TransUnion - FORM 10-K/A - EX-99.2

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EX-31.1(A) - EX-31.1(A) - TransUnion	d511293dex311a.htm
EX-99.1 - EX-99.1 - TransUnion	d511293dex991.htm
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EX-31.2(A) - EX-31.2(A) - TransUnion	d511293dex312a.htm
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Exhibit 99.2

AUDITORS’ REPORT

TO THE MEMBERS OF

CREDIT INFORMATION BUREAU (INDIA) LIMITED

We have audited the attached Balance Sheet of CREDIT INFORMATION BUREAU (INDIA) LIMITED (“the Company”) as at March 31, 2012, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3.	As required by the Companies (Auditor’s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4.	Further to our comments in the Annexure referred to in paragraph 3 above, we report as follows:

(a)

we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b)

in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c)

the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d)

in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956;

(e)

in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i)

in the case of the Balance Sheet, of the state of affairs of the Company as at 31^stMarch, 2012;

(ii)

in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date and

(iii)

in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.


CIBIL Annual Report 2011-12

5.	On the basis of the written representations received from the Directors as on 31^st March, 2011 taken on record by the Board of Directors, none of the Directors is disqualified as on 31^stMarch, 2011 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956.

For DELOITTE HASKINS & SELLS

Chartered Accountants

(Registration No. 117366W)

Kalpesh J. Mehta

Partner

(Membership No. 48791)


MUMBAI, June 21, 2012		KJM/MJ

ANNEXURE TO THE AUDITORS’ REPORT

(Referred to in paragraph 3 of our report of even date)

(i)	Having regard to the nature of the Company’s business/activities/results/transactions etc., clauses (ii), (vi), (viii), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xviii), (xix) and (xx) of CARO are not applicable.

(ii)	In respect of its fixed assets:

(a)

The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets.

(b)

The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification, which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c)

The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(iii)

The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

(iv)

In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of fixed assets and the sale of services. During the course of audit, we have not observed any major weakness in such internal control system.


CIBIL Annual Report 2011-12

(v)	To the best of our knowledge and belief and according to the information and explanations given to us, there were no contracts or arrangements that needed to be entered in the Register maintained under Section 301 of the Companies Act, 1956.

(vi)	In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

(vii)

According to the information and explanations given to us, in respect of statutory dues:

(a)

The Company has been regular in depositing undisputed statutory dues, including Provident Fund, Income-tax, Wealth Tax and other material statutory dues with the appropriate authorities during the year.

(b)

There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, and other material statutory dues in arrears as at 31^st March, 2012 for a period of more than six months from the date they became payable.

(c)

Details of dues of Service Tax which were unpaid as on 31^st March, 2012 which have not been deposited on account of disputes are given below:


Statute	Nature of Dues	Forum where Dispute is pending	Period to which the amount relates	Amount involved (Rs. in 000’s)
The Service Tax Act	Service Tax	Assistant Commissioner, Service Tax	2003-2004 to 2004-2005	1,777

(viii)

In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short-term basis have not been used during the year for long- term investment.

(ix)	To the best of our knowledge and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For DELOITTE HASKINS & SELLS

Chartered Accountants

(Registration No. 117366W)

MUMBAI, June 21, 2012

Kalpesh J. Mehta

Partner

(Membership No. 48791)

KJM/MJ


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

BALANCE SHEET AS AT MARCH 31, 2012


	Note No.		MAR 31, 2012 (000’s)		MAR 31, 2011 (000’s)
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital		3		250,000		250,000
Reserves and surplus		4		949,703		682,788

				1,199,703		932,788
Non-current liabilities
Deferred tax liabilities (net)		5		16,503		21,595
Other long-term liabilities		6		6,002		9,645
Long-term provisions		7		37,190		23,631

				59,695		54,871
Current liabilities
Trade payables		8		80,606		74,805
Other current liabilities		9		19,540		47,759
Short-term provisions		7		85,763		47,929

				185,909		170,493

TOTAL				1,445,307		1,158,152

ASSETS
Non-current assets
Fixed assets		10
Tangible assets				110,101		117,634
Intangible assets				93,082		79,630
Intangible assets under development				10,863		8,504

				214,046		205,768
Non-current investments		11		105,000		—
Long-term loans and advances		12		47,030		50,973

				366,076		256,741
Current assets
Current investments		13		13,000		62,500
Trade receivables		14		135,504		96,235
Cash and bank balances		15		893,381		682,952
Short-term loans and advances		12		24,526		17,073
Other current assets		16		12,820		42,651

				1,079,231		901,411

TOTAL				1,445,307		1,158,152

Summary of significant accounting policies		2

Notes 1 to 30 annexed hereto form an integral part of the financial statements.


In terms of our report attached.	For and on behalf of the Board

For Deloitte Haskins & Sells	M. V. Nair	Arun Thukral
Chartered Accountants	Chairman	Managing Director

Kalpesh J. Mehta Partner Mumbai, 21st June, 2012	Vivek Kumar Aggarwal CFO & Exec. VP - HR, Legal & Strategy	Swati Naik Company Secretary & Sr. Manager - Legal


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2012


	Note No.		MAR 31, 2012			MAR 31, 2011
			(000’s)			(000’s)
Income
Revenue from operations		17		1,034,503			758,117
Other income		18		81,661			48,489

Total revenue				1,116,164			806,606

Expenses
Employee benefits expense		19		167,662			122,043
Establishment and other expenses		20		262,549			210,461
Royalty				147,603			99,376
Finance costs		21		1,211			1,220
Depreciation and amortisation expense				55,522			49,720

Total expenses				634,547			482,820

Profit before tax				481,617			323,786
Less: Tax expense
Current tax				161,839			109,100
Earlier years tax written back				(156	)		(258	)
Deferred tax charge / (credit)				(5,092	)		25

				156,591			108,867

Profit for the year				325,026			214,919

Earning per equity share—Basic and Diluted (nominal value Rs 10 per share)		29		13.00			8.60
Summary of significant accounting policies		2

Notes 1 to 30 annexed hereto form an integral part of the financial statements.


In terms of our report attached.	For and on behalf of the Board

For Deloitte Haskins & Sells Chartered Accountants	M.V. Nair Chairman	Arun Thukral Managing Director

Kalpesh J. Mehta Partner Mumbai, 21st June, 2012	Vivek Kumar Aggarwal CFO & Exec. VP - HR, Legal & Strategy	Swati Naik Company Secretary & Sr. Manager - Legal


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

CASH FLOW FOR THE YEAR ENDED MARCH 31, 2012


	MAR 31, 2012			MAR 31, 2011
	(000’s)			(000’s)
CASH FLOW FROM OPERATING ACTVITIES
Profit before tax		481,617			323,786
Add/(Less): Non operating (income) / expenses
Depreciation and amortisation		55,522			49,720
Loss on sale /write off of fixed assets		2,119			779
Interest on fixed deposits		(79,231	)		(48,198	)
Interest on income tax refund		(2,430	)		—
Provision for employee benefits		19,826			14,008
Doubtful debts (written back)		—			(290	)
Interest on taxes and others		1,211			1,219
Doubtful advances written off / provided		895			743

Cash flow before changes in working capital		479,529			341,767

Adjustments for changes in working capital
Increase/(decrease) in liabilities and trade payables		(26,264	)		48,251
Decrease/(increase) in trade receivables		(39,270	)		(9,677	)
Decrease/(increase) in loans, advances and other current assets		(1,598	)		(1,328	)

Total		(67,132	)		37,246
Less: Taxes Paid		146,908			101,792

Cash generated from Operations (A)		265,489			277,221

CASH FLOW FROM INVESTING ACTVITIES
Purchase of fixed assets (including capital advance)		(74,299	)		(86,758	)
Purchase of fixed deposits with financial institution		(118,000	)		(94,900	)
Proceeds from fixed deposits with financial institution		62,500			42,300
Proceeds from sale of fixed asset		424			1,072
Purchase of fixed deposits (with maturity more than 3 months)		(1,109,100	)		(521,800	)
Proceeds from fixed deposits (with maturity more than 3 months)		877,700			380,000
Interest on tax refund		2,223			—
Interest received on fixed deposits		101,149			31,460

Cash used in Investing Activities (B)		(257,404	)		(248,626	)

CASH FLOW FROM FINANCING ACTVITIES
Dividend paid on equity shares		(25,000	)		—
Tax on equity dividend paid		(4,056	)		—

Cash used in financing activities (C)		(29,056	)		—

Net Increase in cash equivalent(A+B+C)		(20,971	)		28,595
Add: Opening cash & cash equivalents		42,352			13,757

Closing cash and cash equivalents at the end of the year (refer note 15)		21,381			42,352


In terms of our report attached.	For and on behalf of the Board

For Deloitte Haskins & Sells	M. V. Nair	Arun Thukral
Chartered Accountants	Chairman	Managing Director

Kalpesh J. Mehta Partner Mumbai, 21st June, 2012	Vivek Kumar Aggarwal CFO & Exec. VP - HR, Legal Strategy	Swati Naik Company Secretary & Sr. Manager - Legal


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

1.	CORPORATE INFORMATION

The Company, Credit Information Bureau (India) Limited (CIBIL) functions as a Credit Information Company. CIBIL maintains a repository of information which has been pooled in by all banks and lending institutions operating in India and contains credit history of commercial and consumer borrowers. CIBIL provides this information to its members, specified users and consumers in the form of credit information reports.

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

Initial Membership Fees are recognised on admission of members.

Annual Membership Fees are recognised proportionately for the period of such membership.

Service Report Fees are recognised on rendering of services.

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.

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.


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

2.5

Tangible assets and depreciation

Tangible assets have been stated at purchase/acquisition cost inclusive of installation cost less accumulated depreciation.

Leasehold improvements are amortised over the period of the lease.

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		16.67	%
Office Equipment		16.67	%
Furniture & Fixtures		16.67	%
Electrical Installations		16.67	%
Vehicles		25.00	%
Mobile Phones		50.00	%

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

Intangible assets are stated at cost less accumulated amortisation.

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 six years 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.

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.

2.8

Impairments of asset

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, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is 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.


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

2.9

Investments

Long term Investments are carried at cost Less provision (if any) for diminution (other than temporary) in value of such investments.

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

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.

The Company’s contribution to recognised Provident Fund paid / payable during the year is recognised in the statement of profit and loss.

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 expenses.

Defined Benefits Plan:

Liability for compensated absences in respect of sick leave and privilege Leave which is of long term nature is actuarially determined based on the Project Unit Credit method.

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.


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

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.


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 3

Share Capital


	Mar 31, 2012 (000’s)		Mar 31, 2011 (000’s)
Authorised capital
50,000,000 (31st March 2011: 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 2011: 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, 2012

Mar 31, 2011

Particulars

No (000’s)

(000’s)

No (000’s)

(000’s)

Equity shares at the beginning of the year

25,000

250,000

25,000

250,000

Equity shares outstanding at the end of the

25,000

250,000

25,000

250,000

b.	Details of shareholders holding more than 5% shares in the company


	Mar 31, 2012					Mar 31, 2011
Name of the shareholder	No (000’s)		% of Holding			No (000’s)		% of Holding
Transunion International Inc		6,875		27.50	%		4,998		19.99	%
State Bank of India		2,500		10.00	%		2,500		10.00	%
ICICI Bank Limited		2,500		10.00	%		2,500		10.00	%
HDFC Limited		1,250		5.00	%		2,500		10.00	%

c.	Details of rights, preferences and restrictions attached to the equity shareholders.

The Company has only one class of equity shares having a par value of 10 per share. Members of the Company holding equity shares capital therein have a right to vote, on every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid up equity capital of the Company held by the shareholders. The Company declares dividends in Indian rupees. The interim and final dividend is proposed by the Board of Directors. However, the final dividend is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company in proportion to their shareholding.


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 4

Reserves and Surplus


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
General Reserve
Balance as per last balance sheet		—		—
Add: transfer from profit and loss		24,377		—

Closing Balance		24,377		—

Surplus in the statement of profit and loss
Balance as per last balance sheet		682,788		496,925
Add: Profit for the year		325,026		214,919
Less: Appropriations				—
Transfer to general reserve		24,377		—
Proposed equity dividend		50,000		25,000
Tax on proposed equity dividend		8,111		4,056

Total appropriations		82,488		29,056

Net surplus in statement of profit and loss		925,326		682,788

		949,703		682,788

Note 5

Deferred tax liabilities (net)

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


	Mar 31, 2012			Mar 31, 2011
	(000’s)			(000’s)
Deferred tax liabilities (A)
Depreciation		34,669			30,161
Deferred tax assets (B)
Provision for employee benefits		14,998			8,566
Provision for expenses		3,168			—

Net deferred tax liabilities (A-B)		16,503			21,595

Charge / (credit) for the year		(5,092	)		25

Note 6

Other long-term liabilities


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Deferred income		6,002		9,645

		6,002		9,645


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 7

Provisions


	Long-term				Short-term
	Mar 31, 2012		Mar 31, 2011		Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)		(000’s)		(000’s)
Provision for employee benefits
Provision for gratuity		1,000		1,000		—		—
Provision for compensated absence		24,890		17,431		2,837		1,971
Provision for employee stock appreciation right (refer note 22 (iv))		11,300		5,200		6,200		800

		37,190		23,631		9,037		2,771

Other provisions
Provision for income tax		—		—		18,605		16,102
Provision for wealth tax						10		—
Provision for proposed dividend		—		—		50,000		25,000
Provision for dividend tax		—		—		8,111		4,056

		—		—		76,726		45,158

		37,190		23,631		85,763		47,929

Note 8

Trade payables


	Mar 31, 2012 (000’s)		Mar 31, 2011 (000’s)
Due to:
- Micro and small enterprises (refer note)		—		173
- Others		80,606		74,632
- Others
		80,606		74,805

Footnote: Trade payables includes LOGO Nil (Previous Year LOGO 173(000’s) payable to “Suppliers” who have confirmed that they are registered under the Micro, Small and Medium Enterprises Development Act, 2006. No interest has been paid / payable by the Company during the year to these “Suppliers”.

Note 9

Other current liabilities


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Other payables
Advance from customers		12,053		24,201
Income received in advance		5,079		4,199
Taxes payable		2,238		19,176
Others		170		183

		19,540		47,759


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 10

Fixed assets

(000’s)

Gross block

Depreciation and amortisation

Net block

As at March

Additions

Deductions

As at March

Charge

Deductions

As at March

As at
March

Description

31, 2011

during the year

31, 2012

31, 2011

during the year

31, 2012

31, 2011

Tangible assets

Leasehold improvements

28,405

—

474

27,931

13,352

3,405

474

16,283

11,648

15,053

Computers

165,605

24,145

17,036

172,714

76,629

24,383

16,476

84,536

88,178

88,976

Office equipments

11,836

1,353

3,123

10,066

5,498

1,558

1,232

5,824

4,242

6,338

Furniture and fixtures

4,840

—

4,856

3,014

354

—

3,368

1,488

1,826

Electrical installations

418

—

392

167

189

203

251

Vehicles

6,315

929

—

7,244

1,126

1,776

—

2,902

4,342

5,190

Tangible assets total - current yr

217,419

26,443

20,659

223,203

99,786

31,524

18,208

113,102

110,101

117,634

Tangible assets total - previous yr

(163,312

)

(58,607

)

(4,500

)

(217,419

)

(74,077

)

(28,358

)

(2,650

)

(99,785

)

(117,634

)

Intangible assets

233,993

37,540

56,033

215,500

154,529

23,956

55,942

122,543

92,957

79,464

Software

Trademark

176

—

176

—

125

166

Intangible assets total - current yr

234,169

37,540

56,033

215,676

154,538

23,998

55,942

122,594

93,082

79,630

Intangible assets total - previous yr

(210,670

)

(23,499

)

—

(234,169

)

(133,176

)

(21,363

)

—

(154,539

)

(79,630

)

Intangible assets under development - current year

8,504

8,869

6,510

10,863

—

10,863

8,504

Intangible assets under development - previous year

—

(8,504

)

—

(8,504

)

—

(8,504

)

Total assets - current year

460,092

72,852

83,202

449,742

254,324

55,522

74,150

235,696

214,046

205,768

Total assets - previous year

(373,982

)

(90,610

)

(4,500

)

(460,092

)

(207,253

)

(49,721

)

(2,650

)

(254,324

)

(205,768

)

—


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 11

Non-current investments


	Mar 31, 2012 (000’s)		Mar 31, 2011 (000’s)
Fixed deposits with financial institution		105,000		—

		105,000		—

Note 12

Loans and advances


	Long-term				Short-term
	Mar 31, 2012		Mar 31, 2011		Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)		(000’s)		(000’s)
Unsecured, considered good;
(a) Capital advances		8,865		908		—		—

		8,865		908		—		—

(b) Other loans & advances
Advance income tax (net)		24,617		38,784		—		—
Advance wealth tax		19		11		—		—
Deposits		10,908		10,833		—		—
Prepaid expenses		2,621		437		22,534		16,724
Employee advances (refer note below)		—		—		786		122
Other advances		—		—		1,206		227

		38,165		50,065		24,526		17,073

		47,030		50,973		24,526		17,073

Footnote:
Employee advances include amounts due from:
Managing director						146		—


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 13

Current investments


	Mar 31, 2012 (000’s)		Mar 31, 2011 (000’s)
Fixed deposits with financial institution		13,000		62,500

		13,000		62,500

Note 14

Trade receivables


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Trade receivables outstanding
Unsecured, considered good:
- Outstanding for more than 6 months from the date they were due for payment		—		289
- Others		135,504		95,946

		135,504		96,235

Note 15

Cash and bank balances


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Cash and cash equivalents as per Accounting Standard 3
Cash on hand		—		2
Cheques on hand		—		1,422
Balances with Banks:
Current accounts		21,381		40,928

		21,381		42,352

Other bank balances
Fixed deposits with original maturity more than 12 months		872,000		640,600

		872,000		640,600

		893,381		682,952

Note 16

Other current assets


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Unsecured, considered good;
Interest accrued on fixed deposits		10,177		32,095
Grants receivable		—		3,902
Service tax advance		1,260		5,478
Interest on income tax refund		1,383		1,176

		12,820		42,651


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 17

Revenue from operations


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Sale of services
Membership and annual fees		30,522		27,671
Service reports fees		988,596		707,579
Other operating income
Grants		7,184		21,282
Service credits		3,821		—
Others		4,380		1,585

		1,034,503		758,117

Note 18

Other income


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Interest income:
Interest income on fixed deposits		79,231		46,645
Interest from customers on amounts overdue				378
Interest on income tax refund		2,430		1,176
Other non-operating income
Reversal of provision for doubtful debts		—		290

		81,661		48,489

Note 19

Employees benefits expense


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Salaries and allowances ( refer note 22)		137,696		99,858
Contribution to provident and other funds		6,814		6,335
Provision for employee stock appreciation rights (refer note 22 (iv))		11,500		6,000
Staff welfare expenses		11,652		9,850

		167,662		122,043


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes forming part of financial statements for the year ended March 31, 2012

Note 20

Establishment and other expenses


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Office rent		58,048		57,802
Electricity charges		4,963		6,665
Repairs and maintenance:
Computers and server expenses		30,628		32,244
Software support expenses		29,111		21,287
Building repairs		616		1,224
Office maintenance and services		3,968		2,514
Other repairs		152		—
Insurance charges		654		400
Rates and taxes		889		1,813
Travelling and conveyance expenses		8,561		7,685
Connectivity and communication expenses		4,726		5,501
Data centre fees		14,149		—
Legal and professional services		76,910		55,483
Auditors’ remuneration (refer note)		1,008		885
Advertising and business development expenses		17,287		9,303
Miscellaneous expenses		4,645		4,055
Printing and stationery expenses		2,862		2,022
Provision for doubtful tds		895		743
Donations and social cause		355		56
Fixed Asset write off		655		—
Loss on sale of fixed assets		1,464		779
Loss on foreign exchange fluctuations		3		—

		262,549		210,461

Footnote:
Auditors’ remuneration:
i) For audit		700		600
ii) For tax audit		210		180
iii) For taxation matters		20		—
iv) For other services		75		100
v) For reimbursement of expenses		3		5

		1,008		885

Service tax which is being claimed for setoff as input credit has not been included in the expenditure above.

Note 21

Finance costs


	Mar 31, 2012 (000’s)		Mar 31, 2011 (000’s)
Interest on delayed / deferred payment of income tax		1,009		1,220
Interest on overdue fees reversed		202		—

		1,211		1,220


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes to Financial Statements for the year ended March 31, 2012

Note 22

(i)	Salaries and allowances includes 8,633 (000’s)- (Previous Year 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 5,604(000’s) (Previous Year 4,242 (000’s)) have been recognised in the Statement of Profit and Loss.

(iii)

Gratuity is currently valued on estimated basis and the Gratuity valuation is certified by the actuary and relied upon by the auditors.

Net employee benefit expense:


	Current Year (000’s)			Previous Year (000’s)
Current service cost		1,159			835
Interest cost on benefit obligation		444			290
Expected/ Actual Return on Plan		(513	)		(158	)
Assets
Net actuarial Losses / (Gains) recognised in the year		105			619
Past Service Cost		76			76
Other effects of limit of Para 59(b)		7			—

Net benefit expense		1,278			1,662

Charge to Statement of Profit & Loss		1,278			1,662

Actual return on plan assets		585			318

Changes in present value of the defined benefit obligation:


	Current Year			Previous Year
	(000’s)			(000’s)
Opening defined obligation		4,297			2,716
Interest cost		444			290
Current service cost		1,159			835
Benefits paid		(51	)		(323	)
Actuarial (Gains)/Losses on obligations		177			779
Past service cost		—			—

Closing defined benefit obligation		6,026			4,297


	Current Year		Previous Year
	(000’s)		(000’s)
Expected Employer’s contribution for next year		2,000		2,400

Changes in fair value of plan assets:


	Current Year			Previous Year
	(000’s)			(000’s)
Opening fair value of plan assets		4,284			2,011
Expected Return on plan assets		513			158
Acturial Gain / (Losses)		72			161
Contributions by employer		2,827			2,277
Benefits Paid		(51	)		(323	)

Closing fair value of plan assets		7,645			4,284


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes to Financial Statements for the year ended March 31, 2012

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


	Current Year			Previous Year
	(000’s)			(000’s)
Present value of the defined benefit obligation at the end of the year		(6,026	)		(4,297	)
Fair value of plan assets at the end of the year		7,645			4,284

Net Asset / (Liability)		1,619			(13	)
Unrecognised past service cost		76			152
Excess provision for earlier years		(7	)		—

Net Asset / (Liability) recognised in the Balance Sheet		1,688			139

Experience Adjustments:


	31.03.2012		31.03.2011			31.03.2010			31.03.2009			31.03.2008
	(000’s)		(000’s)			(000’s)			(000’s)			(000’s)
Defined benefit obligation		6,026		4,297			2,716			1,633			884
Plan assets		7,645		4,284			2,011			990			588
Surplus / (Deficit)		1,619		(13	)		(705	)		(643	)		(296	)
Exp. Adjustment on plan liabilities		337		779			71			(72	)		—
Exp. Adjustment on plan assets		72		161			49			17			—

Investment Details of Insurer Managed Funds


	Current Year		Previous Year
	%		%
Central and State Government Securities		53		53
Bonds / Debenture		43		43
Equity Shares		4		4
Money Market Instruments / FD		—		—

TOTAL		100		100

The principal assumptions used in determining gratuity and pension benefit obligations for the Company’s plans are shown below:


	Current Year	Previous Year
Discount Rate	8.30%	8.30%
Expected rate of return on assets	7.50%	7.50%
Salary escalation	9.15%	9.00%
Mortality	LIC (1994-96) Mortality Table	LIC (1994-96) Mortality 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 LOGO 11,500(000’s), Previous year LOGO (6,000 (000’s)), for such appreciation in value.


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes to Financial Statements for the year ended March 31, 2012

Note 23

Expenditure in foreign currency:


	Current year		Previous year
	(000’s)		(000’s)
Net Dividend remitted in foreign exchange:
Period to which it relates during the year		1st Apr 10 to 31st Mar 11		NA
No of non resident shareholders		1		—
Number of equity shares held by them (Nos 000’s)		4,998		—
Amount in (000’s)		4,998		NA
Others Matters:
Director Fees		110		—
Professional Fees		376		—
Travelling Expenses		—		183
Training Expenses		—		1,801

		486		1,984

Note 24

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, 2012		Mar 31, 2011
	(000’s)		(000’s)
not later than one year		58,048		58,048
later than one year but not later than five years		24,187		82,234
later than five years		—		—

Note 25

Contingent Liabilities


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
(i) Claims against Company not acknowledged as debts:
(a) In respect of Service Tax matters		1,770		1,770
(b) Other Claims		3,500		—

(ii) Legal cases filed against the Company are primarily claims made against the reporting Member Banks/ Financial Institutions. The amount of liability that may arise due to such claims is not quantifiable and the incidence of claim is remote.


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes to Financial Statements for the year ended March 31, 2012

Note 26

Capital and Other Commitments


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
(i) Estimated amount of contracts remaining to be executed on
Capital account and not provided for:
Total Value		9,331		53,197
Less: Capital Advance		8,865		9,411

Total		466		43,786

(ii)	Other Commitments

(a) Operating Leases (refer note 24)

Note 27

Segmental reporting

As the Company has no activities other than that of providing Credit Information Services primarily in India, there are no separate segments in terms of Accounting Standards on “Segment Reporting” (AS-17) notified under the Companies 2006 (Accounting Standards) Rules.

Note 28

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

(b) Key Management Personnel

Transunion International Inc. (w.e.f 21.12.2011)

Mr Arun Thukral (Managing Director)

(ii)

Details of related party transactions during the year ended Mar 31, 2012 and outstanding balance as on Mar 31, 2012:

(a) Key Management Personnel


	Mar 31, 2012		Mar 31, 2011
	(000’s)		(000’s)
Managing Director
Mr Arun Thukral
Remuneration		19,353		13,396
Outstanding Advances		146		—


CIBIL Annual Report 2011-12

CREDIT INFORMATION BUREAU (INDIA) LIMITED

Notes to Financial Statements for the year ended March 31, 2012

Note 29

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


	Mar 31, 2012 (000’s)		Mar 31, 2011 (000’s)
Profit for the year after tax ( 000’s)		325,026		214,919
Weighted average number of Equity shares outstanding (No 000’s)		25,000		25,000
Earnings per share ( ) (a)/(b) {Basic and Diluted}		13.00		8.60

Note 30

The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. 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


M.V. Nair		Arun Thukral
Chairman		Managing Director

Vivek Kumar Aggarwal CFO & Exec. VP - HR, Legal & Strategy Mumbai, 21st June, 2012		Swati Naik Company Secretary & Sr. Manager - Legal


CIBIL Annual Report 2011-12

TransUnion - FORM 10-K/A - EX-99.2 - April 8, 2013

Attached files

TransUnion Reports