mar 11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Salaries and allowances | 161,319 | 137,696 | 99,858 | |||||||||
Contribution to provident and other funds | 8,108 | 6,814 | 6,335 | |||||||||
Provision for employee stock appreciation rights | 7,825 | 11,500 | 6,000 | |||||||||
Staff welfare expenses | 12,266 | 11,652 | 9,850 | |||||||||
|
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| |||||||
| 189,518 | 167,662 | 122,043 | ||||||||||
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| |||||||
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 19
Establishment and other expenses
| Mar 13 (000’s) | Mar 12 (000’s) | Mar 11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Office rent | 58,065 | 58,048 | 57,802 | |||||||||
Electricity charges | 3,040 | 4,963 | 6,665 | |||||||||
Repairs and maintenance: | ||||||||||||
Computers and server expenses | 33,592 | 30,628 | 32,244 | |||||||||
Software support expenses | 44,058 | 29,111 | 21,287 | |||||||||
Building repairs | 597 | 616 | 1,224 | |||||||||
Office maintenance and services | 3,940 | 3,968 | 2,514 | |||||||||
Other repairs | 27 | 152 | — | |||||||||
Insurance charges | 696 | 654 | 400 | |||||||||
Rates and taxes | 759 | 889 | 1,813 | |||||||||
Travelling and conveyance | 10,785 | 8,561 | 7,685 | |||||||||
Data centre fees | 25,043 | 14,149 | — | |||||||||
Legal and professional services | 78,311 | 76,910 | 55,483 | |||||||||
Auditors’ remuneration (refer footnote (i)) | 1,507 | 1,008 | 885 | |||||||||
Advertising and business development expenses | 29,547 | 17,287 | 9,303 | |||||||||
Other operating expenses | 10,463 | 10,841 | 10,756 | |||||||||
Director’s sitting fees | 1,215 | 570 | 515 | |||||||||
Donation | 5 | 355 | 56 | |||||||||
Bank charges | 1,562 | 822 | 307 | |||||||||
Provision for doubtful advances and TDS | 1,732 | 895 | 743 | |||||||||
Loss on sale of fixed assets | — | 2,119 | 779 | |||||||||
Loss on foreign exchange fluctuations (net) | 17 | 3 | — | |||||||||
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| |||||||
| 304,961 | 262,549 | 210,461 | ||||||||||
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| |||||||
Footnote: | ||||||||||||
(i) Auditors’ remuneration: | ||||||||||||
a) For audit | 800 | 700 | 600 | |||||||||
b) For tax audit | 240 | 210 | 180 | |||||||||
c) For taxation matters | 15 | 20 | — | |||||||||
d) For other services | 450 | 75 | 100 | |||||||||
e) For reimbursement of expenses | 2 | 3 | 5 | |||||||||
|
|
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|
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| |||||||
| 1,507 | 1,008 | 885 | ||||||||||
|
|
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|
| |||||||
Service tax which is being claimed as set-off for input credit has not been included in the expenditure above.
Note 20
Finance costs
| Mar 13 (000’s) | Mar 12 (000’s) | Mar 11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Interest on delayed / deferred payment of income tax | — | 1,211 | 1,220 | |||||||||
Interest on Bank Overdraft | 8 | — | — | |||||||||
Interest on tax refund reversed | 1,167 | — | — | |||||||||
|
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|
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| |||||||
| 1,175 | 1,211 | 1,220 | ||||||||||
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| |||||||
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 21
In accordance with the Accounting Standard on Employee Benefits (AS -15) (Revised 2005) notified by the Companies (Accounting Standards) Rules, 2006, the following disclosures are made:
| (i) | Salaries and allowances includes 20,068 (000’s) - [(FY 2011-12(Unaudited) 8,633 (000’s) and (FY 2010-11(Unaudited) 6,746 (000’s)] towards provision made in respect of accumulated Compensated Absences which is in the nature of Long Term Employee Benefits and has been actuarially determined as per the AS 15 (Revised). |
| (ii) | Contribution to Provident Fund of 6,179 (000’s) [(FY 2011-12(Unaudited) 5,604 (000’s) and ((FY 2010-11(Unaudited) 4,242 (000’S)) have been recognised in the Statement of Profit and Loss. |
| (iii) | Gratuity is currently valued on estimated basis and the Gratuity valuation is certified by the actuary and relied upon by the auditors. |
Net employee benefit expense :
| Current Year (000’s) | FY 2011-12 (000’s) | FY 2010-11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Current service cost | 1,305 | 1,159 | 835 | |||||||||
Interest cost on benefit obligation | 610 | 444 | 290 | |||||||||
Expected/Actual Return on Plan Assets | (561 | ) | (513 | ) | (158 | ) | ||||||
Net actuarial Losses / (Gains) recognised in the year | 520 | 105 | 619 | |||||||||
Past Service Cost | 76 | 76 | 76 | |||||||||
Other effects of limit of Para 59(b) | (21 | ) | 7 | — | ||||||||
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|
| |||||||
Net benefit expense | 1,929 | 1,278 | 1,662 | |||||||||
|
|
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| |||||||
Charge to Statement of Profit & Loss | 1,929 | 1,278 | 1,662 | |||||||||
|
|
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|
|
| |||||||
Actual return on plan assets | 686 | 585 | 318 | |||||||||
Changes in present value of the defined benefit obligation:
| Current Year (000’s) | FY 2011-12 (000’s) | FY 2010-11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Opening defined obligation | 6,026 | 4,297 | 2,716 | |||||||||
Interest cost | 610 | 444 | 290 | |||||||||
Current service cost | 1,305 | 1,159 | 835 | |||||||||
Benefits paid | (637 | ) | (51 | ) | (323 | ) | ||||||
Actuarial (Gains)/Losses on obligations | 700 | 177 | 779 | |||||||||
Past service cost | — | — | — | |||||||||
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Closing defined benefit obligation | 8,004 | 6,026 | 4,297 | |||||||||
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Expected Employer’s contribution for next year | 2,500 | 2,000 | 2,400 | |||||||||
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Changes in fair value of plan assets :
| Current Year (000’s) | FY 2011-12 (000’s) | FY 2010-11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Opening fair value of plan assets | 7,645 | 4,284 | 2,011 | |||||||||
Expected Return on plan assets | 561 | 513 | 158 | |||||||||
Acturial Gain / (Losses) | 125 | 72 | 161 | |||||||||
Contributions by employer | 696 | 2,827 | 2,277 | |||||||||
Benefits Paid | (637 | ) | (51 | ) | (323 | ) | ||||||
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Closing fair value of plan assets | 8,390 | 7,645 | 4,284 | |||||||||
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Net Asset / (Liability) recognised in the Balance Sheet:
| Current Year (000’s) | FY 2011-12 (000’s) | FY 2010-11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Present value of the defined benefit obligation at the end of the year | (8,004 | ) | (6,026 | ) | (4,297 | ) | ||||||
Fair value of plan assets at the end of the year | 8,390 | 7,645 | 4,284 | |||||||||
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Net Asset/(Liability) | 386 | 1,619 | (13 | ) | ||||||||
Unrecognised past service cost | 76 | 152 | ||||||||||
Excess provision for earlier years | (7 | ) | — | |||||||||
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Net Asset / (Liability) recognised in the Balance Sheet | 386 | 1,688 | 139 | |||||||||
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Experience Adjustments:
| 31.03.2013 (000’s) | 31.03.2012 (000’s) | 31.03.2011 (000’s) | 31.03.2010 (000’s) | 31.03.2009 (000’s) | ||||||||||||||||
| (Audited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Defined benefit obligation | 8,004 | 6,026 | 4,297 | 2,716 | 1,633 | |||||||||||||||
Plan assets | 8,390 | 7,645 | 4,284 | 2,011 | 990 | |||||||||||||||
Surplus /(Deficit) | 386 | 1,619 | (13 | ) | (705 | ) | (643 | ) | ||||||||||||
Exp. Adjustment on plan liabilities | (206 | ) | 337 | 779 | 71 | (72 | ) | |||||||||||||
Exp. Adjustment on plan assets | 14 | 72 | 161 | 49 | 17 | |||||||||||||||
Investment Details of Insurer Managed Funds
| Current Year | FY 2011-12 | FY 2010-11 | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
| % | % | % | ||||||||||
Central and State Government Securities | 53 | 53 | 53 | |||||||||
Bonds/ Debenture | 43 | 43 | 43 | |||||||||
Equity Shares | 4 | 4 | 4 | |||||||||
Money Market Instruments / FD | — | — | — | |||||||||
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TOTAL | 100 | 100 | 100 | |||||||||
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CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
The principal assumptions used in determining gratuity and pension benefit obligations for the Company’s plans are shown below:
Current Year | FY2011-12 | FY2010-11 | ||||
| (Audited) | (Unaudited) | (Unaudited) | ||||
Discount Rate | 8.05% | 8.30% | 8.30% | |||
Expected rate of return on assets | 7.50% | 7.50% | 7.50% | |||
Salary escalation | 10.00% | 9.00% | 9.00% | |||
Mortality | Indian Assured | LIC (1994-96) | LIC (1994-96) | |||
| Lives (2006-08) | Mortality Table | Mortality Table | ||||
| ULT Table |
The estimates of future salary increases, considered in actuarial, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment markets.
| (iv) | The Company has a long term incentive plan for eligible employees whereby they are entitled for cash payment against appreciation in notional value of share units (that is determined based on EPS and benchmarked multiple). Current year provision is 7,824(000’s), [FY2011- 12(Unaudited): (11,500 (000’s)) and FY 2010-11(Unaudited): (6,000 (000’s))), for such appreciation in value. |
Note 22
Expenditure in foreign currency:
| Current year (000’s) | FY 2011-12 (000’s) | FY 2010-11 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Net Dividend remitted in foreign exchange: | ||||||||||||
Final Dividend: | ||||||||||||
Period to which it relates | Apr 11 to Mar 12 | Apr 10 to Mar 11 | NA | |||||||||
No of non resident shareholders | 1 | 1 | — | |||||||||
Number of equity shares held by them (Nos 000’s) | 6,875 | 4,998 | — | |||||||||
Amount in | 13,750 | 4,998 | NA | |||||||||
Interim Dividend: | ||||||||||||
Period to which it relates | Apr 12 to Mar 13 | NA | NA | |||||||||
No of non resident shareholders | 1 | — | — | |||||||||
Number of equity shares held by them (Nos 000’s) | 6,875 | — | — | |||||||||
Amount in | 34,375 | NA | NA | |||||||||
Others Matters: | ||||||||||||
Director Fees | 229 | 110 | — | |||||||||
Professional Fees | 941 | 376 | — | |||||||||
Travelling Expenses | — | — | 183 | |||||||||
Training Expenses | — | — | 1,801 | |||||||||
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| 1,170 | 486 | 1,984 | ||||||||||
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CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 23
Operating Lease
The Company has taken office premises on operating lease.
Future minimum rentals payable under non-cancellable operating lease are as under:
| Mar 31, 2013 (000’s) | Mar 31, 2012 (000’s) | Mar 31, 2011 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
not later than one year | 24,187 | 58,048 | 58,048 | |||||||||
later than one year but not later than five years | — | 24,187 | 82,234 | |||||||||
later than five years | — | — | — | |||||||||
Note 24
Contingent Liabilities
| Mar 31, 2013 (000’s) | Mar 31, 2012 (000’s) | Mar 31, 2011 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
(i) Claims against Company not acknowledged as debts: | ||||||||||||
(a) In respect of Service Tax matters | 1,770 | 1,770 | 1,770 | |||||||||
(b) Other Claims | 3,500 | 3,500 | — | |||||||||
| (ii) | The Company is a defendant in various legal actions and a party to claims which arose during the ordinary course of business. The Company’s Management believes based on the facts presently known, that the results of these actions will not have a material impact on the Company’s financial statements. |
Note 25
Capital and Other Commitments
| Mar 31, 2013 (000’s) | Mar 31, 2012 (000’s) | |||||||
| (Audited) | (Unaudited) | |||||||
(i) Estimated amount of contracts remaining to be executed on | ||||||||
Capital account and not provided for: | ||||||||
Tangible Assets | 2,149 | — | ||||||
Intangible Assets | 22,682 | 466 | ||||||
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Total Commitments | 24,831 | 466 | ||||||
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Advances paid against such contracts | 3,923 | 8,865 | ||||||
| (ii) | Other Commitments |
(a) Operating Leases (refer note 24)
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 26
Segmental reporting
As the Company has no activities other than that of providing Credit Information Services primarily in India, there are no separate segments in terms of Accounting Standards on “Segment Reporting” (AS-17) notified under the Companies 2006 (Accounting Standards) Rules.
Note 27
As per the Accounting Standard on ‘Related Party Disclosures’ (AS-18), notified by the Companies (Accounting Standards) Rules, 2006, the related parties of the Company are as follows:
(i) Details of related parties:
Description of Relationship | Name of Related Parties | |
| (a) Company holding more than 20% shares | Transunion International Inc. (w.e.f 21.12.2011) | |
| (b) Key Management Personnel | Mr Arun Thukral (Managing Director) |
| (ii) | Details of related party transactions during the year ended Mar 31, 2013 and outstanding balance as on Mar 31, 2013: |
(a) Key Management Personnel
| Mar 31, 2013 (000’s) | Mar 31, 2012 (000’s) | Mar 31, 2011 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Managing Director | ||||||||||||
Mr Arun Thukral | ||||||||||||
Remuneration * | 18,063 | 13,224 | 13,396 | |||||||||
Outstanding Advances | 971 | 146 | — | |||||||||
| * | Leave encashment, Gratuity and ESAR are included on payment basis |
Note 28
Earnings Per Share
In accordance with the Accounting Standard on “Earnings Per Share” (AS-20) notified by the Companies (Accounting Standards) Rules, 2006, the Earnings Per Share has been computed as under:
| Mar 31, 2013 (000’s) | Mar 31, 2012 (000’s) | Mar 31, 2011 (000’s) | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
Profit for the year after tax ( | 443,625 | 325,026 | 214,919 | |||||||||
Weighted average number of | ||||||||||||
Equity shares outstanding (No 000’s) | 25,000 | 25,000 | 25,000 | |||||||||
Earnings per share ( | 17.74 | 13.00 | 8.60 | |||||||||
(a)/(b) {Basic and Diluted} | ||||||||||||
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Notes forming part of financial statements for the year ended March 31, 2013
Note 29
Previous year’s figure has been regrouped/ reclassified wherever necessary to correspond with the current year’s classification/ disclosure.
For and on behalf of the Board
| sd | sd | |
| M.V. Nair | Arun Thukral | |
| Chairman | Managing Director | |
| sd | sd | |
| Vivek Kumar Aggarwal | Swati Naik | |
| CFO and Exec. VP | Company Secretary | |
Mumbai, June 11, 2013