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Sup raj ItS5* r ' nB '999 - 2000
H I S T O R I C A L M I L E S T O N E S
& Incorporated in 1985,& Commercial Production started for high quality Cables in 1987
in technical collaboration ivith Toh Fon Machine Co. Ltd. andwith equity participation of TVS Suzuki.
& New unit for diversification to manufacture Bulk drugs,Intermediates and Speciality Chemicals in 1992 under SuprajitChemicals Pvt. Ltd., in collaboration with D & O ChemicalsInc. U.S.A.
& New unit for expansion of production capacity for cables in1994.
Converted into a Public Limited Company in 1995.
& Successful initial Public Issue of equity in 1995, Shares listedin Bangalore. Ahmedabad and Madras Stock Exchanges.
& New unit for speedometers fully commissioned in 1998 in technicalcollaboration with Chao Long Motor Parts Corp.
& Second largest manufacturer of Automotive Cables in India.
& ' Recognised by KSFC as an outstanding enterprise of the state.Acquired 4 sick units from KSFC to convert into successfulprojects.
ft Achieved a turnover of Rs. 260.00 million in 1999-2000 (expectedturnover 2000-2001 Rs. 310.00 million)
ft Certified ISO-9002 in 1998 for cable Division, in 1999 for SpeedometerDivision, and in 2000 for Suprajit Chemicals Pvt. Ltd.
Launched QS 9000 programme in 2000.
& Sales grew from Rs. 0.30 million in 1987 to Rs. 260.00 millionin 1999-2000. Compounded year to year growth of 40%.
i3 r Major investment in Winners Computer Services Private Limitedan IT solution provider in Bangalore in 2000, making Winnersthe second subsidiary.
^ /
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SuprajitEngineeringLimited
FINANCIAL HIGHLIGHTS
Rs.
Particulars
Total Income
Share Capital
Reserves & Surplus
Gross Assets
Total debt
Net worth
Capital Employed
Profit before tax
Profit after tax
Cash EPS (Rs.)
EPS (Rs.)
R O C E (%)
Book Value per share (Rs.)
Debt Equity Ratio
Dividend (%)
1996 1997 1998 1999
744.67 890.77 1384.41 2001.94
282.79 279.09* 279.09 279.09
349.38 416.98 478.69 551.07
535.36 775.21 991.73 1089.40
341.34 451.89 611.62 488.45
532.74 607.65 680.38 763.78
825.96 967.97 1105.68 1182.76
89.87 94.37 135.00 205.36
7 5 . 9 1 94.37 135.00 154.01
4.58 5.55 7.63 8.53
3.17 3.38 4.83 5.51
10.88 9.74 12. 20 17.36
18.84 21.77 24.38 27.37
0.53 0.64 0.80 0.58
20.00 20.00 22.00 24.00
In Lacs
2000
2574.43
279.09
658.12
1129.63
754.22
881.85
1250.61
298.89
202.50
10.46
7 . 2 5
23.89
31.60
0.80
30.00
* Post forfeiture
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1 < ? < / < f - 2000
"\
BOARD OF DIRECTORS
M R B PunjaChairman
S R SinghDirector - K S F C Nominee
M Jayarama ShettyDirector
K Ajith Kumar RaiManaging Director
Medappa Gowda JCompany Secretary
T R Varadarajan & AssociatesChartered AccountantsAuditors
REGISTERED OFFICE
Plot No. 100Bommasandra Indl. AreaBANGALORE - 562 158.
WORKS
Cable Division:Plot No. 100 & 132Bommasandra Indl. AreaB A N G A L O R E - 562 158.
Instrument Division:No. 25, 26, 27A (Part)Doddaballapur Indi. AreaB A N G A L O R E - 561 203.
BANKERSSyndicate BankMillers Road BranchB A N G A L O R E - 560 0 5 2 .
IDBI Bank LimitedIDBI HouseMission RoadBangalore - 560 027
Canara BankBommasandra BranchB A N G A L O R E - 562 158
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SuprajitEngineeringLimited
C O N T E N T S
P a g e Nos.
Notice 1
Directors' Report 3
Auditors' Report 8
Balance Sheet 11
Profit and Loss Account 12
Schedules 13
Notes forming part of Accounts 20
Statement pursuant to section 212 26of the Companies Act, 1956
; Subsidiaries :
Suprajit Chemicals Private Limited 27
Winners Computer Services Private Limited 46
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- 2000
NOTICE
NOTICE is hereby given tha t the Fifteenth Annual General Meeting ofSuprajit Engineering Limited will be held at the Registered Office of theCompany at No. 100, Bommasandra Industrial Area, Anekal Taluk,Banga lore - 562 158, on Sa tur da y, the 29th July 20 00 at 11.00 A.M . totransact the fol lowing business:
ORDINARY BUSINESS:
1. To receiv e, con si der and ad op t the Audited Balance Sheet as at 31st March2000 and the Profit and L o s s Account for the year ended as on tha tdate together with the Reports of Directors and Auditors ther eon.
2. To declare dividend.
3. To appoint a Director in place of Mr. M R B Punja who retires by rotat ion,an d being eligible, offers himself for re-appointment.
4. To ap poi nt Audi tor s of the Company and a uthor is e the Board to fix theirremuneration.
By order of the Boardfor SUPRAJIT ENGINEERING LIMITED
P l a c e : Bangalore MEDAPPA GOWDA JDate: 25th Ma y 2000 Company Secretary
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SuprajitE n g i n e e r i n gLimited
N O T E S
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED
TO APPOINT ONE OR M O R E P R O X I E S TO ATTEND AND VOTE INSTEAD OFHIMSELF/HERSELF A N D SUCH P R O X Y N E E D N O T B E A M E M B E R O F T H ECOMPANY. PROXIES IN ORDER TO BE EFFECTIVE, MUST BE RECEIVEDAT THE REGISTERED OFFICE OF THE C O M PA N Y AT LEAST 48 HOURS B E F O R ETHE MEETING.
2. The Register of Members and the Share Transfer Books of the Companyremain closed from 28th July 2000 to 29th July 2000 (both daysinclusive) .
3. Dividend, if any, tha t may be declared at the meeting will be paid tothose Members, whose names appear in the Company's Register of
Members as on 29th July 2000.
4. Interim dividend of 24% was declared by the Board on 8th March 2000and dividend warrants were despatched during April 2000.
5. Members are requested to notify the change of address, if any, to theCompany.
6. Members ar e requested to quote the folio numbers in all correspondence.
7. All correspondence in respect of t ransfer of shares shall be addressedto the Registered Office of the Company.
8. Members ar e requested to bring copy of the Annual Report along withthem to the Annual General Meeting.
By order of the Boardfor SUPRAJIT ENGINEERING LIMITED
Place: Bangalore MEDAPPA GOWDA JDate: 25th M ay 2000 Company Secretary
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/^ _ SOO'O
DIRECTORS'
Yo u r Directors h a v e p l e a s u r e in p r e s e n t i n gth e Audited A c c o u n t s of the C o m p a n y for
REPORT
their Fifteenththe y e a r e n d e d
FINANCIAL RESULTS: (Rs. in1999-2000
G r o s s Income 2574.43
Profit before interest,depreciation and tax
L e s s :
Interest
Depreciation
Profit before tax
L e s s :
Provision for Income Tax
Profit after Tax
A d d :
Surplus brought forward from last year
L e s s :
Provision for Income Taxfor e a r l i e r y e a r s
P r o f i t a v a i l a b l e fo r a p p r o p r i a t i o n safter adjustment .of earlier year
APPROPRIATIONS:
a) Interim dividend @ 24%Tax on Interim Dividend
b) P r o p o s e d F i n a l D i v i d e n d @ 6%( 2 4 % p r e v i o u s year)
Tax on F i n a l D i v i d e n d
c) Transferred to General R e s e r v e
d) B a l a n c e c a r r i e d to B a l a n c e S h e e t
434.24
56.85
78.49
298.90
96.38
202.52
63.70
0.66
265.56
66.98
7.36
16.74
3.68
100.00
70.80
^
Annua l Report a n d
3 1 s t March 2000 .
l a k h s )
1998-99
2001 .94
348.95
7 0 , 5 4
73.04
205 .36
51 .35
154.01
61.33
7 . 9 5
207 .39
_
66.98
6 . 6 9
7 0 . 0 0
6 3 . 7 0
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SuprajitEngineeringLimited
DIVIDEND:
A n interim di v id end of 24% (Rs. 2.40 per equity share of Rs. 10/- each)has been paid for the year. Your Directors hav e pleasure in recommendingfinal dividend of 6%, making total dividend for the year at 30%. ( Rs. 3.0 0per equity share of Rs. 10/- each).
OPERATIOMS:
Automotiv e ind ustry witn es sed a turna round during the year. Wh il e fourwheeler / heavy vehicles segment recorded growth of 28%, two / three wheelersh ad a growth of 11% over the p rev ious year.
Your Company recorded a g r o s s income o f R s . 2574.43 l a k h s a s agains tR s . 2001.94 lakhs during 1998-99 recording an increase of 28%. Profi t befor e
interest, depreciation and tax increased by 24% from Rs. 348.95 lakhs toR s . 434.24 lakhs. T h e n e t profit amounted t o R s . 202.50 lakhs againstR s . 154.01 lakhs recording an increase of 31%.
During the year, ex po rt s i ncr ea se d to Rs. 39.41 lakh s agai ns t Rs. 14.69 lak hso f previ ous year. Speedom eter di vi si on add ed s a l e s o f R s . 445.54 lakhsaga ins t R s . 291.09 lakhs o f previous year.
Yo u r Directors ha ve pleasure in in formin g you that the growth rate of yourCompany has surpassed that of the industry on a year to year basis for thepast many years.
C U R R E N T YEAR:
Your Company, during the current year would focus on consolidation combinedwith growth. T h e order p o s i t i o n fo r both C a b l e a s w e l l a s Speedometerdivision is satisfactory.
Yo u r Company is in the p r o c e s s of expanding capacities of the C a b l e Divisionand adding b a l a n c i n g equipments at the Speedometer Division during the year.The Directors are confident that your C o m p a n y will grow at a healthy rateand will perform satisfactorily during the current year.
SUBSIDIARY COMPANIES:
Yo u r Directors have p l e a s u r e in informing that the Company has madea maj or i nv estment in the equity ca pi ta l of Informa tion Technolog y soluti onproviding Company - W i n n e r s Computer S e r v i c e s Private Limited. Theinvestment is scheduled in a phased manner. As of 31st March 2000 yourCompan y has in ves ted Rs. 84.15 lak hs to acqui re 51% sha re hold in g inWinners making it a subsidiary of your Company. Your Company has alsocommi tted to mak e add iti ona l in ves tments in the equity of the Com pa nyto expand it s operations.
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- 2000
Winners has an attractive business model. The Directors ar e confidenttha t investment made in the subs id ia ry will add to shareho lder va lues andbenefit in the years to come. Subsequent to the major i ty shareho ld ing 'in the subsidiary, th e name of the Company is being changed to SUPRAWIN
TECHNOLOGIES LIMITED.
Th e Audited Accounts together with th e statement as required under Section212 of the Com pa ni es Act, 1956 of Suprajit Ch emi cals Private Limitedand Win ners Computer Serv ices Private Limited are attached to this Annua lReport. The subs id ia ries have perform ed sa t i s fac to r i ly.
DEPOSITS:
The Company has accepted deposits of Rs. 7.14 la kh s pursua nt to provisionsof Section 58-A of the Com pa ni es Act, 1956 a nd Companies (Acceptance ofDepos it s) Rules 1975 dur in g the year. As on 31st M ar ch 200 0, there was no
outstanding deposi t due for payment .
INFORMATION PURSUANT TO SECTION 217(l)(e) OF THE COMPANIES ACT, 1956.
The in format ion as required under th e above section is given in Annexure andforms part of this Report.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIESACT, 1956.
The information as required under th e above section is given in Annexure andforms part of this Report.
INDUSTRIAL RELATIONS:
The relations with employees continued to be cordial throughout th e year. YourDirectors wish to place on record their sincere appreciat ion for the excel lentteam sp i r i t d i s p l a y e d by the employees at all levels .
DIRECTORS:
Mr . M.R.B. Punja retires by rotation and being eligible, offers himself for re-appoin tment .
Mr. Diwakar S Shetty tendered. h is res igna t ion from th e Board during th eyear. The Board ha s accepted the res ig na tion an d wish es to record itsap pr ecia tio n of v a lu a bl e ser vi ces rend ered by Mr. Diwaka r S Shetty to theCompany during his tenure as Director of the Company.
AUDITORS:
Messrs . T.R. Vara da ra ja n & Associ ate s, Cha rtered Accountan ts, retire as Auditorsof th e Company and, being eligible, offer themselves fo r re -appoin tment .
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"\ Sup raj it*?l Engineering
' - *_ Limited
ACKNOWLEDGMENT:
Your Directors wish to thank Synd icate Bank, KSFC, IDBI Bank Ltd. Canara
Bank and KSIIDC for their cont inued support an d ass is t ance. Your Directorsalso wish to place on record the i r grat i tude to the customers , dis t r ibu tors ,
dea le r s , v e n d o r s an d inves to r s for the i r continued a n d va lued suppor t .
For and on behalf of the Board
Place: B a n g a l o r e
Date: 25th May 2000
M.R.B. PUNJA
Chairman
ANNEXURE TO THE DIRECTORS' REPORT
PARTICULARS OF EMPLOYEES UNDER SECTION 217 (2-A) OFTHE COMPANIES ACT, 1956.
1. Name
2. Des igna t ion
3. Age
4 . Qual i f i ca t ion
5. Exper i ence
6. Date of Commencement of Job
7. Remuneration
8. Last Employment held
9. Nature of Employment
K Ajith Kumar Rai
M a n a g i n g Director
41 years
B.E. M.A.Sc. ( C a n a d a )
15 years
24.05.1985
R s . 8,55,075/-
Research a n d Te a c h i n g A s s i s t a n tTechnical Universi ty of Nov as cot ia ,C a n a d a .
Contractual
Note : Remun erati on includes sa lar y and value of perqui sites
For and on behalf of the Board
Place: B a n g a l o r eDate: 25th M ay 2000
M.R.B. PUNJAChairman
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- 2000
ANNEXURE TO THE DIRECTORS' REPORT
INFORMATION PURSUANT TO SECTION 217(l)(e) OF THE COMPANIES
ACT, 1956
1. CONSERVATION OF ENERGY:
The Company ha s taken al l possible measures to conserve energy on acontinuous basis. Energy saving measures are being implemented.
2. TECHNOLOGY ABSORPTION:
a) RESEARCH AN D DEVELOPMENT:
Your Company ha s developed special ised cables for the automotive
sector during th e year apart from developing various c a b l e sfor two wheeler industry. Your Compa ny has full f ledgeddevelopmental team to develop both cables as well as speedometersto varying custome r requirem ents.
b) TECHNOLOGY ABSORPTION, ADAPTATION, INNOVATION AN DPARTICULARS OF IMPORTED TECHNOLOGY:
The technical col laborat ion with Chao Long Motor Parts Corp., Taiwanfor speedometer continues. There ha s been a close interaction withthe collaborators in terms of exchange of technical data an d Know-how. These processes of absorption an d adaptation of technology
will continue for complete absorption of instrument technology duringthe tenure of the collaborat ion.
3. FOREIGN EXCHANGE EARNINGS AND OUT FLOW:
( R s . in l akhs)
1999-2000 1998-99
a. Earnings 39.41 14.68(FOB Value o f Exports)
b. Out flow: 181,64 122.56
( i n c l u d e s impor t ofmachiner ies , rawm a t e r i a l s , t r a v e l l i n ge x p e n s e s , t rade fa i re x p e n s e s , royalty etc .)
For and on behalf of the Board
P l a c e : B a n g a l o r e M.R.B. PUNJADate: 25th Ma y 2000 Chairman
V J
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Sup raj itEngineer ingLimited
AUDITORS' REPORT
The Shareholders ofSUPRAJIT ENGINEERING LIMITED
W e have audited th e attached Balance Sheet of SUPRAJIT ENGINEERINGLIMITED as at 31st March 2000 and a l s o the Profit an d Loss Account forth e year ended on tha t date annexed thereto and report that :
1. We have obtained al l the information an d explanations which, to the bestof our knowledge and belief, were considered necessary for the purposeof our audit.
2. In our opinion, proper books of account, as required by law have beenkept by the Company, so far as appears from our examina t ion of the ibooks. |
3. In our opinion the Profit and Loss Account and the B a l a n c e Sheet Comply jwith th e Accounting Standards referred to in sub section (3C) of Section i211 of the Companies ACT, 1956. j
4. In our opinion and to the best of our information an d according toth e exp lana t ions g iven to us, the said accounts subject to andread with th e notes thereon g i v e th e information required by theCompanies Act, 1956 in the manner so required an d give a true an d
fa i r view ;
a. in the c a s e of the B a l a n c e Sheet of the state of a f f a i r s of theCompany as at 31st March 2000, an d
b. in the case of the Profit an d Loss Account of the profi t ofth e Company for the year ended on tha t date.
A s required by the Manufac tu r ing and Other Comp an ies (Auditor's Report) Order,1988 issued by the Central Government in terms of Section 227 ( 4 A ) of theCompanies Act, 1956, we further report tha t :
i) The C o m p a n y has maintained proper records to show full part icuiarsincludin g quant i ta t ive detai ls and situation of fi xed as set s which werephys ica l ly verified by the management at reasonab le in te rva l s and nomateria l d is crep an cies were noticed on such verification.
None of the f ixed assets have been revalued during th e year.
The stocks of finished goods, stores, spare parts and raw materialshave been physically verified by the management at reasonab leintervals .
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- 2000
iv ) In our opinion, the procedures for physical verif icat ion of stocks fol lowedby the management ar e reasonable an d adequate in relat ion to thes i z e of the Company and the nature of its business.
v) No material dis crep anci es have been noticed on physical verificationof stocks as compared to book records.
vi) In our opi ni on, the valuation of stocks is fair an d proper in accordancewith the normally acc epte d accoun ting principles and is on the sameb a s i s as in the preceding year.
vii) According to the information and explanations given to us, the Companyh a s not, during th e year, taken / granted any loans, secured orunsecured, from / to companies, firms or other parties listed in theregisters maintained under Section 301 of the Com pan ies Act, 1956,
where the rate of interest / and other terms an d condit ions of suchl o a n s ar e prima facie prejudicial to the interests of the Company. Weare informed that there are no Companies under th e samemanagement within the meaning of Section 370(16) of theComp anie s Act, 1956.
v i i i ) A d v a n c e s have been give n only to the e m p l o y e e s who are repaying |the principal amount as st ipulated. No interest is charged on sucha d v a n c e s .
ix ) In our opinion and accord ing to the information and explanat ionsgiven to us, there is adequate internal control procedures commensuratewith th e size of the Company and the nature of its business withregard to purchase of stores, ra w materials including components,plant and machinery, equipment an d other assets and for the saleof goods.
x) According to the information and explana t ions g iven to us, the Companyh a s not entered into an y t ransac t ion of purchase of goods an d materialsand s a l e of goods, materials and services, made in pursuance of contractsor arrangements entered in the register maintained under Section 301of the Com pan ies Act, 1956 an d aggrega t ing to Rs. 50,000 or moreduring the year in respect of each party.
xi) According to the information and explanat ions given to us by themanagement, the Company did not have an y unserviceable or damagedstores, raw materials or f inished goods.
xii) The Company has not accepted an y deposi ts from the public.
In our opinion, reasonable records have been maintained by theCompany for the sale and d i s p o s a l of scrap. The Company has noby-products .
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Sup raj itEngineeringLimited
^xiv) The Company, in our opinion, has an internal audit-system commensurate
with the size and the nature of its business.
xv) We have been informed that th e Central Government has not prescribedmaintenance of cost records under Section 209(1) (d) of the CompaniesAct, 1956.
xvi) The Company ha s been generally regular in depositing Provident Fundan d Emplo yees State Insurance dues with th e appropr ia te authorities.
xvi i ) No undisputed amount of t axes or duties were outstanding as on 31stMarch 2000, for a period of more than six months from the date theybecome payable.
xviii) Accord ing to the information an d explanat ions given to us, nop e r s o n a l expenses of e m p l o y e e s or directors have been charged to therevenue account of the Company other than thos e paya ble undercontractual obligation, or in accordance with the generally acceptedb u s i n e s s pract ice.
xix) The Company is not a 'Sick Industrial Company' within the meaningof Clause (O) of Sub-sect ion (1) of Section 3 of the Sick IndustrialC o m p a n i e s (Sp eci al Prov isio ns) Act, 1985.
for T.R. VARADARAJAN & ASSOCIATES
Chartered Accountants
P l a c e : Bangalore T.R. VARADARAJANDate: 25th Ma y 2000 Partner
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? < ? < ? < ?- 2000
BALANCE SHEET AS AT 3 1ST MARCH 2000
AS ATSCHEDULE
31.03.2000
SOURCES OF FUNDS:
SHARE HOLDERS' FUNDSShare capital
Reserves & surplus
LOAN FUNDS:
Secured
Unsecured
Total
APPLICATION OF FUNDS:FIXED ASSETS - Gross blockLess: Depreciation
Net Block
INVESTMENTS:
CURRENTASSETS, LOANS & ADVANCES:InventoriesSundry debtors
Cash & bank balancesLoans & advances
Less : Current liabilitiesProvisions
NET CURRENTASSETSMISCELLANEOUSEXPENDITURE(To the extent not writtenoff or adjusted)
Total
Per our report attachedfor T.R. VARADARAJAN& ASSOCIATES
Chartered Accountants
T.R. VARADARAJANPartner
Place : BangaloreDated : 25th May, 2000
Rs. Rs.
1 279090002 65812702
937217023 747086714 714006
75422677
169144379
5 11296399137182484
757815076 10586000
7 9773661
8 54023104
9 75391810 63351970
127902653
11 25423906
12 25238648
77240099
13 5536773
169144379
For and on behalf of the Board
M.R.B. PUNJA K. AJITH
AS AT
31.03.99 Rs.
27909000
55107317
83016317
46639161
2206606
48845767
131862084
108940366
29332535
79607831
2000600
8545575
39786605
677678820808352
75917320
17680672
14621538
436151106638543
131862084
KUMAR RAIChairman Managing Director
MEDAPPA GOWDA JCompany Secretary
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^ SuprajitEngineeringLimited
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2000
SCHEDULE
YEAR ENDED
31.03.2000Rs.
YEAR ENDED31.03,99
Rs.
I N C O M E :SalesOther incomeIncrease/(decrease) in stock
Tota!
EXPENDITURE
Raw materials & components consumedExcise duty
Payments to & provision fo r employeesManufacturing & other expenses
Total
14
1516
17
1819
Profit before interest & .depreciationLess: Interest 20Profit before depreciationLess: Depreciation 5Profit before ta xLess: Provision fo r taxationProfit after ta xBalance brought forwardLess provision for Income Tax forearlier yearsProfit available fo r appropriationAPPROPRIATIONS:
Dividend - Interim - 24%Tax on Interim DividendProposed Dividend - Final 6% (24% previous year)Provision for Tax on Final DividendGeneral reserveBalance carried to Balance sheetNOTES 21
254658218
1510843
1274080
257443141
138248796
34918901
1160081729250160
214018674
43424467
5685417
37739050
7849949
29889101
9638837
20250264
6370891
66982
26554173
6698160
736798
1674540
368399
10000000
7076276
197975878
1475303
743805
200194986
111467611
25183101
914245019506274
165299436
34895550
7054512
27841038
7304230
20536808
513538115401427
6133237
795797
20738867
6698160
669816
7000000
6370891
Per our report attachedfor T.R. VARADARAJAN& ASSOCIATES
Chartered AccountantsFo r and on behalf of the Board
T.R. VARADARAJANPartner
Place : BangaloreDated : 25th May, 2000
M.R.B. PUNJAChairman
K. AJITH KUMAR RAIManaging Director
MEDAPPA GOWDA 3Company Secretary
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- 2000
SCHEDULES TO BALANCE SHEET
AS AT
31.03.2000Rs.
' ASAT
31.03.99
Rs.
SCHEDULE - 1
SHARE CAPITAL
AUTHORISED:
3500000 Equity Shares of Rs. 10/- each
ISSUED AND PAID UP:
2790900 Equi ty Shares of Rs. 10/- each
Total
SCHEDULE - 2RESERVES & SURPLUS:Share premium accountForfeited shares accountState subsidy
GENERAL RESERVE:As pe r last Balance SheetTransferred from Profit & Loss Account
SURPLUS BEING BALANCEIN PROFIT & LOSS A/C.As per last Balance SheetAdded during the year
Total
SCHEDULE - 3SECURED L O A N S :KSFC & KIADB - Term LoansSyndicate Bank - OverdraftSales Tax (Deferred)
Total
SCHEDULE - 4
UNSECURED LOANS
Deposit received
Total
35000000
27909000
27909000
32553500
1045500
581650
34180650
14555776
iOOOOOOO
24555776
6370891
705385
7076278
65812702
16350000
43368448
14990223
74708671
714006
714006
35000000
27909000
27909000
32553500
1045500
581650
34180650
7555776
7000000
14555776
6133237
237654
6370891
55107317
27292500
11378567
7968094
46639161
2206606
2206606
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Supra j i tE n g i n e e r i n gLimited
AS AT31.03.2000
Rs.
AS AT31.03.99
RS.
SCHEDULE - 6
INVESTMENTS
In subsidiary Companies
Suprajit Chemicals Private Limited 2000000 2000000(Un-quoted) 20000 Equity Shares of Rs. 100/- each (at cost)
Winners Computer Services Private Limited 8415000 (Un-quoted) 510000 Equity Shares of Rs. 10/- each (at cost)
Syndicate Bank - Equity Shares (Quoted) 171000 17100 Equity Shares of Rs. 10/- each
Others
National Savings Certificates & 600Indira Vikas Patra
To t a l 10586000 2000600
SCHEDULE - 7
INVENTORIES
R aw materials & stores (at cost) 4991804 5037798
Work in process ' 3241135 2342784
Finished goods 1540722 1164993
To ta l 9773661 8545575
SCHEDULE - 8
SUNDRY DEBTORS
Unsecured, considered good:
Debts outstanding for a period 799211 837717
exceeding 6 months
Other debts 53223893 38948888
To ta l 54023104 39786605
SCHEDULE - 9
CASH & BANK BALANCES
C a s h on hand 183640 92971
With scheduled banks:
In current account 70278 5998286
In deposit account with Syndicate Bank 500000 685531
Tota l 753918 6776788
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- 2000
AS AT31.03.2000
Rs.
AS AT31.03.99
Rs.
SCHEDULE - 10
LOANS & ADVANCES
(Unsecured, C onsidered Go od)Advance recoverable in cash orin kind or value to be receivedBalance with excise & other authorities:Advance income taxShort term investments and others
Total
S C H E D U L E - 11
C U R R E N T LIABILITIES
Sundry creditorsOther liabilities
Total
SCHEDULE - 12
PROVISIONS
Interim dividendProposed final dividendProvision for tax on final dividendProvision fo r Income Tax
Total
SCHEDULE - 13
MISCELLANEOUS EXPENDITURE;
(To the extent no t written off or adjusted)
Capital issue expensesTechnical know ho wDeferred expenses
To t a l
3263133
2169787
16635496
41283554
63351970
19348462
6075444
25423906
66981601674540
368399
16497549
25238648
3473000
4837771
7002163
5495418
20808352
13133657
4547015
17680672
6698160
669816
7253562
14621538
3154116
2214992
167665
5536773
3784940
2657992
195611
6638543
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' SuprajitEngineeringLimited
SCHEDULES TO PROFIT & LOSS ACCOUNTYEAR ENDED
31.03.2000
Rs.
YEAR ENDED
31.03.99
R S ,
SCHEDULE - 14
S A L E S
DomesticExport
Excise Duty Collected
215798140
3941177
219739317
34918901
2546S8218
171323964
1468813
172792777
25183101
197975878
S C H E D U L E - 15OTHER INCO ME
Sale of scrapDividendConversion chargesShort term capital gain
Tota l
204152
1131427
104457
70807
1510843
96079
400000
979224
1475303
SCHEDULE - 16
INCREASE / (DECREASE) IN STOCK
Closing Stock :Finished goodsWork-in-process
Less: Opening stockFinished goodsWork-in-process
Net increase/(decrease)
SCHEDULE - 17
CONSUMPTION OF RAW-MATERIALS & STORESOpening stockAdd: Purchases
Less: Closing stock
Total
1540722
3241135
4781857
1164993
2342784
3507777
1274080
5037798
138202802
143240600
4991804
138248796
1164993
2342784
3507777
910913
1853059
2763972
743805
9087843
107417566
116505409
5037798
111467611
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SCHEDULE - 18
PAYMENTS TO & PROVISIONS FO R EMPLOYEES
Salaries wages & other benefitsManager ia l remunerat ionEmployers ' contribution to Provident FundEmployers ' contribution to E.S.I .C.Gratui tyWelfare expenses:
Total
SCHEDULE - 19
MANUFACTURING & OTHER EXPENSES
Power & fuelPrinting & stationeryCommunicationRent rates, taxes & insuranceDirector's sitting feesTravelling & conveyanceProfessional chargesSecurity charges
Repairs & MaintenanceBuildingMachineryOthers
Auditors remunerationAdvertisement & sales promotionFreight chargesDiscountR & . D ExpensesRoyaltyBank Charges
Loan processing & upfront charges:Entertainment expensesMiscellaneous ExpensesEXPENSES WRITTEN OFF:
Share issue expensesTechnical know howDeferred revenue
Total
YEAR ENDED31.03.2000
Rs.
8286610
819605
518895
151903
184450
1639354
11600817
3176119
669266
770113
2340345
5500
1857872
368627
468952
1656043
3472705
2572083
52500
1450014
2530950
4826034
139462
1140133
260325
12150055819
214028
630824
443000
27946
29250160
YEAR ENDED31.03.99
Rs.
6697309
339037
445066
142324
67525
1451189
9142450
3109954
453429
678352
21642236000
1952314182040
491509
980122
22376262063225
45000539922
1825322315279
198118
434915212226
19075061438
262740
630824
443000
27946
19506274
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SuprajitEngineeringLimited
SCHEDULE - 20
INTEREST
On loansj On overdraft & bills discounted
On others
Less : Interest earned on deposits
YEAR ENDED31.03.2000
Rs.
YEAR ENDED31.03.99
Rs.
2636261
3747664
182205
6566130
880713
4793481
2558676
267619
7619776
565264
5685417 7054512
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SCHEDULE-5
FIXED ASSETS
D E S C R I P T I O N
L a n d
B u i l d i n g s
P l a n t a n d m a c h i n e r i e s
E l e c t r i c a li n s t a l l a t i o n s
F u r n i t u r ea n d f i x t u r e s
Office e q u i p m e n t s
M o t o r v e h i c l e s
Te c h n i c a l k n o w - h o w
To t a l
P r e v i o u s y e a r
G R O S S B L O C K
A S AT A D D I T I O N S A S AT01 .04 .99
2260902
16876597
81737800
3347364
1005901
2080509
1436167
195127
108940366
99173100
F O R THE 31.3.2000
Y E A R
78010 2338912
- 16876597
2635622 84373422
- 3347364
- 1005901
1231200 3311709
78792 1514959
- 195127
4023624 112963991
9767267 108940366
DEPRECIATION
A S AT01.04.99
-2413428
23923364
1025385
285318
891111
598802
195127
29332535
22173362
D ELETI O N F O R T H EF O R T H E Y E A R
YEAR
- -- 553829
- 6452435
- 236213
- 60298
- 407516
- 139657
- -
- 7849949
145057 7304230
AS AT31.3.2000
-2967257
30375799
1261598
345616
1298627
738459
195127
37182484
29332535
N E T B L O C K
AS AT AS AT
31.3.2000 31.3.1999
2338912 2260902
13909340 14463169
53997623 57814436
2085766 2321979
660285 720583
2013082 1189398
776500 837365
- -
75781507 79607831
79607831 76999738
5
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SuprajitEngineeringLimited
SCHEDULE - 21
NOTES ON ACCOUNTS:
SIGNIFICANT A C C O U N T I N G POLICIES
G E N E R A L
a) BASIS OF ACCOUNTING:
The Accounts of the Company are prepared under the historical cost
convention and in accordan ce with applicable accounting standards exceptwhere otherwise stated. For recognition of Profits and Losses, Mercantilesystem of Accountin g is fol lowed:
b) REVENUE RECOGNITION:
Revenue from th e s a l e of goods are recognised upon p a s s a g e of titleto the customer which generally coincides with delivery.
c) FIXED ASSETS:
Fixed Assets are stated at cost l e s s accumulated depreciation. The costof an asset comprises it s purchase price and any directly attributable costsof bringing the assets to working condition for its intended use. Expend iturefo r add itions, improvements renewals are cap i ta l i sed and expenditure fo rmaintenance an d repairs ar e charged to the Profit an d Loss Account.
d ) D E P R E C I AT I O N :
The Company ha s been following the straight line method for providingth e depreciation in accordance with th e rates and the manner specifiedin Schedule XIV of the Co mp an ie s Act, 1956.
e) INVENTORIES:
Inventories are valued at cost depending on the nature of various inventoriesas stated in Schedule 7 to the Accounts.
f) GRATUITY:
The Company has made contribution to the separate gratuity fund andpaid the premium to the Life Insurance Corporation of India for a groupgratuity policy.
g) INVESTMENTS:
Investments are stated at cost.
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h) MISCELLANEOUS EXPENDITURE TO THE EXTENT NOT WRITTEN OFF ORADJUSTED:
Expenditure carried forward under this head is being amortised as follows:
i) Fee for use of tec hn ol og y:The expenditure incurred is amortised over ten years commencingwith the year of purchase of the technology.
i i ) Share issue an d preliminary expenses:The above expenses are being written off over a period of ten years.
iii) Deferred rev enue exp en se s:The above e x p e n s e s are written off over th e period during whichbenefits therefrom ar e expected to be derived.
i) CONTINGENT LIABILITIES:
Demand of Income Tax for Rs. 29,36,497.00 in respect of the year 1995-96 against the Company, not acknowledged as debt and not providedfor, in resp ect of whi ch the C omp an y is in ap pea l.
j) The deferred s a l e s tax and turnover tax liabilities ar e treated as securedand shown under secured loans.
k) The loan s from Karnataka State Financial Corporation are secured by Mortgageof land and buildings an d hypothecation of plant and machinery and alsoby the pers onal guara ntee of M a n a g i n g Director.
I) The Ov erdra ft faci li ty from Syndicate Bank is secured by hypothecationof stock of raw materials, semi-finished goods, stores, consumables, book-debts and by the personal guarantee of Managing Director.
m) Man agi ng Director's Remuneration includes salary, perquisites and commiss ion@1% on Pre-tax profit under section 198 of the Companies Act, 1956.
M A N A G E R I A L R E M U N E R AT I O N PAID T O T H E M A N A G I N GDIRECTOR
Salary 3,60,000
Contribution To Provident Fund 43,200H o u s e rent allowance 1,80,000
Commission 2,71,875
Total 8,55,075
Computation of net profit in accordance with section 349 of the CompaniesAct, 1956 for calculation of Commission payable to the M a n a g i n g Director
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n)
o)
p)
SuprajitEngineeringLimited
Profit for the year before taxationas per profi t and L o s s account 2,98,89,101Add;Depreciation as per Books 78,49,949
Managing Director's Remuneration 8,55,075Total 3 , 8 5 , 9 4 , 1 2 5
Less:Depreciation as per Section 350 of theCompanies Act, 1956 1,14,06,665Net Profit as per section 198 of theCompanies Act, 1956 2,7 1, 87,46 0Commission to the Managing Director @1% 2,71,875
The Company has made provision for Income Tax for the year 1999-2000and paid th e advance Income Tax.
Sundry creditors include Rs. 139.82 lakhs due to Smal l S c a l e and anci l laryunderta kin gs. There was no outsta nd in g more than six months to SmallScale Industrial undertakings based on available information.
Additional information pursuant to provisions of para 3, 4C and 4D ofpart II of Schedule VI to the Com pa ni es Act, 1956.
1999-2000
Capacity, Production, Stocks / Turnover:
Not Applicable
1998-99
Licensed capacityInstalled capacity
Cables (Nos.) :Speedometers (Nos.) :
100.00 lakhs
5.00 lakhs
100.00 lakhs
5.00 lakhs
PRODUCTION, DESPATCHES AND CLOSING STOCK DETAILS:
1999-2000
O p e n i n g Stock
Particulars
Control
Speedo
Speedo
Parts of
Speedo
Cables
Cables
Meters
Meters
Qty
56725
6 1 2 7
91
62943
Value
1021050
126126
17817
1164993
P r o d u c t i o n Despatches
Qty
6721281
1994318
136218
8880
8860697
Qty
6698025
1994112
136309
8880
8837326
Value
156480939
49982774
43845350
407978
250717041
C l o s i n g Stock
Qty Value
79981 1439394
6333 101328
86314 1540722
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- 2000
1998-99
Opening Stock Production Despatches Closing Stock
Particulars Q ty Value Q ty Q ty Value Q ty Value
Control Cables
Speedo Cables
Speedo Meters
Parts ofSpeedo Meters
34493 684791 5820914 5798682
8945 208305 1664145 1666963
91 17817 90930 90930
6637 6637
130077818 56725 1021050
38340149 6127 126126
27856803 91 17817
232295 - -
43529 910913 7582626 7563212 196507065 62943 1164993
q) RAW MATERIALS & STORES CONSUMED
Cable Division
Speedometer Division
1999-2000Value
Rs.107030269
31218527
138248796
1998-99Value
R s.94063667
17403944
111467611
(Consumption of raw materials includes imported and indigenous wires, PVC,sleeves, Components, Movements of speedometer etc.)
r)
s)
t)
C.I.F. VALUE OF IMPORTS:Capita l Goods
Raw materials
EXPENDITURE IN FOREIGN CURRENCY:Travelling Expenses ,
Trade Fair Expenses,
& Royalty etc.,
EARNINGS IN FOREIGN CURRENCY:( F O B value of exports)(As certified by the Ma na gem ent)
1999-2000545811
16922534
17468345
696530
3941177
1998-99
5951935
528011911232054
1024779
1468812
NOTE: Prev ious yea r s fi gu re s have been r eg rouped and r e - c l a s s i f i ed whe reve r neces s a ry.
Per our report attachedfor T.R. VARADARAJAN& ASSOCIATES
Chartered AccountantsFo r and on behalf of the Board
PlaceDated
T.R. VARADARAJAMPartner
: Bangalore: 25th May, 2 0 0 0
M.R.B. PUNJAChairman
K. AJITH KUMAR RAIManaging Director
MEDAPPA GOWDA JCompany Secretary
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Suprajit* Engineering
Limited
C A S H F L O W S TAT E M E N T
A. CASH FLOWFROM OPERATINGACTIVITIES:Net profit before tax, initerest & extraordinary itemsAdjustments for:
DepreciationInterestMiscellaneous expenses written off
Operating Profit before working capital changes
Adjustments for:Trade and other receivablesInventoriesTrade payablesInterest paidLoans & AdvancesDirect Taxes paid
Net Cash from Operating Activities
B. CASH FLOWFROM INVESTING ACTIVITIES:Purchase of fixed assets & other Capital ExpenditureInvestments
Net cash used in investing activities
C. CASH FLOW FROMFINANCINGACTIVITIES:
Proceeds from issue of share capitalProceeds from long-term borrowingsDividend paid
Net cash used in Financing Activities
Net change in Cash and Cash Equivalents(A+B+C)Cash and Cash equivalents as at 01.04.1999(Opening Balance)Cash and Cash equivalents as at 31.03.2000(Closing Balance)Previous years figures have been re-groupe d
an d re-classified wherever necessary
( A m o u n t in Rs. )1999-2000 1998-99
29889101
7849949
5685417
1101770
44526237
-14236499-1228086
7743234
-5685417
-32910685
-9633333
-55950786
-11424549
-4023625
-8585400
-12609025
26182460
-8171756
18010704
-6022870
6776788
753918
20536808
7304230
7054512
1101770
35997320
-8233321
3306240
6674787
-7054512
2209510
-2839195
-593649130060829
-9767266
4500
-9762766
-12535743-6753978
-19289721
1008342
5768446
6776788
Per our report attachedfo rT.R . VARADARAJAN&ASSOCIATES
Chartered Accountants
T.R. VARADARAJANPartner
Place : BangaloreDated : 25th May, 2000
For and on behalf of the Board
M.R.B. PUNJAChairman
K. AJITH KUMAR RAIManaging Director
MEDAPPA GOWDAJCompany Secretary
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- 2000
B A L A N C E S H E E T A B S T R A C T & C O M PA N Y ' S G E N E R A L B U S I N E S S PROFI LE(As per Schedule VI of the Companies Act, 1956)
Registration DetailsI. Registration No:
Balance Sheet Date:
Capital Raised during th e Year:
II . Public Issue:
Bonus Issue
III. Position of Mobilisation and Deployment of Funds
Total Liabilities:
Sources of Funds :
Paid Up Capital
Secured Loans
Application of Funds :
Net Fixed Assets
Net Current
Assets
Accumulated Losses
IV. Turnover (incl. stockadjustment & other income)
Profitbefore Tax
Earning pe r share in Rs . 7.25
S ta t e Code :
Rights Issue:
Private Placement:
|Rs. 169144379 | Total Asse t s
Reserves andSurplus
Unsecured Loans
Investments
Miscellaneous
Expenditure
Rs. 169144379
Rs. 65812702 |
Rs. 10586000]
Rs. 5536773
Total Expenditure | Rs.227554040]
ProfitAfter Tax
Dividend Rate
| R s . 2 0 2 5 0 2 6 4|
V. Generic Names of Three Principal Products/Services ofCompany (as per monetary terms)
I tem C o d e N o . |8714|(ITC Code)Product Description Control Cables,
I Speedometer Cables,
Speedometers . I
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S up raj itEngineeringLimited
STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956
RELATING TO SUBSIDIARY COMPANIES
Suprajit ChemicalsPrivate Limited
Winners ComputerServices Private Ltd.
Financial year of thesubsidiary ended on
31.03.2000 31.12.1999
Shares of the subsidiariesheld by the Company on theabove date:
a) Number an d face valueeach fully paid up
20000 EquityShares of Rs. 100 Each
510000 Equity sharesof Rs. 10 Each(as on 31.3.2000)
b) Extent of holding 6 1 . 4 4 % 51%
Net aggregate amount ofprofi ts /f losses) of thesubsidiary so far as theyconcern the members ofth e Company:
a) dealt within the accountsof the Company for the yearended 31st March 2000.
Nil Nil
b) not dealt within th eaccounts of the Companyfor the year ended31st March 2000
Rs. 1808250 Rs . 459960
Per our report attachedfor T.R. VARADARAJAN& ASSOCIATES
Chartered AccountantsFor and on behalf of the Board
T.R. VARADARAJANPartner
Place : BangaloreDated : 25th May, 2000
M.R.B. PUNJAChairman
K. AJITH KUMAR RAIManaging Director
MEDAPPA GOWDA JCompany Secretary
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- 2000
DIRECTORS' REPORT
Your Directors have pleasure in presenting their Ninth Annual Report and theAudited Accounts of the Company for the year ended 31st March 2000.
FINANCIAL RESULTS: (Rs. in1999-2000
Gross Income 177.53Profit before interest, 39.08depreciation and taxLess:
Interest 12.13Depreciat ion 7.28Profit before tax 19.67Less: Provision for t axa t ion 1.58
Profit after tax 18.09Add: Surplus from last year 8.49Provision for income taxof earlier years 0.08
Profi t avai lable for appropr ia t ion 26.50after adjustments of earlier year
APPROPRIATIONS:
lakhs)1998-99
114.62
37.14
15.486.18
15.47
15.475.17
2 0 . 6 5
a) Interim dividend @ 16%
Tax on interim div idendb) Proposed f inal dividend 4%
Provision for tax on Dividend
c) Trans ferred to General Reserved) Ba lan ce carri ed to Balance Sheet
5.20
0.571.300.28
10.009 .15
6.510.655.008.49
DIVIDEND:Your Directors have pleasure in recommending final dividend of 4%. Thisalong with 16 % interim dividend declared earlier, will make th e total div idendfor the year to 20% (Rs. 20.00 per equity share of Rs. 100.00 each).
OPERATIONS:
During the year, your Company's s a l e s in creas ed to Rs. 177.53 lak hs as ag ai ns tRs. 123.91 lakhs during 1998-99 recording an increase of 43.27% The netprofit in crea sed to Rs. 18.08 lakhs against Rs. 15.47 during 1998-99 recordingan increase of 16.87%.
C U R R E N T Y E A R :
The Com pa ny aug men ted the cap aci ties throug h capi tal inv estment of Rs. 26.00lakhs to meet increased customer requirement.
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SUPRAJIT CHEMICALS PRIVATE LIMITED jSUPRAJITA
Your Company is planning to introduce additional bulk drugs an d intermediatesboth for local and export markets. The Directors are confident tha t these newproducts along with the existing range of products will ensure your Company's
growth at a healthy rate for the current year.
DEPOSITS:During the year, the Company accepted deposits from shareholders . As on 31stMarch 2000, there was no outstanding deposit due for payment.
INFORMATION PURSUANT TO SECTION 217(l)(e) OF THE COMPANIES ACT,1956.
The information as required under the above section is given in annexure tothe Director's Report.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2-A) OF THE COMPANIES
ACT, 1956.There was no employee in the Company drawing remuneration in excess ofth e l imits prescribed under Section 217(2A) of the Co mp an ie s Act, 1956.
INDUSTRIAL RELATIONS:The relations with employees continued to be cordial through out the year.Your Directors wish to place on record their sincere appreciat ion for the excellentteam spiri t disp layed by the employees at all levels .
DIRECTORS:
Ms. Premaiatha Punja Director retir es by rotation and, being eligible, offers
herself for re-appointment .
AUDITORS:Messrs. T.R. V ara da raj an & Ass ocia tes, Chartered Accountants , retire as Auditorsof the Company and, being eligible, offer themselves for re-appointment .
ACKNOWLEDGMENT:
Your Directors wish to thank Syndicate Bank and K.S.F.C. for their continuedsupport and assis tance. Your Directors wish to thank Suprajit EngineeringLimited, who have greatly assisted your Company during the year. YourDirectors thank customers, distributors and vendors fo r their continued andvalued support.
For and on behalf of the Board
P l a c e : Banga lore M.R.B. PUNJADate: 25th May, 2000 Chairman
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J < f < ? 9- 2000
ANNEXURE TO THE DIRECTORS' REPORT
INFORMATION PURSUANT TO SECTION 217(l)(e) OF THE COMPANIES ACT, 1956
1.
2.
3.
CONSERVATION OF ENERGY
The Company has taken all possible measures to conserve energy on acontinuous b a s i s . Energy sav ing measur es are being implemented.
TECHNOLOGY ABSORPTION
a) RESEARCH AN D DEVELOPMENT:
Your Comp any 's dev elopm enta l team is activ ely working on dev elopi ngadditional products both for local an d export markets. Your Compan y
has sufficient expertise and technical abilities to develop newproducts as and when required for its developments.
b) TECHNOLOGY ABSORPTION, ADAPTATION, INNOVATION AN DPARTICULARS OF IMPORTED TECHNOLOGY:
Yo u r Company continues to work with the D & O Chemicals Inc.,U S A for developing intermediates for their requirements.
FOREIGN EXCHANGE EARNINGS & OUT FLOW:
Earnings:
Exports(FOB Value of Exports)
Expenditure:
Import of raw materials(C.I.F)
(Rs. in lakhs)
1999-2000 1998-99
54.14 21.97
9.41 3.29
Place: BangaloreDate: 25th May, 2000
F o r and on behalf of the Board
M.R.B. PUNJAChairman
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SUPRAJIT CHEMICALS PRIVATE LIMITED AS U P R A J I T
AUDITORS' REPORT
The Shareholders ofSUPRAJIT CHEMICALS PRIVATE LIMITED
W e have audited the attached B a l a n c e Sheet of SUPRAJIT CHEMICALSPRIVATE LIMITED as at 31st March 200 0 and also the Profit and L o s s Accountfor the year ended on that date annexed thereto and report tha t :
1. We have obtai ned all the in forma tion and e x p l a n a t i o n s which, to the bestof our knowledge an d belief, were considered n e c e s s a r y for the purposeof our audit.
2. In our opinion, proper books of account, as required by law have beenkept by the Company, so far as a p p e a r s from our examination of thebooks.
3. In our opi ni on the Profi t and L o s s Account and the B a l a n c e SheetComply with the Accounting Standards referred to in sub section (3C)of Section 211 of the Comp an ie s Act, 1956.
4. In our opinion and to the best of our information an d according tothe expl an ati ons gi ven to us, the s a i d accoun ts subject to an d read withthe notes thereon give the information required by the Companies Act,1956 in the manner so required an d give a true an d fair view ;
a. in the case of the Balance Sheet of the state of affairs of the Companya s at 31st March 2000, and
b. in the case of the Profit and Loss Account of the profit of theCompany for the year ended on that date.
As required by the Manufacturing an d Other Companies (Auditor's Report)Order, 1988 is sued by the Cen tra l G overn men t in terms of Secti on 227 (4A)
of the Comp an ies Act, 1956, we further report that :
i) The Com pan y has main tained proper records to s h o w full particularsincluding quantitative details an d situation of fixed a s s e t s which werephysically verified by the management at reasonable intervals andno materi al di screp anci es were noticed on such verification.
ii ) None of the fixed assets have been revalued during the year.
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- 2000
iii) The stocks of fin ish ed goods, stores, spa re p arts and raw materialshave been p h y s i c a l l y verified by the management at r e a s o n a b l eintervals .
iv) In our opinion, the procedures for physical verification of stocksfollowed by the management ar e reasonable an d adequate in relationto the s i z e of the Company and the nature of its business.
v) No material di screpa ncies have been noticed on physi cal verifi cationof stocks as comp ar ed to book records.
vi ) In our opinion, the valuation of stocks is fair an d proper in accordancewith the normally accepted accounting principles and is on the sameb a s i s as in the preceding year.
According to the information an d explanations given to us, the Company
h a s not, during the year, taken / granted an y loans, secured or unsecured,from / to companies, firms or other parties listed in the registersmaintained under Section 301 of the Com pa ni es Act, 1956, wher e therate of interest/and other terms an d conditions of such loans ar e primafacie prejudicial to the interests of the Company. We are informedthat there are no companies under the same management within themeaning of Section 370(1B) of the Co mp an ie s Act, 1956.
viii) Adva nces have been giv en only to the employees who are repayingthe principal amount as stipulated. No interest is charged on suchadvances.
ix) In our opinion an d according to the information an d explanations givento us, there is adequate internal control procedures commensurate withthe s i z e of the Company and the nature of its busin ess with regardto purchase of stores, raw materials, plant an d machinery, equipmentan d other assets and for the sale of goods.
x) According to the information and explanations given to us, the Companyh a s not entered into any trans action of purcha se of g o o d s and materialsan d s a l e of goods, materials and services, made in pursuance of contractsor arrangements entered in the register maintained under Section 301
of the Com pa ni es Act, 1956 an d aggregating to Rs.50,000 or more duringthe year in respect of each party.
xi ) According to the ..i nformati on a nd explanations given to us by themanagement, the Company did not have any unserviceable or damagedstores, raw materials or finished goods.
The Company has not accepted any deposits from the public.
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SUPRAJIT CHEMICALS PRIVATE LIMITED AUPRAJITxiii) In our opinion, reasonable records have been maintained by the
Company for the s a l e an d disposa l of scrap. The Company has noby-products .
xiv) The Company, in our opinion, has an internal audit-system commensuratewith the size and the nature of its business.
xv) We have been informed that the Centra! Government has notprescribed maintenance of cost records under Section 209(1) (d) of theCompanies Act, 1956.
xvi) The Company ha s been generally regular in depositing Provident Fundan d Em pl oyees State Insuran ce dues with th e appropriate authorities.
xvii) No undisputed amount of taxes or duties were outstanding as on 31stM a r c h 2000 for a period of more than si x months from the date theybecome payable.
xvi i i ) According to the information an d explanations given to us, no personale x p e n s e s of employees or directors have been charged to the revenueaccount of the Company other than those p a y a b l e under contractualobligation, or in accordance with the generall y accepted busin esspractice.
xix) The Company is not a " S i c k Industrial Company' within the meaning ofClause (O) of Sub-section (1) of Section 3 of the Sick Industrial Companies(Sp eci al Prov is ion s) Act, 1985.
for T.R. VARADARAJAN AN D ASSOCIATES
Chartered Accountants
Place: BangaloreDate: 25th May, 2000
T.R. VARADARAJAN
Partner
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T Z e f t w i t - 2000
B A L A N C E S H E E T AS AT 31ST M A R C H 2000
SCHEDULE
Rs.
AS AT
31.03.2000Rs.
AS AT
31.03.99Rs.
SOURCES OF FUNDS:SHARE HOLDERS' FUNDSShare capital 1Reserves & surplus 2
LOAN FUNDS:
Secured 3Unsecured 4
TotalAPPLICATION OF FUNDS:
FIXED ASSETS (gross block) 5Less: depreciation
N et B l o c kInvestments 6CURRENT ASSETS, LOANS & ADVANCES:
Inventories 7Sundry debtors 8Cash & bank balances 9Loans & advances 10
3255000
5640902
11151396
500000
Less: Current liabilitiesProvisions
NET CURRENT ASSETSMISCELLANEOUSEXPENDITURE(To th e extent not written
off or adjusted)
1112
13
16892015
3374048
5777098
4466809
550157
1778659
12572723
4803185
837904
8895902
11651396
20547298
13517967
51000
Tota l
6931634
46697
20547298
3255000
4578150
7833150
7507807
2235000
9742807
17575957
14252423
2645619
11606804
2000
3762484
5563766
426819
1101494
10854563
4229683
716100
5908780
58373
17575957
Per our report attachedfor T.R. VARADARAJAN& ASSOCIATES
Chartered Accountants
T.R. VARADARAJANPartner
Place : BangaloreDated: 2 5 t h May, 2 0 0 0
For and on behalf of the Board
M.R.B. PUNJA
ChairmanK. AJITH KUMAR RAI
Managing Director
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SUPRAJIT CHEMICALS PRIVATE LIMITEDAPROFIT & LOSS ACCOUNT FOR THE YEAR
SCHEDULE
INCOME :S a l e s 14Other income 15Increase/(decrease) in stock 16
Total
EXPENDITURER aw mater ial s & stores consum ed 17E x c i s e duty paidPayment to & provision for employees 18
Manufacturing & other expenses 19
Total
Profit before interest & depreciationLess: interest 20Profit before depreciationLess: depreciation 5Profit before taxLess provision for taxationProfit after taxB a l a n c e brought forward
Profit available for appropriationLess: Adjustment related to previous years
APPROPRIATIONS:Interim Dividend - 16% \
Tax on Interim Dividend (Proposed dividend - Final 4% (20% previous year) jProvision for tax on final dividend /General reservesB a l a n c e carried to balance sheetN O T E S 21
P er our report attachedfor T.R. VA R A D A R A J A N& ASSOCIATES For and
Chartered Accountants
T.R. VARADARAJAN M.R.B. PUNJAPartner Chairman
ENDED 31ST MARCH 2000
YEAR ENDED
31.03.2000
Rs.
1596588850400
1736850
17753138
8060990964922
1641394
3177806
13845112
390802612130872694939
7284291966510
1582601808250
849250
26575008566
52080057288
13020028644
1000000912002
on behalf of the
YEAR ENDED
31.03.99
Rs.
12391965177946
-1107216
11462695
359170610587281349472
1748625
7748531
371416415481242166040
6184331547607
1547607517743
2065350
65100065100
500000849250
Board
K. AJITH KUMAR RAIMan aging Director
Place : BangaloreDated: 25th May, 2000
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- 2000
S C H E D U L E S T O B A L A N C E S H E E T
A S A T31.03.2000
Rs.
A S AT31.03.99
Rs.
SCHEDULE - 1
SHARE CAPITAL
AUTHORISED:
40000 equity shares of Rs. 100/- each
ISSUED & PAID UP
32550 Equity shares of Rs. 100/- each
SCHEDULE - 2
RESERVES & SURPLUS
As per last Balance Sheet
General reserve transferred from P&L A/c.
SURPLUS BEING BALANCE IN P&L A/c.
As per last Balance Sheet
Added during th e year
State subsidy
To t a l
SCHEDULE - 3
SECURED LOANS
From Karna taka State Financial Corpn.
- Term Loan
From Syndicate Bank
- Overdraft & bills discounting
Sales Tax (Deferred)
Total
SCHEDULE - 4
UNSECURED LOANS
From sha reho lde r s
4000000
3255000
2500000
1000000
3500000
849250
62752
1228900
2140902
5640902
6239370
4667883
244143
11151396
500000
4000000 .
3255000
2000000
500000
2500000
517743
331507
1228900
20781504578150
5176116
2114683
217008
7507807
2235000
36
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SUPRAJIT CHEMICALS PRIVATE LIMITEDSUPRAliT
AS AT
31.03,2000Rs.
AS AT
31.03.99Rs.
SCHEDULE - 6
I N V E S T M E N T S
National savings certificatesEquity shares in Syndicate Bank (Quoted)5100 Equity Shares of Rs. 10/- each
Total
SCHEDULE - 7
INVENTORIES
Raw mate r i a l s & s to res (a t cos t )Work in process
Finished goods
Tota l
SCHEDULE - 8
SUNDRY DEBTORS
UNSECURED, C O N S I D E R E D GOOD
Debts outs tanding for a per iodexceed ing 6 monthsOther debts
Total
SCHEDULE - 9
C A S H & B A N K B A L A N C E S
Cash on handB a l a n c e s w i t h s c h e d u l e d b a n k sI n c u r r e n t a c c o u n t
I n E x c h a n g e e a r n e r s F o r e i g n c u r r e n c y a c c o u n t
I n F i x e d d e p o s i t a c c o u n t
T o t a l
2000
51000
2000
2312998
3233100
231000
5777098
2035234
1590750
136500
3762484
1021946
3444863
4466809
1122412
4441354
5563766
25891
182229
42037
300000
550157
11452
187003
42037
186327
426819
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- 2000
AS AT31.03.2000
Rs.
A S AT31.03.99
Rs.
SCHEDULE - 10
LOANS & ADVANCES
UNSECURED, CONSIDERED G O O D :
Advances recoverable in cash or inkind or for value to be received
Advance income tax
Balance with excise authorities
Depos i t s
Total
SCHEDULE - 11
CURRENT LIABILITIES.
Sundry creditors
Interest accrued but not due
Other liabilities
To t a l
SCHEDULE - 12
PROVISIONS
Interim Dividend - 16%
Proposed dividend-Final 4%
Provision for Tax on Final dividend
Provision for Income tax
Total
SCHEDULE - 13
MISCELLANEOUS EXPENDITURE(To the extent not written off or adjusted)
Preliminary expenses
Product development expenses
Total
223341
601539
686013
267766
1778659
233655
572296
128475
167068
1101494
1290247
30188
3482750
4803185
665875
256918
3306890
4229683
520800
130200
28644
158260
837904
651000
65100
716100
2697
4400Q
3373
55000
46697 58373
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SUPRAJIT CHEMICALS PRIVATE LIMITED
SCHEDULES TO PROFIT & LOSS ACCOUNT
YEAR ENDED31.03.2000
Rs.
YEAR ENDED
31.03.99
Rs.SCHEDULE - 14
SALES -
Domes t i cE x p o r t s
Add : Exc i se Duty
Less ra te d i ffe rence
Net sa l e s
S C H E D U L E - 15OTHER INCOME
Produc t deve lopment cha rgesSa le of scrapC o n v e r s i o n charges
Tota l
S C H E D U L E- 1 6I N C R E A S E / C D E C R E A S E )I N S T O C K :Clos ing S t o c k .Work in p r o c e s sFinished goods
Less : Opening StockWork in processFinished goods
N et Increase / Decrease
SCHEDULE - 17
CONSUMPTION OF RAWMATERIALS:Opening s tockAdd: Purchases
9695625
5414021
15109646
964922
16074568
108680
15965888
50400
50400
Less : C los ing s tock
T o t a l
3233100
231000
3464100
1590750
136500
1727250
1736850
20352348338754
10373988
2312998
8060990
9135596
2197641
113332371058728
12391965
12391965
156042925
133461
177946
1590750136500
1727250
16156501218816
2834466
-1107216
1967339
3659601
5626940
2035234
3591706
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- 2000
SCHEDULE - IS
PAYMENT TO & PROVISIONS FO R EMPLOYEESSalaries, wages & bonusDirector's remunerationEmployers' contribution to Provident FundEmployers ' contribution to ESICStaff welfare & other expensesGratuity
Total
SCHEDULE - 19MANUFACTURING & OTHER EXPENSESPower, fuel & waterPrinting & stationeryCommunicationRates, taxes and insuranceAdvertising & sales promotionDirectors' sitting feesTravelling & conveyanceProfessional chargesSecurity chargesRepairs & maintenance:
BuildingMachineryOthers
Auditors remunerationLoan processing feesCommission on salesFreight chargesBank chargesMiscellaneous expensesExpenses written off:Preiiminary expensesProduct development expenses
Total
SCHEDULE - 20INTEREST:
O n l oansO n overd ra f t & bi i l s d iscount ingOn depos i t
L e s s : Interest r ece ived
N et in te res t paid
YEAR ENDED
31.03.2000
Rs.
1195012
114000
86534
22423
167933
55492
1641394
1403508
16724
19413
351268
27285
2000
85017
92000
127421
4700
305411
165949
12000
36700
276723
93287
99213
47511,
675
11000
3177806
625629
516604
144654
1286887
73800
1213087
YEAR ENDED
31.03.99
Rs.
968070
1140006843924554
116693
57716
1349472
589133
4583
9218235408
137962750
611838900
53332
7050
349432
85273
12000
143534
5167156882
42804
676
11000
1748625
680980558524312337
15518413717
1548124
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SCHEDULE-5
FIXED ASSETS
D E S C R I P T I O N
L a n d
B u i l d i n g
Plan t & m a c h i n e r y - i
Plant &mach ine ry - i i
Elect r ica l f i t t i n g s
R & D e q u i p m e n t
F u r n i t u r e& f i x t u r e s
Office e q u i p m e n t
B o r e w e l l
M o t o r v e h i c l e s
TOTAL
PREVIOUS YEAR
AS AT01.4.99
1013281
2728801
4984157
1677000
787508
2351505
54840
69490
7000
578841
14252423
13782233
G R O S S B L O C K
A D D I T I O N SFOR THE
Y E A R
217645
85495
2110608
-
191634
30760
3450
2639592
470190
AS AT31.3.2000
12309262814296
7094765
1677000
979142
2351505
85600
72940
7000
578841
16892015
14252423
D E P R E C I AT I O N
A S AT01.4.99
361396
1091534
420161
187069
503162
15229
11376
702
54990
2645619
2037874
D E L E T I O N F O R T H EF O R T H E Y E A R
Y E A R
- 93526
324752
- 79490
- 43608
- 111696
5418
14714
- 234
54990
- 728429
10688 618433
A S AT31.3.2000
454922
1416286
499651
230677
614858
20647
26090
936
109980
3374048
2645619
NE T B L O C K
A S AT31.3.2000
12309262359374
5678479
1177349
748465
1736647
64953
46850
6064
468861
13517967
11606804
AS AT31.3.99
10132812367405
3892623
1256839
600439
1848343
39611
58114
6298
523851
11606804
11744359
o
o
ssD
J 5 1
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- 2000
SCHEDULE - 21
NOTES ON ACCOUNTS:
SIGNIFICANT ACCOUNTING POLICIES:
a) BASIS OF ACCOUNTING:
The Accounts of the Company are prepared under the historical cost conventionand in accordance with ap pli cable accounting stan dar ds except whereother wise stated. For recogn ition of Profits and Losses , Mercan tile sy stemof Accounti ng is foll owed.
b) REVENUE RECOGNITION:
Revenue from the sale of goods are recognised upon p a s s a g e of title toth e customer which generally coincides with delivery.
C) FIXED ASSETS:
Fixed Assets ar e stated at cost l e s s accumulated depreciation. The costof an asset comprises its purchase price and any directly attributable costsof bringing the asset to working condition for its intended use. Exp endi turefor additions, improvement an d repairs ar e charged to the Profit an d L o s saccount.
d) DEPRECIATION:
Depreciation is provided on straight line method at the rates specified inSchedule XIV to the Com pa ni es Act, 1956.
e) INVENTORIES:
Inventories are valued at cost depending on the nature of various inventoriesas stated in Schedule 7 to the Accounts.
f) Provision for gratuity is determined on the basis of service of employeesas at the date of the Balance Sheet.
g) The deferred s a l e s tax and turnover ta x liabilities are treated as securedand s hown under secured loa ns .
h) Loans from Karnataka State Financial Corporat ion ar e secured byMortgage of Lan d and Buil di ng and hy poth ecati on of Plan t and Mach ineryand also by personal guarantee of Managing Director.
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n)
o)
SUPRAJIT CHEMICALS PRIVATE LIMITED AU P R A J I Ti) The prelim ina ry expens es and the product development expen ses were
amortised as stated in the Schedule 13 to the Accounts.
j) The Overdraft facility from Syndicate Bank are secured by hypothecation
of stock of raw-materials, semi-finished goods, stores, consumables, book-debts and by the personal guarantee of Managing Director.
k) The Company has taxable income for the year 1999-2000. However, theC o m p a n y has paid advance tax as per the provisions of Section 115 JAof the Income Tax Act, 1961.
!) Sundry creditors include Rs. 4.61 lakhs due to Small s c a l e ancillaryundertakings. There was no outstandings more than six months to smalls c a l e industrial undertakings based o n available information.
m) The Company has filed petition with High Court of Karnataka againstH e l i x Biotech Priv ate Li mited to recover the amount outs tan di ng of Rs.11,26,189.10 (including overdue interest).
CONTINGENT LIABILITIES:
Demand for Rs. 31,64,455/- towards the excise duty in respect of jobworkprocess agai nst the Comp any not ackn owledg ed as debt and not p rovid edfor, in respect of which the Company is in appeal with CEGAT.
CAPACITIES & PRODUCTION:
i) Licensed Capaci ty :Varies according to product
ii) Ins ta l l ed Capac i ty :
iii) PRODUCTION, DESPATCHES AND CLOSING STOCK DETAILS FOR
1999-2000
Particulars
Bulk Drugs
Intermediates/Chemicals
Total
Opening Stock Production
Qty Value Q ty
39.00 13650 3384.00
- - 3233.00
39.00 13650 6617.00
Despatches
Q ty
3387 .00
3 2 2 0 . 0 0
6 6 0 7 . 0 0
Value
11578609
4387279
15965888
Closing
Qty
3 6 . 0 0
13.00
49 .00
Stock
Value
1 9 2 0 0 0
3 9 0 0 0
231000
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- 2000
1998-99
Opening Stock Production Despatches Scrap Closing Stock
Particulars Qty Value Qty Qt y Value Qty Qty Va l u e
Bulk Drugs
Intermediates/Chemicals
281.91 851400 1832.00 2074.91 8340974 - 39.00 136500
613.50 367416 44918.00 45148.00 4050991 383.50
Total 895.41 1218816 46750.00 47222.91 12391965 383.50 39.00 136500
p) RAW MATERIA LS CONSUMED
Chemicals -Imported & Indigenous( R a w m a t e r i a i s consumed includesImported and Indigenous raw-materials, consumable stores etc.)
q) C.I.F. VALUE OF IMPORTS:
Raw mate r i a l s
r ) E X P E N D I T U R E INFOREIGN CURRENCY:
s ) E A R N I N G S IN FOREIGN CURRENCY:
FOB Value of Expor t s
1999-2000
8060990
1998-99
3591706
941385
Nil
5414021
329120
Nil
2197641
Per our report attachedfo r T.R.VARADARAJAN& ASSOCIATES
Chartered AccountantsFor and on behalf of the Board
T.R. VARADARA3AN
Partner
Place: BangaloreDate: 25th May, 2 0 0 0
M.R.B. PUNJAChairman
K. AJITH KUMAR RAI
Managing Director
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SUPRAJiT CHEMICALS PRIVATE LIMITEDSUPRAJ1T
BALANCE SHEET ABSTRACT & COMPANY'S GENERAL BUSINESS PROFILE(A s per Schedule VI of the Companies Act, 1956)
Registration Details
I. Registration No:
Balance Sheet Date:
Capital Raised during the Year:
II . Public Issue:
Bonus Issue
31.03.2000
I Nil |
| Nil i
III. Position of Mobilisation and Deployment of Funds
Total Liabilities:Sources of Funds :
Paid Up Capital
Secured Loans
Application of Funds :
Net Fixed Assets
Net Current
Assets
Accumulated Losses
IV.
State Code:
Rights Issue:
Private Placement:
Total Assets
Reserves an dSurplus
Unsecured Loans
Investments
Miscellaneous
Expenditure
i Nil |
I N i l !
! Rs. 20547298!
Rs. 5640902]
Rs. 500000
Rs. 51000
Rs. 46697
Turnover (incl. stockadjustment & other income)
Profit |Rs . 19665 fo~|before Ta x
Earning per share in | Rs. SS.s's]
Total Expenditure | Rs. 157866281
ProfitAfter Tax
Dividend Rate
Rs. 18082501
I 20% I
V. Generic Names of Three Principal Products/Services ofCompany (as per monetary terms)
Item Code No. | NA |(ITC Code)
Product Description Bulk Drugs
Intermediates
Speciality Chemicals
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1999 - 2000
Winners Computer ServicesPrivate Limited
WINNERS CO M PU T ER SERVICESPRIVATE LIMITED
BOARD OF DIRECTORS
K Ajith Kumar R BIChairman
Vijayakrishna K TDirector
S Prakash RaoDirector
Uday S Desai
Managing Director
K G JayasimhaChartered AccountantAuditor
REGISTERED OFFICE
No. 969-29 2nd FloorOpp. ESI Hospital3rd Bock RajajinagarBangalore - 560 010
CORPORATE OFFICE :
" N a g a p r a b h a P l a z a "364, 19th Main Road,1st Block, RajajinagarB a n g a l o r e - 560 010
TUMKUR OFFICE :"Prasannachaitra"3rd Main, Vidyanagar,Tumkur - 572 103.
BANKERS
State B a n k o f I n d i aIndustrial Finance BranchR e s i d e n c y R o a dB a n g a l o r e - 560 025
Syndicate BankM i l l e r s R o a d BranchB a n g a l o r e - 560 052
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t999 - 2000__ ^
DIRECTORS' REPORT
Your Directors have pleasure in presenting their Twelfth Annual Report and theAudited accounts of the Company for the period ended 31st December 1999.
FINANCIAL RESULTS:
G r o s s Income
(Rs. in1999-2000
(9 M o n t h s )90.55
Profit before interest, 9.32depreciation and taxL e s s :In te res t 2.49
Depreciat ion 1.52
Profit before tax 5.29L e s s : Provision for taxat ion 0.70
Profit after tax 4.59Add: Surplus from last year 0.56
Profit available for appropriat ion 5.15after adjustments of earlier year
A P P R O P R I AT I O N S :a) Proposed dividend @ 5% 0.04b) Provision for tax on Dividend (11%) c) Transferred to General Reserve 3.00d) Balance carried to Balance Sheet 2.11
lakhs)1998-99
(12 Months)129.86
7.71
3.03
2 . 4 7
2 . 2 1
0.45
1.76
-1.19
0.56
0.56
D I V I D E N D :Yo u r Directors have pleasure in " recommendingequity share of Rs. 10.00 each.
dividend of 5%- Rs. 0.50 per
OPERATIONS:
Yo u r Company h a s achieved a turnover o f R s . 9 0 . 5 5 lacs for the nine monthsp e r i o d ended 31st December 1999 and recorded profit of Rs. 4.59 lacsjs against a turnover Rs. 129.86 lacs an d profit of Rs. 1.76 lacs for they e a r ended 31st March 1999.
C U R R E N T YEAR:
In view of the revolution taking place in the Information Technology segmentand considering its scope in the local & Global Market, your Company intendsto expand it s act ivi t ies with larger capital base. Suprajit Engineering Limited,a Company which intended to diversify its activities into Information Technologyhas invested in the equity of your Company in order to harness the businessopportunit ies in Information Technology.
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Winners Computer ServicesPrivate Limited
Supraji t Engineering Limited ha s invested to the extent of 51% of the shareCapital of the Compa ny. Your Comp any has become the subs idi ary Com pa nyof Supraj i t Engineering Limited, in view of this investment.
Your Company is in the process of e x p a n d i n g its activities substantially duringthe year using th e funds received. The Directors are confident of substant ialincreases in income an d profits during the year.
DEPOSITS;During the year, the Company has not accepted an y deposi ts .
INFORMATION PURSUANT TO SECTION 217(!)(e) OF THE COMPANIES ACT, 1956.
The information as required under the above section is given in annexure toth e Directors' Report.
PARTICULARS O F EMPLOYEES UNDER SECTION 217(2-A} O F THE COMPANIESACT, 1956.
There was no employee in the Company drawing remuneration in excess ofthe limits prescribed under Section 217(2A) of the Companies Act, 1956.
EMPLOYEE RELATIONS:The relations with employees continued to be cordial throughout the year. YourDirectors wish to place on record their sincere appreciation for the excellentteam spirit displayed by the employees at all levels.
DIRECTORS:Mr. S Prakash Rao was ap po in ted in pla ce of Ms. Uma Rao, retir es by rota tio nand, being eligible, offers himself for