Connected world - KPIT Cummins

In2soft GmbH
KPIT In2soft GmbH
Registered Offi ce: Adams-Lehmann-Str. 109, 80797 Munich, Germany
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 period ended March 31, 2011.
Financial Results
Particulars *1.10.2010 to 31.03.2011 *1.10.2010 to 31.03.2011
Euro
`
Total Revenues
1,643,592
99,192,149
Net Profi t /(Loss) for the period
121,426
7,328,198
*Financial fi gures reported are for the post acquisition period (i.e. from October 1, 2010 to March 31,
2011)
Operations
The Company recorded revenue of Euro 1.64 Million during the period under review.
In October, 2010, KPIT Infosystems GmbH, a wholly owned subsidiary of KPIT Infosystems Limited, UK
acquired 74% shareholding in the Company. The fi xed consideration payable for acquisition of the shares
Balance Sheet as at
Schedule March 31, 2011 March 31, 2011
Euro Euro ` `
SOURCES OF FUNDS
Share Holders’ Funds
Share Capital I 50,000 3,050,000
Reserves and Surplus II 486,704 30,891,189
536,704 33,941,189
Loan Funds
Secured Loans III 180,813 11,434,641
APPLICATION OF FUNDS
Total 717,517 45,375,830
Fixed Assets IV
Gross Block
Less: Accumulated Depreciation/
246,606 15,595,357
Amortisation 199,707 12,629,477
Net Block 46,899 2,965,880
Capital Work-in-Progress
Current Assets, Loans and Advances
- 46,899 - 2,965,880
Sundry Debtors V 885,129 55,975,533
Cash and Bank Balances VI 511 32,345
Loans and Advances VII 24,925 1,576,285
Less: Current Liabilities and
Provisions
910,565 57,584,163
Current Liabilities VIII 119,691 7,569,239
Provisions VIII 120,256 7,604,974
239,947 15,174,213
Net Current Assets 670,618 42,409,950
Total 717,517 45,375,830
Signifi cant Accounting Policies
and Notes to Accounts XIV
For and on behalf of the Board of Directors
Munich Guven Kivran
April 24, 2011 Managing Director
40
is Euro 2.5 Million. The objective of the acquisition was to have productized solutions for global automotive
customers.
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 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
In2soft GmbH
Munich Guven Kivran
April 24, 2011 Managing Director
Statement of Profi t and Loss for the year ended
INCOME
Software Services and Products
Schedule March 31, 2011 March 31, 2011
Euro `
- Overseas Sales 11,306 682,327
- Domestic Sales 1,632,286 98,509,822
1,643,592 99,192,149
Software Development Expenses IX 1,109,546 66,962,012
Gross Profi t 534,046 32,230,137
Selling and Marketing Expenses X 63,125 3,809,623
General and Administration Expenses XI 228,753 13,805,410
Profi t before interest, depreciation and exchange
Gain/(Loss) 242,168 14,615,104
Interest XII 5,377 324,525
Depreciation/Amortisation IV 14,621 882,394
Profi t After Interest, Depreciation and Before Tax
and Exchange Gain/(Loss) 222,170 13,408,185
Other Income XIII 12,233 738,293
Profi t Before Tax 234,403 14,146,478
Provision for Taxation - Current Year 112,977 6,818,280
Profi t After Tax 121,426 7,328,198
Signifi cant Accounting Policies and Notes to Accounts XIV
Schedules annexed to and forming part of Profi t and Loss Account for the year ended
For and on behalf of the Board of Directors
Munich Guven Kivran
April 24, 2011 Managing Director