WIPRO SINGAPORE PTE LIMITED STANDALONE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED MARCH 31, 2015 1
WIPRO SINGAPORE PTE LIMITED BALANCE SHEET AS AT MARCH 31, 2015 (Amount in Rupees, except share and per share data, unless otherwise stated) 2
WIPRO SINGAPORE PTE LIMITED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2015 (Amount in Rupees, except share and per share data, unless otherwise stated) 3
WIPRO SINGAPORE PTE LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2015 (Amount in Rupees) 4
WIPRO SINGAPORE PTE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Amount in Rupees, except share and per share data, unless otherwise stated) 1. Background: Wipro Singapore Pte Limited ( the Company ) is a fully owned subsidiary of Wipro Enterprise Cyprus Limited. The Company was incorporated on 13 th July 2007 to act as a Software development and investment company. On account of demerger with effect from 31 st Dec 2012, the holding company is changed from Wipro Cyprus Private Limited to Wipro Enterprise Cyprus Limited and ultimate holding company has changed from Wipro Limited to Wipro Enterprise Limited. 2. Basis of preparation of Financial Statements: a. The accompanying financial statements are prepared and presented under historical cost convention on accrual basis of accounting, and comply with Accounting Standards (AS) issued by Institute of Chartered Accountants of India (ICAI) and relevant provisions of the Companies Act, 2013, to the extent applicable. b. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates. Any revision in accounting estimate is recognized prospectively in current and future periods. c. Foreign currency transactions and translation of financial statement: Being integral operation of Wipro Enterprise Limited, the functional currency of the Company is Indian rupees. Foreign currency transactions are recorded at the average rate of the month. All monetary assets and liabilities are translated at the closing rate on the balance sheet date and non monetary assets and liabilities are translated at transaction rate. All resulting exchange difference arising out of year-end conversion has been transferred to profit and loss account. d. Revenue Recognition: Interest income is recognised on time proportion basis. Profit on sale of investments is recorded upon transfer of title by the company and is determined as the difference between the sales price and the then carrying value of the investment. Dividend income is recognized where the Company s right to receive dividend is established. Other income is recognized on accrual basis. e. Income Tax: Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in the period that includes the enactment/ substantial enactment date. Deferred tax assets on timing differences are recognised only if there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. However, deferred tax assets on the timing differences when unabsorbed depreciation and losses carried forward exist, are recognised only to the extent that there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Deferred tax assets are reassessed for the appropriateness of their respective carrying amounts at each balance sheet date. f. Earnings per Share: The number of shares used in computing basic and diluted earnings per share is the weighted average number of shares outstanding during the period. The Company does not have potentially diluted shares. g. Provisions and contingent liabilities: The Company creates a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an 5
outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. h. The figures of the previous year have been regrouped, where necessary, to conform to the current year classification. 6
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17 Related Party Transactions i) List of related parties and relationships: Wipro Enterprise Limited Wipro Enterprise Cyprus Limited Wipro Unza Holdings Limited Wipro Limited - Ultimate holding company - Holding company - Subsidiary - Entity under common control ii) The following is the list of investments: Name of the Entity Country of Incorporation Cost of Investment Effective Equity 2015 2014 2015 2014 INR INR % % Wipro Unza Holdings Limited Singapore 10,653,351,670 10,653,351,670 100 100 iii) The following is the listing of transactions with the related parties during the year: Name of the related party 31 March 2015 Amount in Rs. 31 March 2014 Amount in Rs. Interest Income Wipro Enterprise Cyprus Limited 7,616,755 3,012,111 PT WT Indonesia - 19,474 Wipro Techno Center (Singapore) Pte Ltd - 995,441 Wipro Australia Pty Ltd - 6,678,605 Interest Expense Wipro Enterprise Cyprus Limited 17,854,646 17,789,146 Wipro Unza Holdings Limited 186,576 2,476,822 iv) The following is the listing of receivables from and payables to the related parties: Name of the related party As on 31 March 2015 Amount in Rs. As on 31 March 2014 Amount in Rs. Receivable Wipro Unza Holdings Limited 691,981 1,609,897 Wipro Enterprise Cyprus Limited 1,099,784,122 1,140,331,190 Payable Wipro Limited 22,483,770 22,491,631 Wipro Enterprise Cyprus Limited 636,002,898 592,060,118 Wipro Unza Holdings Limited - 21,115,246 18. Earnings per Share (EPS) Particulars Year ended March 31, 2015 2014 Profit/(Loss) for the year as per statement of profit and (80,932,338) 18,168,002 loss Weighted Average number of equity shares used for 262,401,850 262,401,850 computing basic and diluted EPS Profit per share basic and diluted (Par value : USD 1) (0.31) 0.07 9
19. The Company neither has more than one business segment nor more than one geographic segment; hence segment reporting is not required to be disclosed. 20. The Company is a foreign company and is not governed by the provisions of Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Hence, the disclosures under the Act are not applicable to the Company. As per our report of even date attached for Geetha Chandrakant & Co. Chartered Accountants Firm Registration number : 011374S For and on behalf of the Board of Directors Sd/- Sd/- Sd/- CA. Geetha A B Director Director Partner Membership No. 213002 Bangalore/ June 23, 2015 10