Connected world - KPIT Cummins

KPIT Infosystems Inc. (SolvCentral)
KPIT Infosystems Inc. (SolvCentral)
Registered Offi ce: 33, Wood Avenue South, Iselin, NJ 08830, USA
Directors’ Report
Dear Shareholders,
Your Directors are pleased to present herewith, the report of the Directors on the operations of the
Company together with the accounts for the year ended March 31, 2011.
Financial Results
Particulars Year 2010-11
USD
Total Revenues
Net Profi t/(Loss) for the period
1,641,546
(595,845)
Year 2010-11
`
74,843,533
(27,166,548)
Year 2009-10
USD
2,722,461
(13,977)
Year 2009-10
`
128,901,714
(661,793)
Operations
The Company recorded revenue of USD 1.64 Million during the year as compared to USD 2.72 Million in
the previous year.
Balance Sheet as at
(Pursuant to Section 212 of the Companies Act, 1956)
March 31, 2011 March 31, 2010
Schedule USD ` USD `
Sources of Funds
Share holders’ funds
Share capital I 2,550 115,209 2,550 115,209
Reserves and surplus II 203,841 9,100,255 799,685 36,097,741
Total 206,391 9,215,464 802,235 36,212,950
Application of Funds
Fixed assets III
Gross block 54,938 2,479,921 54,938 2,479,921
Less: Accumulated depreciation 52,772 2,383,112 50,603 2,284,208
Net block 2,166 96,809 4,336 195,713
Deferred tax Asset
Current assets, loans and
advances
(737) (32,907) 28,984 1,308,338
Sundry debtors IV (8,598) (383,901) 564,740 25,492,421
Cash and bank balances V 29,973 1,338,314 448,025 20,223,848
Loans and advances VI 842,943 37,637,394 396,396 17,893,313
864,318 38,591,807 1,409,161 63,609,583
Less: Current liabilities and
provisions
VII 659,358 29,440,245 640,246 28,900,682
Net current assets 204,960 9,151,562 768,916 34,708,901
Total 206,391 9,215,464 802,235 36,212,950
Notes to Accounts XII
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
18
Directors
Mr. Probodh Chiplunkar resigned from the directorship of the Company with effect from April 1, 2010.
Audit
The Company is not required by US 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
KPIT Cummins Infosystems Ltd., the ultimate 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.
For and on behalf of the Board of Directors
KPIT Infosystems Inc.(SolvCentral)
Pune, Kishor Patil
April 25, 2011 Chairman
Statement of Profi t and Loss for the year ended
(Pursuant to Section 212 of the Companies Act, 1956)
March 31, 2011 March 31, 2010
Schedule USD ` USD `
Income
Software services and products
Domestic Sales 1,641,546 74,843,533 2,722,461 128,901,714
Export Sales - - - -
1,641,546 74,843,533 2,722,461 128,901,714
Software development expenses VIII 1,390,041 63,376,580 2,095,127 99,199,005
Gross profi t 251,505 11,466,953 627,334 29,702,709
Selling and marketing expenses
General and administration
IX 65,657 2,993,504 68,010 3,220,112
expenses X 749,339 34,164,870 569,454 26,962,205
Operating profi t before
interest, depreciation and tax
(563,491) (25,691,421) (10,129) (479,607)
Interest XI 465 21,201 470 22,253
Depreciation III 2,169 98,904 2,894 137,011
Operating profi t after interest,
depreciation and tax
(566,125) (25,811,526) (13,493) (638,871)
Other income 1 57 1 41
Profi t/(Loss) before tax (566,124) (25,811,468) (13,492) (638,830)
- Provision for taxation - - - -
- Deferred Tax 29,721 1,355,079 485 22,964
Profi t/(Loss) after tax
Extraordinary item - prior period
(595,845) (27,166,548) (13,977) (661,793)
expenses - - - -
Profi t/(Loss) after tax
Earning per share
(Equity shares at par)
(595,845) (27,166,548) (13,977) (661,793)
Basic (233.66) (10,653.55) (5.48) (259.53)
Diluted
Number of shares used in
computing earnings per share
(233.66) (10,653.55) (5.48) (259.53)
Basic (weighted average) 2,550 2,550 2,550 2,550
Diluted (weighted average) 2,550 2,550 2,550 2,550
Notes to Accounts XII
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