Full annual report of 2011-2012 - Mindtree

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48 Name of the statute Nature of the dues Amount (Rs.) Period to which Forum where dispute is pending in 000’s the amount relates Income Tax Act, 1961 Tax and interest 219,400 Assessment year 2008-09 Dispute Resolution Panel (‘DRP’), Bangalore^ The Finance Act, 1994 Service tax 151,210 July 2003 to June 2007 Customs, Excise and Service Tax Appellate Tribunal, Pune The Finance Act, 1994 Service tax 66,940 July 2007 to March 2008 Customs, Excise and Service Tax Appellate Tribunal, Pune The Finance Act, 1994 Service tax 11,290 July 2005 to March 2007 Customs, Excise and Service Tax and interest Appellate Tribunal, Bangalore*** The Finance Act, 1994 Service tax 24,270 July 2003 to March 2006 Customs, Excise and Service Tax and interest Appellate Tribunal, Bangalore*** The Finance Act, 1994 Service tax 22,680 Sept. 2004 to March 2007 Customs, Excise and Service Tax and interest Appellate Tribunal, Bangalore*** The Finance Act, 1994 Tax, interest 64,469 July 2004 to Nov. 2005 Customs, Excise and Service Tax and penalty Appellate Tribunal, Bangalore The Finance Act, 1994 Tax, interest 3,116* April 2007 to March 2008 Customs, Excise and Service Tax and penalty Appellate Tribunal, Bangalore Karnataka Value Added Tax and interest 5,860* April 2005 to March 2007 Joint Commissioner of Commercial Tax Act, 2003 taxes (Appeals), Bangalore Karnataka Value Added Tax and interest 4,283* April 2007 to March 2009 Joint Commissioner of Commercial Tax Act, 2003 taxes (Appeals), Bangalore Karnataka Sales Tax Tax and penalty 287* Upto July 2004 Assistant Commissioner of Commercial Act, 1957 taxes (Recovery), Bangalore ^ The Company has preferred an appeal to the DRP in respect of the draft assessment order received for the Assessment Year 2008-09. The Company has not obtained the final assessment order as at the date of this report. * The above amounts are net of amount paid under protest ** Stay granted by Hon'ble High Court of Karnataka vide order dated 4 November 2008 *** Stay granted by Customs, Excise and Service Tax Appellate Tribunal, Bangalore vide order dated 6 January 2012 10. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers. The Company did not have any outstanding dues to any financial institution or debenture holders during the year. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion and according to the information and explanations given to us, the Company is not a chit fund/ nidhi/ mutual benefit fund/ society. 14. According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. 15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. 16. The Company did not have any term loans outstanding during the year. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the funds raised on short-term basis have not been used for long-term investment. 18. The Company has not made any preferential allotment of shares to companies/ firms/ parties covered in the register maintained under Section 301 of the Companies Act, 1956. 19. The Company did not have any outstanding debentures during the year. 20. The Company has not raised any money by public issues during the year. 21. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. for B S R & Co. Chartered Accountants Firm registration No. 101248W Supreet Sachdev Partner Membership No. 205385 Bangalore April 16, 2012
Balance Sheet EQUITY AND LIABILITIES (Rs. in Million) Note As at As at March 31, 2012 March 31, 2011 Shareholders' funds Share capital 3.1.1 405 400 Reserves and surplus 3.1.2 9,171 7,364 9,576 7,764 Non-current liabilities Long term borrowings 3.2.1 37 41 Other long term liabilities 3.2.2 34 206 71 247 Current liabilities Short term borrowings 3.3.1 407 - Trade payables 140 167 Other current liabilities 3.3.2 2,434 1,441 Short term provisions 3.3.3 724 530 3,705 2,138 13,352 10,149 ASSETS Non-current assets Fixed assets Tangible assets 3.4.1 2,548 2,951 Intangible assets 3.4.1 43 55 Capital work in progress 85 1 Non-current investments 3.4.2 30 30 Deferred tax assets (net) 3.4.3 320 216 Long-term loans and advances 3.4.4 544 416 Other non-current assets 3.4.5 258 111 3,828 3,780 Current assets Current investments 3.5.1 3,075 1,105 Trade receivables 3.5.2 4,078 2,825 Cash and bank balances 3.5.3 585 440 Short term loans and advances 3.5.4 219 335 Other current assets 3.5.5 1,567 1,664 9,524 6,369 13,352 10,149 Significant accounting policies and notes to the accounts 2&3 As per our report attached For MindTree Limited For B S R & Co. Subroto Bagchi N. Krishnakumar Chartered Accountants Chairman CEO & Managing Director Firm registration No. 101248W Supreet Sachdev Rostow Ravanan Rajesh Srichand Narang Partner Chief Financial Officer Company Secretary Membership No. 205385 Place: Bangalore Place: Bangalore Date : April 16, 2012 Date : April 16, 2012 49
Page 1 and 2: M I N D T R E E L I M I T E D A N N
Page 3: A N N U A L R E P O RT 2 0 1 1 - 1
Page 6 and 7: 4 Message from Chairman, Subroto Ba
Page 8 and 9: 6 Message from CEO & Managing Direc
Page 10 and 11: 8 Sustainable Development at MindTr
Page 12 and 13: 10 MindTree Foundation's charter su
Page 14 and 15: 12 Customer Satisfaction Right from
Page 16 and 17: 14 Chief Executive Officer (CEO) an
Page 18 and 19: 16 Dividend Your directors had decl
Page 20 and 21: 18 Litigation No material litigatio
Page 22 and 23: 20 Annexures to the Directors’ Re
Page 24 and 25: 22 Technology Centers of Excellence
Page 26 and 27: 24 D. Earnings and expenditure in f
Page 28 and 29: 26 Program 6 [Directors' Stock Opti
Page 30 and 31: 28 Auditors’ Certificate on Corpo
Page 32 and 33: 30 Financial year 2012-13 Our tenta
Page 34 and 35: 32 Category of shareholder Number o
Page 36 and 37: 34 • Any issue, which involves po
Page 38 and 39: 36 ·Such other matters as may, fro
Page 40 and 41: 38 MindTree Share Price Movement Co
Page 42 and 43: 40 Our revenue breakdown by service
Page 44 and 45: 42 • Short term provisions have i
Page 46 and 47: 44 attack. Nationally and internati
Page 48 and 49: 46 INDEPENDENT AUDITOR'S REPORT TO
Page 52 and 53: 50 Statement of profit and loss (Rs
Page 54 and 55: 52 Significant accounting policies
Page 56 and 57: 54 2.11 Provision and contingent li
Page 58 and 59: 56 date on or after October 1, 2001
Page 60 and 61: 58 3.1.2 Reserves and surplus Rs. i
Page 62 and 63: 60 Rs. in million Particulars As at
Page 64 and 65: 62 3.4.3 Taxes Particulars For the
Page 66 and 67: 64 3.5.4 Short term loans and advan
Page 68 and 69: 66 wherein demand of Rs. 91 million
Page 70 and 71: 68 Transactions with the above rela
Page 72 and 73: 70 Statement pursuant to section 21
Page 74 and 75: 72 INDEPENDENT AUDITOR'S REPORT TO
Page 76 and 77: 74 Consolidated statement of profit
Page 78 and 79: 76 Significant accounting policies
Page 80 and 81: 78 For contracts recorded at the sp
Page 82 and 83: 80 Program 1 [ESOP 1999] Options un
Page 84 and 85: 82 The Group uses the intrinsic val
Page 86 and 87: 84 3.3.3 Short term provisions Rs.
Page 88 and 89: 86 3.4 Non-current assets 3.4.1 Fix
Page 90 and 91: 88 Details of investment in mutual
Page 92 and 93: 90 3.8 Acquisition and amalgamation
Page 94 and 95: 92 Rs. in million Consolidated stat
Page 96 and 97: 94 3.18 The Group has prepared thes
Page 98 and 99: 96 Dear Shareholder, We are pleased
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98 MindTree Limited and Subsidiarie
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100 MindTree Limited and Subsidiari
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102 Notes to the unaudited consolid
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104 (ii) Others: Changes in fair va
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106 a) Time and materials contracts
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108 portfolio allocations. The actu
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110 4. Under IFRS, available-for-sa
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112 Carrying value of land includes
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114 13. Loans and borrowings A summ
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116 The carrying value and fair val
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118 Particulars Year ended Year end
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120 Foreign Currency risk The Compa
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122 The tax rates under Indian Inco
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124 21. Employee benefits a) Employ
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126 24. Employee stock incentive pl
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128 The weighted average share pric
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130 28. Segment information The CEO
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132 RESOLVED FURTHER THAT the board
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134 Notes: 1. A MEMBER ENTITLED TO
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136 3. Mr. V.G. Siddhartha Non-Exec
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138 Consequently, your directors se
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140 f. The Plan would be applicable
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Attendance Slip I hereby certify th
Page 152:
MindTree Ltd. Global Village, RVCE
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