ANNUAL REPORT FOR THE FINANCIAL YEAR 1 July June 2010
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1 1 ANNUAL REPORT FOR THE FINANCIAL YEAR 1 July June 2010 The Board of Directors of HCL Sweden AB hereby presents the annual report for the financial year 1 July June ADMINISTRATION REPORT Operations HCL Sweden AB is a company within the Indian HCL Group and has been operative on the Swedish market since January The Company is responsible for the operations and market processing within the Nordic region and provides a broad offering of services within the IT area. Significant events during the financial year During the year, the Company's consultants have been working on a number of large and well-known Swedish companies which have been in need of qualified software experts. Interest in the utilisation of IT services from India, primarily in the form of outsourcing to India, has increased substantially during the year. Similar to the rest of the world, we see that greater investments will become more and more common over time. Due to our size in India, we expect that HCL will be included in such procurements and discussions. Income has increased during the financial year, due to new customers which have been transferred from a fellow subsidiary. This stability provides good conditions for continued expansion, at the same time as business discussions are being held with several major purchasers of IT services. During the year, more than 30 consultants from India have worked for HCL Sweden AB in Stockholm. The employment of these individuals has varied in terms of duration from 2 months to over a year. During the financial year, the Company has also hired in consultants to work for HCL Sweden AB, but which conduct their work from India and, therefore, have not had an employment relationship to the Company. This has contributed to the major increase in sales. Significant events after the financial year A branch to the company will be registered in Norway during next financial year. 5-year summary 2009/ / / / /06 Net sales, KSEK Profit after financial items, KSEK Balance sheet total, KSEK Financial strength, % 21,6 12,2 5,5 3,4 0,1
2 2 Proposed appropriation of profits Board of Directors propose that the profits available 30 June 2010 profit brought forward net profit/loss for the year Total be appropriated as follows to be carried forward Total For information regarding the results of the Company's operations and financial position as per 30 June 2010 and 30 June 2009, refer to the following income statement and balance sheet.
3 3 INCOME STATEMENT (Amounts in SEK) 30 June June 2009 Net sales Note ,356 Other operating income Note , Operating expenses Other external expenses Note Personnel costs Note Depreciation of tangible assets according to plan Note Other operating expenses Note OPERATING PROFIT/LOSS Results from financial items Interest income and similar profit/loss items Interest expenses and similar profit/loss items profit/loss items PROFIT/LOSS AFTER FINANCIAL ITEMS Tax on profit for the year - - NET PROFIT/LOSS FOR THE YEAR
4 4 BALANCE SHEET (Amounts in SEK) 30 June June 2009 ASSETS Fixed assets Tangible fixed assets Equipment Note Total fixed assets Current assets Current receivables Accounts receivable Receivables with Group companies Other receivables Prepaid expenses and accrued income Note Cash and bank balances Total current assets TOTAL ASSETS
5 5 EQUITY AND LIABILITIES (Amounts in SEK) 30 June June 2009 Equity Note 5 Restricted equity: Share capital (10,000 shares with quotient value 10) Statutory reserve Non-restricted equity: Profit brought forward Net profit/loss for the year Total equity Current liabilities Accounts payable - trade Liabilities to Group companies Other liabilities Accrued expenses and deferred income Note Total current liabilities TOTAL EQUITY AND LIABILITIES Pledged assets None None Contingent liabilities Bankguaranty for office rent None
6 6 SUPPLEMENTARY INFORMATION (Amounts in SEK unless otherwise stated below) Accounting and valuation principles The annual report has been prepared in accordance with the Swedish Annual Accounts Act and the general advice and guidelines of the Swedish Accounting Standards Board. The accounting principles remain unchanged from previous years unless otherwise stated. Revenue recognition i) Software Services Revenue from Software services comprises income from time and material and fixed price contracts. Revenue with respect to time and material contracts is recognized as related services are performed. Revenue from fixed price contracts and fixed time frame contracts is recognized in accordance with the percentage completion method under which the sales value of performance, including earnings thereon, is recognized on the basis of cost incurred in respect of each contract as a proportion of total cost expected to be incurred. The cumulative impact of any revision in estimates of the percentage of work completed is reflected in the year in which the change becomes known. Provisions for estimated losses are made during the year in which a loss becomes probable based on current contract estimates. Revenue from sale of licenses for the use of software applications is recognised on transfer of title in the user license. Revenue from annual technical service contracts is recognised on a pro rata basis over the period in which such services are rendered. Income from revenue sharing agreements is recognized when the right to receive is established. ii) Infrastructure Services Revenue from infrastructure services is derived from both time based and unit priced contracts. Revenue is recognized as the related services are performed in accordance with specific terms of the contract. In case of multi-deliverable contracts where revenue cannot be allocated to various deliverables in a contract, the entire contract is accounted for as one deliverable and accordingly the revenue is recognized on a proportionate completion method following the performance pattern of predominant services in the contract or is deferred until the last deliverable is delivered. Receivables Receivables are reported in the amounts that, on the basis of individual assessment, are estimated to be received. Foreign currencies Receivables and liabilities in foreign currency are reported at the closing rate of exchange. Gains and losses on receivables and liabilities relating to operations are reported at net value under Other operating income or Other operating expenses Fixed assets Tangible fixed assets are depreciated systematically over their estimated useful lifetimes. The following periods of depreciation are applied: Equipment 3-5years
7 7 Information regarding the Group HCL Sweden AB is a wholly-owned subsidiary of HCL Great Britain Ltd with its registered offices in the UK. HCL Great Britain Ltd is included in a Group in which HCL Technologies Ltd, with its registered offices in India, prepares the consolidated accounts for the largest Group. Of the total amount of purchases and sales in SEK, 100% (100%) of purchases related to services refer to other Group companies. There have been no sales to other Group companies. 1. Net sales Sales are distributed as follows: 30 June June 2009 Sweden ,284 USA Iceland - - Ireland - - Others Personnel 30 June June 2009 Average number of employees: Women 4 4 Men 30 4 Total The Company had 2 (2) members of the Board per balance sheet date, both are men.
8 8 30 June June 2009 Salaries and other remunerations: Board and Managing Director - - Other employees Statutory and contractual social security contributions (of which pension costs: Board and Managing Director (-) (-) Other employees) ( ) ( ) Total salaries and remuneration, pension costs and social security contributions No absence due to illness has been registered during 2009/2010 or during 2008/2009, which is why no statistics regarding absence due to illness can be reported. 3. Tangible fixed assets 30 June June 2009 Equipment: Opening accumulated acquisition cost New acquisitions for the year Closing accumulated acquisition cost 357, Opening accumulated depreciation according to plan Depreciation for the year according to plan Closing accumulated depreciation according to plan Residual value according to plan
9 9 4. Remuneration to auditors 30 June June 2009 Audit assignment: PricewaterhouseCoopers AB Price Waterhouse, India Ernst & Young AB Other assignments: PricewaterhouseCoopers AB Equity Changes in equity for the year Statutory Accumulated Annual Share capital reserve net profit/loss net profit/loss Opening balance Appropriation of profits Net profit/loss for the year Closing balance Other operating income 30 June June 2009 Cost recovery from Group companies in accordance with transfer pricing agreement Exchange rate gains relating to operations Other operating income
10 10 7. Accrued expenses and deferred income 30 June June 2009 Personnel related Fees, consultants and auditors Other accrued expenses Other deferred income Other operating expenses 30 June June 2009 Exchange rate loss relating to operations Prepaid expenses and accrued income 30 June June 2009 Accrued income Prepaid expenses Stockholm August Anil Kumar Chanana Rajeev Sawhney Our audit report was presented on Ernst & Young AB Per Hedström Authorised Public Accountant
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