Board of Directors - Opto Circuits

Recommendations

Info

NOTES TO THE CONSOLIDATED BALANCE SHEET: 1 The consolidated financial statements have been prepared in accordance with the general principals of Accounting standards 21 “Consolidated Financial Statements” issued by the ICAI. 2 The Subsidiaries (which along with Opto Circuits (India) Limited, the Holding Company ) considered in the preparation of these consolidated financial statements are: Name of the Company Country of Percentage of Percentage of Incorporation ownership interest ownership interest as at 31.03.2006 as at 31.03.2005 1 Advanced Micronic Devices Limited India 59.71% 59.71% 2 Mediaid Inc., USA USA 100% 100% 3 Altron Industries Pvt Limited India 100% NIL 3 Further the subsidiaries not considered in preparation of these financial statements are: Name of the Company Country of Percentage of Percentage of Incorporation ownership interest ownership interest as at 31.03.2006 as at 31.03.2005 1 Eurocor GmbH., Germany 100% NIL The financial statements of Eurocor are prepared as of December each year. Eurocor GmbH., was acquired by Opto Circuits (India) Ltd., during January 2006, consequently the Financial Statement of Eurocor for the period ended December 2005have not been considered for consolidation. 4 The financial statements of all subsidiaries, considered in the consolidated accounts, are drawn up to 31st March. 5 The total amount of accumulated depreciation as per consolidated accounts is Rs.88,503,356/- out of which an amount of Rs. 10,596,992/- pertaining to Depreciation calculated by Written Down Value method, (which constitutes 11.97% of the total accumulated depreciation). 6. Stock Reserve on inventories held by the subsidiaries have not been considered while preparing Consolidated Financial Statements. 7. Deferred Tax Asset/Liability has not been recognized in the holding companies accounts as there is a Deferred Tax Asset on the opening st timing difference for the year ending 31 March 2002 of the depreciation charged on the Fixed Assets and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such Deferred Tax Asset can be realized. st Deferred Tax liability in case of Advanced Micronic Devices Limited, the subsidiary, as at 31 March 2006 represents the tax effect of temporary difference substantially on account of WDV of fixed assets on account of differing depreciation methods/rates and other timing differences arising during the accounting year. Accumulated net deferred tax liability arising out of timing differences of the earlier years has not been recognized. 31.03.2006 31.03.2005 (Rs.) (Rs.) st Deferred tax liability as at 31 March 2006 Comprises of Timing difference on account of depreciation Deferred Tax liability 7,26,000 10,60,000 Other timing differences-Deferred Tax Asset NIL NIL Net Deferred Tax Liability (7,26,000) (10,60,000) SIGNIFICANT ACCOUNTING POLICIES Convention: To prepare financial statements in accordance with the applicable accounting standards in India. A summary of important accounting policies, adopted and applied by the Holding Company which have been applied consistently, is set out below. Basis of Accounting To prepare financial statements in accordance with the historical cost convention modified by revaluation of certain fixed assets as and when undertaken as detailed below. 98
NOTES TO THE CONSOLIDATED BALANCE SHEET: 1) Fixed assets Fixed assets are stated at cost, less accumulated depreciation. Cost price includes purchase price, duties, levies and any other cost relating to the acquisition and installation of the assets. Interest and financing 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. However, in case of Mediaid Inc., USA and Altron Industries Private Limited, the subsidiaries, depreciation is provided on written down value basis. 3) 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. 4) Inventories Valuation of inventories is at the lower of cost or market value as certified by the management. 5) 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. 6) Foreign currency translations Foreign currency transaction 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. While translating the financial statements of non integral foreign subsidiaries the exchange difference arising on translation of assets / liabilities is disclosed as foreign currency translation reserve. 7) Provisions Provision for income tax is provided by the company, after considering the exemption U/s 10B of the Income Tax Act, available to the Holding Company. 8) Investments Investments other than investments in associates are valued at cost. 99 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.
Page 2 and 3:
BOARD OF DIRECTORS AUDITORS COMPANY
Page 4 and 5:
4 INDEX Showcase - Key Milstones 3
Page 6 and 7:
6 BRAINS TRUST Meet the Management
Page 8 and 9:
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 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 88 and 89: REPORT OF THE AUDITORS TO THE BOARD
Page 90 and 91: 90 OPTO CIRCUITS (INDIA) LIMITED, B
show all

Board of Directors - Opto Circuits

Create successful ePaper yourself

Delete template?

Save as template?