Board of Directors - Opto Circuits

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NOTES FORMING PART OF ACCOUNTS (CONTINUED) Significant Accounting Policies 1) System of Accounting The Financial statements have been prepared to comply in all material respects with the mandatory Accounting standards issued by the Institute of Chartered Accountants of India ('ICAI') and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those applied in the previous year. 2) Revenue Recognition Revenue from sale of products are recognized on dispatch of goods to customers and are net of sales tax, discounts, rebates for price adjustments, rejections and shortage in transit. 1) Fixed assets Fixed assets are stated at cost, less accumulated depreciation. Cost in prices includes purchase price, duties, levies and any other cost relating to the acquisition and installation of the assets. Interest and financial charges on borrowed funds, if any, used to finance the acquisition of fixed assets, until the date the assets are ready for use are capitalized and included in the cost of the asset. 2) Depreciation Depreciation is provided on the straight line method at the rates specified under schedule XIV of the Companies Act, 1956 and on prorata basis on the additions made during the year. 3) Inventories Valuation of inventories is at the lower of cost or market value as certified by the management. 4) Retirement benefits to employees The company's liability towards retirement benefit in the form of provident fund is fully funded and charged to revenue expenditure. The company contributes to the employee provided fund maintained under the employees provident scheme run by the Central Government. The company will be accounting the Gratuity liability on cash basis. 5) Investments The investments are stated at cost. 6) Deferred Tax Deferred Tax Assets & Liabilities are recognized for the estimated future tax consequences of temporary differences between the carrying value of the assets & liabilities and their respective tax bases. Deferred Tax Asset in the nature of unabsorbed depreciation and loses are recognized only if there is virtual certainty of realization. Other deferred tax assets are recognized if there is reasonable certainty of realization. The effect on Deferred Tax Asset & Liabilities of a change in rates is recognized in the income statement in the period of enactment of the change. 7) Foreign currency transactions Foreign currency transactions are recorded at the rates of exchange prevailing on the date of transaction. Foreign currency of assets & liabilities and realized gains and losses on foreign exchange transactions, other than those relating to fixed assets are recognized in the profit and loss account. Exchange difference arising on liabilities incurred for the purpose of acquiring fixed assets are adjusted in the carrying value of the respective fixed assets. 8) Provisions Provision for income tax is provided by the company, after considering the exemption U/s 10B of the Income Tax Act. 9) Earnings per share The basic earning per share is computed by dividing net profit after tax by the number of equity shares outstanding for the period. Diluted earnings per share have not been computed, as the company has not issued any Dilutive Potential Equity Shares. As per our report of even date For & on behalf of the Board of Directors For ANAND SHENOY & CO., Chartered Accountants sd/- sd/- sd/- sd/- VINOD RAMNANI USHA RAMNANI ROSE CHINTAMANI G.C.SOMADAS Chairman & Executive Director Company Secretary Partner Managing Director M.No.: 18636 Place:Bangalore th Date : 13 June 2006. 60
OPTO CIRCUITS (INDIA) LIMITED, BANGALORE. CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2006 I. Cash flow from Operating Activities Cash Inflow 31.03.2006 31.03.2005 Net Profit Before Tax and Non-Recurring Items 351,597,149 194,143,674 Add : Depreciation 12,350,430 12,883,235 Loss on Sale of Assets & Other Non Cash Items (3,457,755) (3,766,267) 360,489,824 203,260,642 Less: Dividend Received 3,153,165 3,153,165 Less: Interest Received & Other Non Cash Items 425,887 75,188 Adjusted Cash Flow From Profits 356,910,772 200,032,289 Total Cash Inflows Cash Outflow A 356,910,772 200,032,289 Increase in Trade & Other Receivables (426,367,595) 41,160,626 Increase/(Decrease) in Inventories (20,303,739) 45,221,826 Decrease in Loans & Advances 14,194,533 30,858,100 Increase in Trade & Other Payables 27,855,871 (12,002,456) Income Tax Paid & Other Prior year expenses (976,795) 1,205,480 Total Cash Outflows B (405,597,725) 106,443,577 Net Cash Flow From Operating Activities [A-B] (48,686,953) 93,588,712 II. Cash Flow from Investing Activities Cash Inflow Sale of Fixed Assets 10,217,235 129,169 Dividend Received 3,153,165 3,153,165 Interest Received 425,887 75,188 Total Cash Inflows Cash Outflow A 13,796,287 3,357,522 Increase in Capital WIP (7,895,126) Purchase of Fixed Assets B 34,345,603 19,033,491 Purchase of Investment 298,551,519 Total Cash Outflow 325,001,996 Net Cash Flow From Investing Activities [A-B] (311,205,710) (15,675,969) III Cash Flow from Financing Activities Cash Inflow Proceeds from Issue of Share Capital including premium - Proceeds from Borrowings-Term Loan 244,609,428 50,000,000 -Short term borrowings 193,247,223 - Proceeds from Unsecured Loan 2,162,405 Total Cash Inflows Cash Outflow A 440,019,056 50,000,000 Repayment of Borrowings-Other term loans 4,643,573 64,905,985 Payment on public Issue Expenses 13,843,720 Dividend Paid (including tax on dividend) 62,224,369 46,527,849 Total Cash Outflows B 80,711,661 111,433,834 Net Cash Flow From Financing Activities [A-B] 359,307,395 (61,433,834) Net Increase / (Decrease) in Cash & Cash Equivalents [I+II+III] (585,268) 16,478,909 Cash & Cash Equivalents as at (Opening) 23,021,249 6,542,340 Cash & Cash Equivalents as at (Closing) 22,435,982 23,021,249 Note : Previous Years figures have been regrouped and recast wherever necessary to conform to the current year's format and (-) figures indicates outflow. AUDITOR'S CERTIFICATE st We have examined the above Cash Flow Statement of Opto Circuits (India) Limited, for the year ended 31 March 2006. The statement has been prepared by the Company in accordance with the requirement under Clause 32 of the Listing Agreement with the Stock Exchanges and is based on and st is in agreement with the corresponding Profit and Loss Account and Balance Sheet of the Company for the year ended 31 March 2006. As per our report of even date For OPTO CIRCUITS (INDIA) LIMITED For ANAND SHENOY & CO., Chartered Accountants sd/- sd/- sd/- sd/- VINOD RAMNANI USHA RAMNANI ROSE CHINTAMANI G.C. SOMADAS Chairman & Managing Director Place:Bangalore th Date : 13 June 2006. Executive Director Company Secretary Partner M.No.: 18636 61
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BOARD OF DIRECTORS AUDITORS COMPANY
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4 INDEX Showcase - Key Milstones 3
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6 BRAINS TRUST Meet the Management
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8 BUSINESS MODEL Driving Growth thr
Page 10 and 11: 10 BUSINESS MODEL Driving Growth th
Page 12 and 13: 12 ADVANCED MICRONIC DEVICES LTD. E
Page 14 and 15: 14 INORGANIC GROWTH A Growth Driver
Page 16 and 17: 16 PRODUCT PROFILE Heart surgery ha
Page 18 and 19: Tete'a-Tete' with Dr. Michael Orlow
Page 20 and 21: 20 BUSINESS STRATEGIST “R&D is a
Page 22 and 23: 22 OUR OFFICES International Sales
Page 24 and 25: 24 Transcending the Number Barrier
Page 26 and 27: 26 5YEAR FINANCIAL SUMMARY & KEY RA
Page 28 and 29: 28 WHAT THE NUMBERS SAY Key Ratios
Page 30 and 31: 30 WEALTH CREATION Total shareholde
Page 32 and 33: COMPANY PERFORMANCE Your company ha
Page 34 and 35: were reasonable and prudent so as t
Page 36 and 37: CORPORATE GOVERNANCE Mr. Mahesh Pat
Page 38 and 39: CORPORATE GOVERNANCE The committee
Page 40 and 41: CORPORATE GOVERNANCE ( E) The Compa
Page 42 and 43: 42 CORPORATE GOVERNANCE BSE NSE Dat
Page 44 and 45: CORPORATE GOVERNANCE 44 CERTIFICATE
Page 46 and 47: ANNEXURE TO THE AUDITOR'S REPORT (R
Page 48 and 49: 48 Opto Financial Statement
Page 50 and 51: 50 OPTO CIRCUITS (INDIA) LIMITED, B
Page 52 and 53: OPTO CIRCUITS (INDIA) LIMITED, BANG
Page 56 and 57: 56 SCHEDULE E: Fixed Assets Schedul
Page 58 and 59: NOTES FORMING PART OF ACCOUNTS (CON
Page 64 and 65: ADVANCED MICRONIC DEVICES LIMITED B
Page 70 and 71: ADVANCED MICRONIC DEVICES LIMITED S
Page 72 and 73: MEDIAID INC., USA BALANCE SHEET AS
Page 74 and 75: MEDIAID INC., USA SCHEDULE TO BALAN
Page 80 and 81: ALTRON INDUSTRIES PRIVATE LIMITED B
Page 82 and 83: ALTRON INDUSTRIES PRIVATE LIMITED S
Page 84 and 85: ALTRON INDUSTRIES PRIVATE LIMITED S
Page 86 and 87: ALTRON INDUSTRIES (PRIVATE) LIMITED
Page 88 and 89: REPORT OF THE AUDITORS TO THE BOARD
Page 90 and 91: 90 OPTO CIRCUITS (INDIA) LIMITED, B
Page 98 and 99: NOTES TO THE CONSOLIDATED BALANCE S
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Board of Directors - Opto Circuits

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