ANNUAL REPORT - NSE IFSC FY 16-17-- latestWebsite: o E-mqil: [email protected] KHANDELWAL JAIN 8...
Transcript of ANNUAL REPORT - NSE IFSC FY 16-17-- latestWebsite: o E-mqil: [email protected] KHANDELWAL JAIN 8...
Website: www.kico.net o E-mqil: [email protected]
KHANDELWAL JAIN 8CHARTERED ACCOU
6-B&C, Pil Court, 6th Floor,1 I l, M. Korve Rood, Churchgote,Mumboi - 400 020.Iel.: l+91 -221 431 I 5000Fox : 431 I 5050
l2-8, Boldoto Bhovon, 5th Floor,I 17, M. Korve Rood, Churchgote,
Mumboi - 400 020.Tel.: {+91-22) 431 I 6000
Fox : 43I 1 (060
INDEPENDENT AUDITOR,S REPORT
TO THE MEMBERS OF NsE IFSC LIMITED
Report on the lnd AS Financial Statements
We have audited the accompanying lnd AS financial statements of NSE IFSC tlMlTED ("the Company''),which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including
Other Comprehensive lncome), the Cash Flow Statement and the Statement of ChanBes in Equity for theyear then ended, and a summary of siBnificant accountinB policies and other explanatory information(together hereinafter referred to as "lnd AS Financial Statements").
Management's Responsibility for the lnd AS Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of theCompanies Act, 2013 ("the Act") with respect to the preparation of these lnd AS financial statementsthat give a true and fair view of the state of affalrs (financial position), profit or loss (financialperformance Including other comprehensive income), cash flows and changes in equity of the Companyin accordance with the accountinB principles generally accepted in lndia, including the lndian AccountingStandards (lnd AS) prescribed under Sectlon 133 ofthe Act.
This responsibility also includes maintenance of adequate accountlng records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularitles; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation ofthe lnd AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Audito/s Responsibility
Our responsibility is to express an opinion on these lnd AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and the
Rules made thereunder.
We conducted our audit of the lnd AS financial statements in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the lnd AS
financial statements are free from material misstatement.
Poge 1 of 7
15
KHANDELWALJAIN & CO.CHARTERED ACCOUNTANTS
CONTINUATION SHEET
An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the lnd AS financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the lnd AS financial
statements, whether due to fraud or error. ln making those risk assessments, the auditor considers
internal financial control relevant to the Company's preparation of the lnd AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the
overall presentation of the lnd AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the lnd AS financial statements.
Opinion
ln our opinion and to the best of our information and according to the explanations given to us, theaforesaid lnd AS financial statements give the information required by the Act in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in lndla
including the lnd AS, of the state of affairs (financial position) of the Company as at March 31, 2018, and
its loss (financial performance including other comprehensive income), its cash flows and the changes in
equlty for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Audito/s Report) Order, 2015 ("the Order''), issued by theCentral Government of lndia in terms of sub-section (11) of section 143 of the Act, we glve in
the "Annexure A", a statement on the matters specified in paraBraphs 3 and 4 of the Order.
2. As required by Section 143 (3) ofthe Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of ourknowledge a nd belief were necessary for the purposes of our audit;
(b) in our opinion, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books;
(c) the Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and
Statement of Changes in Equity dealt with by this Report are in agreement with the books ofaccount;
(d) in our opinion, the aforesaid lnd AS financial statements comply with the lndian Accounting
Standards prescribed under Section 133 of the Act;
(e) on the basis of the written representations received from the directors as on March 31,
2018 taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respecttothe adequacyofthe internal financial controls overfinancial reportinB oftheCompany and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B"; and
Poge 2 of 7
16
KHANDELWALJAIN & CO.CHARTERED ACCOUNTANTS
CONTINUATION SHEET
(g) with respect to the other matters to be included in the Audito/s Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best ofour information and according to the explanations given to us:
(i) The Company does not have any pending litigations which would impact its financialposition - Refer Note 35 to the lnd AS financial statements;
(ii) The Company did not have any long-term contracts including derivatlve contracts forwhich there were any material foreseeable losses - Refer Note 36 to the lnd AS financial
statements;
(iii) There were no amounts which were required to be transferred to the lnvestor
Education and Protection Fund by the Company - Refer Note 37 to the lnd AS financial
statements.
For KhandelwalJain & Co
Chartered AccountantsFirm's Retistration No, 105049W
Place: MumbaiDate : April 23,2018
Poge i of 7
17
Website: www.kico.noi . E-moil: [email protected]
6-B&C, Pil Court, 6th Floor,1 I l, M. Korve Rood, Churchgote,Mumboi - 400 020.Tel : l+9\ -221 ,r31 I 5000Foxr43ll5050
KHANDELWAL JAIN & CO.CHARTERED ACCOUNTANTS
l2 -8, Boldoto Bhovon,5th Floor,I '17, M. Korve Rood, Churchgote,
Mumboi - 400 020.Tel.: (+91-22) 43',| r 6000
Fox : 431'l 1060
ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND AS FINANCIALSTATEMENTS OF NSE IFSC IIMITED
The Annexure referred to in lndependent Auditors' Report to the members of the company on the lndAS financial statement for the year ended March 31, 2018. We report that:
i) a) The Company has maintained proper records showing full particulars including quantitativedetails and situatlon of Fixed Assets.
b) The Company has physically verified the fixed assets in accordance with a program of verificationwhich in our opinion provides for physical verification of all fixed assets at reasonable intervals.We have been informed that no material discrepancies were noticed on such verification.
c) AccordinB to the information and explanations given to us and on the basis of our examination ofthe records of the company, the company does not hold any immovable property in its name.
ii) The company is in the business of renderlng services, and consequently, does not hold anyinventory. Therefore, the provisions of clause 3(ii) of companies (Auditor,s Report) order, 2o1Gare not applicable to the Company.
iii) The company has not Branted any loans, secured or unsecured, to companies, firms, LimitedLiability Partnerships or other parties covered in the register maintained under Section 189 ofthe Act. Therefore, the provisions of clause 3(iii) of companies (Auditor's Report) order, 2016are not applicable to the company.
iv) ln our opinion and according to the information and explanations given to us, there are noloans, investments, guarantees and securities given in respect of which provisions of section 185and 185 of the Companies Act 2013 are applicable. Therefore, the provisions of clause 3(iv) ofCompanies (Audito/s Report) Order, 2016 are not applicable to the Company.
v) The Company has not accepted any deposits from the public.
vi) We are informed that the Central Government has not prescribed the maintenance of costrecords under Section 148(1) of the Companies Act, 2013.
vii) a) According to the information and explanations given to us and on the basis of records examinedby us, the Company is regular in depositing with appropriate authorities undisputed statutorydues including Provident Fund, Employees'state lnsurance, lncome Tax, sales Tax, service Tax,Goods and Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and any otherstatutory dues, wherever applicable. According to the records of the company, there were noundisputed amounts payable in respect of provident Fund, Employees'state lnsurance, lncomeTax, Sales Tax, Service Tax, Goods and Service Tax, Duty of Custom, Duty of Excise, Value AddedTax, cess and any other statutory dues in arrears as at March 31, 2o1g for a period of more thansix months from the date they became payable.
b) According to the information and explanations given to us, there were no dues of lncome Tax,sales Tax, service Tax, Goods and service Tax, Duty of custom, Duty of Excise and Value AddedTax which have not been deposited with the appropriate authorities on account of any dispute.
Poge 4 of 7
18
KHANDELWALJAIN & CO.CHARTERED ACCOUNTANTS
For Khandelwal Jain & Co
Chartered AccountantsFirm's Registration No. 105O49W
viii)
ix)
CONTINUATION SHEET
The Company has not taken any loan from banks, financial institutions or government and theCompany has not issued any debentures. Therefore, the provisions of clause 3(viii) of Companies(Audito/s Report) Order, 2016 are not applicable to the Company.
The Company has not taken any term loans and has not raised moneys by way of initial public
offer or further public offer (including debt instruments) during the year. Therefore, theprovisions of clause 3(ix) of Companies (Auditor's Report) Order, 2016 are not applicable to theCompany.
Based upon the audit procedures performed and information and explanations given to us, wereport that no fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.
According to the information and explanations given to us, the Company has not pald orprovided managerial remuneration. Therefore, the provisions of clause 3(xi) of Companies(Auditor's Report) Order, 2016 are not applicable to the Company.
ln our opinion and according to the information and explanations given to us, the Company is
not a Nidhi Company. Therefore, the provisions of clause 3(xii) of Companies (Auditor's Report)
Order, 2016 are not applicable to the Company.
According to the information and explanations given to us and based on our examination of therecords of the Company, transactlons with the related parties are in compliance with sections
177 and section 188 of the Act, where applicable and details of such transactions have been
disclosed in the lnd AS Financial Statements as required by the applicable lndian AccountingStandards.
According to the information and explanations given to us and based on our examination of therecords of the Company, the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year. Therefore, theprovisions of clause 3(xiv) of Companies (Audito/s Report) Order, 2016 are not applicable to theCompany.
AccordinB to the information and explanatlons given to us and based on our examinatlon of therecords of the Company, the Company has not entered into non-cash transactions with directorsor persons connected with him. Therefore, the provisions of clause 3(xv) of Companies(Auditor/s Report) Order, 2016 are not applicable to the Company.
According to the information and explanations given to us, the Company is not required to be
registered under section 45-lA of the Reserve Bank of lndia Act, 1934.
x)
xi)
xii)
xiii)
xiv)
xv)
xvi)
Place:MumbaiDate : April 23,2018
Poge 5 ol 7
19
Website: www.kico.net o E-moil: [email protected]
6-B&C, Pil Court, 6th Floor,I I l, M. Korve Rood, Churchgote,Mumbqi - 400 020.Iel.: (+91-221431 I 5000Fox : ,t311 5050
knmDELwALJAIN & co.CHARTERED ACCOUNTANTS
l2-8, Boldoto Bhovon, Sth Floor.I 17, M. Korve Rood, Churchgote,
Mumboi - rt00 020.Tel.: (+9'l-22) 43,l I 6000
Fox : 431 1 6060
ANNEXURE B TO THE INDEPENDENT AUDITOR's REPORT OF EVEN DATE ON THE IND AS FINANCIATSTATEMENTS OF NsE IFSC TIMITED
Report on the lnternal Financial Controls under Clause (i) of sub-section 3 of Section 143 of theCompanies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of NSE IFSC tlMlTED ('theCompany") as of March 31, 2018 in conjunction with our audit of the lnd AS financial statements of theCompany for the year ended on that date.
Manatement's Responsibility for lnternal Financial Controls
The Company's management is responsible for establishing and malntaining internal financial controlsbased on the internal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit of lnternal Financial
Controls Over Financial Reporting issued by the lnstitute of Chartered Accountants of lndia. These
responsibilities include the desi8n, implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to company's policies, the safeguarding of its assets, the prevention and detectionof frauds and errors, the accuracy and completeness of the accounting records, and the timelypreparation of reliable financial informatlon, as required under the Companies Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financialreporting based on our audit. We conducted our audit in accordance with the Guidance Note on Auditof lnternal Financial Controls Over Financial ReportinB (the "Guidance Note") and the Standards on
Auditing, issued by lCAl and deemed to be prescribed under section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit oflnternal Financial Controls and, both issued by the lnstitute of Chartered Accountants of lndia. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internat financial controls
over financial reporting was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performinB procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reportinB and their operating effectiveness. Our audit of internal
financial controls over financial reportinB included obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the desi8n and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the audito/s judgement, including the assessment of the risks ofmaterial misstatement of the lnd AS financial statements, whether due to fraud or error.
Poge 6 ol 7
20
KHANDELWAL JAIN & CO.CHARTERED ACCOUNTANTS
CONTINUATION SHEET
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Company's internal financial controls system over financial reporting.
Meaning of lnternal Financia! Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of lnd AS financial statements
for external purposes in accordance with generally accepted accounting principles. A company's internal
financial control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of lnd AS financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of thecompany's assets that could have a material effect on the lnd AS financial statements.
lnherent Limitations of !nternal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including thepossibility of collusion or improper management override of controls, material misstatements due toerror or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are subject to the risk that the internalfinancial control over financial reporting may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.
Opinion
ln our opinion, the Company has, in all material respects, an adequate internal financial controls system
over financial reporting and such internal financial controls over financial reporting were operating
effectively as at March 31, 2018, based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated in theGuidance Note on Audit of lnternal Financial Controls Over Financial Reporting issued by the lnstitute ofChartered Accountants of lndia.
For KhandelwalJain & Co
Chartered AccountantsFirm's Registration No. 105049W
Place: MumbaiDate : April 23,2018
Poge 7 of 7
21
NSE IfSC LIMITED
BALANCE SHE€TAS AT MARCTI3l, 2018
Asat31.03,2018(Rr. l.khr)
As at3r.0l.2017(R3. rakhsl
A55ET5
Non.auranta$c6Prope.ty, plant and equipmenr
Capital worr in progr€rs
Other intantible assets
lntangible aiseis under development
lnvestments accountcd for usi.t the equity method
- Oth€r financi.l assets
lncom€ tar a$etr (net)
Othe. non-cutrent assets
Total non<urrlnt asscts
tnvestor ProLctlon fund - Eank Salanc.
- Irade r€ce,vables
'cash and carh equivalents- Bank balancesother than cash and cash equNalents- Other financialarsets
Other cL,rent a5set5
Total current .rr.ts
IOTAI AssEIS
EqUITYAND LIAEILITIES
EOUITY
tquity Share capital
Other Equity
TOTAL EOUITY
lnveiror Protection Fund
LIABILITITS
Non<urrent ll.bllltlesOtherfinancial liabilitlet
Defered tax liabilities {net}Other non-cu.rent tiabiliti€s
Total non{urr.nt llabllltl.s
Cur€nt ll.bllltlciFinancial liabilities
Trade payabl€s
Othe.fi nancial liabilities
hcome tax liabitties {net}Othercuii€ntliabilities
Torrl curr.ni llabllltlor
TOTAL LIABILITIES
TOTAL EQUITY AIIO L|AAIL|TIES
5ummary of sitnific.nt accountinS policies
Noter refer to aboyeform an intetralpa( of the B.lance theet
tu pcr our r.port ofcven dat..tLchcd
For xhandelml i.in & co,
Ch.n.r.d a..6unt.nt.
5a
5a
5b
5b
8
9
10
t1
E85.45
49.55
219.30
775
298.2146 42
99 4E
7,207 956
7
12b
1,155.08
9.75
2,359.40 1,209.15
1,504.47
41.85 18 38
5106 79.72
1,652,06
5,000 00(1,98s.s8)
2,5@ 00
1.376 23l,
1,0t4.42
976
2,L23 71
33
13
14
t515
17
18
t.3E
557.29
274.61,787 19
13 24
84 68
1216367210
41.81
2.117,O5
2,111,44 !35.54
5,142,62 2,959,31
tor and on beh.lf of the Bo.rd of DirectoR
Firm Registretion No: 105049W
Ve nkaterh Panchapar€sa n Yatril Vin --Oircctor Olrector
g++- )il;chlet tln.ncl.lofuc.r
Mukesh AgaBal
NqY(ah4
Membenhlp No,r 04s725
Oat€ : April23,2018
3,916.74 L3O7.25
5,742.62 2,959,!1
33
835.54
NSE IFSC LIMITEO
STATEMENT OF PROFIT& LOSS FORTHE YEAR ENOED MARCH 31,201E
31.03.2018
29.11.2015to31.03.2017
Revenue from operations
Other income
Erpcnsas
Employee ben€frt5 expense
Depreciationand amortisation erpente
Otherexpenses
Total Erpcnsas
Proflt beforc cxccptlonal lt.ms & t.xLess' Erceptional ltems
Proft bclor€ tartess 'Tax erpense
Current tatDefer.ed tar
Totallar explns€t
Proflt / (toss)forth€ y€ar (Al
Other Comprchanilva lncome
Itemr that will b€.eclassified to prof( or loss
,iems that will not be reclassified to profit or loss
Remeasurements of post-€mploymenl b€nefitoblitatlons (ReferNote 28)
ChanBes in foraign currency translation reserve
TotalOther Compr.h€niiv€ lncom. for lhc y.ar(l{at ofTar€s) (81
Total Compreh€nslva lnaomc forth! Year{A+Bl
Earnln$ perequlty share ( Face v.lu€ Rs l0cach)
- Basic & Diluted (Rs.)
Summary of si!nlficant accountint polcies
Notes refer to above form an inte8ral part of the Statement of Profit & loss
As perour rcpoat of €v€n dat€ attachad
19
20
5a&sb27
24.32
24 32
273 72
72191
1,181.74
20 02
3.83
278.00
1,617.39
(1,593.071
(1,593.07) {30r.85)
{r,591.07) (30r.8s)
(0 6e)
{s.83) (74.38)
(6 s2) (74 38)
(1,s99.591 (376.23)
(3.83) (31s)
30185
(301.8s)
12b
12b
22
2
for Xhandelwalialn & Co.
Chart€rcd accountants
tor and on behall of the Board of Oireclort
Firm Registration No:
n..IqltftrtNarendra lein
Membership No,: 048725
oate :April23, 2018
Dir€rtor Dir€ctor
Chicf Ex€cutlv€ offi.er chief Financial Otli(er
-m#)r*r M
(a) Equity Share C.pitalBalance ar at Novehber 29,2015Chantes in equity share capiratduring the periodBalance ar at Mar.h 31,2017Chantes in equity share capitaldurinE the yearAabnc€.s at Mar.h 312018
NSE IFSC IIMITEDsTATEMTNT OF CHANGES IN EQUITY FOR THE YEAR ENOED MARCH 31, 2018
(R5. brhs)5.00
2,495.00
2,5m,m2,5m.005.(x)0.00
torand on b€halfofthc Board of Directo6
Ai perour report ofeven date aitach€d
tor Xhandelwalrain & Co.
Cha.t€red Accountants
Firm ReSistration No : tO5(x9W
Nr€Y/.rJt,t
Membership Ito.:04
D.te : Ap.il 23, 2018
ffi*x ,\.J 0^"_-r.Y.trlk Vin
-oireaor a
ChiefIinan iaIOfficer
Dircrtor
Company Secretary
/ (Lots),orthe penod ended March 31,2Ou
in Foreitn Currency Translation Resewe
A.lance as at Aprill,2017 (301.8s) (74.3E) 1r76.27Profit / {Losr) for the year ended March 31,2018 (1,s93 07) (r,593.07)
Othe. Comprehensive tncome (0.59)Uquidity Enhancement Scheme tncentive Reserve(8erer Note 12(b))
(s07 64) 507 64
lnvestor Protection Fund l.9.76) 1e.76)Liquidrty Enhancemenr Sch€me tncenriv€ paid /payable duringtheyear (Beter Note l2(b))
150 14 (1s014)
Chantes in Foreign Cu rrency Transtation Reservethrough Other Comprehensive Income
(s.83) (5.83)
Balanre as at March 31,2018 12,262.A7t 357.50 (80.21) (1,985.58)
NSE IFSC LIMIIEO
CASH ILOW SIATEM ENI FOR TItE YEAR ENOEO MARCH 11,2OI8
For th. year€nded rorth€ y€arended
31.0!.2018 31.03.2017
(85, takhs) (Rt LakhiJ
A) casH FLow FRoM oPEMTTNG ACTTVTTTES
NEI PROT|T EEFORE TAX
add : Adjurtm.nts tor:Deprecirtion & Amortizatron Expenses
Prel,m,nary Erpenses written off
lnierert lncome
5hare lssue Etpenses
OPERATING PROf IT IEFORE WORKING CAPITAT CHANGES
(1,593.07)
22! 91
(23 21)
2.50
(30185)
383
26 10
257
AdlurtrYEnB ior :
Irade Pavables
Proceeds from Member D€posits
Current Llabilitier & Provirion5
Loanr &Advances and other R€ceivables
lnv€stor Protection Fund - Bank Balance
CASH GEI!ERATEO TROM OPERAIIONS
Dtred Taxes paid (N€t ofRefundt
NEICASH FROM (USEO IN)OPERATIITG AGIIVITIE5. TOI'I (AI
CASIIFLOW f NOM INVESIING ACTIVIIIES
Purchase of F xed Assets
lnvestment rn Fixed Deposits
lnterest lncome
NEI CAsH FROM (UsED tN)tNVESING ACrtVrflEs - rot.l (8)
CASHFLOW FROM FINANCTNG AcTIVITIES
Pro(€eds from lssue of Equity Shares
Shar€ lssu€ Erpen5e
Pr€limrnary txpense
NErC SH FROM (USEO tN)ITNANCING ACrVrflES . rotal (C)
Chantes in Ca5h and clih equivalents on account ofconversion offunctionalcu(ency to p.esentation currency
NET INCREAsE / (OECREASE)II{ CASH AND CASH EOUIVALE IS (A+BT{I
CASH ANOCAsH EQUIVAUNIS: OPENING EALANCE
CLOSING CA5H AI{O CASH EQUIVAUMIS : CIOSIXG BALA CE
NEr TNCREAsE/ (OEC8EAsE) [{ (A5}r ANO CASH EqUTVAtIm
Noterto cash Flow st t m.nti
1 cash and carh equivalent repr€sent.ash and bank balances
(1,39r.8s)
15174
557.29
595 55
15 83
(9 76)
(269.3s)
12t 64
353 52
(9810)
20.90 107.81
20.90
(1,055 s9)
(295 s3)
(0.20)
(87.55)
11,20795)
(r,352.321 (1,295.51)
2,5@ m(2.50)
2,500 00
12 5tl(26 r0)
2,497,5O 2,41t31
(s.83)
1,160.25
(74.3t)
1,209.15
1,209.15
2,169.40 1,209,15
1,160,25 7,2@,15
2 The above Cash Flow statement ha5 been pr€p.r€d onde.the"lndirect Method" as set out in th€ hd A5 -7 on Statem€nt of Cash Flow
3 Th. Comp.nv w.s hcorpor.r.d on Nov.mb.r 29, 2016 prco.dingly, th. li n.hcial dar. o, pr.viout y€a r rcl.l.r to the p.riod of 4 monrhs & 2 d.vs Ih.fin.ncrald.r. for cutr.nt y.ar relat.3 to the p.riod of tw.lE monrhs Ar a con*quenc. of above,.urr..t v..r tisar.s ar..ot compar.blc wrth rho5. ot
Firm R€drtEtion No: r05049w
As perour rcport ofevendat. ana.hed
For Khand.lwalrah & Co.
Chaner€d accountrntr
For.nd on b.half ot th. Eoard of Dk.clors
m* rg*r #oirector _' oire.tor
rni.r P
yqv*,4
Membe6hlp No.:04E725
Oat! : april 2t, 2016
iel Erecstlv€ Ofllc€r Chief Finan.ial Oficer ComPanY seo€tarY
8)
c)
a
NSE IFSC TIMITED
NOTES TO FINANCIAT STATEMEI{TS FOR THE YEAR ENDED MARCH 31, 2018
Backtround of the Company
The NSE IFSC Limited, a wholly owned subsidiary of National Stock Exchange of lndia Limited, was incorporated on November 29, 2016. lt is set up to render services of 5tock
exchange in GIFT IFSC as specified in SEBI Guidelines. The exchange may afer approval of 5EBl permit the dealing in equity shares of companies outside lndia, depositor receipt,
debt securities by eligible issuers, currency and interest rate deravatives, index based deriEtives, commodity derivatives, etc.
summary of sltnlflcant accountlnt pollcles :
These policies have been consistently applied to all the years / periods presented, unless otherwise stated.
Basls of preparatlon
with Rule 3 of the Companies (lndian Accounting Standards) Rules, 2015 and Companies ( lndian Accounting Standards) Amendment Rules, 2016.
H i sto r ico I cost co nv e n tio n
The financial statements have been prepared on a historical cost basis, except for the following:- certain financial assets and liabilities that is measured at fair value, and
- defined benefit plans - plan assets measured at fair value
characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date.
obseruable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:
Level 1 inputs are quoted prices (unadiusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are obseruable for the asset or liability, either directly or indirectly; and
Level 3 inputs are unobseruable inputs for the asset or liability.
Forelgn currency translatlon and transactlons
(i) Functionol ond presentotion currency
The functional currency of the company is UsD.
lNR, the Company's financlal statements are translated into lNR.
(ii) Tronsoctions ond bolqnces
loss
investments classified as FVOCI are recognised in other comprehensive income,
(iii) Translation to the presentation currency
The financial statements are translated from functional currency to presentation currency by using the following procedures:
(a) assets and liabilities for each balance sheet presented (ie including comparatives) shall be tmnslated at the closing rate at the date of that balance sheet;
(b) income and expenses for each statement of profit and loss presented (ie including comparatives) shall be tEnslated at exchange Gt€s at the dates of the transactions; and
(c) all resulting exchange differences shall be recognised in other comprehensive income
Revenue recognltlon
behalf of third parties.
The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity
Revenue is recognised in the period when the service is provided as per arrangements/agreements wlth the customeB. The sources of revenue are:
{i) TEnsaction charges, lT & support chaEes and processing charSes are recognized on accrual basis as and when the seryices are rendered.;
(ii) Others - All other revenue is recognised in the period in which the seryice is provided
lncome taxes
and liabilities attributable to temporary differences and to unused tax losses, if any.
be paid to the tax authorities,
d)
b)
c)
e)
NSE IFSC TIMITED
NOTES TO FINANCIAT STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
when thc related deferred income tax asset is realiscd or the defer.ed income tax liability is settled.
those tempoEry differences and losses.
and settle the liability simultaneously.
also recognised in other comprehensive income or directly in equity, respectively.
lmpalrment of as9ts
that they might be impaired. other assets are tested for impairment whenever events or changes in circumstances indiGte that the crrying amount may not be recoverable An
impairment at the end of each reporting period.
cash and cash €qulvalents
specific purposes
lnvestments and othet f,nanclal assets
(i) clossificotion
The Company classifies its financial assets ln the following measurement categories:
- those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and
- those measured at amortised cost,
The classification depends on the entitys business model for managing the financial assets and the contEctual terms of the cash flows.
manaSing those atsets changes.
(ii) Meosurement
attributable to the acquisition of the financial asset. TBnsaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss'
Debt instruments
subsequent measurement of debt instruments depends on the company's business model for managing the asset and the cash flow characteristics of the asset There are three
measurement categories into which the company classifies its debt instruments:
impaired. lnterest income from these financial asrets is included in finance income using the effective interest rate method'
assets is included in oth€r income usinS the effective interest rate method'
which it arises lnterest income from these financial assets is included in other income'
Equity investments (other thon lnvestments in subsidiories, ossociotes ond ioint ventwe)
loss as other income when the company's riSht to receive payments is establlshed'
impairm.nt losses) on .quity investments measured at Fvocl arc not reported sepaEtelv from other chanSes in fair valuc'
c)
h)
NSE IFSC TIMITEO
NOTES TO FINANCIAI STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
Equity tnvestments (in subsidioiles, ossociotes ond ioint venture)
investment is assessed and written down immediatelv to its recoveEble amount, Thc accounting policy on impairment of non-financial assets is disclosed in Note e on disposal of
(iil) lmpoiment ol linonclol ossets
applied d!pendi on Whether there has been a ti6nificant increase in credit risk'
rcceivables.
(iv) De-recognilion ol linonciol ossets
A financial asset is de-recognised only when
- The Company has transferred the rights to receive cash flows from the financial asset or
- retains the contractual rights to receive the cash flows of the financial asset, but assurcs a contractual obligation to pay the cash
flows to one or more reciPients.
Where the company has transferred an asset, it evaluates whether it has tEnsferred substantially all risks and rewards of ownership of the financial asset, ln such cases, the
financial asset is de-recognised. Wh€re the company has not tEnsferred substantially all risks and rcwards of ownership of the financial asset, the fDancial asset is not de-
recognised.
the Company ha5 not retained control of the financial assct. Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of
continuing involvement in the financial asset.
(v) lncomerecognition
lnterest lncome
lnterest income from debt lnstruments is recognised using the effective interest Ete method The effective interast Ete i5 the Ete that exactly discounts estimatcd future cash
exp€cted cash flows by considering all the contractual terms of the financial instrument but does not consider the expectcd credit losses'
(vi) Dividends
the company, and the amount of the dividend can be reliably measured '
Flnanclal llabllltles
(i) clossilicotion os debt or equity
liability and an equitY instrument
(ii) lnitiol recognition ond meosurement
at initial recognition, they are classified as fair value through profit and loss'
(iii) subsequent meosurement
value with all changes in fairvalue recognised in the statement of profit and loss'
(iv) Detecognition
A financial liability is derccognised when the obligation specified in the contract is discharged, canc€lled or expires.
Offsettltrt fl nanclal lnstruments
the normal course of business and in the event of default, insolv€ncy or bankruptcy of the Company or the counterparty
Property, plant and equlgment (lncluding CwlP)
item will flow to the company and the cost of the item can be measured reliably. The carring amount of any component accounted for as a sepaGte asset is derecognised when replaced'
All other repairs and maintenance are charged to profit or loss durinS the reportinS period in which they are incurred.
ee-e't.t '\-4 t
g io-
NsE IFSC UMITEO
NOIES TO FIMIICIAL SIAIEMEI,IIS FOR THE YEAR ENDEO MARCH 31, 2OIE
Depreciotioh tuethods, .r hot d utelul liv.t oad ..tiducl vdlu.
O.Drecialio. ircatclter.d usincrhe rtdiahr]hc mcthod toallocar. rh.ncorr, n.r ol th.ir r.rdu.l v.lu.s, d.r th.n 8tirut.d usefulliv.s a5lollows
m)
comp!ter syetamr off cc.utomatioh
Telecommunrc.tion rV3temr
&
ord.r to rf.d th. .ctu.t us.g. ot th. .sr.rs Thc r4ido.t values .r. .or mor. than 5% ol th. original cost ol ih. a$.t Th. .s.ls residu.lvalu.s a.d useful lives .r. Gviewed,.nd
adjust.d on. Prospective b.sls if appreprlat., at the end of e.ch reporting p..iod
A; a$ett carryhg.mou.t t5 wnn.n dow. immdlat.ly ro lts r.cov.r.bl. amounr ifrh..ss€t's 6nvl.8 amou.t ir gE.i.rthen lts estimar.d [email protected] ble .moun t
Geinsand 163., ondispos.k.E deterhi..d bvcomparing pr4.ed3with carryingemoont and ar. included in profit o'los3
oepr.ci.tion on ats.rs purchased /dkpos.d offdudha rh. year is [email protected] on pro 6t. b.sB wlth referehc. to th. dat. of addtion3/ dedu.don3
Fir.d a$.ts whos. algregat. @st k Rs 5,OOO or l.$ aredePreciat.d fullv inth. V...ofacquisltion
and uhlque softwar. prcdu.ts cohtrolled bythe comp.ny aE r.coanked.! lntanglblc e$.tl wh.n th.lollowlnS crit..i. arc m.t:
- lt is t.chnid!lv f€.siblc to compl.t. th. softwar. 5o that it will b. avallabl. for o5e
. managcm.nt intends to compl.t. the softwarc and $e ors.!lil- th.r. is .n abiliiv io ut. or s.ll the 3oftwaE
-tc.n b.d.monit6t.d howthesohwarc willS.neate prob.bl. fuiuE.conomic b'n'firs- adequat. t.chnicat, tin.nciat and oth.r E ources to cornpl.t. th. d.v.lopm.ntand to u5. o. rellth. softmE.E alailabl., and
-the.xp..diture att.ihut.bl. to!h. softwaredorin! rt3 d.v.iopm.nt can be rellablvm'aeuEd
otr.ctlvattdbur.btecostsrhat.r.6pit.lis.d.sparrolth.softw.r.rhclude.mplove.co3tsandanappopri.t.portionolr.lcvantderh.adr'Gpiratired devetopm.nt cosrs .r. record.d ei inta.gibl. are.ls.nd amonE.d fro6th.polnt at which th. a$.r is.v.llable lor ui.
Corpur.r sofiw.r. u aFon,s.d ov.r. p.nod of 4 Y'ad.
rr.de and oth€, p.r.bl.3
.fi .ctivc htcrest melhod
olrEsourc.e wil b. reouir.d to 5.ttL. rh. obligaflon a.d th..molht 6n b. Glr.bly .rtimated Pr@lsion3 are not sognis.d fo. tutu.. op.ratinS lose!
At th. enrt of..ch Eponing penod, [email protected] rasuEd a! ih. pr.sentvalu. ol man.g.mentt bcst.rtiEt. otth..4.ndituE r.quned to 3'tn' th' Pr's'nt oblharlon at a futuc
in.r..re in the orovisron du.to th. pe$a8.oltim. i5..Goanited !5 int'r€tt'xp'nse
conll4ent Lliblllll6 , which wrl be conurm.d onry by rhe oau ence or [email protected] of on. or
Conrtn;.nt lhbllitier aGdCclos.d when th.G t a Pos3lble obllS'tion adtiBlrom past'v'nte' !h"riste'c' ol
willb. r.qulEd to 3.ttl. th. oblrgation or a,.li.bl. ertim't' of tht amunt annot b' d'de
.nd of th. reponhs 9..iod but not dBt.ibur.d at the.nd of th. r'porti'8 perlod
(i) Bdic eomtnss Pet 'hdteBa!c e.rnlnts per shar. it c.lculated bvdividing.
th. pro,lt aRribot.bl. to own.R ofth. companv
'bYih.w.ishl.d.veEt.numb.lofequlrYshar.'ootstandin.dorinSthefin.nclalt!.r,ad]u9t.dfo.bonu9e]emenBin€quriY ,h.Er ktued dunng th' Y"r
oilut.d Eot^ings Pet thot.ur.d.arnihgs per shaE adjusts th.li!u..s lred lnth' d't'rminatlon ot ba3ic
"r- lh.afterincom.r.x.ffectolint.r.stlhdotherfinancing'oets'!5 tres'and
- th.w.lsht.d.v.Es.numberol.ddiriontl'quitvsh'resthatwouldh'v€b 'onv'6ronolalld'luuv. Potcnti.l.qultY shares
n)
q)
NSE IFSC TIMIIEDNOTES TO FINANCIAT STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
Operatlng Lease
loss over the lease period so as to produce a constant periodic Ete of interest on the remaining balance of the liability for each period.
increase in line with expectedgeneEl inflation to compensate for the lesso/s expected inflationary cost increases.
Roundlnt ofamounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs, as per the requirement of schedule il1, unless stated otheruise.
Employee Beneflts
employee's basic salary respectively.
(ii) Gratuity: Liability on account of Gratuity is provided based on Acturial Valuation at Balance Sheet date.
(iii) Leave Encashmcnt : Liabillty on account of Leave encashment ls provided based on Acturial Valuation at Balance Sheet date,
(iv) Short term cmployee benefits are charged to revenuc ln the year in which the related seryice is rendered
Crltlcal Accountlnt Estlmates And JudSem€nts
affected line item in the financlal statements.
The areas involving critical estimates orjudgements are:
Tax expense refer Note 31
Estimation of useful life of intangible asset refer Note 5bEstimation of contingent llabilities refer Note 30
Estimation of lmpairment of Assets
the Company and that are believed to be reasonable under the circumstances.
to the period of twelve month5. As a consequence of above, currcnt year figures are not compaEble with those of previous period.
Customers" which is effective from April 1, 2018.
which the entity expects to be entitled in exchange for those Soods or seryices. Specifically, the standard introduces a s-step approach to revcnu€ recognition:
. Step 1: ldentify the contEct(s) with a customer
. Step 2: ldentify thc performancc obligation in contEct
. Stcp 3: Determine the tEnsaction price
. Step 4: Allocate the tcnsaction price to th€ performance obligations in the contcd
. Step 5: Recognise revenuc when (or as) the entity satisfier a performance obligation
obligation is transferred to the customer.
The standard permits two possible methods of transition:
Changes in Accountlng Estimates and Errors.
. Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application {Cumulative catch - up approach)
not be retrospectively adjusted. Thc rffect on adoption of lnd AS 115 is expected to be insignificant
sl
3
4 (i)
t
(
statements and the impact is not material
r)
NsE rrSC LrMIEONot€s to Financial Stateme.ts FortheY€ar end€d March 31,201E
Note 5a I P.op€rty, plant and equiPm€nt
T€lecomoffl.. Eduioments
lBtallatronsComputer Systems - El€ctrical
Office Automation ln tallations
Gross carrying amount
Openint as at 29112015
Disposals
2r6.78 18.54 1.08 ".*141 1.13 302.Gr 45.42
302 04216 7a
accumulated depreciation
Opening as at 29-112016
DeprecrationchargeduringtheperiodDisposak
096 035 002 2.39 0.07 0.02 383
Closinraccumulated deoreciation 096 0 36 O'OZ 2 39 O 07 0 02 ' 3'43
Netcarrylntamount asat ll.O3.zou 2L5'82 1818 106 60 70 134 l L1 ' aqa'2a 4544
Gross .!rryin8 amountOp€nrng as at O1.O4.2ou 2!6 78 18 54 1Oa 53 09 141 1 13 _ 302 04 4642
Additionr 615.14 17 49 1308 7714 690 - 47 54 705 89 4956
Disposalt
Transfers 19 59 14 24 12 59 46 42 146 421
Accumulated depre(iation
openingasato1.o42017o'95o36oo22-39o.o70'02.:l,83Depr€ciation drar8e durintthe Ye.r 126 50 3 82 3 19 2196 120 0-11 a-A2 165 70
Disporals
tlet carwin. amount .s .i t1.o3. zol8 7Z4.St8 31$l 1092 f,'7g 70! lm 4524 845 46 49 56
Kle-t)'r2- r\o' jo-
NSE IFSC I.IMITED
Notes to Financial Statements For the year ended March 31, 2018
Note 5b: Other intangible assets
Gross carrying amountOpening as at 29.11.2016
AdditionsDisposals
TransfersCurrency Fluctuation
99.48 99.48
Closing gross carrying amount 99.4 8
Accumulated amortisation
Opening as at 29.11.2016
Amortisation charge during the period
Disposals
Currency Fluctuation
closlng accumulated depreciation
Net carrying amount as at 31.03.2017 99.48 99.48
Gross carrying amount
Opening as at 01.04.2017
Additions0isposals
Transfers
tts.qa
99.48
1.08
99.48
(ss.48)
99.48
775.46
1.08Fluctuation
Accumulated amonisation
Opening as at 01.04.2017
Amortisation charge during the year
Disposals
56.24
0.48
56.24
0.48
Closing gross carrying amount 276.02 ' 276.02
Fluctuation
Net carrying amount as at 31.03.2018 279.30 - 219.30
- Comouter softwareComputer Software
accumulated
NSE IFSC LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
As at 31.03.2018 As ar 31.03.2017
(Rs. Lakhs) (Rs. takhs)Other flnanclal ass€ts ( non - current)
Non - Current bank balances
Fixed deposits with original maturity for more than 12 months
Total
Other Non-Current Assets
Prepaid Expenses
Total
Cash and cash equlvalents
Balances wlth banks:ln current accounts
- ln USD Accounts
- ln INR Accounts
Cheques on hand
Total
Bank balances other ihan 6sh and 6sh equlvalents
Fixed deposits with original maturity for more than 12 months
Total
Other flnanclal assets (Current)
OthersSecurity deposit for utilities and premises
Accrued interest on Fixed Deposit
Total
Other Culrent Assets
Prepaid Expenses
Balance with GsT Authorities
Balance with Service Tax Authorities
Receivables from Related Party
Receivables from Employees
Total
Recelvable from Related Party
NSE IFSC Clearing Corporation Ltd
1,207 95
1,207.95
As at 31.03.2018(Rs. takhs)
As at 31.03.2017(Rs. Lakhs)
L.r5
As at 31.03.2018 As at 31.03.2017
(Rs. takhs) (Rs. takhs)
2,330.68
38 72
1,209 16
0.00
2,369.40 1,209.16
As at 31.03.2018(Rs. takhs)
As ar 31.03.2017(Rs. Lakhs)
t,504 47
1,504.47
As at 31.03.2018(Rs. takhs)
As at 31.03.2017(Rs. takhs)
78 44
21.41
18.38
As at 31.03.2018(Rs. takhs)
As at 31.03.2017(Rs, l-akhs)
19.95
26.36
14.73
0.02
73 46
525
79.11
9u'Qlal \''6'a( lezl, i\' -/ )
L76
10
11
74 73
12 al
NSE IFSC TIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
Share Capital
Authorlsed
10,00,00,000 Equity Shares of Rs 10 each
(Previous Year : 2,50,00,000 Equity Shares of Rs 10 each)
As at 31.03.2018 As at 31.03.2017
(Rs. l-akhs) (Rs. Lakhs)
10,000
10,0o0 2,500
5,00,00,000 Equity Shares of Rs 10 each, fully paid up
(Previous Year : 2,50,00,000 Equity Shares of Rs 10 each, fully paid up)
Total 5,000
Eouiw Sha.es
The Company has onlv one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the
Board of Oirector is subject to the approval of the shareholder in the ensuing Annual General Meeting except in the case of interim dividend.
distribution will be in proportion to the number of equity shares held by the shareholder.
Shares ln respect of each class ln the company held by lts holding company
Equity Shares I
5 000
2,500
As at 31.03.2018 As at 31.03.2017
Nos. lRs. ) Nos. (Rs. l\t the beginning of the year 2,50,00,000 25,00,00,000 50,000 5,00,000
\dd: lssued during the year 2,50,00,000 2s,00,00,000 2,49,50,000 24,95,00,000
It the end of the year 5,00,00,000 50,00,00,000 2,50,00,000 25,00,00,000
Name of the Company As at 31.03.2018 As at 31.03.2017
Nos % holdlnt Nos % holdinS\,Jational stock Exchange of lndia Limited & its nominees 5,00,00,000 100.00% 2,50,00,000 100,00%
Total 5,00,00,000 100.00% 2,50,0o,000 1m.00%
Detalls s% Company (No of Shares)
Name ofthe Company 31.03.2018 31.03.2017
No.of Shares % holdinS No,of Shares % holding
{ational stock Exchange of lndia Limited & its nominees 5,00,00,000 100.00% 2,50,00,000 100 00%
Total 5,00,00,000 100.00% 2,50,00,000 100.00%
b) Other equlty
Uquldlty Enhancement Scheme lncentlve Reserve .Opening Balance
Transfer from Surplus/Oeficit in Statement of Profitand Loss
Liquiditv Enhancement Scheme lncentivepaid/payable during the year
Foreitn Currency Translatlotr Reserve
Opening Balance
Changes During the period
Surplus / (Deflcit) ln the Statement of Proflt and Loss
Opening Balance
Profit / (Loss) for the period
Other Comprehensive lncome
Transfer to Liquidity Enhancement Scheme lncentive
Reserue
Transfer to lnvestor Protection Fundt +
Reversal of Liquidity Enhancement Scheme lncentivepaid during the year
Total reserves and surplus
As at 31.03.2018(Rs. Lakhs)
As at 31.03.2018(Rs. takhs)
As at 31.03.2017 tu at 31.03.2017
(Rs. takhs) (Rs. takhs)
507.64
(1s0.14)
(74 38)
(s.83)
357.50
(80.21)
(2,262 87l,
(74 38) (74 38)
(301 8s)
(301.8s)
(1,s93.07)
(0.5e)
(s07 64)
(s 76)
150.14
(301.8s)
(376.23)
ffiR
(1,98s.s8)
2,500
2,500
NSC IFSC I.IMITED
NOTES TO FINANCIAI. STATEMENTS FOR THE YEAR ENDED MARCH :I1, 2018
create a reserue specifically to meet Liquidity Enhancement Scheme lncentive and the same would not be included in the networth calculation of the exchange.Exchange has received approval from sEBl for lntroduction of Liquidity Enhancement scheme and the same was launched from November 1, 2017. Based on the condition to createthe reserue, Exchange has created a reserye equivalent to Rs.5o7 64 lakhs for period of six months from November 1, 2017 to April 30,2018, out ot which Rs.150.14 Lakhs is spent as
incentive paid/payable to the trading members
" Exchange has set aside USD l5,oo0 in a seprate bank account as amount earmarked for lnvestor Protection Fund
13 Provlslons - Current
Provision for gratuit(Refer Note 28)
Deposlt- Current
Deposits from trading members
Trade Payable
Trade Payable (Refer note No.27)
Trade Payable to Related Party (Refer note No.27)
Payable to Related Party
ootex lnternational Ltd
NSEIT Limited
Other Flnanclal Llabllltles ( Current)
Others
Liability for Expense (Refer note No.27)
Creditor for Capital Expenditure
Total
Payable to Related PartyNational Stock Exchange of lndia Limited
Provlslons - Current
Provision for leave encashment
Provision for variable pay and allowance
Other Currenl llabllltles
Statutory 0ues Payable
lncome Received ln Advance
Other Liabilities
Total
t.187.t9
As at 31.03.2018(Rs. takhs)
As at 31.03.2017
(Rs. l-akhs)
1.38
1.38
L4 As at 31.03.2018(Rs. takhsl
As at 31.03.2017(Rs. takhs)
557 29
557.29
tu at 31.03.2018(Rs. takhs)
As at 31.03.2017(Rs. takhs)
53.47
220.59
274.06
3.70
215.89 121.63
220.59 121.63
As at 31.03.2018(Rs. takh5)
As at 31.03.2017
(Rs. takhs)
950.97
236.82
311 81
360 29
572.70
770 74 353 82
3s3.82
As at 31.03.2018(Rs. rekhs)
As at 31.03.2017
(Rs. takhs)
2.30
10 94
18As at 31.03.2018
(Rs. t-akhs)
As at 31.03.201,(Rs. takhs)
73.74
103991
41.81
44.68 41.81
K2e-o
15
121 63
15
t3.24
19 Other lncome
lnterest lncome from financial assets at amortised cost
Other lncome
Total
Employee beneflts expense
Salary, Wages & Allowances
Contribution to provident and other fund
Gratuity (Refer Note 28)
Deputed Personnel Cost (Refer Note 24)
Total
Other erpenses
NSE IFSC TIMITED
NOTES TO FINANCIAT STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
For the year ended
31.03.2018
(Rs. Lakhs)
For the year end€d31.03.2018
(Rs. takhs)
For the year ended
31.03.2018
(Rs. takhs)
For the perlod from
29.11.2015 to31.03.2017(Rs. l-akhs)
23 27
111
24.12
20 For the perlod ftom29.11.2015 to
!L.O3.20t7(Rs. r-akhs)
81.7s
2.98
068128 31 20 02
21t.12
For the perlod from
29.11.2015 to3r.03.2017(Rs. Lakhs)
lT Management & Consultancy Charges
System Rental Char8es
Liquidity Enhanacement Scheme lncentive (Refer Note 12b)
Fees & Subscription
Power and DG Backup Charges
lnaugration Expense
Lease Line Charges
Travelling Expenses
Lease Rental
software Expenses
Legal and Professional Fees
Lodging and Boarding Expense
Repairs & Maintenance - Building
SEBI Regulatory Fees
Air Conditioning Charges
Business Promotion Expense
Pantry & Refreshments
Security Charges
Office Expenses
Now Usage Charges
Printing and StationeryStamp Duty on lssue of Shares
Telephone & lnternet Charges
Payment to Auditor ( Refer Note Eelow)
Director Sitting Fees
Bank Charges
Conveyance Expenses
lnsurance Exp
Application & Registration fees
Preliminary Expenses
Other Expenses
Total
Note :
Payment to AudltorAs AudltorAudit Fees
Tax Audit Fees
ln other Capaclty
Certification Maters
Taxation Matters
Out of Pocket Expenses
Total
350.82
L82.79
150.14
76.64
76 28
70.68
56.76
42.O8
31.45
25.39
15.92
72 29
10 54
9.91
7.86
5.16
5034.40
4204.08
2.73
2.50
2.00
7.94
0.75
054o.460090.02
28.19
139.13
49.36
22L
8.08
6.32
877004549
18 95
5.06
0.41
2.57
0347.24
3.80
o7226.10
0.01
7,787.74 278.00
1.29
0.65
1.03
o.2t
N5E IFSCTIMITED
NOTIS TO fINANCIAL SIATE ME NTs FORTHE YIAR ENDED MARCH ]1,2018
Ye.r ended l1 0l 2018 Period end.d 31,03 2017
Protit.ttibut br. to th..qurty hol.,.E ofthe comp.ny u5ed in catcul.tina b.sic e.hinas
(1,593 07) (301 85W.iaht.d.v.6t. numb..ofequity rh.r.! used ar th€ d.nomineror in c.tcutating b.siceelningr
415 48 95 34
tar.ht, per equrry share (bastc and dttut€d) (R5.) {3.83) (3.15)The Company does not haveanv oulst.ndrngdrluriv. poteniialequty sh.rer Conseque.tly,theba3icanddrlured€arnrngpershareoftheCompanyr.mainthe
t..r. - Operatlna L..seThe CooPa ny has taken ..n.in pt.miset under non .ancell.ble operating lea5e cohmitment for minrmum teas. pevmenrs in ret.rion to
Deputed P€rsonnalCorrD.puled PeBonnalc05t rep.ee.nt3lhe deputation exPe.ss in r€tpst ofth. €mploye.5 ot Nationat sioct Erch.nae of hd,a Limit.d (N5EtL)deputed to the comp.nv
operatinS teSments .re tepoded rn a ma nner conritt€nt wrth thc internal reportinS provided to th. chi.t ope.atiry o.cEron Maker {,,cooM,,) ot rh. company rhe cooM, who isr'sponsibl' for allc.ting rclourcee .nd aseetirng perlo.mance o, th. operating r€gmenb, has been ide.tified as rhc cEo of rhe companv The cmp.hy opeEt.s onty rn one
A.coonting St.ndard 108 "Operating SeEhents,
St ndards)AmendmentRules,2016rherequtreddisctosures ar.aiven in thetabte below.
Lat€r than one year .nd .ot lat.r than five
5rNNature ol ieladonshlp
1 Nanon.lStdltrchanseollndraLrDrtedNaiionat se.u.irier creaans co,po-r-NSE Strateric lnvestment CorD6randn l 'n .d
2FellowSubsidiarv aomD.nv
3
5
6
FellowSubridiary Company
fellow Sobsid E ry s S!bsidrary Comp. ny
DotEr lnternahon.l Umitedhdra lnd.rServi..s & Products Limit.dNSE lnfot..h Setui.es timited
Fellow Subsidiary'i Subsidiary CompanvFellowSubsidrary'e Subridiary CompanyFellow Subs)diaru < suh<iii:rv.^hnrn!
8Fellow Subsidiary's Subsidiary Compahv
9 Nse [ (Us) In.Fellow Subiidiary'r 5ub3idiary! Sub3idiary
1o
11Fellow Subnd E ry's Sub5idra ry Cohpa.y
National Securin€s Oeoositoru L'mir.dFellowSub!dEry Company
72
13 SFSl Sector Skill Cou.crl ol lndiaPower Ercha4Ee lndE L'frned
Merk.t Srmblin.d ln'l'i limir
norohg(ompanyr a55ocEre
Fellow Subridiary't 45socrate15
I6Fe(owSubsidiarys A$ociaie
t7 ComporerAeeMa..aementSeruices PrivareLimnedFeceivables Erch.nEe Of hdia thrredMr Sandip Mehta - ChielExecurive Omce.Mi. Venkatesh Panchapagesah - O(etorw e tOcrober3t,2017
rerrow 5ubsrdrary'5 lornt ventureFellow 5ubr idi, ry! Assocrar.FellowSubrd6rys Ait@iaie
l8t920
2l27
xeV Mana8ement PeRoh.et
Mr Rav V.ranasr -DirectorKey Managem.nt Pe6onnelXeY Manasement Pe6onnelkeyManaEementPe6on.et23
N$ ITSC LIMIIEDNOTISTO FINANCIAL STATEMENIS FOR THE YEAR ENDEO MARCH ]1, 20$
Nam. ol the Relat€d Party Nature ol Transactiont
l10t,20rE(Rs. Larh,
t1.03,2017(n!. takh,
National Stock Erchange of lndia Umrted (NSE|L) Contribut|on received towards Equrtv share CaDrtat 2,500 00 2,500 00PreIminarytrpen5e! paid 26 10Pu,chasc ol Fixed AsseG 56 54neimbL,rie6ent of erp€nrB for staffon d.putation paid / pavable 131 I0 20 07
Rerdbursementforcapital and revenue erpensB incored (rnduding tax€5, 197 16 25105
outitandini balance &/ {Cr} 177014) (353 82)
NSE lT Limited T ManeBement and Contulta.cV CharSe5 pard 253 25 r3913outstandinE balance Drl (cr) (216 891 (121631
DotEx hterranonal Limrted NOW usage charges paid 403outst.nding batanc. Drl (cr) (3 70)
NSE IFSC Cleanng Corporarion trmired Reimburiementol ExpensGs.ecerv€d a3 91outstandins balanc. O./ {cr)
2A
(,)
There i5 no Micro, sm.ll & Mediun .nterp.is! to whrch th. compa.v owes du.s .s at March 31, 2ot8 This rnform.tion a5 requked ro b! disctos.d u.d er M icro, smalt and MediumE't'rprB's Dev.lopm.ni Act 2006 h.3 ban det.rmr..d to th. extent ruch pa.ti.s have b..n identifi.d on the bas6 or inlormanon .vailabte with th. companv,
rh..mounl ofGratuity is pav.bl. on retirem.nt/termination ofthe.mplye.'s t.itd6w. b.!ic satary p€r Eo.th muttipti.d for the numb€r ot ye.6 ot servrce
Th6.mounL r.cogni.6d l.
C u(ent Y6ar 51 03.201 8 P.ovious Penod 31 03 2017tyal lh. boqimino ol rh€ v€.r
Acrlanal(Ga ns)/Loss6s on Obtrgations - Ou6 toChano6 n Oemoq.aohrc AssumononsActGr al(Garns)/Loss€s on Obtigatrons - Dus toqhangd io Fhanciet AssumltDns
(0 08)
Acluenal (G.ins)/Lo$6s on ObtEatms - Ou6lo 477
lv at th.6nd ot the v..r 148
The.mount6 rocognl..d i. lh€ bat.n.o 3
Cur.enl Year 31.03.2013 ll6sons p6nA-1 05707-qe olplan asseE at rh6 beoinnind of rh. v.;
(pecied relurn on ol?n asets
Transre. iroO olhe. compa.v
Actuana (Gams)/Lossss on ObtigalDns , ou€ loCh8nse n Frnancral Assumorons
r Value of !l.n assets .r the end ot rhe v..r
inc.sh..rR..-Curem Year 3l-03.2013 Provious Penod 31 o--ai-
Ero6ns€s Recoonzed n O 069el lLrab lv)/Assol T.ansfer n
Emoloee.s Conlnbur onAmouni r.coon'.6d in th. Bat.nc. Sh.6t 133
NSt ItS€ UMTTED
NOTTSTO FINA'{CIAL STAIEMEITIs FON THE YEAR ENOEO MARCH 31,2OIt
slal6m6ni of Prorlt lt Lo33
29 CaplLl.nd oth.r coftmit mntEslim.t.d.mount olconrEcts rch.tning ro b. cr.cut.d on caphat.ccoonr {n.t ot.dv.nc.d.nd not provtd.dOth.rcommlth.nts
30 Contlni.n t llrtl lityl
Conting.nt tiabiliries
11,03.2018
{is. Lathr)t1.012017
612 001,106 00
3101,20r8
lRs, Lakhrt
!1,03.2017
31 Oef. .d tar.$et k recognis.d b.s.d on r.asonabt.ce.tainry,
32 Fhancl.l ilrt M.a:t.hcnt
condltion5 and th. Compa.y'3.ctivirier,
6easur.d.nd ma.aaed in accorda...with th. comp.ny's polkies.nd nikobjlctiv.s Th. Tr.atury t.p.rtm.nt activiti.r .r. .t.sign.d to:-protecttheCompanyirlinancialr€sulrs.ndpositionfromnna.ciatrists- harntain market ntk within acceprable p.ramet.E, whit€opnmrsinS r.turnst and- protectthc CompanV's 0nancial investments, white matimising retuh3,TheTr..iurydepartm.ntis rerpo.5ibleto maxrmise th. retur. on conpani.s internaIy ge.€reted tunde
Ero6nse! rccoonisod in th. Statomont orProfir 1! Loss0urrcntYEor31,03,2010 P.ovrous Penod 31 03 2017
o5T01
Erp.n!e! rocognlcod ln lh. Stat6montol 068
roon36s recoonised in th. Olh6r Comp.ohonsivq tncomeCurront Y.a.31.03 2018 Prevrous Por od 31 03 2017
Expecled rolum on pl6n ass6tsAcluana (Gan)or Loss o69Nel (lncomo)/Expense tor the P€dod Recognizod inocr
069
Clr.nl Y6.r !1 03 2013 Prevous Perod 31 03 2017Prorecled Bon€nl Ob oatDn on Cuffenl ArsLm.r..rDella Ell4l ol +l% Chanoe rn Ral€ or D,r.iunr ..06lla Efieci ol r% Chano€ n Rat€ of D scounl no
138(013)015
oolta Erlecl ot +1o,t Chango rn Ral6 of Satary
ella Efect o, -1% Chanoc '. Rer..l s,,tu rn.rc:<a (0 13)Dolla Efl6cl ol +1% Chang6 in R6t6 ol Eoptoye€ (0 06)
Delta Ened ot +1% Chang€ in Ral6 ofEmploye6 o06
a)lo-
I
NSE IFSC I.IMITED
NOTES TO FINANCIAT STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
A MANAGEMENT OF TIqUIDITY RISK
have sufficient funds to meet its liabilities when due without incurring unacceptable losses. ln doing this, management considers both normal and stressed conditions.
The Company maintains a conseryative funding and investment strategy, with a posltive cash balance during the year ended 31st March, 2018.
returns on investments while ensuring sufficient liquidity to meet its liabilities
(Rs Lakhs)
Carrylng amount Less Than 12 Month More than 12 months TotalAs at March 31, 2018
Trade payables
Oeposits
Creditor for capital goods
Other liablities
274.06
557 29
236 82
950.97
274 06
557.29
236.82
950 97
274.06
557.29
236 82
950 97
(Rs Lakhs)
Carrylng amount Less Than 12 Month More than 12 months Total
tu at March 31,2017
Trade payables
Deposits
Creditor for capital goods
Other liablities
121.53
360 29
311.81
727.63
360.29
311.81
121 63
360 29
311 81
MANAGEMENT OF MARKET RISK
The company's size and operations result in it being exposed to the followinS market risks that arise from its use of financial instruments:. price risk;. foreign exchange risk and. interest rate risk
within acceptable parameters, while optimising returns
CAPITAT MANAGEMENT
The company considers the followinS components of its Balance sheet to be managed capitar:
Total equity {as shown in the balance sheet). - retained profit, share capital
may adiust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
agreements.
it to Rs 100 crores at the end of third year to operate an exchange as per SEBI guidelines.
Exchange has transferred amount of USo l5ooo to separate bank account towards lnvestor Protction Fund pursuant to chapter xll of Byelaws of the exchange
r'rsE tfsc uumoIIIOTIS IO FINANCIAI SIATEMEIITs FON IUE YEAR ENOID MARCI,I tl, 2O1I
3a Oi3clorur. on sp4ili.d 8.nl Not6 (SBNi)
Thecompanydid nol h.v. .ny holdingr o. d.alings inSpcrined B.nl NotB duinS th. penod ftom Nov.mb.r 29,2015 ro Dk.mb.r 30,2016
35 Ai .t March 31, 2018, th. Cohp.ny do8 not h.ve any pendina titia.tionr whi.h rcutd imp.ct lts fin.nci.t posirid
35 ln .c.ord.nc. with rel.vant provisiont of comp.ni8 Act, 2013, th. comp.ny did not h.v. .ny tory+e.m .ont6ct! inctldin8 d.nEtiv. cont.acts at at March 31, 2ol8
compani09 Act, 2013,
38 Previou3 Yc.r'r ligures h.v. b..n r4l.$ifi.d/regrouped wh.nev.r n.c.$.ry
Ar per o!. report of .v.n d'te .tt.6.d
fo. and on behall of th. Soa.d ol Dlr€dorr
ven*ate5h Pan.hap.Sesan\il@
\6trtl vh -
Mu*Bh At. .tOlrector Otrccto.
chl.l Fln.ncl.l Olffc.r