Connected world - KPIT Cummins

Sparta Consulting Inc.
Sparta Consulting Inc.
Registered Offi ce: 111, Woodmere Road, Suite 200, Folsom, California 95630, 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
Year 2010-11
`
13.11.2009 to
31.03.2010
USD
13.11.2009 to
31.03.2010
`
Total Revenues
Net Profi t /(Loss) for
59,030,559 2,691,399,938 12,222,429 578,701,433
the period
2,621,110 119,505,001 402,150 19,040,788
Balance Sheet as at
28
Operations
The Company recorded revenue of US$ 59.03 Million during the year under review.
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 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
Sparta Consulting Inc.
Pune Kishor Patil
April 25, 2011 Director
MARCH 31, 2011 MARCH 31, 2011 MARCH 31, 2010 MARCH 31, 2010
Schedule USD USD ` ` USD USD ` `
SOURCES OF FUNDS
Share Holders’ Funds
Share Capital I 5,105,200 212,355,075 5,105,200 212,355,075
Reserves and Surplus II (2,552,562) (98,379,946) (5,173,672) (215,445,920)
2,552,638 113,975,129 (68,472) (3,090,845)
Loan Funds
Unsecured Loans III 5,546,871 247,667,791 3,000,000 135,420,000
Total
APPLICATION OF FUNDS
8,099,509 361,642,920 2,931,528 132,329,155
Fixed Assets IV
Gross Block 1,462,046 65,280,341 627,141 28,309,141
Less: Accumulated Depreciation/Amortization 1,109,097 49,521,197 285,105 12,869,621
Net Block 352,948 15,759,144 342,036 15,439,520
Capital Work-in-Progress 116,722 469,670 5,211,630 20,970,774 - 342,036 - 15,439,520
Investments
Current Assets, Loans and Advances
V 1,400,000 62,510,000 1,400,000 63,196,000
Sundry Debtors VI 13,160,231 587,604,319 3,706,307 167,302,697
Cash and Bank Balances VII 5,368,308 239,694,933 1,743,410 78,697,513
Loans and Advances VIII 151,501 6,764,511 326,837 14,753,450
Less: Current Liabilities and Provisions
18,680,040 834,063,763 5,776,554 260,753,661
Current Liabilities IX 11,303,381 504,696,115 4,053,125 182,958,093
Provisions IX 1,146,820 51,205,502 533,937 24,101,932
12,450,201 555,901,617 4,587,062 207,060,025
Net Current Assets 6,229,839 278,162,147 1,189,492 53,693,636
Total 8,099,509 361,642,920 2,931,528 132,329,155
Signifi cant Accounting Policies and Notes to Accounts XIV
For and on behalf of the Board of Directors
Pune Kishor Patil
April 25, 2011 Director