Connected world - KPIT Cummins

Sr.
No.
KPIT Infosystems Limited, UK
Name of Related Party Description of
Relationship
11. KPIT Infosystems Inc. Fellow subsidiary
of Holding
Company
12.. KPIT Infosystems Inc. Fellow subsidiary
of Holding
Company
13.. KPITGBS [Merged
with KPIT Cummins
Infosystems Ltd. Effective
March 1, 2011
14.. KPITGBS [Merged
with Kpit Cummins
Infosystems Ltd. Effective
March 1, 2011
Fellow subsidiary
of Holding
Company
Fellow subsidiary
of Holding
Company
15.. Solvcentral.com, USA Fellow subsidiary
of Holding
Company
16. Sparta Consulting Inc.,
USA
Fellow subsidiary
of Holding
Company
17. In2Soft GmbH Germany Fellow subsidiary
of Holding
Company
18. KPIT Infosystems
Central Europe Sp.z.o.o.
[Merged with KPIT
Cummins Infosystems
Ltd. Effective
March 1, 2011
19. KPIT Infosystems Central
Europe Sp. z.o.o.[Merged
with KPIT Cummins
Infosystems Ltd. Effective
March 1, 2011
Fellow subsidiary
of Holding
Company
Fellow subsidiary
of Holding
Company
20. Pankaj Sathe Key Management
Personnal
21. Kishor Patil Key Management
Personnel
The fi gures for the previous year are shown in brackets.
Nature of
Transaction
Reimbursement
of Expenses from
USA
Reimbursement of
Expenses to USA
Reimbursement
of Expenses from
GBS
Reimbursement of
Expenses to GBS
Reimbursement of
Expenses
Reimbursement of
Expenses
Reimbursement of
Expenses
Reimbursement
of Expenses from
KPPL
Reimbursement
of Expenses to
KPPL
Salary &
Reimbursement of
Expenses
Salary &
Reimbursement of
Expenses
Amount of
Transaction
[GBP]
123,192
[131,450]
Nil
[1,561]
26,157
[26,157]
2,145
[2,145]
Nil
[354]
104,337
[Nil]
45,103
[Nil]
Nil
[Nil]
NIL
[Nil]
253,755
[261,448]
16,966
[16,926]
Balance as at
March 31, 2011
[GBP]
29,807
33,008
1,825
[1,825]
Nil
[354]
104,337
[Nil]
45,103
[Nil]
Nil
[17,468]
(22,220)
[(44,541)]
NIL
[NIL]
6
7. Advances recoverable in cash or in kind or value to be received include ` 1,150,880 (Previous year
` 2,069,704), GBP 16,000 (Previous year GBP 28,774) towards loan given to the Director, Projects
and Services. The maximum balance outstanding during the year is ` 2,069,704 (Previous year `
2,315,044) GBP 28,774 (Previous year GBP 31,774)
8. Income Taxes
No provision for Income Tax has been made in view of the signifi cant accumulated carried
forward losses. On the grounds of prudence deferred tax asset has not been created on the timing
differences arising on account of signifi cant carried forward losses.
9. Disclosure relating to Deferred Income Tax
During the year, the Company has computed deferred tax in accordance with AS-22 on Taxes on
Income issued by the Institute of Chartered Accountants of India. However, the net deferred tax
Asset is GBP 265,451/- (Previous GBP 189,775/-) has not been recognized in the books of account
on account of consideration of prudence.
The effect of signifi cant timing difference that results in deferred tax asset & liability as at the end
of the year as given below.
(GBP)
Nature of timing difference 2010-11 2009-10
Decpreciation (8,108) (8,575)
Carried forward losses 641,241 641,328
Nature of timing difference 2010-11 2009-10
Depreciation (583,235) (648,699)
Carried forward losses 46,124,465 48,516,463
10. 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.
11. The previous year’s fi gures have been regrouped, wherever necessary, to conform to the current
Year’s classifi cation.
12. During the year KPIT Infosystems Ltd., UK fully repaid loan taken from KPIT Cummins Infosystems
Ltd. amounting to GBP 250,000
13. The Company is a wholly owned subsidiary of KPIT Cummins Infosystems Limited. The accounts
have been prepared and audited to be attached to the accounts of KPIT Cummins Infosystems
Limited, the holding company to comply with the provisions of Section 212 of the Companies Act,
in India.
For and on behalf of the Board of Directors
Pune Kishor Patil
April 25, 2011 Chairman
(`)