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Prepayments, receivables and other assets (Tables) | 12 Months Ended
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Mar. 31, 2017
Prepayments, receivables and other assets |
Schedule of components of prepayments, receivables and other assets |
|  | As of March 31, |
|  | 2016 |  | 2017 |
|  | (in millions of RMB) |
Current: |  |  |  |  |  |  |
VAT receivables (i) |  |  | 6,589 |  |  | 8,810 |
Accounts receivable, net of allowance |  |  | 1,209 |  |  | 4,388 |
Amounts due from related companies (ii) |  |  | 3,236 |  |  | 4,131 |
Prepaid cost of revenue, sales and marketing expenses and others |  |  | 1,242 |  |  | 3,388 |
Receivable for proceeds from disposal of investments |  |  | — |  |  | 2,786 |
Deferred direct selling costs (iii) |  |  | 948 |  |  | 1,283 |
Loan receivables, net |  |  | 390 |  |  | 812 |
Advances to customers and merchants |  |  | 435 |  |  | 788 |
Interest receivables |  |  | 314 |  |  | 447 |
Licensed copyrights of video content |  |  | — |  |  | 327 |
Employee loans and advances (iv) |  |  | 124 |  |  | 176 |
Others |  |  | 2,055 |  |  | 1,072 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 16,542 |  |  | 28,408 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current: |  |  |  |  |  |  |
Prepayment for acquisition of property and equipment |  |  | 4,358 |  |  | 4,018 |
Prepayment for licensed copyrights of video content and others |  |  | — |  |  | 1,639 |
Employee loans (iv) |  |  | 451 |  |  | 451 |
Fair value of interest rate swap contracts |  |  | — |  |  | 436 |
Deferred tax assets (Note 7) |  |  | 481 |  |  | 1,038 |
Deferred direct selling costs (iii) |  |  | 148 |  |  | 114 |
Prepaid upfront fees related to long-term borrowings |  |  | 184 |  |  | 53 |
Others |  |  | 666 |  |  | 954 |
|  |  | 6,288 |  |  | 8,703 |
(i) | VAT receivables mainly represent VAT receivable from relevant PRC tax authorities arising from OneTouch's VAT refund service. OneTouch provides advance settlement of relevant VAT refund amounts to its customers prior to receiving such VAT refund from tax authorities. To provide this service, OneTouch relies on short-term banking facilities and takes on credit risk if OneTouch fails to recover the prepaid VAT amount.
(ii) | Amounts due from related parties primarily represent balances arising from transactions with Ant Financial Services and its subsidiaries (Note 4(b) and 22). The balances are unsecured, interest free and repayable within the next twelve months.
(iii) | The Company is obligated to pay certain costs upon the receipt of membership fees from merchants or other customers, which primarily consist of sales commissions. The membership fees are initially deferred and recognized as revenue in the consolidated income statements in the period in which the services are rendered. As such, the related costs are also initially deferred and recognized in the consolidated income statements in the same period as the related service fees are recognized.
(iv) | Employee loans mainly represent full recourse, interest-bearing share purchase, option exercise and tax loans, with a term of four to five years, to employees of the Company and its related companies in order to finance their purchase of ordinary shares, exercise of options underlying the ordinary shares as well as payment of related personal taxes. Such employee loans are pledged by the ordinary shares owned by the employees and carry interest at market rates. The balance also includes an interest-free loan program, with a term of five years, to eligible employees for purchase of their first residential properties.

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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