ITC INFOTECH LIMITED

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ITC INFOTECH LIMITEDSTATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 MARCH 2011UnauditedUnaudited2011 2011 2010 2010£ ` £ `Profit for the financial year 1,034,989 74,307,035 688,041 46,759,237Currency translation of (loss) / gain of retained earnings ofoverseas branches 832 59,733 (19,176) (1,303,201)Total recognised gains and losses relating to the financial year 1,035,821 74,366,768 668,865 45,456,036The accompanying accounting policies and notes form part of these financial statements.NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011Supplementary information - Indian Rupee amountsThe financial statements of ITC Infotech Limited are prepared in accordance with accounting principles generally accepted in the United Kingdom,the country of incorporation, and are presented in GBP. The supplementary information requested by the parent company has been arrived at byapplying the year end interbank exchange rate of GBP 1 = ` 71.80 (2010: GBP 1 = ` 67.96) as provided by the parent company. The supplementaryinformation has not been audited.1. TurnoverThe turnover and profit before tax are attributable to the one principal activity of the company.An analysis of turnover is given below:UnauditedUnaudited2011 2011 2010 2010£ ` £ `United Kingdom 16,133,769 1,158,323,945 14,928,120 1,014,515,028India 3,606,992 258,963,991 1,813,678 123,257,536US 236,794 17,000,625 127,222 8,645,975Malaysia 9,676 694,688 38,628 2,625,150Europe 2,203,074 158,169,698 2,528,083 171,808,549Other 34,538 2,479,656 5,410 367,68322,224,843 1,595,632,603 19,441,141 1,321,219,9212. Other operating chargesAdministrative expenses 4,775,531 342,859,248 4,736,471 321,890,5413. Operating profitOperating profit is stated after charging:Depreciation of owned fixed assets 17,138 1,230,422 21,823 1,483,075Auditor’s remuneration:- audit fees 20,775 1,491,541 19,976 1,357,569- non audit fees – taxation and other services 14,505 1,041,386 9,202 625,368Loss / (Gain) on foreign exchange 100,051 7,183,161 134,280 9,125,667Operating lease costs:Land and buildings 53,191 3,818,848 53,720 3,650,815Plant and equipment 1,809 129,877 1,714 116,5024. Directors and employeesThe average number of staff employed by the company during the financial year amounted to:2011 2010No.No.Staff 210 176The aggregate payroll costs of the above were:UnauditedUnaudited2011 2011 2010 2010£ ` £ `Wages and salaries 8,719,581 626,022,318 7,219,807 490,658,097Social security costs 787,840 56,562,973 712,939 48,451,3369,507,421 682,585,291 7,932,746 539,109,433Remuneration in respect of directors was nil (2010: £nil).5. Interest receivableBank interest receivable 4,285 307,642 3,087 209,765132
ITC INFOTECH LIMITEDUnauditedUnaudited2011 2011 2010 2010£ ` £ `6. Taxation on ordinary activities(a) Analysis of charge in the yearCurrent tax:In respect of the year:UK Corporation tax based on the results for the yearat 28% (2010 - 28%) 350,140 25,138,302 262,140 17,815,034Under / (over) provision in prior year 81,345 5,840,164 48,187 3,274,789Foreign Tax – Current Year 3,864 277,416 40,185 2,730,973– Prior Year (23,994) (1,722,649) 40,185 2,730,973Total current tax 411,355 29,533,233 350,512 23,820,796Deferred tax:Origination and reversal of timing differences 4,666 334,995 1,299 88,277Tax on profit on ordinary activities 416,021 29,868,228 351,811 23,909,073(b) Factors affecting current tax chargeThe tax assessed on the profit on ordinary activities for the year is higherthan the standard rate of corporation tax in the UK of 28% (2010 - 28%).Profit on ordinary activities before taxation 1,451,010 104,175,263 1,039,852 70,668,310Profit on ordinary activities multiplied by rate of tax 406,283 29,169,074 291,158 19,787,127Expenses not deductible for tax purposes 30,851 2,214,962 11,511 782,258Movement in capital allowances (1,785) (128,154) (344) (23,378)Adjustments to tax charge in respect of previous periods (23,994) (1,722,649) 48,187 3,274,789Total current tax (note 6(a)) 411,355 29,533,233 350,512 23,820,7967. Tangible fixed assetsUnaudited Fixtures Unaudited UnauditedLeasehold Leasehold and Fixtures and Computer Computer Unauditedimprovements improvements fittings fittings equipment equipment Total Total£ ` £ ` £ ` £ `CostAt 1 April 2010 50,965 3,659,032 58,821 4,223,054 169,010 12,134,073 278,796 20,016,159Additions — — 1,394 100,082 6,428 461,498 7,822 561,580At 31 March 2011 50,965 3,659,032 60,215 4,323,136 175,438 12,595,571 286,618 20,577,739DepreciationAt 1 April 2010 35,242 2,530,199 51,039 3,664,345 152,140 10,922,891 238,421 17,117,435Charge for the year 4,965 356,462 2,935 210,718 9,238 663,242 17,138 1,230,422At 31 March 2011 40,207 2,886,661 53,974 3,875,063 161,378 11,586,133 255,559 18,347,857Net book valueAt 31 March 2011 10,758 772,371 6,241 448,073 14,060 1,009,438 31,059 2,229,882At 31 March 2010 15,723 1,128,833 7,782 558,709 16,870 1,211,182 40,375 2,898,723For simplicity, the brought forward Rupee amounts at 1 April 2010 have been translated at the 31 March 2011 exchange rate.8. DebtorsUnauditedUnaudited2011 2011 2010 2010£ ` £ `Trade debtors 5,295,551 380,194,084 5,746,154 390,508,615Amounts owed by group undertakings 1,367,764 98,198,616 — —Prepayments and accrued income 67,395 4,838,624 23,972 1,629,158Corporation Tax — — 67,578 4,592,5796,730,710 483,231,324 5,837,704 396,730,3529. Deferred taxationThe deferred tax included in the Balance sheet is as follows:Deferred tax assets 3,694 265,211 8,360 568,146The movement in the deferred taxation account during the year was:Balance brought forward 8,360 600,206 9,659 656,423Profit and loss account movement arising during the year (4,666) (334,995) (1,299) (88,277)Balance carried forward 3,694 265,211 8,360 568,146The balance of the deferred taxation account consists of the taxeffect of timing differences in respect of:Excess of depreciation over taxation allowances on fixed assets 3,694 265,211 8,360 568,146133
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ITC INFOTECH LIMITED

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