The accompanying notes form an integral part of these unaudited consolidated financial statements. Mindtree Limited ('Mindtree' or 'the Parent Company') together with its subsidiaries Mindtree Software (Shenzhen) Co. The company is a public limited company incorporated and domiciled in India and has its registered office at Bangalore, Karnataka, India and has offices in United States of America, United Kingdom, Japan, Singapore, Australia, Germany, Switzerland, Sweden, UAE, Netherlands, Canada, France, Malaysia and Republic of China. These unaudited consolidated financial statements as at and for the year ended March 31, 2013 have been prepared in accordance with the International Financial Reporting Standards and its interpretations (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These unaudited consolidated financial statements have been prepared on the basis of relevant IFRS that are effective at the reporting date March 31, 2013. The unaudited consolidated financial statements are presented in Indian rupees, which is the functional currency of the parent company and all its subsidiaries which is the currency of the primary economic environment in which the entity operates. The preparation of the unaudited consolidated financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
The unaudited consolidated financial statements incorporate the financial statements of the Parent Company and entities controlled by the Parent Company (its subsidiaries and controlled trusts). All intra-company balances, transactions, income and expenses including unrealized income or expenses are eliminated in full on consolidation.
The Company has established certain special purpose entities (“SPEs”) for business purposes. Items included in the unaudited consolidated financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which these entities operate (i.e. Transactions in foreign currency are translated into the respective functional currencies using the exchange rates prevailing at the dates of the transactions. Non-monetary assets and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The classification of financial instruments depends on the purpose for which those were acquired. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are presented as current assets, except for those maturing later than 12 months after the reporting date which are presented as non-current assets. Loans and receivables are represented by trade receivables, unbilled revenue, cash and cash equivalents, employee and other advances and eligible current and non-current assets.
Cash and cash equivalents comprise cash on hand and in banks and demand deposits with banks which can be withdrawn at any time without prior notice or penalty on the principal. For the purposes of the cash flow statement, cash and cash equivalents include cash on hand, in banks and demand deposits with banks, net of outstanding bank overdrafts that are repayable on demand and are considered part of the Company's cash management system. Available-for-sale financial assets are non-derivatives that are either designated in this category or are not classified in any of the other categories. Trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method.
The company holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in foreign exchange rates on foreign currency assets or liabilities and forecasted cash flows denominated in foreign currencies. Depreciation methods, useful lives and residual values are reviewed at each reporting date.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Deposits and advances paid towards the acquisition of property, plant and equipment outstanding as of each reporting date and the cost of property, plant and equipment not available for use before such date are disclosed under capital work- in-progress. Transaction costs incurred in connection with a business combination are expensed as incurred.
The estimated useful life for intellectual property related intangibles is estimated at 5 years. Leases under which the company assumes substantially all the risks and rewards of ownership are classified as finance leases. The recoverable amount of an asset or cash-generating unit (as defined below) is the greater of its value in use and its fair value less costs to sell.
The goodwill acquired in a business combination is, for the purpose of impairment testing, allocated to cash-generating units that are expected to benefit from the synergies of the combination. Employees of the Company receive remuneration in the form of equity settled instruments, for rendering services over a defined vesting period. Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset, if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. If the Company does not have a sufficient basis to measure the progress of completion or to estimate the total contract revenues and costs, revenue is recognized only to the extent of contract cost incurred for which recoverability is probable. When total cost estimates exceed revenues in an arrangement, the estimated losses are recognized in the statement of income in the period in which such losses become probable based on the current contract estimates.
In arrangements for software development and related services and maintenance services, the company has applied the guidance in IAS 18, revenue, by applying the revenue recognition criteria for each separately identifiable component of a single transaction. The Company accounts for volume discounts and pricing incentives to customers by reducing the amount of revenue recognized at the time of sale.
Revenues are shown net of sales tax, value added tax, service tax and applicable discounts and allowances.
The Company accrues the estimated cost of post contract support services at the time when the revenue is recognized. Finance income consists of interest income on funds invested (including available-for- sale financial assets), dividend income and gains on the disposal of available-for-sale financial assets.
Dividend income is recognized in the statement of income on the date that the Company's right to receive payment is established. Finance expenses consist of interest expense on loans and borrowings and impairment losses recognized on financial assets (other than trade receivables). Deferred income tax asset are recognized 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 utilized. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Basic earnings per share is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed by dividing the net profit after tax by the weighted average number of equity shares considered for deriving basic EPS and also weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.
Government grants related to revenue are recognised on a systematic basis in the statement of income over the periods necessary to match them with the related costs which they are intended to compensate. IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements and IFRS 12, Disclosure of Interests in Other Entities: In May 2011, the International Accounting Standards Board issued IFRS 10, IFRS 11 and IFRS 12.
IFRS 10 Consolidated Financial Statements builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated interim financial statements of the parent company.
IFRS 11 Joint Arrangements determines the nature of an arrangement by focusing on the rights and obligations of the arrangement, rather than its legal form. IFRS 12 Disclosure of Interests in Other Entities is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. IFRS 12 also expands the disclosure requirements for subsidiaries with non-controlling interest, joint arrangements and associates that are individually material. IFRS 13 Fair Value Measurement: In May 2011, the International Accounting Standards Board issued IFRS 13, Fair Value Measurement to provide specific guidance on fair value measurement and requires enhanced disclosures for all assets and liabilities measured at fair value, and not restricted to financial assets and liabilities. IAS 1 (Amended) Presentation of Financial Statements: In June 2011, the International Accounting Standard Board published amendments to IAS 1 Presentation of Financial Statements. The amendments also reaffirm existing requirements that items in other comprehensive income and profit or loss should be presented as either a single statement or two consecutive statements. IAS 19 (Amended) Employee Benefits: In June 2011, International Accounting Standards Board issued IAS 19 (Amended), Employee Benefits.
IAS 19 (Amended) has eliminated an option to defer the recognition of gains and losses through re-measurements and requires such gain or loss to be recognized through other comprehensive income in the year of occurrence to reduce volatility. These amendments enhance the disclosure requirements for defined benefit plans by requiring information about the characteristics of defined benefit plans and risks that entities are exposed to through participation in those plans. The Company's accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. The fair value of property, plant and equipment recognized as a result of a business combination is based on appraised market values and replacement cost determined by an external valuer. The fair value of intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets as determined by an external valuer. The fair value of available-for-sale equity securities is determined using a valuation technique.
In respect of investments in mutual funds, the fair values represent net asset value as stated by the issuers of these mutual fund units in the published statements. The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date.
The fair value of employee stock options is measured using the Black-Scholes valuation model. The depreciation expense for the year ended March 31, 2013 and March 31, 2012 is included in the following line items in the statement of income. Further carrying value of land includes Rs.11 towards deposit paid for use of land for 95 years with an option of renewing the lease subject to fulfillment of certain conditions and restrictions. The amortisation expense for the year ended March 31,and March 31, 2012 is included in the following line items in the statement of income. Investments in liquid and short term mutual fund units and unlisted equity securities are classified as available-for-sale financial assets. The deposits maintained by the Company with banks comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal. Unsecured long- term borrowings represent the amount received from Council for Scientific and Industrial Research (CSIR) to develop a project under “Development of Intelligent Video Surveillance Server (IVSS) system”. There is no continuing default in the repayment of the principal loan and interest amounts. During the year, the Company has repaid packing credit loans of USD 8 million and availed additional packing credit loan of USD 4 million.
Provision for post contract support services represents cost associated with providing sales support services which are accrued at the time of recognition of revenues and are expected to be utilized within a period of 1 year. Other provisions primarily represent provision for tax related contingencies and litigations.
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
There have been no transfers between Level 1, Level 2 and Level 3 for the year ended March 31, 2013. The Company uses derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in foreign exchange rates on forecasted cash flows denominated in certain foreign currencies. The Company recognised a net foreign exchange gain on derivative financial instruments of Rs. In respect of foreign currency derivative contracts designated as cash flow hedges, the Company has recorded a gain of Rs. As at March 31, 2013 and March 31, 2012 there were no significant gains or losses on derivative transactions or portions thereof that have become ineffective as hedges, or associated with an underlying exposure that did not occur.
The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk.


Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers and investment securities. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
No single customer accounted for more than 10% of the receivables and revenues for the year March 31, 2013 and March 31, 2012 and hence there is no significant concentration of credit risk.
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating.
Cash and cash equivalents, available-for-sale financial assets and interest bearing deposits with corporates are neither past due nor impaired. There is no other class of financial assets that is past due but not impaired except for trade receivables. The allowance for impairment in respect of trade receivables for the year ended March 31, 2013 and March 31, 2012 was Rs.
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s corporate treasury department is responsible for liquidity, funding as well as settlement management. The Company’s exchange risk arises from its foreign operations, foreign currency revenues and expenses, (primarily in U.S. Consequently, the Company uses derivative financial instruments, such as foreign exchange forward and option contracts, to mitigate the risk of changes in foreign currency exchange rates in respect of its forecasted cash flows and trade receivables. The Company has designated certain derivative instruments as cash flow hedge to mitigate the foreign exchange exposure of forecasted highly probable cash flows.
The details in respect of the outstanding foreign exchange forward and option contracts are given under the derivative financial instruments section. The following table presents foreign currency risk from non-derivative financial instruments as of March 31, 2013 and March 31, 2012. Interest rate risk primarily arises from floating rate borrowing, including various revolving and other lines of credit.
The tax rate under Indian Income Tax Act, for the year ended March 31, 2013 and 2012 is 32.45%. A substantial portion of the profits of the Company's India operations are exempt from Indian income taxes being profits attributable to export operations and profits from undertakings situated in Software Technology Parks and Export Oriented units. Pursuant to the changes in the Indian income tax laws in fiscal 2007, Minimum Alternate Tax (MAT) has been extended to income in respect of which deduction is claimed under the tax holiday schemes discussed above; consequently, the Company has calculated its tax liability for current domestic taxes after considering MAT.
The Company is also subject to US tax on income attributable to its permanent establishment in the United States due to operation of its US branch. The Company has only one class of shares referred to as equity shares having a par value of Rs. Each holder of the equity share, as reflected in the records of the Company as of the date of the shareholder meeting, is entitled to one vote in respect of each share held for all matters submitted to vote in the shareholder meeting. An interim dividend, including tax thereon, is recorded as a liability on the date of declaration by the Board of Directors.
Indian law mandates that any dividend be declared out of accumulated distributable profits only after the transfer to a general reserve of a specified percentage of net profit computed in accordance with current regulations. The amount of per share dividend recognized as distributions to equity shareholders for the year ended March 31, 2013 and March 31, 2012 was Rs. Now more than ever the Department needs a well-trained financial workforce to solve constant budget challenges and to be a key enabler for achieving auditable financial statements. The primary purpose of the program is to establish a framework to guide DoD FM professional development. The Company has its primary listings on the Bombay Stock Exchange and National Stock Exchange in India.
All financial information presented in Indian rupees has been rounded to the nearest million. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Percentage of completion method accounting relies on estimates of total expected contract revenue and costs.
Significant judgments are involved in determining the provision for income taxes, including the amount expected to be paid or recovered in connection with uncertain tax positions.
Specifically, the Company estimates the uncollectability of accounts receivable by analyzing historical payment patterns, customer concentrations, customer credit-worthiness and current economic trends. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. These SPE are unaudited consolidated based on an evaluation of the substance of its relationship with the Company and the SPE's risks and rewards. Management determines the classification of its financial instruments at initial recognition. Loans and receivables are measured initially at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest method, less any impairment loss. Available-for-sale financial assets are recognized initially at fair value plus transaction costs.
To the extent that the hedge is ineffective, changes in fair value are recognized in the statement of income. Subsequent expenditure relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange.
If the excess is negative, a bargain purchase gain is recognized immediately in the statement of income.b) Intangible assetsIntangible assets are stated at cost less accumulated amortization and impairments. When acquired, such assets are capitalized at fair value or present value of the minimum lease payments at the inception of the lease, whichever is lower. An impairment loss may be reversed in subsequent periods, if the indicators for the impairment no longer exist.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Post-employment benefits are classified as either defined contribution plans or defined benefit plans.
The employer and employees each make periodic contributions to the government administered plan equal to a specified percentage of the covered employee's salary. The gratuity fund is managed by the Life Insurance Corporation of India (LIC), ICICI Prudential Life Insurance Company and SBI Life Insurance Company. The employees can carry forward a portion of the unutilised accumulating compensated absences and utilise it in future periods or receive cash at retirement or termination of employment. Equity instruments granted are measured by reference to the fair value of the instrument at the date of grant. The fair value determined at the grant date is expensed over the vesting period of the respective tranches of such grants (accelerated amortization). Provisions for onerous contracts are measured at the present value of lower of the expected net cost of fulfilling the contract and the expected cost of terminating the contract.
The Company recognizes revenue when the significant terms of the arrangement are enforceable, services have been delivered and the collectability is reasonably assured.
Percentage of completion is determined based on project costs incurred to date as a percentage of total estimated project costs required to complete the project.
Advance payments received from customers for which no services are rendered are presented as 'Advance from customers'. When services are performed through an indefinite number of repetitive acts over a specified period of time, revenue is recognized on a straight line basis over the specified period or under some other method that better represents the stage of completion. The arrangements generally meet the criteria for considering software development and related services as separately identifiable components. The accruals are based on the Company's historical experience of material usage and service delivery costs. Interest income is recognized as it accrues in the statement of income, using the effective interest method. Borrowing costs are recognized in the statement of income using the effective interest method. This includes changes in the fair value of foreign exchange derivative instruments, which are accounted at fair value through profit or loss. Income tax expense is recognized in the statement of income except to the extent it relates to items directly recognized in equity or in other comprehensive income.
The tax rates and tax laws used to compute the current tax amount are those that are enacted or substantively enacted by the reporting date and applicable for the period. Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements, 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 profits or loss at the time of the transaction. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date.
The effective date for IFRS 9 is annual periods beginning on or after January 1, 2015 with early adoption permitted.
The effective date for IFRS 10, IFRS 11 and IFRS 12 is annual periods beginning on or after January 1, 2013 with early adoption permitted. IFRS 10 replaces the consolidation requirements in SIC-12 Consolidation of Special Purpose Entities and IAS 27 Consolidated and Separate Financial Statements.
IFRS 11 addresses only forms of joint arrangements (joint operations and joint ventures) where there is joint control whereas IAS 31 had identified three forms of joint ventures, namely jointly controlled operations, jointly controlled assets and jointly controlled entities. IFRS 12 introduces the term 'structured entity' by replacing Special Purpose entities and requires enhanced disclosures by way of nature and extent of, and changes in, the risks associated with its interests in both its consolidated and unconsolidated structured entities. The Company has evaluated the requirements of IFRS 10, IFRS 11 and IFRS 12 and the Company does not believe that the adoption of these standards will have a material effect on its consolidated financial statements.
The standard introduces a precise definition of fair value and a consistent measure for fair valuation across assets and liabilities, with a few specified exceptions. The amendments to IAS 1 Presentation of Financial Statements require companies preparing financial statements in accordance with IFRS to group items within other comprehensive income that may be reclassified to the profit or loss separately from those items which would not be recyclable in the profit or loss section of the income statement. This amendment is applicable to annual periods beginning on or after July 1, 2012, with early adoption permitted. The effective date for adoption of IAS 19 (Amended) is annual periods beginning on or after January 1, 2013, though early adoption is permitted. The Company is required to adopt IAS 19 (Amended) by accounting year commencing April 1, 2013.
Net asset values represent the price at which the issuer will issue further units in the mutual fund and the price at which issuers will redeem such units from the investors. The fair value of foreign currency option contracts is determined based on the appropriate valuation techniques, considering the terms of the contract.
Measurement inputs include share price on grant date, exercise price of the instrument, expected volatility (based on weighted average historical volatility), expected life of the instrument (based on historical experience), expected dividends, and the risk free interest rate (based on government bonds). The Company's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. Credit risk is managed through credit approvals, establishing credit limits, continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
The Company does not expect any losses from non- performance by these counter-parties, and does not have any significant concentration of exposures to specific industry sectors.
Cash and cash equivalents include deposits with banks with high credit-ratings assigned by international and domestic credit-rating agencies.
The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. In addition, processes and policies related to such risks are overseen by senior management.
The Company's borrowings and investments are primarily short-term, which do not expose it to significant interest rate risk. Under the tax holiday, the taxpayer can utilize an exemption from income taxes for a period of any ten consecutive years.
The excess tax paid under MAT provisions over and above normal tax liability can be carried forward and set-off against future tax liabilities computed under normal tax provisions.


A final dividend, including tax thereon, on common stock is recorded as a liability on the date of approval by the shareholders.
The remittance of dividends outside India is governed by Indian law on foreign exchange and is subject to applicable taxes. Glenda Scheiner, Director, Human Capital and Resource Management, Office of the Under Secretary of Defense (Comptroller). While various Department of Defense (DoD) Components have outstanding financial management (FM) training programs, the Department lacked an enterprise-wide framework to guide FM training and development. Ltd, collectively referred to as 'the Company' or 'the Group' is an international Information Technology consulting and implementation Group that delivers business solutions through global software development. These unaudited consolidated annual financial statements were authorized for issuance by the Company's Board of Directors and Audit Committee on April 22, 2013. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made.
If the financial condition of a customer deteriorates, additional allowances may be required. SPEs controlled by the Company were established under terms that impose strict limitations on the decision- making powers of the SPE's management and that result in the Company receiving the majority of the benefits related to the SPE's operations and net assets, being exposed to risks incident to the SPE's activities, and retaining the majority of the residual or ownership risks related to the SPE or its assets. These unaudited consolidated financial statements are presented in Indian Rupee, the national currency of India, which is the functional currency of Mindtree Limited and its subsidiaries. Subsequent to initial recognition these are measured at fair value and changes therein, other than impairment losses and foreign exchange gains and losses on available-for-sale monetary items are recognized in other comprehensive income and presented within equity.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. Lease payments under operating leases are recognised as an expense on a straight line basis in the statement of income over the lease term. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash- generating unit”).
In respect of other assets, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
Under a defined contribution plan, the Company's only obligation is to pay a fixed amount with no obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits. The Company's obligation in respect of the gratuity plan, which is a defined benefit plan, is provided for based on actuarial valuation using the projected unit credit method.
The Company records an obligation for compensated absences in the period in which the employee renders the services that increases this entitlement. The expense is recognized in the statement of income with a corresponding increase to the share based payment reserve, a component of equity. The stock compensation expense is determined based on the Company's estimate of equity instruments that will eventually vest.
The cost expended (or input) method has been used to measure progress towards completion as there is a direct relationship between input and productivity.
The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis or to realize the asset and liability simultaneously. Where the Group receives non-monetary grants, the asset is accounted for on the basis of its acquisition cost. IFRS 9 has fewer classification and measurement categories as compared to IAS 39 and has eliminated the categories of held to maturity, available-forsale and loans and receivables. The standard provides additional guidance for the determination of control in cases of ambiguity such as franchisor franchisee relationship, de facto agent, silos and potential voting rights. The standard addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for interests in jointly controlled entities, which is the equity method. The effective date for IFRS 13 is annual periods beginning on or after January 1, 2013 with early adoption permitted. It also requires the tax associated with items presented before tax to be shown separately for each of the two groups of other comprehensive income items (without changing the option to present items of other comprehensive income either before tax or net of tax).
The Company is required to adopt IAS 1 (Amended) by accounting year commencing April 1, 2013.
Further it also requires assets in profit or loss to be restricted to government bond yields or corporate bond yields, considered for valuation of Projected Benefit Obligation, irrespective of actual portfolio allocations. The Company is currently evaluating the requirements of IAS 19 (Amended) and has not yet determined the impact on the consolidated financial statements.
Accordingly, such net asset values are analogous to fair market value with respect to these investments, as transactions of these mutual funds are carried out at such prices between investors and the issuers of these units of mutual funds. As at March 31, 2013, the Company has outstanding packing credit loan of USD 4 million (As at March 31, 2012: USD 8 million).
These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.
282 in other comprehensive income (net of taxes) as a component of equity for the year ended March 31, 2013 and March 31, 2012 respectively. The Company also assesses the financial reliability of customers taking into account the financial condition, current economic trends and historical bad debts and ageing of accounts receivables.
Available-for-sale financial assets include investment in liquid mutual fund units and unlisted equity instruments. The tax holidays on all facilities under Software Technology Parks and Export oriented units has expired on March 31, 2011.
The Group is structured into two business units that focus on software development – Information Technology ('IT') Services and Product Engineering ('PE') Services.
Key factors that are reviewed in estimating the future costs to complete include estimates of future labor costs and productivity efficiencies. When an investment is derecognized, the cumulative gain or loss in equity is transferred to the statement of income. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the statement of income upon the occurrence of the related forecasted transaction. The cost and related accumulated depreciation are eliminated from the unaudited consolidated financial statements upon sale or disposition of the asset and the resultant gains or losses are recognized in the statement of income. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the date of acquisition.
The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition and other economic factors (such as the stability of the industry and known technological advances) and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. The carrying amount of an asset other than goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years. The Company measures the expected cost of compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting period. Further it eliminates the rule-based requirement of segregating embedded derivatives and tainting rules pertaining to held to maturity investments. The Company is required to adopt IFRS 13 by accounting year commencing April 1, 2013 and is currently evaluating the requirements of IFRS 13, and has not yet determined the impact on the consolidated financial statements. The Company has evaluated the requirements of IAS 1 (Amended) and the Company does not believe that the adoption of IAS 1 (Amended) will have a material effect on its consolidated financial statements. The actual return from the portfolio in excess of or less than such yields is recognized through other comprehensive income. The project implementation period was a moratorium period ending May 2011 and was not liable for repayment of installments and interest during the said period. The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures.
The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments. Deposits with corporates represent funds deposited with financial institutions for a specified time period. A significant portion of the Company’s revenues are in these foreign currencies, while a significant portion of its costs are in Indian rupees. Additionally, under the Special Economic Zone Act, 2005 scheme, units in designated special economic zones providing service on or after April 1, 2005 will be eligible for a deduction of 100 percent of profits or gains derived from the export of services for the first five years from commencement of provision of services and 50 percent of such profits and gains for a further five years. Par value of the equity shares is recorded as share capital and the amount received in excess of the par value is classified as share premium. IT Services offer consulting and implementation and post production support for customers in manufacturing, financial services, travel and leisure and other industries, in the areas of e-business, data warehousing and business intelligence, supply chain management, ERP and maintenance and re-engineering of legacy mainframe applications. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, recognized revenue and profit are subject to revisions as the contract progresses to completion. A reversal of impairment loss for an asset other than goodwill and available- for-sale financial assets that are equity securities is recognized in the statement of income.
The expenditure for defined contribution plans is recognized as expense during the period when the employee provides service. For an investment in an equity instrument which is not held for trading, IFRS 9 permits an irrevocable election, on initial recognition, on an individual share-by-share basis, to present all fair value changes from the investment in other comprehensive income.
However, the interest accrued during the period is amortized and is payable in 3 equal annual installments commencing from June 2011. The Company's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. As a result, if the value of the Indian rupee appreciates relative to these foreign currencies, the Company’s revenues measured in rupees may decrease. Certain tax benefits are also available for a further five years subject to the unit meeting defined conditions.
246 has been recognized in the statement of financial position as of March 31, 2013 and March 31, 2012 respectively, which can be carried forward for a period of ten years from the year of recognition.
PE Services provides full life cycle product engineering, professional services and sustained engineering services. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable. For available-for-sale financial assets that are equity securities, the reversal is recognized in other comprehensive income. Under a defined benefit plan, it is the Company's obligation to provide agreed benefits to the employees. Non-accumulating compensated absences are recognized in the period in which the absences occur.
No amount recognized in other comprehensive income would ever be reclassified to profit or loss. The exchange rate between the Indian rupee and these foreign currencies has changed substantially in recent periods and may continue to fluctuate substantially in the future. It also enables faster product realization by leveraging the expertise in the areas of hardware design, embedded software, middleware and testing and through Mindtree's own IP building blocks in the areas of Bluetooth, VOIP, IVP6, iSCSI and others in datacom, telecom, wireless, storage, industrial automation, avionics, consumer products and computing. IFRS 9, was further amended in October 2010, and such amendment introduced requirements on accounting for financial liabilities. 3,608 as of March 31, 2013, and March 31, 2012, respectively, were neither past due nor impaired. The Company has a foreign currency advisory committee which meets on a periodic basis to formulate the strategy for foreign currency risk management. The present value of the defined benefit obligations is calculated using the projected unit credit method. This amendment addresses the issue of volatility in the profit or loss due to changes in the fair value of an entity's own debt. The difference between the reported income tax expense and income tax computed at statutory tax rate is primarily attributable to income exempt from tax. It requires the entity, which chooses to measure a liability at fair value, to present the portion of the fair value change attributable to the entity's own credit risk in the other comprehensive income. The company is currently evaluating the requirements of IFRS 9, and has not yet determined the impact on the consolidated financial statements.



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