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41911051 29127682 84,56,456 -71372 -154393 -42,73,918 -1,56,42,720 U72900MH2000PLC128943 2018-03-31 U72900MH2000PLC128943 2017-03-31 U72900MH2000PLC128943 2017-04-01 2018-03-31 U72900MH2000PLC128943 2016-04-01 2017-03-31 U72900MH2000PLC128943 2016-03-31 iso4217:INR iso4217:INR xbrli:shares

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

18,87,91,620

6,93,75,810

(b)   Reserves and surplus

4

12,62,07,155

13,22,08,264

2     Share application money pending allotment

 

-

-

3     Non-current liabilities

 

 

 

(a)   Long-term borrowings

5

6,87,81,534

9,83,62,130

(b)   Deferred tax liabilities (Net)

 

6,75,949

49,49,867

4     Current liabilities

 

 

 

(a)   Short-term borrowings

6

6,76,05,463

5,42,69,945

(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

9,70,18,775

7,36,35,219

(d)   Short-term provisions

9

15,85,54,860

14,29,77,073

TOTAL

 

74,95,79,407

60,49,05,990

II.     ASSETS

 

 

 

1      Non-current assets

 

 

 

(a)   Fixed assets

10

 

 

(i)    Tangible assets

 

10,12,55,148

10,57,70,509

(ii)    Intangible assets

 

8,67,77,843

9,51,16,003

(iii)   Capital work-in-progress

 

-

-

(iv)   Intangible assets under development

 

17,32,92,540

17,68,83,455

(b)   Non-current investments

11

1,16,74,433

1,22,15,198

(c)   Long-term loans and advances

12

4,74,410

4,74,410

(d)   Other non-current assets

13

67,76,794

33,83,938

2     Current assets

 

 

 

(a)   Trade receivables

14

13,34,71,851

7,70,68,944

(b)   Cash and Bank Balance

15

8,25,76,330

10,20,491

(c)   Short-term loans and advances

16

69,64,576

55,87,633

(d)   Other current assets

17

14,63,15,482

12,73,85,409

TOTAL

 

74,95,79,407

60,49,05,990

 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

34,90,76,697

27,17,11,979

II. Other income

19

42,26,316

14,75,987

III. Total Revenue (I + II)

 

35,33,03,013

27,31,87,966

IV.  Expenses:

 

 

 

Employee benefits expense

20

18,89,10,128

15,48,90,127

Finance costs

21

1,99,09,600

2,08,23,759

Depreciation and amortization expense

22

4,48,77,887

4,61,18,944

Other expenses

23

15,22,68,071

16,26,71,712

Total expenses

 

40,59,65,686

38,45,04,542

V.  Profit from ordinary activities before exceptional and extraordinary items and tax (III-IV)

 

(5,26,62,672)

(11,13,16,576)

VI.  Exceptional expenses / (incomes)

24

5,40,765

43,76,928

VII.  Profit from ordinary activities before extraordinary items and tax (V-VI)

 

(5,32,03,437)

(11,56,93,504)

VIII.  Extraordinary Items

 

-

-

IX.  Profit from ordinary activities before tax (VII-VIII)

 

(5,32,03,437)

(11,56,93,504)

X Tax expense:

 

 

 

(1)   Current tax

 

-

-

(2)   Deferred tax

 

(42,73,918)

(1,56,42,720)

(3)   Tax expense/ (income) for earlier years

 

-

-

XI  Profit (Loss) for the period from continuing operations (IX-X)

 

(4,89,29,519)

(10,00,50,784)

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)

 

(4,89,29,519)

(10,00,50,784)

XVI  Earnings per equity share:

 

 

 

(1)   Basic

 

(3.01)

(7.21)

(2)   Diluted

 

(3.01)

(7.21)

 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2018

(AMOUNT IN )

 

Particulars

For the year ended

31 March, 2018

For the year ended

31 March, 2017

A.  CASH FLOW FROM OPERATING ACTIVITIES

 

 

Profit before tax

(5,32,03,437)

(11,56,93,504)

Adjustments for:

 

 

Depreciation and amortisation

4,48,77,887

4,61,18,944

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

1,89,46,375

1,97,06,284

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

7,27,50,111

8,34,15,179

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

(1,24,83,395)

90,991

(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

1,28,16,370

1,89,77,629

(Decrease) / Increase in Other Current Liabilities

2,33,83,557

4,02,78,617

Increase / (Decrease) in Balance of cash credit facilities

1,33,35,518

2,13,28,244

(Decrease) / Increase in Short term Provisions

1,55,77,787

2,31,44,228

Total

(3,87,92,116)

7,71,62,925

Taxes Paid

(1,45,63,595)

(72,79,964)

Net Cash Inflow /(Outflow) in course of Operating activities (A)

(3,38,09,037)

3,76,04,636

 

 

 

B.  CASH FLOW FROM INVESTING ACTIVITIES

 

 

Purchase of Fixed Assets (including capital advances)

(7,55,261)

(23,89,526)

In-house Software Products Capitalisation

(2,78,81,594)

(5,14,19,502)

Interest Income Received

19,16,993

13,82,877

Sales/Scrap Value of Fixed Assets

2,34,462

-

Net Cash Inflow /(Outflow) in the course of Investing Activities (B)

(2,64,85,400)

(5,24,26,151)

CASH FLOW FROM FINANCING ACTIVITIES

 

 

Proceeds From Share Capital & Share Premium

16,01,28,000

-

Fresh Loan /(Repayment) of term loans during the year (net)

(2,95,80,596)

(2,29,10,079)

Interest paid on Term Loans

(1,89,46,375)

(1,97,06,284)

Net cash flow used in financing activities (C)

11,16,01,029

(4,26,16,363)

Net increase/(decrease) in Cash and cash equivalents (A + B + C)

5,13,06,592

(5,74,37,878)

Add: Balance of Cash/Cash Equivalents at the beginning of the year

10,20,491

5,84,58,369

Cash/Cash Equivalents at the close of the year

5,23,27,083

10,20,491

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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.

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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.

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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.

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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.

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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.

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

-

-

-

-

-

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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/-).

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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)

Ultimate

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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.

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018

 

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



I
RIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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



IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




 

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

 

IRIS BUSINESS SERVICES LIMITED Annual Report 2017-18




NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2018

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

 








 



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