Board of Directors - Opto Circuits

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REPORT OF THE AUDITORS TO THE BOARD OF DIRECTORS OF OPTO CIRCUITS (INDIA) LIMITED We have audited the attached consolidated balance sheet of OPTO CIRCUITS (INDIA) LIMITED and its subsidiaries (the Group)as at 31st March, 2006, and also the consolidated profit and loss account and the consolidated cash flow statement for the year ended on that date,annexed thereto. These consolidated financial statements are the responsibility of OPTO CIRCUITS (INDIA) LIMITED management and have been prepared by the management on the basis of separate financial statements and other financial information regarding components. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We did not audit the financial statements of Mediaid Inc., the subsidiary, whose financial statements reflect the total assets of Rs. 9.94 crores as against the Consolidated total assets of Rs. 161.64 crores as at 31st March, 2006 and the total revenues of Rs. 22.74 crores as against the Consolidated total revenue of Rs. 145.45 crores for the year ended on that date, in the consolidated financial statements. We report that the consolidated financial statements have been prepared by OPTO CIRCUITS (INDIA) LIMITED's management in accordance with the requirements of Accounting Standard 21, Consolidated Financial Statements, issued by the Institute of Chartered Accountants of India, subject to the note on Eurocor GmbH, accounts as on 31.12.05 not considered for Consolidated Financial Statements. Based on our audit , in our opinion and to the best of our information and according to the explanations given to us, the attached consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the consolidated balance sheet, of the state of affairs of OPTO CIRCUITS (INDIA) LIMITED Group as at 31st March, 2006; b) in the case of the consolidated profit and loss account, of the profit for the year ended on that date, and (c) in the case of the consolidated cash flow statement, of the cash flows for the year ended on that date. Place: Bangalore st Date : 21 August 2006 For Anand Shenoy & Company Chartered Accountants G C Somadas Partner M. No.18636 88
OPTO CIRCUITS (INDIA) LIMITED, BANGALORE. CONSOLIDATED BALANCE SHEET AS ON 31-03-2006 SCH 31.03.2006 31.03.2005 Rs. Rs. I. SOURCES OF FUNDS SHARE HOLDERS FUND Capital A 268,082,900 178,721,930 Reserves & Surplus LOAN FUNDS B 573,270,560 428,641,413 Secured Loans C 757,849,228 337,392,855 Unsecured Loans D 17,273,412 15,032,384 TOTAL 1,616,476,100 959,788,582 II. APPLICATION OF FUNDS FIXED ASSETS: E Gross Block 378,599,848 348,522,312 Less Depreciation 88,503,356 70,303,658 Net Block 290,096,492 278,218,654 Capital work - in - progress 19,000 7,914,126 INVESTMENTS F 246,870,901 4,397,949 CURRENT ASSETS, LOANS & ADVANCES: G Inventories 795,155,112 449,679,920 Sundry Debtors 741,695,438 441,812,559 Cash & Bank Balances 101,546,970 102,175,959 Loans & Advances 150,047,643 72,996,731 1,788,445,163 1,066,665,169 Less : Current Liabilities & Provisions H Liabilities 551,872,547 308,489,951 Provisions 166,513,354 85,230,090 Deferred Tax Liability 4,413,275 3,687,275 Net Current Assets 1,065,645,987 669,257,853 Miscellaneous Expenditure (to the extent not written off or ajdusted) I 13,843,720 - TOTAL 1,616,476,100 959,788,582 Notes forming part of accounts R Significant Accounting Policies S For OPTO CIRCUITS (INDIA) LIMITED As per our report of even date 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 89
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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
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10 BUSINESS MODEL Driving Growth th
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12 ADVANCED MICRONIC DEVICES LTD. E
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14 INORGANIC GROWTH A Growth Driver
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16 PRODUCT PROFILE Heart surgery ha
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Tete'a-Tete' with Dr. Michael Orlow
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20 BUSINESS STRATEGIST “R&D is a
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22 OUR OFFICES International Sales
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24 Transcending the Number Barrier
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26 5YEAR FINANCIAL SUMMARY & KEY RA
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28 WHAT THE NUMBERS SAY Key Ratios
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30 WEALTH CREATION Total shareholde
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COMPANY PERFORMANCE Your company ha
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were reasonable and prudent so as t
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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 60 and 61: 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 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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