Contents <strong>KPIT</strong> Infosystems Limited .............................................................01 <strong>KPIT</strong> Infosystems Inc. ..................................................................07 <strong>KPIT</strong> Infosystems GmbH ...............................................................13 <strong>KPIT</strong> Infosystems Inc. (SolvCentral) .................................................18 <strong>KPIT</strong> Infosystems France SAS .........................................................23 Sparta Consulting Inc. .................................................................28 Sparta Infotech India Private Limited ...............................................34 In2soft GmbH ...........................................................................40 Statement pursuant to Section 212 of the Companies Act, 1956, forming a part of the Directors' Report .............................................45
<strong>KPIT</strong> Infosystems Limited Registered Offi ce: Ground Floor, The Annexe, Hurst Grove, Sandford Lane, Hurst, Berkshire RG10 0SQ, United Kingdom Directors’ Report Dear Shareholders, Your Directors are pleased to present herewith the ninth report of the Directors on the operations of the Company together with the accounts for the period ended March 31, 2011. Financial Results Particulars Year 2010-11 GBP Total Revenues Net Profi t /(Loss) for the period Balance Sheet as at 11,109,661 (240,088) Year 2010-11 ` 788,326,968 (17,036,227) Year 2009-10 GBP 11,534,959 (87,837) Year 2009-10 ` 877,540,897 (6,644,739) The Company recorded revenue of GBP 11.11 Million during the year as compared to GBP 11.53 Million in the previous year. Share Capital During the year under review, the Company increased its Authorised Share Capital by GBP 2.0 Million approximately. (Pursuant to Section 212 of the Companies Act, 1956) Schedule March 31, 2011 March 31, 2010 GBP ` GBP ` Sources of Funds Share holders’ Funds Share capital I 5,717,170 430,052,879 3,701,000 285,851,629 Reserves and surplus Loan Funds II (22,322,872) (34,777,358) Unsecured loans III - - 250,000 17,007,500 Total 5,717,170 407,730,007 3,951,000 268,081,771 Application of Funds Fixed Assets IV Gross block 39,151 2,706,725 31,364 2,175,970 Less: Accumulated depreciation 27,126 1,978,183 22,338 1,638,424 Net block 12,025 728,542 9,026 537,547 Investments Current assets, loans and advances V 4,717,625 339,338,744 2,701,455 183,779,963 Sundry debtors VI 3,836,466 275,956,997 2,516,150 171,173,681 Cash & bank balances VII 1,025,035 73,730,752 1,109,260 75,462,981 Loans & advances VIII 372,412 26,787,549 344,364 23,426,983 5,233,913 376,475,298 3,969,774 270,063,645 Less: Current liabilities and IX provisions 5,129,600 368,972,197 3,372,376 229,422,777 Net current assets 104,313 7,503,101 597,398 40,640,868 (Profi t) and Loss A/C X 883,212 60,159,620 643,125 43,123,393 Total 5,717,170 407,730,007 3,951,000 268,081,770 Notes to Accounts XVI The schedules and notes to accounts form an integral part of the fi nancial statements For and on behalf of the Board of Directors Pune Kishor Patil April 25, 2011 Chairman 1 Financial Statement of the Subsidiaries F.Y. 2010-2011 Directors Mr. Girish Wardadkar resigned from the directorship of the Company with effect from April 25, 2011. Audit The Company is not required by UK laws to have an independent audit fi rm to issue a report to the shareholders as to whether the fi nancial statements give a true and fair view. No audit opinion has been sought in respect of these fi nancial statements. The accounts are prepared from the internally prepared management accounts of the Company. The same management accounts are audited in order for the Group Auditors to give an audit opinion in relation to the group accounts i.e. consolidated accounts of <strong>KPIT</strong> <strong>Cummins</strong> Infosystems Ltd., the parent company. However, no separate audit report is given in respect of the Company. An audit report for the group accounts is issued by Deloitte, Haskins & Sells, Pune, and is included in its fi nancial statements. Profi t and Loss Account for year ended For and on behalf of the Board of Directors <strong>KPIT</strong> Infosystems Limited Pune Kishor Patil April 25, 2011 Chairman (Pursuant to Section 212 of the Companies Act, 1956) Schedule March 31, 2011 March 31, 2010 GBP ` GBP ` Income Software Services and Products Domestic Sales 10,081,911 715,399,222 10,172,792 769,556,122 Export Sales 1,027,749 72,927,747 1,362,166 107,984,776 11,109,661 788,326,968 11,534,959 877,540,897 Software development XI expenses 9,817,247 696,618,986 10,237,684 774,465,075 Gross Profi t 1,292,414 91,707,983 1,297,276 103,075,822 Selling and marketing expenses XII 217,490 15,432,826 151,495 11,460,352 General and administration XIII expenses Operating profi t before 1,289,758 91,519,491 1,211,065 91,615,118 interest, depreciation and tax (214,835) (15,244,334) (65,284) 352 Interest XIV 1,981 140,560 8,875 671,366 Depreciation Operating profi t after interest, depreciation and IV 4,788 339,760 6,587 498,296 before tax (221,604) (15,724,655) (80,746) (1,169,310) Other income Profi t before tax and before XV (18,484) (1,311,573) - (4,938,975) extra-ordinary items (240,088) (17,036,227) (80,746) (6,108,285) Provision for Taxation - - 7,091 536,454 Profi t /(loss)after tax and before extra-ordinary Items (240,088) (17,036,227) (87,837) (6,644,739) Extraordinary Item - prior period expenses - - - - Profi t /(loss) After Tax (240,088) (17,036,227) (87,837) (6,644,739) Amount available for appropriation Amount transferred - profi t (240,088) (17,036,227) (87,837) (6,644,739) and (loss) account (240,088) (17,036,227) (87,837) (6,644,739) Earning per share (Equity shares at par) (240,088) (17,036,227) (87,837) (6,644,739) Basic (0.04) (2.98) (0.02) (1.80) Diluted Number of shares used in computing earnings per share (0.04) (2.98) (0.02) (1.80) Basic (weighted average) 5,717,170 5,717,170 3,701,000 3,701,000 Diluted (weighted average) 5,717,170 5,717,170 3,701,000 3,701,000 Notes to Accounts XVI The schedules and notes to accounts form an integral part of the fi nancial statements For and on behalf of the Board of Directors Pune Kishor Patil April 25, 2011 Chairman
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