Scribd Logo
Upload

Welcome to Scribd!

  • 3i Infotech Asia Pacific Pte Limited

    Uploaded by

    pizza nmorevik
    17 views51 pages

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    17 views51 pages

    3i Infotech Asia Pacific Pte Limited

    Uploaded by

    pizza nmorevik

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 51
    31 INFOTECH ASIA PACIFIC PTE. LTD. (Company Registration No, 2000034998) Financial Statements For The Year Ended March 31, 2020 31 Infotech Asia Pacific Pte. Ltd. rcopoatedin the Repu Sogo) Directors Padmanabhan Nerenara Ranganathan ier (Caw Singh ‘Mrral Manoj Ghosh Mahalakshmi Sevaana Pty Suryanarayan Kasichainla Giri ohana Kishan Nataraen (Appointed on 13.05.2020) Sandi Kuri Prakash Sing. Resigned on 12.05.2020) Secretaries Lin Moi Heyang Low tel Wan Registered Office ‘80 Robinson Road #02.00 Singapore 066898 Chart Accountants Singpore 1 North Bridge Road 19-0005 High Set Cente Singapore 179008 Index Page Direc’ tateent 12 Independent Auton Report as Sstementof Financial Poskon . Stalemen of Comprehensive come 7 Statement of Changes in Equity a Statement of Cath Flows A Notes othe Financial Sater 10-46 31 Infotech Asia Pacific Pte. Ltd. Directors’ Statement Fo he fnnclyr ne Mar 38,2020, ‘The directors presen this statment to the members opaher withthe aude financial statement of the ‘Company fr the franca year ended March 31,2020. 1 Directors Thedlrectrs In fc at he ce of tis statement a Padanabhen Nerve Ranganathan Her Cau Sigh Mrinal Man} Ghost ‘Mahala Selatan thy SuryanarayanKasichalub ‘Git ohana Khan Naraion| 2 Arrangements to enable directors to acquire shares and debentures Netter during no athe cn of he franca yee wasthe Company a pay tary arrangement whose bjt ae, or one of whose objets, o enable the crecirsof he Company to acaire berets ough the sequin oshares in of debentures ofthe Company or any ther body corporat 3 Directors interest in shares and debentures The directors holding offe atthe ere ofthe financial year had no interests n shares, debentures, warrants or hare optionso the Company as ecrded inthe Register of Direct Shachoiing Kap boy the Company under Secon 164 of the Singapore Companies Ac, except as ollows Name of rectors Atbepiningof year Atend of ya oting company (0 Amber of ordinary sores Padmanatnan Nemnara Ranganathan er 11920 1920 inal Mano} Ghosh 200 300 ‘Suryanrayan Kasichinula 19000 10,000 (i) Unie employee eet eption Padmanatinan Nennara Ranganathan Iyer 1.230000, 23705,000 Sunanarayan Kachina 300,000 1,850,000 Mina Manoj Ghosh s10.000 1,335,000 Sap Kuma Preash Sigh 2500 (Resigned on 12.05.2020) Gaurav Sigh : 16,500 In aditon, Mi Padmanashan Nermara Ranganathan ler and Mrinal Manoj Cosh was holding + tone auity Share of Rs, 10 each in 3 Infotech BPO United and 3 ifotach Consultan Sevicee Lined either jointly wih ther Body Corporat er nthe eapacty of nominee as on March 31, 2020. 31 Infotech Asia Pacific Pte. Ltd. Director’ Ststemen. Forth or wren rs 200, 4 Shareoptions Date te cay (wonton rey he Conan any enon at pun sat he Conn vs (02 shes sy sna ac aon be ouninued sta eth Can ‘Asatte on ef hfnanal eee nero isd ha Copy we, 5 Auditor The autos Atri & Soran, hve esi i wing oe apm 6 Directo’ iin Inseconion the dae, (2) etn elt Conny den yp sing sta ew he franealonn cle Conny ssthch3), 220 te arch gnomes inequity ndssh folie Canny latency oon das nace ‘wie pevuomathesigou Compa el Cp. 39 cl Regn scr (8) echt none fe ble pound alee th Campa il thle pa i aa wheel. ‘nba the boar of rectors in ay 21,2030, [NATARAJAN & SWAMINATHAN {YT ace no, 19.4 (neoportedinthe Repub Sosa) | ‘Report onthe At of he Fanci Statements ‘We have ated the franca statements f 9 INFOTECH ASIA PACIFIC PE. LTD. the “Company, which compris the statement of inca postion ofthe Company as at March 31,2020, andthe servant of Comprehensive income, sttenent of charges in qu and saterent ea ls of he Company for {he yar then ended and notes tothe financial ements, including 3 renmary of inant accounting plies. In ou opinion, the accompanying franca satemens are properly dawn up in accordance withthe ‘ruisios ofthe Singapore Companies Ac, Chaser 30 he "Ac" and Francal Repring Standares in ‘Singapore (FR) soa ove a tue a fa view ofthe fitancial positon af the Company as at March 3 2020 and ofthe nancial performance, changes in uty and cash lows of to Company forthe yor nde on hat de tao Opaon ‘We conducted out aud in accordance with Singapore Standards on Auating (SSA. Our responsbltes lnder hose standards are ure described inthe Audios Responses fa he Auli ofthe Fnancal “Saiment section of ou ep. We ate independent o the Comany in accordance with he Accounting land Corporate Regultry Auheriy (ACRA) Code of Profesional ‘Conduct and Ethics for Public “Accountants and Accounting nities (ACRA Code) together wit he ethical rquremets hat are relevant ‘0 ou aut ofthe nancial stemonsinSngzpore, and we have flied our ther ical esponstilies In accordance with these requirement nd the ACRA Code We believe that he ait evidence we have chanel is sulicertand wep reife to provide bas lor ou option. teat Uncertainty Rebate 0 Going Concern ‘Without quaifving ou apinien, we daw atin to Note 2 to the Financia statements. The Company's ‘ent abies exceeded ts crests by S81 497,202. The franca staterents have been pepe ‘ongoing concer Saison te aurpton thst anal apport om the ling company leone {clean inthe even! hat thre no continue finance suppor, the going concen bars would be imal and provision would fave to be made fr any fss on vealisaton on ofthe Company’ ases and rhe os, hich might ars Without qualifying our opinion, we caw teton to Nate 6 and Note 9 to the ancl atements. The Comay has invesiment in stsiary amounting $415,050 and receivable balance of $8716.00 from 4 subsary named i Infotech (Thailand Une. The sdaidiey haw a capital deft amurting to $225,165 fapposimaely THBS.17 millon) and curren lites exceeded 18 curent assets by §5$519(413 approximately THB11.92 millon) forthe yet ended March 31, 2020 Chartered | Acsected ‘me Recent | Sn NATARAJAN & SWAMINATHAN Incoportedin he Republic Snamwor ephass of Mater Con “The management does ot corse any impament and allowance fer expected cred loses are necessary forthe cos of investment and eclvble balance fram the aubilary baced on is pst hee yet els that hes been proftable, an alo its forecasted earings that is expected to be poftable feo. The ‘ecoverabity of cost of iovesment and rceabe balance is dependent on te ssi’ cotinued [rotue apealone: The fect ar bre! on several fcr ted ecules may cfr om the forecast. The rbsiry har made 2 prot ase tok of $575,205 approximately THB1.9 rll forthe financial year ended March 31, 2020. the iormation ‘Managerent i esposile fr the eter information, The other infomation comprines the Directo! Satomentse out on pages 2, ‘Our opinion onthe franca statements does nt cover the othe information and we do nat express ay form of surance cnclsio hereon In connaction with our atthe financial saterens, our esponsibility sto read te other infomation identi above and, in doing 20, coder whether the et oration is matraly icant with ‘he franca sateen Or ow knowledge aad in the aut, olerise apps to be materially ‘missed. based onthe work we have performed, we conclde that there sa mater misaterent of {hsehernrmation, we are rite to repr tha fac. We have nothing 1 repo inthis ead Responses of Managemen’ and Dietos for the Fancal Sates ‘Management responsible fer the preparation of franc satenens that gve a re and fie iw ‘Seconlsrce with he provisions ofthe Act ad FRS, ad for devising ard maintaining ste of ternal ‘Sccourting contol sufieient © provide a reasonable surance that siete ae salepunted als ass ftom unauthorised use o dapat, snd waneactons ae rogely auhorised and hal they ae recorded te necesary to permit the prearation of tue nd fa inna statements and o main accourity tases ‘n preparing the nancial statement, management is espnsible for assessing the Company's ability to continue asa going concert, disclosing ss applabl, mater lated to going concem and wsingthe gong concer bass of accouting unless management eter Intends o quate the Company o 1 cease ‘pertons, or has no realistic alternative but todos ‘The deco’ responsibilities nude overseeing the Company's ancl reporing process. Aion Responses for he Aut othe Fanci Statements (Our objectives ae to aban resonable assurance about whether the nancial satements a whole are {roe rom material martstemert whether duet aud or eo and tau ar aus op tat incles (tr opinion. Resenable surance is high level f assuanes, but sol guaran tha an aut Conducted in acordance wihs5A wl aways detec motel misstatement when exis Mist's ‘an aie fom faud or ero nd ae considered material ffndidulyor the searegste, they could reasonably be expected to nfuence the economic decision of ers taken onthe bas ofthese nancial Chartered | Aecrelted finn Accountant | Grsenisation NATARAJAN & SWAMINATHAN INoereNDeNr AubsTORS aepoRT Incoportedin he Repti nao) Audion’ Responses oth Au ofthe Financial Statements Con ‘As pt of an augitn accordance wih SA, we exercise profession judgment and maintain profesional ‘eepicim throughout the suck, We aso Ment and asses the ss of material mistatement ofthe Goan statements, whether det aud revo, design and perfor aut procedres responsive thse rit, and obs ait evidence tat I saat and approprse to provide abn for our opinion, The kof nt detecting mata missatrent resting frm aud is higher than for one resting rm ero, a aul ay ivele ‘olson, fog, intentional omission, mirepresenttion, ote oveideof intemal contol, ‘+ Oban an understanding itera contol relevant ta te aut in order to design aut proces that are appropiate nth circumstances, but not Tor the pupore of expresing an onan on the tecvenes ofthe Compy's intemal cont ‘+ vauate the appropriateness of accounting polices use! andthe ressonableness of acounting ‘etmates and elated dsc osures made by rangement. + Conclue onthe appropriateness of managements us of te going concen bs f accounting and, based on the audit evidence ebtaind, whether a material uncerainy exis ested to events onions tht may cs sgnifcat doubt onthe Company's ability camtnue ae pong concer ‘ve conelude that materi uncertainty exis, Weare equted dra teston nour autor epat tothe related dsclosures the inane satemens o,f such dlosutes re inadequate, o motly ‘ur opinion. Our conelsins ae bape onthe nut evince obtained upto the date of cats Tepot However future erent or colons may eee te Company fo este Wo continue in. ‘+ afte the overall presetation, stucure and costent ofthe fiancalstatemants, Including the Faclosues and whee fe franca sateen tepresent the wdeyingwaneacons and events ‘smonner tht aches fa presenttion We communicate withthe dcr regarding, among ther mates, the planned scope an timing ofthe audit and significant auditing, including any scant defences internal contol at we entity Alvin our uc. Report on Other Leg andReplatory Requirements Inu opision the accountingand other records required by the Ae tobe keg bythe Company have ben ‘propery kepinacordnce with the provisions of the Ace Public Accountants and Charred Accountants Singapore Date: May 21,2020 Chartered | Aezeelted Accountant | Sraonaton 31 Infotech Asia Pacific Pte. Ltd. Statement of Financial Postion As at Mar 31,2000 Note 2020 2019 2018 fesaed Rested 3s s ss sts Nomcurrentassets Pantandeauipmen 4 nan aa as inangble ast 5 Invedment in subiiares ‘ ss1210ss210 116160, Loan related company 7 6809179 5768270 __ 5.271398 Total non-current assets 70121660 6312.27) 5.342.271 Curent asses Tae receivables 8 1436623 2189679451740 ‘ther receivables 8 ysoao1 818,558 107,768 ‘xbsances 0 70 16,368 6127 Contract eee 1367863758771 910154 Prepayments 67916 7614 94 (Crh and bank lances 2 vezst4 256,162 133,824 Tote eurent ante Yoea7 ass 162 319 538 Total assets 10.797 _v0357473_ 7,661,800 uty and ates uty Stare apa a 61675 611675 GETS ther ese “ isiss1 “121s? 93,050 Accumulated oss (2,448,196) (2.644917) _(480%,786) Total equity 3820210 3,505,255 1407977 Nom-current aiites Borrowings 18 130889 1.257.998 1,215,945 Deferred income 15 s00352___“aos.an2__'546,492 Total aon-cutent bites 1i595.240 1,726,420 1,752,437 Ccorrentabitos Trade payables and accruals 6 1035662 969.528 sa2.451 ther payables 7 2571965 2759.328 2,673,059 Bocowigs 15 13q56 "63597 Defered income 15 7907 78070-78070 Convactiasties 0 136307) 1167291125785 Total cureet libltes 303.398 5,037,748 449195 Total abies 6998587 6764108 6,253,602 Total equity and abilities 19518797 19387421 _ 7,561,809 ‘The annexed accountng polices and explanstory notes form an otegral part ofthe financial statements 31 Infotech Asia Pacific Pte. Ltd. Statement of Comprehenive nome he fc yr nde Mah 31,220 te woo os S fone ” soase arse tine 2 yoraio—vanasau costes ores a79sen Sites snd anole beet 2 B19 as7540n Deccan plat andere ‘ wasen are te opening exes azar stszee Fact n won oan oft borne ts 2» bE7 ASSET Inca expen a ase - oft tern tx ae the: comprehensive income . Total comprehensive income or he year 201108 2.156871 ‘The anexed accounting polices and explatory notes form an otra part ofthe financial tements 31 Infotech Asia Pacific Pte. Ltd. Statement of Changes in Equity Fr the fnancal yar ned Marek 31,2020, Share Accumulated Other Note __ capita ice reserves___Toal st 8 8 ss Balance as a1 1.082018 6aT6,715 773,798) + 1anet previous tated Prior year adusnans 20 (27,990 93,050 65,060 Balance a8 9 01.08.2018 Sere eaor Fa SRaRO Tara ss restated nancial gesrantee Invest waived 4 - 407407 ‘Tosl conprehensve income rte year 2155871 - 2156871 Balance a at 31.03.2019, ees aaa eras Salance a at 31.03.2019, 6116715 2,574,269) + sta ‘as previously sated Por yes acusrents so ose 32145750809 Salance as at 31.02.2019 Snes asta iT saa as estated fect of opting RS 116 ease asn wasn Financial uarantce interest waived 4 so2 4034 “otal comprehensive Income forthe year 108 201,108, Balance as at 31.03.2020 enere ane srg, Theanmered accountng polices and explanatory notes form an integral part of the financial statements 31 Infotech Asia Pacific Pte, Ltd. ‘Statement of Cash Flows Fo th fn yar ended Mar 31, 2020, 2020 2019 eed % s (Cash ows rom operating sci roi bef ncame tae 205,758 2156871 ‘Adjustments fo: ‘Depeciton af plant andeqeipmant 93,561 2876 Foreign exchange sin arias) 039450) Inmrstensense| 1a7o9 133,120, Inrest eome 336,140) 965,801) Reversal of allowance for doubtful debts (31,700 (638,348) ‘Atowancelevesa for coubslunbies "3361 (2,358) ‘Amotistion of defered ncone 378,070) Reversal ofslowancefrimparment lost in tvesiment in subsea 15,050) rit of of plant and equipments z 720 ‘Ofarating espa blore working apt changes asia) 373.368 “rade receivables, 336,113 9,115,600) ihr rcsvaber apd prepayment (4320, 77530 Advances 1$648 (10281) Conact ses e2ges 236352 “rae payables nd acer 6696 837,075, Ober pales 25m Taiaz Corre Tite 195782 (60.520 Cis pnaatd irom oparatone 189,654 158,783 Foreign wahholng ax rid Wy A ‘Net ash om operating aces a8 006 158,783 Cash ows rom investing acriis Pucchie of plan and equipnant 20 01,929 Detar ued in inventing ees i260) 111.5201, Cash ows rom financing aces "Repayment of bowing: (5,065) Payment of prnetpal porto of las abilies (27/596) ‘Other payables subsea (esa) 14343 Ines paid 16.802) 40,468) "Netcash sed in rancing aves Bs4316) 25.528) [Net decrensevineest in cas and cash equivalents ssa) 22338 (Cash and esh equivalent brouht forward 2sere 133.028 Gos and cath equivalents cared forward mae Cash and cash equivalents compe can at bank tergs) 255570, shia hand 763 592 gas ‘The annexed accountng poles and explanatory nots form an integral part ofthe nancial statements 31 Infotech Asia Pacific Pte. Ltd. Notes to the Financial Statements Fo th fc yar ended Mar 31, 2020, ‘These noes for an integral rr of ane shoud be readin conjunction wit the accompanying Francia 1. Corporate information “he Company (Regsraton No. 200009499) is a peate Imited Company incorporated and omic n Singapore The registred offic is 3180 Robinson Read, $0200, Singapore O68E98 and the principal place of busines sat 7 Tera Souavard, #14034 Surtc Tower 1, Singapore 028987 ‘he principal activites of the Company ae to cary on the business of Infomation technology pplieion solutions ard saves eonsutancy with focus on Banking, Financial, Securty and Insurance (8°30 and Enrsas vet and Investment holdng “here have been m9 signcat changes in he nature ofthese activites dng the Bnacial yeu. Hoting company The Companys a whellyovned ssc of3nftech ined, ited company incorporated in Inc, whieh is aso ts ulimate holding company. Sbiires Refer Note 6 tothe ancl stents for details fhe subsidies nd i principal activites, 2 Going concern |Asatsatementoffnanci oso dat, the Companys current abies exceeded its eran aes ly 81,497,202 2019'5$992,596), The Franca atements have been peared on 8 ging concer basis onthe assumption that ranclal support from he holding compary wll continue be valabe Inthe event hat there continued nancil syn, he gong concer basis woud be invalid and brovision woul hae toe made for ny los on realisation on ofthe Company’ assets an fuer cos, which might are. The directorate aise tha nail suppot rom the holding company wil be available when rere 3 Significant accounting polices 31 Bas of peearation “Te franca tates have bean prepared in secondince with Financial Repoting Sindards in Singapore RS" 3 required by the Singapore Companies Act, Chapt 50, These franca) tnomantsarethe separate Finca statements of Infotech Asia Pact Pe. id. The Company Isexerpted fom theprecaation of consolidated rancilsttomentsasthe Company isa whaly ‘owned subsidiary of 31 nftech Limited, a company incorporated in Ina, which prepares consolidated fnancl satements avalable fr public use. The registered ofice of 3 Infotech Lite is flows Tower ts "Pt 6 FoosIntrastiona noch Pat ‘Vash, Nav Mamba Inia 400703 10 31 Infotech Asia Pacific Pte. Ltd. Notes tothe Financial Statements For the fuanil ya ended Marc 31,2020, 3 Significant accounti wep Bais of preparation Con The financial staements are expressed in Singapore Dollar 8) and are prepared under the histaial ost convention except ae dele in the accounting paces below. (Conr “The pepuration of foancialstaxents in confor with FRS rages management exerle "ts judgment in the proces of apphyng the Companys accounting peices. aio requies he we of accounting exmates and assumptions that affect the reported amounts of ase and Uabittes and sclosre of contingent ses and allies at the date of te financial terest, andthe repored amount of revenues and expenses ding the Haacil yer, These estimates and assumptions areassssaéon anon golag bs an ae based on experience and relevant factors, including expacatons of future evens that are believed to be reasonable under the Creumsances eer Note 3) othe financial sateen The Company aéootd the naw or vse FRS thats mandsory fr apelistion on that dt. TisncldestheftlawingFRS, which re lovato the Company sng en FRS 28 Amenknens) + Langer Interests in Astcits and Join Vertes RS 109. Amensmens) + Prpayment Features with Negative Compensation Fas 118 Leases Improves fo FS: ‘Annual Improvements to FRS FRS12 —menémens) + ncome Taxes FRS.23tAmensmens) + Soneawing Coss FRS 103 Amendments) + Susnest Combinations FRS11T—Armandients) + ont Arangements Adoption of new and amended sanded ad interpretations £RS.116 Lenses 'FRS 116 supersedes FRS 17 Leases, INTFRS 104 Detening whether an Atangement contains a Lease, INT FRS 15 Operating Leases ncentves and INT FRS 27 Evaluating the Substance of “Transzctions Invlvag te Legal Form of 8 Lease. The sandr es out the principles forthe recognition, measurement, ptesniation and diclosure of lees and requires lessees to recognise ros ets on the saterent of ancl poston, “The Company adopted FRS 116 usng the mediied ratospective metho of adoption withthe ate of intial application of 1” April 2019, Under this metho, the stands is spied revospcivly withthe cumulative eet finally applying the standard recognised at te date nfl application at an adjustment the opening balance of retained earings. " 31 Infotech Asia Pacific Pte. Ltd. Notes tothe Fis Statements ar the fnncel yor ned Mar 3, 2020, 3 Significant accounting policies Cont) a ai of rpartion Car RS 116 Leases Cones) The Company elect to use the ansion practical expedient ot eases wheter a contact is orcantsines leat! 1 Api 2019-Ised the Company pple thestandat ony conkacs| that were previously Gentied as leases applying FRS 17 and INTFRS 104 a the deo nal application, The elle of adopting FRS 116 1 Api 2019 was as flows Plant and equipment ‘Aseria losses Lease Fables Before the aopton of FRS 116, the Company clase each ofits esos (as less) at the Incapion dae as an operating lease. The accounting policy viet 1 Api 2019's esclesd in Note 36. Upon adoption of FRS 116, the Company applied = single recognition and measurement _aparosch foal les exept for shorter ees pd lees loa sets, The accounting policy Beglning or and afer 1 Ap 2019 is dcosed in Note 3). Te standard provides, specie vansion rauiements and pacical expen, which have bees applied by he Company. ten pevosyaccontd fra operating les The Company reconised rihtotuse aes and leselabities forthe leaves previously Classifieds operating lease, except fr shortierm leases and leases of lowvale asses. The FighoFus assets forhe leases worerecogised at an amount equal the lease labiy, adjsed boy ne amount of any prepa raecrued leas payers lating t that lease recognised inthe sttemeat af final postion immediately before the at of nial apoio, Lease Habis were recaps based n the prevent value ofthe remaining late payments, dicounted using ‘he incementl boring rte a the dt of nit pplication “The Company lo apie the available practal expedite wherein sed a sing lcount ate toa porto of eases wih reasonably similar characteris = relied ont asessmentof whee less are onerous immediately before te dete cinta pplication aan alterative performing an imoaizment even; solid the cvorten leases exertion to leas with lege term that ends within 12 ‘months of thedate of inl aplication; 2 31 Infotech Asia Pacific Pte. Ltd. [Notes tothe Financial Statements For he fn yor eel Marl 31, 2020 3 Significant accounting policies (Con's) 2) Bass of preparation nr R516 tases (ore enc prevony accented fra opting les Conte) ~ excluded the ital drt oss from the measrament of the ightotase ast atthe date final appiation: and = ese hindsight in determining the ease term where the contact conned opons to extend or terminat the ease. Based onthe above, a5 at Api 2015 = rightofuse asets of $$148.801 wore recognised and presented within plant and cauioment = dona lease Habits of $$153,188 were recognise: nd = the netffect of hese adjustments of $44,387 had been adjusted Yo accumulated losses CCompaaive hfemmation snot restated ‘Thala obits ot 1 Ap 2019 can be recone othe operating lee cormitnants of 31 March 2018, flows: ss ‘Operating lease commitments as at 31 March 2019 70067 ‘Weghted aveage incremental bring rat asat 1 Apfil 2019, 730% Discounted operating lease commlmens ast 1 Apa 2019 5.108 Levels a at 1 Api 2019 153,10 cite! jaements napping the nis counting polices Inthe proces of aplyng te ens accountng policies, management sof opinion that hee ae no cal judgements other than tos involving estimate) that have significant fect on (he armours ecogid inthe lanl statements. ey source ofetinaton ncey ‘The key atuptions concerning the fur, and other key sources of estimation uncertainty a thestaterant of nancial postion da, ht have significant of ausinga ate adjustmant to the carving amounts of assets and lables within the nest nancial yar, ave decuseed below 31 Infotech Asia Pacific Pte. Ltd. [Notes tothe Financia Statements Fo the family ded Mare 31,2020, 3 Signiticant accou » wspolcies (Cnr) Cite jadgmontn plying the ety’ accouting polls Con eran The Company depress he plant and equipment over ther estimated usu ves ter taking into acount thir esimated residual vals any, sing the staightine rcthod. The estimated afl feels the directo’ estimate ofthe periods that the Company ines te derive future ‘economic nafs fom the use ofthe Company's lant and equipment. The residual values rec the crt estimated amount tat the Company would cutesy aban fom disposal oft ase, ate deducing he estimate costs of disposal fhe asses were alendyof he age ain the corion expected atthe and af it ull ie Investment in subidaries ar sale a cot less emirent los any In dteining i heres _any impairment, themanagement evaluts the matt and economic environment in which te ‘enttes operates, theeconomic performance, the forecasted rests, theese vals, andthe opeating eth lwo thse entities, The evaluation ofthe factors involves asiniant dees of management judenent, in er eat aio of aden hr este, The Company uses a provision matix to caleuate ECLS for ade and eter resvables, The provision ates re asd on days pst de for roupings of varous customer segments hat have Sina loss pats. he provision mats intallybasad onthe Company's itvclebseved lett ate, The Company wil eiate te matrix toad Wistorcal eect lous exprence es ae updated rahe. The aseument of te carlton ‘it forvarlookng information. AL ever repotng date, historical default and changes inthe forwarslookng estimates a lbtwoen historical eerved default ate, foecat economic conitions and Els i asigrican ‘state, The amourt of CLs is snsve to changes in dreunstances ad of forecast economic conditions. The Crrpany’s historia credit less experince an foreast of economic constions ‘may also not be epeseratve of customer's actual detaultn the future. Forign crocytansctons ‘he funcional curency ofthe Company is Singapore Doll, being the cureny ofthe primary econonc environment in whieh te Company operates. Foreign currency ransactions are tasted int the actions arene wing the exchange rales prvaiingat the des of tranactions. Foreign cureney monetary atl and liblies are tasted ino the functional cureney a the exchange tes ceuling a the saement of financial poston date 31 Infotech Asia Pacific Pte. Ltd. [Notes to the Financial Statements Far theft year ended Mark 3, 2020 3 Significant accounting polices (Cont) @ Forsign cutee tants (Cont) 1a) Tanecre an bn Con) Forsign exchange gars and losts esuking from the setlement of forsign currency ‘eansactions and from the ansation of forign currency deneminatod assets and bites are recognised the profit los Ccrreny transition ferences on nonmaneary ems that ate measured in tems of storia os in a foreign curancy are walt using th exchange aes atte dates of the inital wansctons. Nor-mnetay ts measured tar vale In foregncurency ae transite ulagte exchange ates tthe date when the fal value was detrned The ln oss aesng or transhtion of pommeanetay ites ae measued afl value fs weated a line with the rcopition ofthe gain o los onthe change i ale value ofthe tem te, teansation difeences on ems whose fir value gain o lst is recogrite in other “comprehensive income o pref or ae are ls ecgrise in ther comprehensive income ‘or pratt ols, especie Pant and eure Plantand equipmentare stated at cos less accumulted deprecation and impairments, fany. “The cost ofan aset comprises is purchase pice and any diectyatibuable costs of bringing ‘he ase to working contin foritsiotended se. Expendiue for adltions, provements 2 resewal are eaptalied and expedite or mintrance and eps ae charge tthe pratt Cot los: When ants sld or ted thircort and accumulated deprecation and impale oes re removed am the facial sateents nd ny gain oes eking rm hr pea |sincldod in he profit or tos. Droreitin of pln ad esipment ‘Depreciation is eakelted on 9 stoighline method to write of the cost ofthe plant and fenuipmers overheated etl ive tthe following anal ae: Furniture & fates = 10 years Office equipment = yea Computers = 3ye Rightofie sets = Over the period a lease lly dereiote ats il in ue ae retained inthe financial statements. nang ast Inangble assets ae accounted for using the cost mel withthe exception of goed Capitals costs areamertsed on astaightline bass ver ther esized useful vs fr tose considered asin sell lies 16 31 Infotech Asia Pacific Pte. Ltd. Notes tothe Finar 3 si * al Statements a tefl yar ened Mae 31,2020, ificant accounting policies Cont), Ian set (Cn) ‘Afr iil recoprtion, trey ae cared at costes accumulated arertston and accumulated Impaimert losses, any. In adton, thoy ao subject to anual impairment eng. Indefinite life intangibls are at amortsed but are subject to annual imoalment tng, ‘mangle asst are rite off whee inthe opinion ofthedvects, ao ares fut economic benef are expected to arse Compse stare Cont relating o computer sofware acquired, which are not an integral pat of elated hardware, re capitis and anortsed on a staighttine over hi stl if of 10 yea Anvesimentn bis Subsidiaries ae Ivedtees that are conte by the Group, The Group contol investee when ‘tisexpoied, or hss a varable ren om ts inwoleront wth the invesee and ha the ability to fect those tums through its power ver heinvete, levestmens Inthe subse acai at os es accurate impale losses, if any. On posal of Invests in susie, the diferences between dipoal proceeds and the carving amount he investmens are recognised the profit ols Impairment of annual ats ‘Aveach satment of inncal poston dt, te Company reves the carving amounts of ts Intangible and tare assets to determine wheter there is any indeation hat those asst have sured an impaient los. any such indeation exis, the ecoverable amount of he is estimated in oder to det-mine the exert ofthe empairment os fan. When its ot possible ‘ostinae the recowable amount ofan individ ae, the Company estimates the recoverable amount of the cash generating rit which the asst belongs. Recoverale amounts the greater of net selling price and valuein sen aseusing vale fn we, ‘he estimated future cas flows ae cicounted to her preset value wing pretax discount ate ‘hat elles curet market atesiments ofthe time value of money and he rks pec tothe Irth recoverable amount o an asset (cash genesting uni i estimated o be les han searing amour, the caning amount ofthe ast (eas-geneating uni reduce Yo recoverable ‘amount. An parent os i recognised immediatly in prof or los unless the relevant eset {seated at a revaind amount in whic cae the ipaient los is Weta as ealiaion ecrese ‘hen an impalment loss subsequenty reverses, the carving amount of the aset(esh- generating units ieeased to the revised estimate ofits recoverable amount, bu 10 tat the Increased crying. amount does rot exceed the carving amount tht would have been eterined had no inpamant loss bee recogrised fr the ast caeh-generating unt in por yes 31 Infotech Asia Pacific Pte. Ltd. Statements the fon yor ded Mah 31, 2020, 3 Signticant accounting policies (Con) » Impure of omc asets Cor ‘Aceves filemon ssi ecogrised inmeditely in rotor as ures the eleva aet Is eared at arevlund amount in which cathe reversal ofthe impairment losis tented as 2 revaluation incese Financial isonet comprise foancll assets and financial abilities A nancial nsurent is any const tat gies oa azn ase of one ently and a fnancial ality or equity Instrument of ances eit (ean aes Ini recognition nd measirenot Franca asasare classe, antl recogiton as subwequenty measied a amoried st ar value ough ober comprehensive income (OC, af value trough profter less VP. “he dassfcaton ofan asses at inital recognition depends on he financial asses contractual eas low characteristics ard the Company sbusness model for managing ham. With the exception of trade rcehables that do not conn a significant francing ‘component orf whch the Company has apolie! the practical expedient, the Company Inaly measur a narcilast ati aval pli, nthe cate ofa franca ase not at fale value though prot or less, transacon costs tat are direct aibutable to the acquisition of te nancial ese. Tensacton cos of fnancil ase cad a FVPL are expensed in profit ols. Trae receivables do rot contain a significant fnancg component or for which the Company has applied the practical expedient are measured at the vansacion pice _eterined pete Company's revenve recognition policy Franca ass that are asi and messied at amored costo irvalue though OC, te Hnacil abet that give ze o cath ows tat are “solely payment of pring and interes (SPPY” onthe principal amount outstanding. The assessment i fered 025 the SPPL ext and isperforme a an insrument level. “The Companys busines mode! for managing financial assets lest how i manages ts Financial asst in erdar to generate eash flows. The business mode! deternines whether ‘ash lows wil et fom coleting contacts coh Hows, sling the nancial ate, oF both Subsequent menarement Fer the purpoies of subsequent resturement, franca asets ave clasifed in fur aegis = Finan asses at amertsed cost Financia sets ar value trough OC! with eeyling of curlive gas and lowes revocr 31 Infotech Asia Pacific Pte. Ltd. [Notes to the Financial Statements For the flac yar ended March, 2020, 3 Significant accounting polices (Cont 2) ancl intent Ca) (© nancial as Cote Sibsequent mearenent Con) Financial arsets lcd at fivalue trough OC! with a rcyting of cumulative sans and losses upon derecogniton equ instumens) Financial ast a ir saive though pot coer ‘Tne Company’ elvan nancial asst calegory ae nancial asl at aorsed cos. nancies amore cost ‘The Company neasues nani assis at amortse cost batho the following conlons ‘The fancial set i ald thin busines model withthe objacive to hold Anand ass inorder colle contact esh Hows and ‘Te contact terms ofthe ancl ase verse speci atest cashflows that ae solely payments of prncizal and interest on the principal amount ouwanting Financial ast at amortised costar subsequently measured wing {89 met and are subject to impairment. Gains ad losses ar recognised In prof oF loss when the set is doecogrized, mdi or impaired Fr shor-tenn recevbls the nominal cost aoroximtes hear value ‘The Company’ Snail assets a amortsed oa includes loan to rat company, trade recevabls, oer ecefabls and cash an bank tances. Derecopition Airancal seis derecognized when the igs 0 eceve cash lows rom the asset hive ‘expt othe Company has ransered is righ to receive cath flows rom thease or hae entered into a‘pasthrough” arangenent; and ether) the Compary has ese substantially alte rsks and rvards ofthe asst, rb the Company has neler reseed nor retained sutra al he risks and rewards ofthe ase but has transfered contol of the ce When the Company has tans sighs to veceve cash Rows rom an ast oF has erred int a ats trough angen, evaluates Hf and to what eter, its retained the sks and rewards of ownesip. When it has nether wartered nor reained substan allo he rks and ears of thease nor wanted conto ofthe asst, the Company continues to recogrize the Hanered ase 1 the extent offs continuing Iwolverent. In that case, the Company aso recognizes an associated abil. The trae ase and the astcited aby are measured on a basis that eflets the ight nd blgations thatthe Company tae anes 18 31 Infotech Asia Pacific Pte. Ltd. Notes to the Financial Statements Fr the facil yn ended Marc 31,2020 3 Significant accounting polices (Con hancement Cnr ® ancl ass Con Derecogntion Cons ‘On dorecogniton ofa nancial ase ins ety, he dference benwean the careing amount andthe sum of the corsideration recived anc any cuales or los hat ad been recognised in ater comprehersive income or debtinsvamentis ecogived in profit orto. Impairment ofc asets ‘Te Company recognises an allowance for expected cet lsss (ECL fr all debe ‘rsrumentsnotheld at FVPL, Cs are zed on the diference between the contactal cath flows de in accordance withthe contract and al he cash lows tat the Company expects receive counted tan approximation ofthe arighna efi tras a, The expected cash fows wl Ie cash flows ram he sale of collateral held or oer eet cerhancerent ate itera othe cantata tar CLs ate recog se in two sages. Fr ere exposures for wich there has rot been a sigieantncrese in ert risksince nal recognition, CLs areprvied for credit loses that suk rom default evens that re possible within the nent 12-monhs(a t2smonth ECD. For those creitesporues for which there has ben signicat increas in cad is since inal recogiton, a oss allowance is recognised for credit losses expected ove the remaining lf cthe exposure, respective of timing ofthe dafal (a Meine EC, For taderesiebles and aber ecivabls, the Company apie a simplified apreach in calelating ECs Therefore, the Company doesnot rack changes in ced, but Instead recognises lon allowance based on Iiftine ECLs at each reporting dt. The Company has established provision mats that Is based on is stor cet loss experience djs for lorraeeakng factors specific othe debtors andthe economic envionment ‘ahich could att debts ality ta pay ‘The Company rakes jadmenta assesenent for ancl asset in dealt when contact pyran are ras due, The Comany considers a fnacil asset 0 be In default when internal or external information indents tat the Company is une to rece the outstanding corvacual aunts in fullbefore aking nto account any ced enhancements held by the Company. A financial asst Is writen off when thee is no reasonable expectation of covering he contact esh las nancial bitin Ini! copie 0d messed nancial abies are casted, at inl recognition, as fiance at ‘ar value ‘tough prot loss, loons and borrowings, payables, oF a derivatives designated ae hein instants na ebecsve hedge, a8 appropiate 19 431 Infotech Asia Pacific Pte. Ltd. [Notes to the Finanelal Statements ar he fia yar ended Mark 31, 2020, 3 Significant accounting a es Cont) Fiencl instruments Con) i) ancl ble (Cot nit! comin nd messureent Cot) ‘All nancial Iies are recogeiedinialy tir value and, inte ese of loans and borowings and payables, net of diecy atvibuable ransacton coss. For shor tem ables the nceinal ens approximate hear vale. ‘The Company’ nancial abit include rade payables and acral ther payables and boxing. Subreaven neouremert ‘The measuement official ables depends on hee lsifato, ‘Ate inal recognition, Rear lables Hat re not care a FVPL ate sobvecerty essured al anortved costing the active intrest method. Caine ad lone 210 recogrite in profit or los whon the liste ara ceracognised as well = though the Derecomsition ‘Arana id yi derecorised when the aigation under the ability is charged or ‘anclled oF expires when an exiting financial ability i placed by another fom the same lender on substantially diferent tems, or the tems ofan extng lability are substally madfe, such an exchange or modification is tweatad as 2 devecognton of the grat iatity nd the recognition ofa new abil. On derecogniton, the clifererce between the carving mount nd the consideration pad i econ in profit or ls ‘Araaed panies ar defioad as flows: {a1 A perion ora clese member ofthat peson’s familys elated tothe Company if that son: © has convo or joint contl over the Companys {i_assignicet influence over the Company; ot ‘isa member of he key manogamen: personnel of he Company ris holding company. (©) Anenttyirelated tthe Company any ofthe following conditions applies (The eny andthe Company are members ofthe same group (which means he ach pent, subidiry and fellow subsicay is relate to the ote clare elated ‘companies {6 One ety an asscite or jin venture a heather entity or an asacie joint ventize of amember of group of which the other entity isa member i) Both ener ar jon verses of he sre tid party 20 31 Infotech Asia Pacific Pte. Ltd. [Notes to the Finan Statements Fa the fn yar nde Mare 31, 2020 3 Significant accounting polices Con) elated pats on 1) One enya join venture of he tind enya th other oti ean arcite ofthe third party (Thee iz posterpioyment beret plan forthe benefit of employes f ether he ‘Company eran entity elated to the Company. I the Company isitselfsucha pla, the sponsring employer ar alo rated tothe Company: (4) The enttyisconcoll or jit cotelle by 2 paso identi in a |i) A person ier in (a has signet influence over the ent o 2 member of the key management pescnnel of he entity or of pret ofthe ei and (wi The entity, 2 any member of group of which I's 2 pa, provides key management pescnnel savices tthe Company o isholdng company Contact sae ‘Acontact set the ito conlderation In exchange for goods or services taser tothe customer. the Company performs by arsfering goods or services o a estomer belore he castomer pays conderaton or belore payment is duc, 2 contact asi ecopized forthe ‘exes coniraton that conditional Fer the purpose othe statement of eas lows, cash and each equlalents consist of ash 2 bank sand ach in Provisions Provisions are recopsed when the Company has 2 preser obligation (pal or onsrctve 3s «result ofa past event 2nd it is probable hat an outlaw of resources embodying econoric bereits will be requted sete the obligation ard elable estimate canbe made te amount ofthe obligation. Provisions ae reviewed at each siatenent of franca poston dite and adjstedo eet thecusrent best estat. itis nolonger probable that an oulow af econaric resources wl be resi to sete the oben, the provision is eve. Where the eft of ‘he ine value of mene material provisions are dlicourted using» current pre-tax ate tat reflects, wheee amr, the rks specie to the liability. When dscoumting is uEed, he increase inthe proviiondueto the passage of tines recognised as fnance cos. ‘Contract ibilties elt to the Companys cligation te wansfr goods or seve to 2 customer for which he Company has received consideration (or an amount of considerations due fom the customer a cutomar pays consideaton foe the Company tasers goods services to thecastomer, 2 contact lability srecoprised when the payment made he payment it due (whichever i eon. Contact libles ae ecoprited a5 revenun when the Company elon under the contact, 2 31 Infotech Asia Pacific Pte. Ltd. [Notes to the Financial Statements er te nil yor ended Marc 31,2020 3 Significant accounting polices (Cont ©} Revenue recoenton Revenue is mesa hase onthe consideration to which the Company expect fo be ented In exchange for wasforing rome goods or senvcas to & citar, excusing amon ‘cole o bhai thin pare and bssadon he rareaction prc, which the consideration, cused for volume ascouns, service level ces, price concession nd incentives, any species in the contrac withthe cusomer. Revenue ako excludes tones called fon Revenue is recognised when the Company ste @pefrmance obligation by transfering 3 Promised good or sevice to the custome, whichis when the customer obtains contra of he 20d or service. performance obligation may bests ta pont inte or over ime. The amount of revenue rcopisd isthe amount allocated ta the sti performance obligation, of hind party Produc provision of implementation and suppor services; and provision of annual “The Company's revenues ae generated from isle of is store ler 5 Revenue from sal fits oftware license ad sal of thi party products are recognised! when they deliver othe cxstomer and alrite for aceptance ace sate, Revenue fom implenestaton and suppor serves are rcogrised at and when services ae rendered over he tine period a diosa below. Revenue fom implementation and support services are ete ontine ad material contact ot fed price contrac, The revere fom the conta ar ecogrite on the allowing basis (6) Teneandenterl contacs Revenue with rape ta ime-and-mateal contracts is recognised asthe related srvces are performed (0) Fed price contac Revenue related to fixed price contacts are recoprised in acconance wih he percentage of completion math (PCM. Percentage of cmpleton is measued by reference tthe nilestnes competed ia proportion to the deliverable as per the contacts withthe ‘astomes. Thecontract sum i apportioned over ech ileone o he completed bed on ‘he int fot) quite to complae te milstones. Revenue racogrieedinaceadarce ‘sith he milesne completed. Provision for exinstod osas on incomplete contacts 8 corded in the year in which lea Become probable based on the curent contact, For services scouted for under the POM method, earings in exces of ilingare classed as contac ates whl bling in exces of etnings are clasiied as contac ables, Revenue rom annua maintenance services are recogrised on porta basis over the pevod of the contac. 22 31 Infotech Asia Pacific Pte. Ltd. [Notes to the Financial Statements Forte fancy ended Mach 31,2020, 3 Significant accounting policies Cane Revenue rcopiton Cond Multipectamant sragerents When sles arangsnent contig multiple elements, sacha serves, hardware ad softare products nd icenses, even foreach elementisbsed on sling pricehierrehy. Thesaling sce fora deliverables sed on its vendor specific objective evidence valle rhs party dence if vendor tec evidence rot avaliable, retimated selling pice if nether vendor ‘pectic objecive neti party evidence I alae The best estimate of sling price is established considering lien facto such 3¢ margin objectives, icing racties and customer segment ring sates. Consideration cal given to market coetions suchas competitor pricing Stele. n mulipleclemant rangement revenues allocatedo wach saparate unit of accounting using he eltve sling price of cach ‘ofthe dlvrabes othe arangementbased onthe aorersentened sling pic hierarchy. Ihe rangement consis mote than one sofware deliverable, the aangerient consideration is allocated each star dlivable based on hee vale, Revenve recogitonior dalvred elements lined othe amouat hasnt contingent on the ‘ture delivery of produc o serves, future perfomance obligations or sbiet to cuter specified retun or refund privileges. Certain upontnon-ecuring contact aequistion cosine the nal phass of contacts are deferred and amtised ually oma srapne basis, verte tex ofthe contractures ‘revenues are eared and obligations ar ule in a diferent pater. The undicourted ch ‘ows fro the rangement ae pisialy eximatc and compared wi the unamertzed cots Ire unamortied cos exceed the udcountd cash flow, a oss econ, ‘When revenues deve rom sles fhitd party vendor services, materi or Kcesey, reverie ‘srecored ona gros bass hen the Company isa prncpl toe warsction and et of costs ‘nen the Company i acting 3s 2n agent berwoan the customer and he vendor. Several factors ae considered! to dermie whether the Company isa principal or an agent, most netabiy waner the Comary sa pinay alia he estomer, ha ease is own pricing, and has inventory an eri ks ‘The Comgany does wa provide any volume dicount nar any sales wih gt of retary other vata conseation, Other income “The other income s recognised on the ollowing basis eters Income is ecogrised sing the ete Incest mahod Covenant gt Government sant i recngrised upon eel bas 2 31 Infotech Asia Pacific Pte. Ltd. [Notes to the Financial Statements Fo the ancl yar ended Mar 31,2020, 3 Significant accounting polices (Con Employee beelis Resear bent oss ‘As equte bylaw, te Company makes cottons to the Cental Provident Fund (CP, 3 ined conibuion plan ceglated ard managed by the Government of Singapore. CPF contbstions ar recanted as expense inthe same year o which the cortribtion relates, Employee enclemens to annval leave ae recused when they acc 1o the employees. Aa accrual made forthe estimated ality for anal leave srs of services rendered by he ‘employes upto thestatement of financial positon date. ‘ability for bonus is recogrised where the entity Is contacully oblige or where theres consrctve obligation based on pas practice, Key mnagenen perenne! Directon and certaie manages thathave he authority ane responsibilty fo planing dieing and contlling the atv ofthe Company are considered key management personne, Finance cons Interest expense andsimiar charges ae expened inthe profit losin the prod in which hey sre incre asset These secouning ooo. nd a The Company assess at contract Inception whether a contac sor cotala, ease Thats, the convact conveys the ight to conto the ue of an denied ase for a period of tne in ‘excharge or considaation Astoee “The Company applies single recognition and measurement spprach for al leas, excep for stortterm less ard lesser of lowvalue arse The Company recognises lease ibis representing te obligations to make ease payments ane rahe assets represen the ight to se tho underying eased asses, Rig otase ass “The Company ecopsiesightoFuse assets atthe corimancerent date othe ese the te the underying ase is availabe for use) Rgh-oFse aes ave measur at cos, less any _accumolted deprecton anc impale sss, and adjusted for any remessurement of lase Tabs. te cos fright tase asses ncludes the amount ease abies cogs na ‘rect cost ncured, and lease payments made tor beore the commencement dale les ny lease incentives received. Rights assets ae deprecated on a saghtine bats over he ‘shares ofthe les tem and the estimated wel ver ofthe asses 2% 31 Infotech Asia Pacific Pte. Ltd. Notes tothe Financial Statements Fo th fon yor nde are 31, 2020, 3 Significant accounting polices ‘Cont a esses Cont) Right ots ane Cent) Irowneship ofthe leased eset tans to the Company atthe end ofthe fas ter or the cost ‘elects the exercise ofa purchase option, dpreciaion i calculated using the exited useful Meo the asst. The ghtotuse asses ae also subject impaiment The acoueting policy fr Impalement is dclosed in Note 30. “The Company’ righoture ast are prorented within plant and enuipont (Note Less sbites ‘Ate commencement date ofthe leas, the Company recognises lease lables measured at ‘the presen value of ase payments o be made oer the lease tem. The lease payments ncade fixed paynens (nc wing insubstnce ied paymens) less any lease incestives recsivable, ‘vaabl lease payment hat depend on an index oF art, and amounts expect o be pid under sual val guarantees. Theleae payments aio include the exercise price of purchase ‘option reasonably certain to be exercised by the Company and payments of penalties for terminating the les, if th lease tee relets the Corpany exerlsing the option terminate \Vavable lease pays that do ot depend on an index or a ate are recognise as expenses ‘cols they ar incre to produce inventoried inthe period in which that Wane the payrent out wero coniton| In caeating the peont vale of lease payments the Company wes inerementl boring rata he lage commencement date becuse the intrest rate implicit inthe lease | ot ely

    You might also like