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  • Subsidiary Financials

  • CONTENT

    Name of subsidiary PageSubsidiaries (held directly) IndianAPTOnline Limited 1MP Online Limited 2C-Edge Technologies Limited 3MahaOnline Limited 4TCS e-Serve International Limited 5TCS Foundation 6

    ForeignTata Consultancy Services [Africa] [PTY] Ltd. 7Tata Consultancy Services Asia Pacific Pte Ltd. 8TCS FNS Pty Limited 9Tata Consultancy Services Belgium S.A. 10Tata Consultancy Services Deutschland GmbH 11Tata Consultancy Services Sverige AB 12Tata Consultancy Services Netherlands BV 13TCS lberoamerica SA 14Tata Consultancy Services Qatar S.S.C. 15Diligenta Limited 16CMC Americas Inc. 17Tata America International Corporation 18Tata Consultancy Services Canada Inc. 19W12 Studios Financials 20

    Subsidiaries (held indirectly) ForeignTata Consultancy Services [South Africa] [PTY] Ltd. 21TCS Financial Solutions Australia Pty Limited 22TCS Financial Solutions Australia Holdings Pty Limited 23TCS Financial Solutions Beijing Co., Ltd. 24Tata Consultancy Services Malaysia Sdn Bhd 25Tata Consultancy Services [China] Co., Lt d. 26Tata Consultancy Services [Thailand] Limited 27

  • Name of subsidiary PagePT Tata Consultancy Services Indonesia 28Tata Consultancy Services [Philippines] Inc. 29Tata Consultancy Services Japan Ltd. 30TCS Italia SRL 31Tata Consultancy Services Luxembourg S.A. 32Tata Consultancy Services Osterreich GmbH 33Tata Consultancy Services Danmark ApS 34TCS France S.A 35Tata Consultancy Services Switzerland Ltd. 36Tata Consultancy Services De Espana S.A. 37Tata Consultancy Services Portugal Unipessoal Limitada 38Tata Consultancy Services Saudi Arabia 39TCS Uruguay S.A. 40TCS Solution Center S.A. 41Tata Consultancy Services Argentina S.A. 42Tata Consultancy Services Do Brasil Ltda 43Tata Consultancy Services De Mexico S.A., De C.V. 44MGDC S.C. 45TCS lnversiones Chile Limitada 46Tata Consultancy Services Chile S.A. 47TATASOLUTION CENTER S.A. 48Technology Outsourcing S.A.C. 49TCS e-Serve America, Inc. 50

  • APTOnline Limited(Company Registration Number: 039671 )

    (CIN: U75142TG2002PLC039671 )

    FINANCIAL STATEMENTSFor the year ended

    March 31, 2019

  • APTOnline Limited 1.1

    FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019

    CONTENT PAGE

    Independent Auditor’s Report 1.2

    Balance Sheet 1.9

    Statement of Profit and Loss 1.10

    Statement of Changes in Equity 1.11

    Cash Flow Statement 1.12

    Notes forming part of the Financial Statements 1.14

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  • 1.2 APTOnline Limited

    Subsidiary Financials 2018-19

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    Independent Auditor’s Report

    TO THE MEMBERS OFAPTONLINE LIMITED

    Report on the Audit of the Financial Statements

    Opinion

    We have audited the accompanying financial statements of APTOnline Limited (“the Company”), which comprise the Balance Sheet as at 31 March 2019, and the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the financial statements”).

    In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2019, and profit (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

    Basis for Opinion

    We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

    Other Information

    The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor’s report thereon.

    Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

    In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

    Management Responsibility for the Financial Statements

    The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profit/loss (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act.

    This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

    In preparing the financial statements, management and Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

    Board of Directors are also responsible for overseeing the Company’s financial reporting process.

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    Auditor’s Responsibilities for the Audit of the Financial Statements

    Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

    As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

    • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

    • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

    • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

    • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

    • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

    We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

    We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

    Report on Other Legal and Regulatory Requirements

    1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

    (A) As required by Section 143(3) of the Act, we report that:

    (a) We have sought and 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 Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

    (d) our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act.

    (e) On the basis of the written representations received from the directors as on 31 March 2019 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2019 from being appointed as a director in terms of Section 164(2) of the Act.

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    (f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

    (B) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

    i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 29 to the financial statements;

    ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

    iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2019.

    iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in these standalone financial statements since they do not pertain to the financial year ended 31 March 2019.

    (C) According to the information and explanations given to us, no remuneration has been paid by the Company to any of its directors. Accordingly, provisions of Section 197 of the Act relating to remuneration to directors are not applicable.

    For B S R & Co. LLPChartered Accountants

    Firm’s Registration No: 101248W/W-100022

    Balajirao PothanaMumbai Partner9 April 2019 Membership No: 122632

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    Annexure A to the Independent Auditor’s Report

    With reference to the Annexure A referred to in the Independent Auditor’s Report to the members of the Company on the financial statements for the year ended 31 March 2019, we report the following:

    (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

    (b) The Company has a regular programme of physical verification of its fixed assets, by which all fixed assets are verified every year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, fixed assets were physically verified during the year by the management and no material discrepancies were noticed on such verification.

    (c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company does not hold any immovable properties. Accordingly, paragraph 3(i)(c) of the Order is not applicable to the Company.

    (ii) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. The Company has maintained proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material.

    (iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the paragraphs 3(iii) (a), (b) and (c) of the Order are not applicable to the Company.

    (iv) In our opinion and according to the information and explanations given to us, the Company has not granted any loans or provided any guarantee or securities to the parties covered under Section 185 and Section 186 of the Act during the year.

    (v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of the directive issued by the Reserve Bank of India, provision of Sections 73 to 76 of the Act or any other relevant provisions of the Act and the relevant rules framed thereunder. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.

    (vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 148 of the Act for any of the services rendered by the Company.

    (vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employees’ State Insurance, Income-tax, Goods and Services tax, Cess and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of duty of Customs.

    According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees’ State Insurance, Income-tax, Goods and Services tax, Cess and other material statutory dues were in arrears as at 31 March 2019, for a period of more than six months from the date they became payable.

    (b) According to the information and explanations given to us, there are no dues of Income-tax or Service tax or Goods and Services tax which have not been deposited by the Company on account of disputes, except for the following:

    Name of the statute

    Nature of the dues Amount under dispute

    (Rs in Lakhs)

    Amount paid under protest(Rs in Lakhs)

    Period to whichthe amount

    relates

    Forum where dispute is pending

    Andhra Pradesh General Sales Tax

    Act, 1957

    Sales Tax 2.30 2.30 2002-03 to 2004-05 Appellate Tribunal, Hyderabad

    Andhra Pradesh Value Added Tax

    Act, 2005

    VAT (including penalty)

    16.46 11.49 2005-06 to 2011-12 Appellate Tribunal, Hyderabad

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    (viii) In our opinion and according to the information and explanations given to us, the Company did not have any outstanding loans or borrowings from any financial institution or banks or Government or dues to debenture holders during the year.

    (ix) In our opinion and according to the information and explanations given to us, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable to the Company.

    (x) To the best of our knowledge and according to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

    (xi) In our opinion and according to the information and explanations given to us and based on examination of the records of the Company, the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

    (xii) According to the information and explanations given to us, in our opinion, the Company is not a Nidhi Company as prescribed under Section 406 of the Act.

    (xiii) According to the information and explanations given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable, and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

    (xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.

    (xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.

    (xvi) According to the information and explanation given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Accordingaly, paragraph 3(xvi) of the Order is not applicable to the Company.

    For B S R & Co. LLPChartered Accountants

    Firm’s Registration No: 101248W/W-100022

    Balajirao PothanaMumbai Partner9 April 2019 Membership No: 122632

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    Annexure B to the Independent Auditor’s Report

    (Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

    Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)We have audited the internal financial controls with reference to financial statements of APTOnline Limited (“the Company”) as of 31 March 2019 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

    Management’s Responsibility for Internal Financial ControlsThe Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

    Auditor’s ResponsibilityOur responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial control system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system with reference to financial statements.

    Meaning of Internal Financial Controls with reference to Financial StatementsA company’s internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

    Inherent Limitations of Internal Financial Controls with reference to Financial StatementsBecause of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate

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    because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

    OpinionIn our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at 31 March 2019, based on the internal control with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

    For B S R & Co. LLPChartered Accountants

    Firm’s Registration No: 101248W/W-100022

    Balajirao PothanaMumbai Partner9 April 2019 Membership No: 122632

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    Balance Sheet(` in lakhs)

    Note As at March 31, 2019

    As at March 31, 2018

    I. ASSETS Non-current assets (a) Property, plant and equipment 3 236.65 443.49 (b) Intangible assets 4 20.13 7.38 (c) Income-tax assets (net) 614.59 502.71 (d) Deferred tax assets (net) 15 229.39 112.10 (e) Other assets 11(A) 1.97 6.77 Total non-current assets 1,102.73 1,072.45 Current assets (a) Inventories 5 26.64 29.87 (b) Financial assets (i) Investments 6 3,104.43 1,502.11 (ii) Trade receivables 7 5,086.94 6,774.35 (iii) Unbilled receivables (Previous year: Unbilled revenue) 407.91 166.60 (iv) Cash and cash equivalents 8 2,118.37 5,376.69 (v) Loans receivables 9 4,009.17 1,208.28 (vi) Other financial assets 10 871.82 424.40 (c) Other assets 11(B) 301.49 341.94 Total current assets 15,926.77 15,824.24 TOTAL ASSETS 17,029.50 16,896.69II. EQUITY AND LIABILITIES Equity (a) Share capital 12 177.00 177.00 (b) Other equity 13 8,628.80 7,594.91 Total Equity 8,805.80 7,771.91 Liabilities Non-current liabilities (a) Employee benefit obligations 14(A) 60.54 57.17 Total non-current liabilities 60.54 57.17 Current liabilities (a) Financial liabilities (i) Trade payables

    1. Dues of micro enterprises and small enterprises 16 65.75 - 2. Dues of creditors other than micro enterprises and small enterprises 16 1,949.46 3,666.53

    (ii) Other financial liabilities 17 5,076.41 4,019.74 (b) Unearned and deferred revenue 148.33 148.12 (c) Income-tax liabilities (net) 79.01 79.01 (d) Employee benefit obligations 14(B) 7.53 8.89 (e) Other liabilities 18 836.67 1,145.32Total current liabilities 8,163.16 9,067.61TOTAL EQUITY AND LIABILITIES 17,029.50 16,896.69NOTES FORMING PART OF THE FINANCIALS STATEMENTS 1-37

    As per our report of even date attached. For and on behalf of the Board of Directors of APTOnline Limited

    For B S R & Co. LLP Chartered AccountantsFirm’s registration number : 101248W/W-100022Balajirao Pothana Ajoyendra Mukherjee V Rajanna Partner Director DirectorMembership number : 122632 DIN:00350269 DIN:01280277Place: Mumbai Date: April 09, 2019

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    Statement of Profit and Loss(` in lakhs))

    Note Year ended March 31,

    2019

    Year ended March 31, 2018

    I. Revenue from operations 19 15,417.57 14,362.01II. Other income (net) 20 536.78 349.03III. TOTAL INCOME 15,954.35 14,711.04IV. Expenses (a) Direct costs 21 8,656.89 7,293.83 (b) Purchases of stock-in-trade 22 475.54 441.33 (c) Changes in inventories of stock-in-trade 23 3.23 (3.84) (d) Employee benefit expenses 24 2,150.27 1,926.32 (e) Finance costs 25 35.69 16.44 (f) Depreciation and amortisation 3&4 359.93 552.94 (g) Other expenses 26 729.82 818.14 TOTAL EXPENSES 12,411.37 11,045.16V. PROFIT BEFORE TAX 3,542.98 3,665.88VI. Tax expense (a) Current tax 28 1,167.92 1,458.89 (b) Deferred tax 28 (115.12) (200.27) Total Tax Expense 1,052.80 1,258.62VII. PROFIT FOR THE YEAR 2,490.18 2,407.26VIII. OTHER COMPREHENSIVE INCOME / (LOSS)(A) (i) Items that will not be reclassified subsequently to profit or loss (a) Remeasurement of defined employee benefit plans (7.46) 6.77 (ii) Income-tax on items that will not be reclassified subsequently to

    profit or loss 2.17 (1.97) TOTAL OTHER COMPREHENSIVE INCOME/ (LOSS) NET OF TAXES (5.29) 4.80IX. TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,484.89 2,412.06X. Earnings per equity share :- Basic and diluted (`) 27 140.69 136.00 Weighted average number of equity shares 1,770,000 1,770,000 NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1-37

    As per our report of even date attached. For and on behalf of the Board of Directors of APTOnline Limited

    For B S R & Co. LLP Chartered AccountantsFirm’s registration number : 101248W/W-100022

    Balajirao Pothana Ajoyendra Mukherjee V Rajanna Partner Director DirectorMembership number : 122632 DIN:00350269 DIN:01280277

    Place: Mumbai Date: April 09, 2019

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    Statement of Changes in EquityA) EQUITY SHARE CAPITAL

    (` in lakhs)Balance as at April 1, 2017 Change in equity share capital during

    the yearBalance as at March 31, 2018

    177 - 177

    (` in lakhs)Balance as at April 1, 2018 Change in equity share capital during

    the yearBalance as at March 31, 2019

    177 - 177

    B) OTHER EQUITY(` in lakhs)

    General reserve Capital redemption reserve

    Retained earnings

    Total Equity

    Balance as at April 1, 2017 566.93 280.00 5,550.19 6,397.12Profit for the year - - 2,407.26 2,407.26Other comprehensive income - - 4.80 4.80Total comprehensive income 566.93 280.00 7,962.25 8,809.18Dividend (including tax on dividend of ` 205.38) - - (1,214.29) (1,214.29)Balance as at March 31, 2018 566.93 280.00 6,747.96 7,594.89

    Balance as at April 1, 2018 566.93 280.00 6,747.96 7,594.89Profit for the year - - 2,490.18 2,490.18Other comprehensive income - - (5.29) (5.29)Total comprehensive income 566.93 280.00 9,232.85 10,079.78Dividend (including tax on dividend of ` 247.40) - - (1,451.00) (1,451.00)Balance as at March 31, 2019 566.93 280.00 7,781.85 8,628.78

    Nature and purpose of reserves

    a) General reserveThe general reserve is a free reserve which is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.

    b) Capital redemption reserveAs per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free reserves and securities premium. A sum equal to the nominal value of the shares so purchased it transferred to capital redemption reserve. The reserve is utilised in accordance with the provisoins of Section 69 of the Companies Act, 1956.

    NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1-37 As per our report of even date attached. For and on behalf of the Board of Directors of APTOnline Limited

    For B S R & Co. LLP Chartered AccountantsFirm’s registration number : 101248W/W-100022Balajirao Pothana Ajoyendra Mukherjee V Rajanna Partner Director DirectorMembership number : 122632 DIN:00350269 DIN:01280277Place: Mumbai Date: April 09, 2019

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    Statement of Cash Flows(` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    I. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 3,542.98 3,665.88 Adjustments to reconcile profit and loss to net cash provided by operating

    activities: Depreciation and amortisation 359.93 552.94 Net gain on sale of investments carried at fair value through profit and loss (223.66) (335.99) Gain on disposal of property, plant and equipment (1.62) (2.23) Allowance on trade receivables and advances 143.27 279.79 Interest income on fixed deposits and intercorporate deposits (298.55) (10.81) Operating profit before working capital changes 3,522.35 4,149.58 Net Change in: Trade receivables 1,544.13 2,536.08 Unbilled receivables (Previous year: Unbilled revenue) (241.31) (89.72) Loans receivables (0.90) (0.16) Other assets 45.26 (117.99) Other financial assets (297.90) (135.69) Inventories 3.23 (3.84) Trade payables (1,651.33) (2,396.71) Employee benefit obligation (5.45) 0.28 Other liabilities (308.65) 173.81 Other financial liabilities 1,056.67 (1,073.93) Unearned and deferred revenue 0.21 12.58 Cash generated from operations 3,666.31 3,054.29 Taxes paid (net of refunds) (1,279.80) (1,417.00) Net cash provided by operating activities 2,386.51 1,637.29 II. CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (15,800.00) (22,000.00) Proceeds from redemption of investments 14,421.35 25,334.80 Inter-corporate deposits placed (4,000.00) (1,200.00) Interest received on deposits 149.04 1.08 Payment for purchase of property, plant and equipment (145.69) (81.70) Purchase of intangible assets (33.04) (6.88) Proceeds from inter-corporate deposits 1,200.00 - Proceeds from disposal of property, plant and equipment 14.51 2.27 Net cash (used in)/provided by investing activities (4,193.83) 2,049.57III CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid (including tax on dividend) (1,451.00) (1,214.29) Net cash used in financing activities (1,451.00) (1,214.29) Net change in cash and cash equivalents (3,258.32) 2,472.57 Cash and cash equivalents at the beginning of the year 5,376.69 2,904.12 Cash and cash equivalents at the end of the year (refer Note 8) 2,118.37 5,376.69

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    Statement of Cash Flows (Contd.)(` in lakhs)

    Notes:

    (a) The above Statement of Cash Flows has been prepared under the “Indirect Method” as setout in the Indian Accounting Standard (Ind AS-7) - Statement of Cash Flow.

    As at March 31, 2019

    As at March 31, 2018

    (b) Cash and cash equivalents comprises of Balance with banks - in current accounts 2,118.37 2,876.69 - In deposit accounts - 2,500.00 Cash and cash equivalents in Statement of Cash Flows 2,118.37 5,376.69

    NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1-37

    As per our report of even date attached. For and on behalf of the Board of Directors of APTOnline Limited

    For B S R & Co. LLP Chartered AccountantsFirm’s registration number : 101248W/W-100022

    Balajirao Pothana Ajoyendra Mukherjee V Rajanna Partner Director DirectorMembership number : 122632 DIN:00350269 DIN:01280277

    Place: Mumbai Date: April 09, 2019

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    Notes forming part of the Financial Statements

    1. CORPORATE INFORMATION

    APTOnline Limited (“formerly APOnline Limited”) was incorporated on September 25, 2002 and is jointly promoted by Tata Consultancy Services Limited (TCS) and Andhra Pradesh Technology Services Limited (APTS), a corporation wholly owned by the Government of Andhra Pradesh (GOAP). The Company carries on the business of development, maintenance and management of the APONLINE portal for providing web-based services by Government to citizen, Government to business and other portfolio services of Government.

    The state of Telangana was carved out of the State of Andhra Pradesh, pursuant to Andhra Pradesh Reorganisation Act, 2014. Presently, the Company continues to serve both the states of Telangana and Andhra Pradesh.

    The Company is unlisted public limited company incorporated and domiciled in India. The address of its registered office is Kohinoor e-Park, Plot no.1, Jubilee Gardens, Cyberabad, and Hyderabad-500084.Tata Consultancy Services Limited (‘TCS’), the holding company, owns 89% of the Company’s equity share capital. Tata Sons Limited is the ultimate parent.

    The name of the Company has been changed from APOnline Limited to APTOnline Limited with effect from April 2, 2016.

    The financial statements for the year ended March 31, 2019 were approved by the Board of Directors and authorised for issue on April 9, 2019.

    2. SIGNIFICANT ACCOUNTING POLICIES

    a) Statement of compliance

    These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time.

    b) Basis of preparation

    These financial statements have been prepared in Indian rupee (`) which is the functional currency of the Company.

    These financial statements have been prepared on historical cost basis, except for financial instruments which are measured at fair value or amortised cost at the end of each reporting period and employee retirement obligation, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

    All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle. Based on the nature of services rendered to customer and time elapsed between deployment of resources and the realisation in cash and cash equivalents of the consideration for such services rendered, the Company has considered an operating cycle of 12 months.

    c) Use of estimates and judgments

    The preparation of financial statements in conformity with the recognition and measurement principles of Ind AS requires management to make estimates and assumptions that affect the reported balances of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of income and expenses for the periods presented.

    Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively in the period in which the estimates are revised and future periods are affected.

    Key sources of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of useful lives of property, plant and equipment, valuation of deferred tax assets and fair value measurement of financial instruments have been discussed below. Key source of estimation of uncertainty in respect of revenue recognition, employee benefits and provision and contingent liabilities has been discussed in their respective policies

    Useful lives of property, plant and equipment

    The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods.

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    Notes forming part of the Financial Statements

    Valuation of deferred tax assets

    The Company reviews the carrying amount of deferred tax assets at the end of each reporting period. The policy for the same has been explained under Note 2 (f).

    Fair value measurement of financial instruments

    When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. The policy has been further explained in detail under note 2(g).

    d) Revenue recognition

    The Company earns revenue primarily from providing IT enabled services in the State of Andhra Pradesh and Telangana.

    Effective April 1, 2018, the Company has applied Ind AS 115 which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognised. Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11 Construction Contracts. The Company has adopted Ind AS 115 using the cumulative effect method. The effect of initially applying this standard is recognised at the date of initial application (i.e. April 1, 2018). The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information in the profit or loss is not restated – i.e. the comparative information continues to be reported under Ind AS 18 and Ind AS 11. The adoption of the standard did not have any material impact to of the financial statements of the Company.

    Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services.

    • Revenue from time and material and job contracts is recognised on output basis measured by units delivered, efforts expended, number of transactions processed, etc.

    • Revenue related to fixed price maintenance and support services contracts where the Company is standing ready to provide services is recognised based on time elapsed mode and revenue is straight lined over the period of performance.

    • Revenue from the sale of distinct third party software and hardware is recognised at the point in time when control is transferred to the customer, net of applicable taxes and duties.

    Revenue is measured based on the transaction price, which is the consideration as specified in the contract with the customer. Revenue excludes taxes collected from customers.

    Unearned and deferred revenue (“contract liability”) consists of advances received from customers. The Company disaggregates revenue from contracts with customers by nature of services.

    The Company exercises judgement in determining whether the performance obligation is satisfied at a point in time or over a period of time. The Company considers indicators such as how customer consumes benefits as services are rendered or who controls the asset as it is being created or existence of enforceable right to payment for performance to date and alternate use of such product or service, transfer of significant risks and rewards to the customer, acceptance of delivery by the customer, etc.

    Dividend income is recorded when the right to receive payment is established. Interest income is recognised using effective interest method.

    e) Cost recognition

    Costs and expenses are recognised when incurred and have been classified according to their primary nature.

    The costs of the company are broadly categorised in direct costs, employee benefit expenses, purchases of stock-in-trade, depreciation and amortisation and other expenses. Direct costs include service charges and manpower supply. Employee costs include employee compensation, allowances paid, contribution to various funds and staff

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    Notes forming part of the Financial Statements

    welfare expenses. Other expenses majorly include lease rentals, facility charges, travelling and conveyance, legal and professional fees, internet connectivity charges, allowances for doubtful trade receivables and miscellaneous expenses.

    f) Income taxes

    Income-tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and deferred tax are recognised in statement of profit and loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively.

    Current income taxes

    Current tax is measured based on taxable profit for the year and is computed in accordance with the Income Tax Act, 1961 using the tax rates that have been enacted or substantively enacted at the end of the reporting period.

    Advance taxes and provisions for current income taxes are presented in the Balance Sheet after offsetting advance taxes paid and income tax provisions arising in the same tax jurisdictions.

    Deferred income taxes

    Deferred income tax is recognised using the balance sheet approach. Deferred income tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount, except when the deferred income-tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

    Deferred income-tax asset are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.

    The carrying amount of deferred income tax assets and labilities are reviewed at each reporting date and are reduced or increased as the case may be.

    Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled.

    The Company recognises interest levied and penalties related to income tax assessments in income tax expenses Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely

    to give future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic benefit associated with the asset will be realised.

    g) Financial instruments

    Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability.

    Cash and cash equivalents

    Cash and cash equivalents comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original 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.

    Financial assets at amortised cost

    Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

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    Notes forming part of the Financial Statements

    Financial assets at fair value through other comprehensive income

    Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business model whose objective is achieved by both collecting contractual cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding and selling financial assets.

    Financial assets at fair value through profit or loss

    Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value t hrough other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognised in statement of profit and loss.

    Financial Liabilities

    Financial liabilities are measured at amortised cost using the effective interest method.

    Derecognition of financial instruments:

    Financial assets:

    The Company derecognises a financial asset when contractual right to the cash flows from the financial asset expire, or it transfer the rights to receive the contractual cash flows in which all or substantially all of the risk & rewards are transferred.

    Financial liabilities:

    The Company derecognises a financial liability when contractual obligations are discharged or cancelled.

    h) Property, plant and equipment

    Property, plant and equipment are stated at cost, less accumulated depreciation (other than freehold land) and impairment loss, if any.

    Cost of an item of property, plant and equipment comprises of its purchase price including non-refundable taxes, after deducting trade discount and any directly attributable cost of bringing the item to its working condition for its intended use.

    Depreciation is provided on a pro-rata basis on the straight line method based on estimated useful life prescribed under Schedule to the Companies Act, 2013 except in respect of certain categories of assets where the life of the assets, has been assessed based on the technical evaluation done by the management. The estimated useful lives (based on evaluation), residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

    The estimated useful lives are as mentioned below:

    Asset Useful lifeComputer equipment* 4 yearsVehicles* 4 yearsOffice equipment 5 yearsFurniture and fixtures* 5 years

    * The useful life of these assets is different from the useful lives as prescribed under Part C of Schedule II of the Act.

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    Notes forming part of the Financial Statements

    i) Intangible assets: Intangible assets are measured at cost less accumulated amortisation.

    Intangible assets are amortised over their estimated useful life on straight line method as follows:

    Asset Useful lifeComputer software 2 years

    The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation period is revised to reflect the changed pattern, if any.

    j) Impairment

    i) Financial assets (other than at fair value)

    The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance. The company recognises lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction using a practical expedient. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.

    ii) Non-financial assets

    Property, plant and equipment and intangible assets with finite life are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount (i.e. higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the cash generating unit (CGU) to which the asset belongs.

    If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised in the statement of profit and loss.

    k) Employee benefits

    Short term employee benefits

    All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages, etc. and the expected cost of ex-gratia are recognized in the period in which the employee renders. the related service. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

    Defined benefit plans

    For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuaria l valuations being carried out at the date of each balance sheet date. Actuarial gains and losses are recognised in full in the other comprehensive income for the period in which they occur. Past service cost both vested and unvested is recognised as an expense at the earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognises related restructuring costs or termination benefits.

    The retirement benefit obligations recognised in the balance sheet represents the present value of the defined benefit obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the scheme.

    Defined contribution plans

    Contributions to defined contribution plans are recognised as expense when employees have rendered services entitling them to such benefits.

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    Notes forming part of the Financial Statements

    Compensated absences

    Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognised as an actuarially determined liability at the present value of the defined benefit obligation at the balance sheet date.

    Other short-term employee benefits

    Other short-term employee benefits, including performance incentives expected to be paid in exchange for the services rendered by employees, are recognised during the period when the employee renders the service.

    l) Inventories

    Inventories are valued at the lower of cost on First In Fist Out (FIFO) basis and the net realisable value after providing for obsolescence and other losses, where considered necessary.

    m) Leases – operating lease

    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, over the lease term, unless the lease agreement explicitly states that increase is on account of inflation.

    n) Provision and contingent liabilities

    A provision is recognised when the Company has a present obligation as a result of past event 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. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

    Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognised nor disclosed in the financial statements.

    o) Earnings per share

    Basic earnings per share are computed by dividing profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The Company did not have any potentially dilutive securities in any of the periods presented.

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    Notes forming part of the Financial Statements

    3) PROPERTY, PLANT AND EQUIPMENT

    Property, plant and equipment consists of the following: (` in lakhs)

    Description Computer equipment

    Vehicles Office equipment

    Furniture and

    fixtures

    Total

    Cost as at April 1, 2018 4,358.03 35.47 0.70 0.15 4,394.35Additions 130.01 15.57 0.06 0.05 145.69Disposals (54.71) (15.41) - - (70.12)Gross block as at March 31, 2019 4,433.33 35.63 0.76 0.20 4,469.92

    Accumulated depreciation as at April 1, 2018 (3,939.46) (10.55) (0.70) (0.15) (3,950.86) Depreciation for the year (332.28) (7.36) - - (339.64) On disposals 44.73 12.50 - - 57.23 Accumulated depreciation as at March 31, 2019 (4,227.01) (5.41) (0.70) (0.15) (4,233.27) Net carrying amount as at March 31, 2019 206.32 30.22 0.060 0.05 236.65

    (` in lakhs)

    Description Computer equipment

    Vehicles Office equipment

    Furniture and fixtures

    Total

    Cost as at April 1, 2017 4,296.75 29.39 0.70 0.15 4,326.99Additions 61.64 20.06 - - 81.70Disposals (0.36) (13.98) - - (14.34)Gross block as at March 31, 2018 4,358.03 35.47 0.70 0.15 4,394.35

    Accumulated depreciation as at April 1, 2017 (3,408.08) (20.13) (0.70) (0.15) (3,429.06) Depreciation for the year (531.70) (4.40) - - (536.10) On disposals 0.32 13.98 - - 14.30 Accumulated depreciation as at March 31, 2018 (3,939.46) (10.55) (0.70) (0.15) (3,950.86)Net carrying amount as at March 31, 2018 418.57 24.92 - - 443.49

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    Notes forming part of the Financial Statements

    4) INTANGIBLE ASSETS

    Intangible assets consists of the following: (` in lakhs)

    Description Computer software TotalCost as at April 1, 2018 178.22 178.22Additions 33.04 33.04Deletions - -Gross block as at March 31, 2019 211.26 211.26

    Accumulated amortisation as at April 1, 2018 (170.84) (170.84) Amortisation for the year (20.29) (20.29) On deletions - -Accumulated amortisation as at March 31, 2019 (191.13) (191.13) Net carrying amount as at March 31, 2019 20.13 20.13

    Cost as at April 1, 2017 171.34 171.34Additions 6.88 6.88Deletions - -Gross block as at March 31, 2018 178.22 178.22

    Accumulated amortisation as at April 1, 2017 (154.00) (154.00) Amortisation for the year (16.84) (16.84) On deletions - -Accumulated amortisation as at March 31, 2018 (170.84) (170.84) Net carrying amount as at March 31, 2018 7.38 7.38

    5) INVENTORIES

    Inventories consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018 Stock in trade 26.64 29.87

    26.64 29.87

    Inventories are carried at lower of cost and net realisable value.

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    Notes forming part of the Financial Statements

    6) INVESTMENTS (` in lakhs)

    As at March 31, 2019 As at March 31, 2018CurrentInvestment carried at fair value through profit and Loss Quantity ` Quantity `Mutual funds (quoted)Tata liquid fund direct plan - growth 54,424.00 1,602.49 - - UTI-Liquid Cash Plan-Institutional-Direct Plan-Growth 49,071.00 1,501.94 - - Tata money market fund direct plan - growth - - 2,738.37 1,502.11

    3,104.43 1,502.11

    Aggregate value of quoted investments is as follows: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Aggregate value of quoted investments 3,104.43 1,502.11Aggregate market value of quoted investments 3,104.43 1,502.11

    7) TRADE RECEIVABLES

    Trade receivables (unsecured) consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Currenta) Considered good 5,086.94 6,774.35 b) Credit impaired 502.97 359.70

    5,589.91 7,134.05Less: Allowance for doubtful trade receivables (502.97) (359.70) 5,086.94 6,774.35

    8) CASH AND CASH EQUIVALENTS

    Cash and cash equivalents consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Balances with banks- in current accounts 2,118.37 2,876.69- In deposit accounts - 2,500.00 2,118.37 5,376.69

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    Notes forming part of the Financial Statements

    9) LOANS RECEIVABLES

    Loans receivables (unsecured) consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Loans receivables - CurrentLoans receivables - considered good Inter-corporate deposits 4,000.00 1,200.00 Loans and advances to employees 9.17 8.28

    4,009.17 1,208.28

    10) OTHER FINANCIAL ASSETS

    Other financial assets (unsecured) consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Other financials asstes - Current a) Security deposits 57.13 42.94 b) Other advances 655.44 371.73 c) Accrued interest 159.25 9.73

    871.82 424.40

    11) OTHER ASSETS

    Other assets (unsecured) consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018(A) Other assets - Non-current Prepaid expenses 1.97 6.77

    1.97 6.77

    (B) Other assets - CurrentConsidered good a) Prepaid expenses 138.28 51.86 b) Balance with LIC of India - Gratuity fund 8.87 17.84 c) Advance to suppliers 2.06 1.13 d) Indirect tax recoverable 152.28 271.11Considered doubtful Advance to suppliers - 8.99 Less: Allowance on doubtful assets - (8.99)

    301.49 341.94

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    Notes forming part of the Financial Statements

    12) SHARE CAPITAL

    The authorised, issued, subscribed and fully paid-up share capital comprises of equity shares having a par value of ` 10 each and redeemable preference shares of ` 10 each

    (` in lakhs)As at March 31, 2019 As at March 31, 2018

    Authorised(i) Equity shares 3,000,000 of ` 10 each with voting rights (March

    31, 2018: 3,000,000 equity shares of ` 10 each)300.00 300.00

    (ii) Redeemable preference shares 3,000,000 of ` 10 each (March 31, 2018: 3,000,000 preference shares of ` 10 each) 300.00 300.00

    600.00 600.00

    Issued, Subscribed and Fully paid-up1,770,000 equity shares of ` 10 each (March 31, 2018: 1,770,000 equity shares of ` 10 each) 177.00 177.00

    177.00 177.00

    (i) Reconciliation of the number of shares: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018 Number of

    sharesAmount in `

    lakhs Number of

    sharesAmount in `

    lakhsEquity sharesOpening balance 1,770,000 177.00 1,770,000 177.00Issued during the year - - - -Closing balance 1,770,000 177.00 1,770,000 177.00

    (ii) Rights, preferences and restrictions attached to the equity shares

    The Company has one class of equity shares having a face value of ` 10 each. Each holder of equity share is entitled to one vote per share held and carry a right to dividend. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the Company after distribution all preferential amounts, in proportion to their share holding.

    (iii Details of shares held by the holding company

    Number of shares As at March 31, 2019 As at March 31, 2018

    Equity shares Tata Consultancy Services Limited, holding company 1,575,300 1,575,300 1,575,300 1,575,300

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    Notes forming part of the Financial Statements

    (iv) Details of shares held by share holders holding more than 5% of a class of shares

    As at 31 March, 2019 As at 31 March, 2018Number of

    shares held% holding in that

    class of sharesNumber of

    shares held% holding in that

    class of sharesEquity sharesTata Consultancy Services Limited 1,575,300 89% 1,575,300 89% Andhra Pradesh Technology Services Limited 194,700 11% 194,700 11% 1,770,000 100% 1,770,000 100%

    (v) The Company’s objective for capital management is to maximise shareholder value, safeguard business continuity and support the growth of the Company. The Company determines the capital requirement based on annual operating plans and long-term and other strategic investment plans. The funding requirements are met through equity and operating cash flows generated. The Company is not subject to any externally imposed capital requirements.

    13) OTHER EQUITY

    (` in lakhs)As at March 31, 2019 As at March 31, 2018

    (a) Capital redemption reserve Opening balance 280.00 280.00 Movement - - Closing balance 280.00 280.00

    (b) General reserve Opening balance 566.93 566.93 Transfer from retained earnings - - Closing balance 566.93 566.93

    (c) Retained earnings (i) Opening balance 6,747.98 5,550.19 (ii) Profit for the year 2,490.18 2,407.28 (iii) Other comprehensive income arising from

    remeasurement of defined employee benefit plans, net of income-tax (5.29) 4.80

    9,232.87 7,962.27 Less: Appropriations (i) Dividend on equity shares (1,203.60) (1,008.90) (ii) Tax on dividend (247.40) (205.39)

    7,781.87 6,747.988,628.80 7,594.91

  • 1.26 APTOnline Limited

    Subsidiary Financials 2018-19

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    Notes forming part of the Financial Statements

    14) EMPLOYEE BENEFIT OBLIGATION

    Employee benefit obligations consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018(A) Employee benefit obligation - Non-current Compensated absences 60.54 57.17

    60.54 57.17 (B) Employee benefit obligation - Current Compensated absences 7.53 8.89 7.53 8.89

    Defined benefit plans

    The Company offers its employees defined benefit plans in the form of a gratuity scheme.The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements.The estimate of future salary increase considered in actuarial valuation takes account of inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market.

    (` in lakhs)As at March 31, 2019 As at March 31, 2018

    Change in defined benefit obligations (“DBO”) during the year Present value of DBO at beginning of the year 93.62 80.18 Current service cost 16.81 15.84 Interest cost 7.26 5.41 Benefit paid during the Year (10.10) (1.62) Actuarial loss/(gain) 4.99 (6.19)Present value of DBO at the end of the years 112.5 93.62Change in fair value of assets during the year Plan assets at beginning of the year 111.46 73.95 Expected return on plan assets 8.64 4.99 Actual company contributions 14.27 33.55 Actuarial (loss) (2.48) 0.59 Benefits paid (10.10) (1.62)Fair value of plan assets at the end of the year 121.79 111.46

    (` in lakhs)As at March 31, 2019 As at March 31, 2018

    Funded status:Surplus of plan assets over obligations 9.22 17.84

    Category of assets:Insurance managed funds 121.79 111.46

  • APTOnline Limited 1.27

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    Notes forming part of the Financial Statements

    Net periodic gratuity cost included in employee cost consists of the following components: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Components of expenseCurrent service cost 16.81 15.84Net interest on net defined benefit liability / (asset) (1.38) 0.42Actuarial (gain)/loss 7.46 (6.77)Net periodic gratuity cost 22.89 9.49

    Remeasurement of the net defined benefit liability/(asset): (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Actuarial (gains) and losses arising from changes in demographic assumptions. 0.35 3.72Actuarial (gains) and losses arising from changes in financial assumptions. (0.73) (19.59)Actuarial (gains) and losses arising from changes in experience adjustments. 5.37 9.68Remeasurement of the net defined benefit liability 4.99 (6.19)Remeasurement - return on plan assets excluding amount included in interest income 2.47 (0.58)Total 7.46 (6.77)

    The assumptions used in according for the defined benefit plan are set out below: (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    Actuarial assumptionsDiscount rate 7.75% 7.75%Salary escalation rate 6.00% 6.00%Attrition ratei) If Services < = 5 years 22.33% 20.47%ii) If Services > 5 years 7.07% 7.30%

    Mortality Rate Indian Assured Lives Mortality (2006-08)

    Indian Assured Lives Mortality (2006-08)

    Sensitivity Analysis

    If the discount rate increases / decreases by 0.50%, the defined benefit obligations would increase / (decrease) as follows:

    As at March 31, 2019 As at March 31, 2018Increase of 0.50% (4.56) (3.98)Decrease of 0.50% 4.93 4.31

    If the expected salary growth increases / decreases by 0.50%, the defined benefit obligations would increase / (decrease) as follows:

    As at March 31, 2019 As at March 31, 2018Increase of 0.50% 4.99 4.36Decrease of 0.50% (4.65) (4.06)

  • 1.28 APTOnline Limited

    Subsidiary Financials 2018-19

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    Notes forming part of the Financial Statements

    The Company is expected to contribute ̀ 17.29 lakhs to the defined benefit plan obligation for the year ending March 31, 2020. Remeasurement loss of defined employee benefit plan in other comprehensive income for the fiscals 2019 and 2018 are `

    7.46 lakhs and ` 6.77 lakhs respectively. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligations as it is

    unlikely that the change in assumptions would occur in isolation of one another as some of the assumption may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligations has been

    calculated using the Projected Unit Credit Method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Balance sheet.

    Each year an Asset - Liability matching study is performed in which the consequences of the strategic investment policies are analysed in terms of risk and return profiles. Investment and contribution policies are integrated within this study.

    The defined benefit obligations shall mature after year ended March 31, 2019 as follows:

    Year ending March 31, Defined benefit obligations2020 9.132021 11.152022 9.832023 9.162024 9.09

    Sum of years 6 to 10 45.37

    93.73

    Defined contribution plans

    The Company makes contribution towards provident fund for qualifying employees. Under the plans, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised ` 81.03 lakhs and ` 77.39 lakhs towards contribution provident fund and family pension fund in fiscals 2019 and 2018 respectively. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

    15) DEFERRED TAX BALANCES (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Deferred tax liabilitiesEmployee benefits - 5.19Depreciation - 46.46Investment 1.29 0.62

    1.29 52.27

    Deferred tax assetsDepreciation 18.74 - Provision for doubtful debts & advances 146.47 102.12Employe benefits 63.77 56.07Others 1.70 6.18 230.68 164.37Net deferred tax liabilities/(assets) 229.39 112.10

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    Notes forming part of the Financial Statements

    16) TRADE PAYABLES

    Trade payables consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018(a) Dues of Micro and small enterprises (Refer Note 33) 65.75 -(b) Others 1,949.46 3,666.53

    2,015.21 3,666.53

    17) OTHER FINANCIAL LIABILITIES

    Other financial liabilities consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Other financial liabilities - Current (a) Amount collected on behalf of * - Government departments 4,243.67 3,029.35 - Non-government departments 37.50 35.37 (b) Security deposits received 704.97 875.30 (c) Employee payables 90.27 79.72

    5,076.41 4,019.74

    * Amount collected on behalf of government and non-government includes collection of utility bills, ration card charges, government taxes, etc.

    18) OTHER LIABILITIES

    Other liabilities consists of the following: (` in lakhs)

    As at March 31, 2019 As at March 31, 2018Other Liabilities - Current (a) Advance received from customers 284.62 349.48 (b) Indirect tax payable and other statutory liabilities 213.69 488.80 (c) Amount received from franchisees 338.09 307.04 (d) Others 0.27 -

    836.67 1,145.32

  • 1.30 APTOnline Limited

    Subsidiary Financials 2018-19

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    Notes forming part of the Financial Statements

    19) REVENUE FROM OPERATIONS

    Revenue from operations consists of the following: (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    A) Information technology and consultancy services (a Transaction revenue 4,757.25 3,927.32 (b) Wage disbursement 1,062.94 1,192.37 (c) Software development services and maintenance 3,295.71 3,203.93 (d) Man power supply 1,228.42 886.57 (e) Data centre establishment and maintenance 293.46 332.59 (f) Franchisee fees 178.05 277.12 (g) ION Services 3,412.45 3,559.57 (h) Aadhaar authentication 438.79 368.49 (i) Others 271.18 125.97

    14,938.25 13,873.93B) Sale of products (a) Hardware 257.10 40.04 (b) Software 41.51 103.80 (c) Stationery 180.71 344.09

    479.32 487.93C) Other operating income - 0.15

    - 0.15

    15,417.57 14,362.01

    All revenue is derived in the State of Andhra Pradesh and Telangana.

    For the current year, the revenue recognised in the statement of profit and loss equals to the contracted price.

    While disclosing the aggregate amount of transaction price yet to be recognized as revenue towards unsatisfied or partially satisfied performance obligations, along with the broad time band for the expected time to recognize those revenues, the Company has applied the practical expedient. Accordingly, the Company has not disclosed the aggregate transaction price allocated to unsatisfied (or partially satisfied) performance obligations which pertain to contracts where revenue recognized corresponds to the value transferred to customer typically involving time and material, outcome based and event based contracts.

    The Company does not have contract assets.

    Movement in contract liabilities is given below: (` in lakhs)

    AmountOpening balance as on April 1, 2018 148.12Less: Revenue recognised that was included in the contract liability balance at the beginning of the period. 148.12Add: Increase due to invoicing during the year, excluding amounts recognised as revenue during the year. 148.33Closing balance as on March 31, 2019 148.33

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    Notes forming part of the Financial Statements

    20) OTHER INCOME

    Other income consists of the following: (` in lakhs)

    For the year ended March 31, 2019

    For the year ended March 31, 2018

    (a) Gain on investments 223.66 335.99(b) Interest income on fixed deposits and inter-corporate deposits 298.55 10.81(c) Gain on disposal of property, plant and equipment 1.62 2.23 (d) Miscellaneous income 12.95 -

    536.78 349.03

    21) DIRECT COSTS

    Direct costs consists of the following: (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    (a) Service charges 6,598.58 5,618.96(b) Man power supply 2,058.31 1,674.87

    8,656.89 7,293.83

    22) PURCHASE OF STOCK-IN-TRADE

    Purchase of stock-in-trade consists of the following: (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    (a) Hardware 70.29 60.26(b) Software 88.53 86.81(C) Stationery 316.72 294.26

    475.54 441.33

    23) CHANGES IN INVENTORIES OF STOCK-IN-TRADE

    (` in lakhs)Year ended

    March 31, 2019Year ended

    March 31, 2018Inventories at the end of the year: Stock-in-trade (a) Hardware, stationery, etc. 26.64 29.87

    26.64 29.87Inventories at the beginning of the year: Stock-in-trade(a) Hardware, stationery, etc. 29.87 26.03

    29.87 26.03Net (increase) / decrease 3.23 (3.84)

  • 1.32 APTOnline Limited

    Subsidiary Financials 2018-19

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    Notes forming part of the Financial Statements

    24) EMPLOYEE BENEFIT EXPENSES Employee benefit expense consists of the following: (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    (a) Salaries, incentives and allowances 1,970.50 1,775.28 (b) Contributions to provident fund 81.04 77.39 (c) Contributions to ESIC 11.07 12.98d) Staff welfare expenses 87.66 60.67

    2,150.27 1,926.32

    25) FINANCE COSTSFinance costs consists of the following: (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    Interest expense on:(i) delayed payment of income-tax - 16.44 (ii) delayed payment of GST 35.69 -

    35.69 16.44

    26) OTHER EXPENSESOther expenses consists of the following (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    (a) Consumables 9.60 0.93(b) Lease rentals (refer Note 34) 63.84 40.49(c) Facility charges 44.96 45.60(d) Repairs and maintenance - Others 41.53 19.35(e) Rates and taxes 2.11 32.39(f) Internet connectivity charges 72.63 88.03(g) Travelling and conveyance 45.50 37.25(h) Printing and stationery 16.69 42.29(i) Business promotion expenses 18.35 10.94(j) Legal and professional fees 66.32 63.59(k) Corporate Social Responsibility (refer Note 35) 74.36 75.73(l) Payments to auditors (refer Note below) 6.10 4.10(m) Software maintenance charges 33.03 8.66(n) Allowance on trade receivables and advances 143.27 139.01(o) Contractual compensation - 140.78(p) Miscellaneous expenses 91.53 69.00

    729.82 818.14 Note: Payments to auditors comprises (net of GST): As auditors - statutory audit 4.10 4.10 For tax audit 2.00 -

    6.10 4.10

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    Notes forming part of the Financial Statements

    27) EARNINGS PER SHARE (EPS) (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    Profit for the year 2,490.18 2,407.26Amount available for equity shareholders 2,490.18 2,407.26Weighted average number equity shares 1,770,000 1,770,000 Total weighted average number of equity shares 1,770,000 1,770,000

    Earning per share basic and diluted (`) 140.69 136.00Face value per equity share (`) 10.00 10.00

    28) INCOME TAXES

    (i) The Income - tax expense consists of the following (` in lakhs) Year ended

    March 31, 2019Year ended

    March 31, 2018(i) Income-tax recognised in the

    Statement of Profit and Loss Current tax: Current tax expenses for current year 1,167.92 1,458.89 Deferred tax: Deferred tax expenses / (benefit) for current year (115.12) (200.27)Income - tax recognised in the Statement of Profit and Loss 1,052.80 1,258.62 (ii) Income - tax expense recognised in Other Comprehensive

    Income (OCI) Deferred tax on remeasurement of defined employee benefit

    plans 2.17 (1.97) Total income - tax expense recognised 2.17 (1.97)

    The reconciliation of estimated income - tax expense at Indian statutory income tax rate to income tax expense reported in statement of profit and loss is as follows: (` in lakhs)

    Year ended March 31, 2019

    Year ended March 31, 2018

    Profit before tax 3,542.98 3,665.88Indian Statutory income - tax rate 29.120% 34.608%Expected Income-tax expenseTax effect of adjustments to reconcile expected income - tax expense to reported income - tax expense:

    1,031.72 1,268.69

    Tax pertaining to prior years - (41.12)Disallowance U/s 371) CSR expenses 14.16 13.102) Interest on delayed payment - 5.69Others 6.92 12.26 Total Income tax expenses 1,052.80 1,258.62

  • 1.34 APTOnline Limited

    Subsidiary Financials 2018-19

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    Notes forming part of the Financial Statements

    Significant components of net deferred tax assets and liabilities for the year ended March 31, 2019 are as follows:

    (` in lakhs)Opening balance Recognised /

    reversed through profit or loss

    Recognised /Reversed

    through other comprehensive

    income

    Closing balance

    Deferred tax assets / (liabilities) in relation to:Property, plant and equipment (46.47) 65.21 - 18.74Provision for employee benefits 48.91 12.69 2.17 63.77Provision for doubtful debts 102.13 44.34 - 146.47Others 7.53 (7.12) - 0.41Net deferred tax assets / (liabilities) 112.10 115.12 2.17 229.39

    Significant components of net deferred tax assets and liabilities for the year ended March 31, 2018 are as follows:

    (` in lakhs)Opening balance Recognised /

    reversed through profit or loss

    Recognised /Reversed

    through other comprehensive

    income

    Closing balance

    Deferred tax assets / (liabilities) in relation to:Property, plant and equipment (193.52) 147.05 - (46.47)Provision for employee benefits 28.15 22.73 (1.97) 48.91Provision for doubtful debts 79.49 22.64 - 102.13Others (0.32) 7.85 - 7.53Net deferred tax assets / (liabilities) (86.20) 200.27 (1.97) 112.10

    29) CONTINGENT LIABILITIES AND COMMITMENTS

    (` in lakhs)As at March 31,2019 As at March 31,2018

    Contingent liability :Sales tax demands (i) Claims against the Company not acknowledged as debt -

    disputed sales tax liability 18.76 18.76Capital commitment : (i) Estimated amount of contracts remaining to be executed

    on capital account 7.31 23.61

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    Notes forming part of the Financial Statements

    30) FINANCIAL INSTRUMENTS

    The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2(g) to the financial statements

    (a) Financial assets and liabilities

    The carrying value of financial instruments by categories as of March 31, 2019 is as follows: (` in lakhs)

    Fair value through profit or loss

    Amortised cost Total carrying value

    Financial assets: Cash and cash equivalents - 2,118.37 2,118.37 Trade receivables - 5,086.94 5,086.94 Investments 3,104.43 - 3,104.43 Unbilled receivables (Previous year: Unbilled revenue) - 407.91 407.91 Loans receivables - 4,009.17 4,009.17 Other financial assets - 871.82 871.82 Total 3,104.43 12,494.21 15,598.64

    Financial liabilities: Trade payables - 2,015.21 2,015.21 Other financial liabilities - 5,076.41 5,076.41 Total - 7,091.62 7,091.62

    The carrying value of financial instruments by categories as of March 31, 2018 (` in lakhs)

    Fair value through profit or loss

    Amortised cost Total carrying value

    Financial assets: Cash and cash equivalents - 5,376.69 5,376.69 Trade receivables - 6,774.35 6,774.35 Investments 1,502.11 - 1,502.11 Unbilled receivables (Previous year: Unbilled revenue) - 166.60 166.60 Loans receivables - 1,208.28 1,208.28 Other financial assets - 424.40 424.40 Total 1,502.11 13,950.32 15,452.43

    Financial liabilities: Trade payables - 3,666.53 3,666.53 Other financial liabilities - 4,019.74 4,019.74 Total - 7,686.27 7,686.27

    Carrying amounts of cash and cash equivalents, trade receivables, unbilled receivables (Previous year: unbilled revenue), loans receivables, other financial assets, trade payables and other financial liabilities as at March 31, 2019 and March 31, 2018 approximate the fair value.

  • 1.36 APTOnline Limited

    Subsidiary Financials 2018-19

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    Notes forming part of the Financial Statements

    30 (B) FAIR VALUE HIERARCHY

    Table summarizes financial assets and liabilities measured at fair value on a recurring basis

    Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

    Level 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

    Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

    The following table summarises