TransUnion - FORM 10-K/A - EX-99.3 - EXHIBIT 99.3

Attached files

file	filename
10-K/A - 10-K/A - TransUnion	a10-ka.htm
EX-32 - EXHIBIT 32(A) - TransUnion	exhibit32a.htm
EX-31.2 - EXHIBIT 31.2(A) - TransUnion	exhibit312a.htm
EX-31.1 - EXHIBIT 31.1(A) - TransUnion	exhibit311a.htm
EX-99.2 - EXHIBIT 99.2 - TransUnion	exhibit992cibil3-31x2014.htm
EX-99.1 - EXHIBIT 99.1 - TransUnion	exhibit991transuniondemexi.htm

Exhibit 99.3

Credit Information Bureau (India) Limited

Financial Statements

Years Ended March 31, 2013 and 2012

with Independent Auditors’ Report

Credit Information Bureau (India) Limited

Financial Statements

Years Ended March 31, 2013 and 2012

Contents:




Independent Auditors’ Report
Balance Sheet
Statement of Profit and Loss
Cash Flow
Notes Forming Part of Financial Statements




Deloitte Haskins & Sells				Chartered Accountants 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.

/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 Rs. (000’s)		MAR 31, 2012 Rs. (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
				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
				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
				219,173		185,909
TOTAL				1,724,034		1,445,307
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
				201,294		214,046
Non-current investments		11		120,000		—
Long-term loans and advances		12		142,101		152,030
				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
				1,260,639		1,079,231
TOTAL				1,724,034		1,445,307
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 Rs. (000’s)			MAR 31, 2012 Rs. (000’s)			MAR 31, 2011 Rs. (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
Total revenue				1,423,564			1,116,164			806,606
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		10		83,461			55,522			49,720
Total expenses				765,719			634,547			482,820
Profit before tax				657,845			481,617			323,786
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
				214,220			156,591			108,867

Profit for the year				443,625			325,026			214,919

Earning per equity share-Basic and Diluted				17.74			13.00			8.60
(nominal valueRs. . 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 Rs. (000’s)			Mar 31, 2012 Rs. (000’s)			Mar 31, 2011 Rs. (000’s)
	(Audited)			(Unaudited)			(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
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
Cash flow before changes in working capital		647,279			475,936			333,677
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
Total		(25,895	)		(63,539	)		45,336
Less: Taxes Paid		(219,397	)		(146,908	)		(101,792	)
Cash generated from Operations (A)		401,987			265,489			277,221
CASH FLOW FROM INVESTING ACTIVITIES
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
Cash used in Investing Activities (B)		(183,137	)		(257,404	)		(248,626	)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid on equity shares		(175,000	)		(25,000	)		—
Tax on equity dividend paid		(28,389	)		(4,056	)		—
Interest paid on overdraft		(8	)		—			—
Cash used in Financing Activities (C)		(203,397	)		(29,056	)		—
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
Closing cash and cash equivalents at the end of the year		36,834			21,381			42,352
(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 Mar 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 31^st 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 Mar 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 Mar 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 Projected 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 Mar 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 Rs. (000’s)		Mar 12 Rs. (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
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
TOTAL		250,000		250,000



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)		Rs. (000’s)		No (000’s)		Rs. (000’s)
Equity shares at the beginning of the year		25,000		250,000		25,000		250,000
Equity shares outstanding at the end of the year		25,000		250,000		25,000		250,000

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 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)
Name of the shareholder	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 Rs. 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 receive the remaining assets of the Company in proportion to their shareholding.

Note 4

Reserves and Surplus



	Mar 13 Rs. (000’s)		Mar 12 Rs. (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
Closing Balance		68,740		24,377
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
Total		248,139		82,488
Closing balance		1,120,812		925,326
		1,189,552		949,703

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 5

Deferred tax liabilities (net)

The major components of deferred tax liabilities and deferred tax assets are as under :



	Mar 13 Rs. (000’s)			Mar 12 Rs. (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	)

Note 6

Other long-term liabilities



	Mar 13 Rs. (000’s)		Mar 12 Rs. (000’s)
	(Audited)		(Unaudited)
Deferred income		42		6,002
		42		6,002

Note 7

Provisions



	Long-term				Short-term
	Mar 13 Rs. (000’s)		Mar 12 Rs. (000’s)		Mar 13 Rs. (000’s)		Mar 12 Rs. (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
		50,050		37,190		13,397		9,037
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
		—		—		70,483		76,726
		50,050		37,190		83,880		85,763

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 8

Trade payables



	Mar 13 Rs. (000’s)		Mar 12 Rs. (000’s)
	(Audited)		(Unaudited)
Due to:
- Micro and small enterprises [refer foot note [i] ]		74		—
- Others		111,579		80,606
		111,653		80,606

Foot note



(i)	Trade payables includes Rs. 74(000’s) (Previous Year Rs. 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 Rs. Nil/-).

Note 9

Other current liabilities



	Mar 13 Rs. (000’s)		Mar 12 Rs. (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
		23,640		19,540

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 10

Fixed assets



																									Rs. (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
	As at Mar 31, 2012			during the period						As at Mar 31, 2013			As at Mar 31, 2012			during the period						As at Mar 31, 2013			As at Mar 31, 2013			As at Mar 31, 2012
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
		(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
		(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	)
Current Period - TOTAL		449,742			83,125			17,796			515,071			235,696			83,461			5,380			313,777			201,294			214,046
Previous Year		(460,092	)		(72,852	)		(83,202	)		(449,742	)		(254,324	)		(55,522	)		(74,150	)		(235,696	)		(214,046	)		(205,768	)

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(000's) (Previous year Rs. Nil/-(000's)).
(ii)	The figures in brackets indicate Previous Year (unaudited).

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 11

Non-current investments



			Mar 13 Rs. (000’s)		Mar 12 Rs. (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		—
				120,000		—
(Aggregate market value of quoted securities as on 31.03.13 is Rs. 121,080 (000’s) )
All Investments are made in the current year

Note 12

Loans and advances



	Long-term						Short-term
	Mar 13 Rs. (000’s)			Mar 12 Rs. (000’s)			Mar 13 Rs. (000’s)		Mar 12 Rs. (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	)		—		—
		—			—			—		—
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
		142,101			152,030			115,974		37,526

Footnote:



(i)	Employee advances includes advance against salary outstanding of Rs. 971 (000’s) due from Mr. Arun Thukral (Managing Director) as on Mar 31, 2013 (Previous Year Rs. 146 (000’s)

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 13

Trade receivables



	Mar 13 Rs. (000’s)		Mar 12 Rs. (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
		197,855		135,504

Note 14

Cash and bank balances



	Mar 13 Rs. (000’s)		Mar 12 Rs. (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
		36,834		21,381
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
		891,400		872,000
		928,234		893,381

Note 15

Other current assets



	Mar 13 Rs. (000’s)		Mar 12 Rs. (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
		18,576		12,820

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 16

Revenue from operations



	Mar 13 Rs. (000’s)		Mar 12 Rs. (000’s)		Mar 11 Rs. (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		—
		1,304,041		1,030,123		756,532

Note 17

Other income



	Mar 13 Rs. (000’s)		Mar 12 Rs. (000’s)		Mar 11 Rs. (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
		119,523		86,041		50,074

Note 18

Employees benefits expense



	Mar 13 Rs. (000’s)		Mar 12 Rs. (000’s)		Mar 11 Rs. (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
		189,518		167,662		122,043

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 19

Establishment and other expenses



	Mar 13 Rs. (000’s)		Mar 12 Rs. (000’s)		Mar 11 Rs. (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		—
		304,961		262,549		210,461
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
		1,507		1,008		885

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 Rs. (000’s)		Mar 12 Rs. (000’s)		Mar 11 Rs. (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		—		—
		1,175		1,211		1,220

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 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 Rs. 20,068 (000’s) - [(FY 2011-12 (Unaudited) Rs. 8,633 (000’s) and (FY 2010-11 (Unaudited) Rs. 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 Rs. 6,179 (000’s) [(FY 2011-12 (Unaudited) Rs. 5,604 (000’s) and ((FY 2010-11 (Unaudited) Rs. 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 Rs. (000’s)			FY 2011-12 Rs. (000’s)			FY 2010-11 Rs. (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			—
Net benefit expense		1,929			1,278			1,662
Charge to Statement of Profit & Loss		1,929			1,278			1,662
Actual return on plan assets		686			585			318

Changes in present value of the defined benefit obligation:



	Current Year Rs. (000’s)			FY 2011-12 Rs. (000’s)			FY 2010-11 Rs. (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		—			—			—
Closing defined benefit obligation		8,004			6,026			4,297
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 Mar 31, 2013

Changes in fair value of plan assets :



	Current Year Rs. (000’s)			FY 2011-12 Rs. (000’s)			FY 2010-11 Rs. (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	)
Closing fair value of plan assets		8,390			7,645			4,284

Net Asset / (Liability) recognised in the Balance Sheet:



	Current Year Rs. (000’s)			FY 2011-12 Rs. (000’s)			FY 2010-11 Rs. (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
Net Asset/(Liability)		386			1,619			(13	)
Unrecognised past service cost		—			76			152
Excess provision for earlier years		—			(7	)		—
Net Asset / (Liability) recognised in the Balance Sheet		386			1,688			139

Experience Adjustments:



	31.03.2013 Rs. (000’s)			31.03.2012 Rs. (000’s)		31.03.2011 Rs. (000’s)			31.03.2010 Rs. (000’s)			31.03.2009 Rs. (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		—		—		—
TOTAL		100		100		100

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 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 Rs. 7,824(000’s), [FY2011- 12 (Unaudited): Rs. (11,500 (000’s))] and {(FY 2010-11 (Unaudited): Rs. (6,000 (000’s))], for such appreciation in value.

Note 22

Expenditure in foreign currency:



	Current year Rs. (000’s)		FY 2011-12 Rs. (000’s)		FY 2010-11 Rs. (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 Rs. (000’s)		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 Rs. (000’s)		34,375		NA		NA
Others Matters:
Director Fees		229		110		—
Professional Fees		941		376		—
Travelling Expenses		—		—		183
Training Expenses		—		—		1,801
		1,170		486		1,984

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 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 Rs. (000’s)		Mar 31, 2012 Rs. (000’s)		Mar 31, 2011 Rs. (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 Rs. (000’s)		Mar 31, 2012 Rs. (000’s)		Mar 31, 2011 Rs. (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 Rs. (000’s)		Mar 31, 2012 Rs. (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
Total Commitments		24,831		466
Advances paid against such contracts		3,923		8,865



(ii)	Other Commitments

(a) Operating Leases (refer note 23)

CREDIT INFORMATION BUREAU [INDIA] LIMITED

Notes forming part of financial statements for the year ended Mar 31, 2013

Note 26

Segment 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
Rs. (000’s)

Mar 31, 2012
Rs. (000’s)

Mar 31, 2011
Rs. (000’s)

(Audited)

(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 Rs. (000’s)		Mar 31, 2012 Rs. (000’s)		Mar 31, 2011 Rs. (000’s)
	(Audited)		(Unaudited)		(Unaudited)
Profit for the year after tax Rs.(000’s)		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 (Rs.)		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 Mar 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

TransUnion - FORM 10-K/A - EX-99.3 - EXHIBIT 99.3 - June 30, 2014

Attached files

TransUnion Reports