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3/71

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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4/71

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



5/71

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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6/71


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



7/71

- 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



8/71

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



9/71

/^ _ 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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10/71


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.



11/71

- 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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12/71

"\ 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


Place: B a n g a l o r eDate: 25th M ay 2000

M.R.B. PUNJAChairman



13/71

- 2000


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 .)


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



14/71

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 .



15/71

- 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 .



16/71

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



17/71

? < ? < ? < ?- 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


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


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



18/71

^ 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


Chartered AccountantsFo r and on behalf of the Board




K. AJITH KUMAR RAIManaging Director

MEDAPPA GOWDA 3Company Secretary



19/71

- 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



20/71

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



21/71

- 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



22/71

' 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



23/71

- 2000

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



24/71


SCHEDULE - 20

INTEREST

On loansj On overdraft & bills discounted

On others

Less : Interest earned on deposits


Rs.

YEAR ENDED31.03.99

Rs.

2636261

3747664

182205

6566130

880713

4793481

2558676

267619

7619776

565264

5685417 7054512



25/71

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

Compiled by : Asian CERC Infor mation Technology Ltd.


26/71


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.



27/71

- 2000

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



28/71

n)

o)

p)


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



29/71

- 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.


Chartered AccountantsFo r and on behalf of the Board

PlaceDated

T.R. VARADARAJAMPartner

: Bangalore: 25th May, 2 0 0 0






30/71

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







MEDAPPA GOWDAJCompany Secretary



31/71

- 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



32/71

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


Chartered AccountantsFor and on behalf of the Board








33/71

?


34/71

- 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.



35/71

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.


P l a c e : Banga lore M.R.B. PUNJADate: 25th May, 2000 Chairman



36/71

J < f < ? 9- 2000


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




37/71

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.



38/71

- 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.



39/71

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


Place: BangaloreDate: 25th May, 2000

T.R. VARADARAJAN

Partner



40/71

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




Place : BangaloreDated: 2 5 t h May, 2 0 0 0


M.R.B. PUNJA

ChairmanK. AJITH KUMAR RAI

Managing Director



41/71

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


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



42/71

- 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



43/71

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



44/71

- 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



45/71

SUPRAJIT CHEMICALS PRIVATE LIMITED

SCHEDULES TO PROFIT & LOSS ACCOUNT


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



46/71

- 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



47/71

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



48/71

- 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.



49/71

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



50/71

- 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


K. AJITH KUMAR RAI

Managing Director



51/71

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



52/71

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



53/71

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.



54/71

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

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