Connected world - KPIT Cummins

KPIT In2soft GmbH
4. Related party transactions
During the year the Company entered into following related party transactions with the following. The
fi gures for the last year are mentioned in Bracket at the bottom of Amount column.
Sr.
No.
Name of Related
Party
1. KPIT Infosystems
GmbH, Germany
2. KPIT Infosystems
Inc.
3. KPIT Infosystems
GmbH, Germany
Sr.
No.
Name of Related
Party
1. KPIT Infosystems
GmbH, Germany
2 KPIT Infosystems
Inc.
3. KPIT Infosystems
GmbH, Germany
Description of
Relationship
Nature of
Transaction
Holding Company Investment in
Equity
Holding Company Reimbursement of
expenses to UK
Fellow subsidiary
of holding
company
Description of
Relationship
Reimbursement
of expenses from
Germany
Nature of
Transaction
Holding Company Investment in
Equity
Holding Company Software
Consultancy
charges payable
Fellow subsidiary
of holding
company
Reimbursement
of expenses from
Germany
The previous years fi gures are shown in brackets.
Amount of Balance as at
Transaction March 31, 2011
(`)
(`)
3,162,000 3,162,000
3,244,240 (3,244,240)
332,451 332,451
Amount of Balance as at
Transaction March 31, 2011
(Euro) (Euro)
50,000 50,000
52,719 (52,719)
5,257 5,257
44
5. The Company is a wholly owned subsidiary of KPIT Infosystems Inc., USA. The accounts have been
prepared and audited to attach to the accounts of KPIT Cummins Infosystems Limited, the holding
company to comply with the provisions of Section 212 of the Companies Act, 1956 in India.
6. The above fi nancial statements 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 Group Accounts. However, no separate audit report is given in respect
of the Company. An audit report for the Group is issued by Deloitte Haskins & Sells and is included
in its fi nancial statements.
For and on behalf of the Board of Directors
Munich Guven Kivran
April 24, 2011 Managing Director