Description
This is a presentation is about wipro annual report 2008-09.
ANNUAL REPORT 2008-09
Index
• WIPRO- An Overview • Contents of Management’s Discussion • Management’s Discussion & Analysis of WIPRO • Contents of Director’s Report • Director’s Report of WIPRO • Auditor’s Report • Notes to Accounts • References
WIPRO - AN OVERVIEW
• WIPRO (Western India Vegetable Products Ltd).
• Started as a vegetable oil trading company in 1947
by Mr. M.H Premji.
• In 1977, when IBM was asked to leave India, Wipro
entered the information technology sector.
• An annual turnover of US $ 6bn, employing 100000
employees.
WIPRO - AN OVERVIEW
Verticals
• IT Consulting • Business Process Outsourcing • Product Engineering Solutions • Technology Infrastructure Services • Infrastructure Engineering • Computer Hardware Manufacturing • Commercial Lighting Manufacturing
WIPRO - AN OVERVIEW
• Wipro’s Sister Concern(Business Units) • Wipro Infrastructure Engineering • Wipro InfoTech • Wipro Lighting
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
• Segment wise contribution to revenue. • Segment wise contribution to EBIT.
Industry Overview
• Points the number of segments. • Market share of each segment in the industry. • CAGR of each segment. • Key Factors adding to the development/fall of each
• Segment wise target for the next financial year.
segment.
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
• Opportunities & Threats(Segment Wise)
Outlook
• Revenue growth for the current Financial Year. • Profit After Tax(PAT) for the current Financial Year.
Discussion on Financial Performance w.r.t Operational Performance
• Authorized Share Capital • Paid Up Share Capital Financial Factors • Equity Shares • Secured Loan
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
Discussion on Financial Performance w.r.t
Operational Performance(contd..)
• Unsecured Loan • Fixed Assets • Investments • Inventories Financial Factors • Sundry Debtors • Cash & Bank Balances • Loans & Advances • Current Liabilities
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
Discussion on Financial Performance w.r.t
Operational Performance(contd..) Revenue Mix
• Service Line Wise • Vertical Wise Operational Factors • Acquisitions • Cost (Segment Wise)
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
• Segment Wise Contribution to Revenue
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
• Segment Wise Contribution to EBIT
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Industry Overview
IT Services
• Account for 34% of the domestic IT industry. • Cumulative Annual Growth Rate (CAGR) of over • Key verticals driving the growth of the IT services
market are Retail, BFSI, Telecom and Manufacturing. 6.21% in worldwide IT services.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
BPO Services
• Account for 18% of the domestic BPO industry. • Expected Compound Annual Growth Rate (CAGR)
of 11.9% by 2012.
IT Products industry.
• Account for 8.23% of the domestic IT product
• Expected Compound Annual Growth Rate (CAGR)
of 3.68% by 2012.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Consumer Care & Lighting
• Account for 8% of the domestic IT product industry. • Expected Compound Annual Growth Rate (CAGR) of
10-12% between 2009-2012.
Wipro Infrastructure Engineering (WIN) systems.
• Selling of hydraulic cylinders and truck tipping
• World’s second largest third-party manufacturer of
hydraulic cylinders.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Opportunities & Threats
IT Services
• Opportunity: Global companies are expanding their
outsourcing activities to leverage the high quality, cost competitive IT services from India.
Threats:
• Profit is booked in Indian Rupees resulting in
• Economic slowdown may result in loss of business.
exchange fluctuation against foreign currencies.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Outlook
• Revenue growth for the current Financial Year is 28% to
• Profit After Tax(PAT) for the current Financial Year is
19% to Rs. 38,999 million. Discussion on Financial Performance w.r.t Operational Performance (As on 31 March 2009)
Rs. 255,442 million.
• Financial Performance • Authorized Share Capital: Authorized share capital of • Paid up Share Capital: paid-up capital of Rs. 2,928
Rs. 3,550 million.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Financial Performance(contd..)
• Equity Shares: During the year, 2.6 million shares were • Secured Loans: Secured loans have decreased by Rs. • Unsecured Loans: Unsecured loans have increased by • Fixed Assets: The Company invested Rs. 19,073
Rs. 12,256 million. 214 million. allotted on exercise of the options under various Employee Stock Option Plans(ESOP) instituted by the Company.
million on Fixed Assets.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Financial Performance(contd..)
• Investments: Investments in units of liquid mutual funds • Inventories: Inventories have increased from Rs. 6,664 • Sundry Debtors: Sundry Debtors for the current year is
at Rs. 48,859 million against Rs. 40,453 million in the previous year. have increased from Rs. 14,317 million in fiscal 2008 to Rs. 15,136 million in fiscal 2009. million as on March 31, 2008 to Rs. 7,586 million as on March 31, 2009.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Financial Performance(contd..)
• Cash & Bank Balances: Cash and bank balances have • Current Liabilities: Current Liabilities has increased from
Rs. 39,890 million to Rs. 67,989 million. increased from Rs. 39,270 million to Rs. 49,117 million, an increase by Rs.9,847 million.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Operational Performance
• Revenue Mix Vertical Distribution
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Operational Performance(contd..)
• Revenue Mix Service Line Wise Distribution
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Operational Performance(contd..)
Acquisitions
• Acquired Wipro Technology Services during Jan 09, • The company has paid Rs. 1,765 million relating to certain
other small acquisitions and earn-outs related to previous acquisitions.
engaged in providing of Information Technology Service & Solutions to CITI Group.
CONTENTS OF DIRECTORS’ REPORT
Financial Results
• Comparison of Current year’s financial results with
• Sales and Other Income • Profit Before Tax • Profit For The Year • Provision For Tax • Appropriation • Dividend • Dividend Tax
previous year’s financial results based on:
CONTENTS OF DIRECTORS’ REPORT
Subsidiary Companies
Consolidated Results
• Percentage growth in total sales and income for the • Total profit for the current year.
current year.
Dividend
• Percentage at which Dividend is paid. • Total unclaimed dividend for the current year. • Information about the companies acquired during the
current year (i.e. Area of Operation, Cost of Acquisition )
Mergers & Acquisitions
CONTENTS OF DIRECTORS’ REPORT
Employee Stock Option Plans (ESOP)
Company.
• Information relating to stock options program of the
• Qualification criteria. • Total Number of Shares under the plan. • Pricing Formula.
Corporate Governance
• Set of Processes, Customs, Policies which are followed
• Goals for which these rules are followed. • Corporate Governance philosophy of the organization.
to administer or control the organization.
CONTENTS OF DIRECTORS’ REPORT
Research & Development
• Latest R&D activities being carried. • Tools & Departments involved. • Patents Filed & Granted. • Expenditure on R&D.
Quality Assurance
• List of Quality Certifications and standards.
• Initiatives started by the company to conserve energy. • Total Energy( in KWH) purchased and generated for
each business unit.
Conservation of Energy
CONTENTS OF DIRECTORS’ REPORT
Directors’ Responsibility Statement
• Statutory Responsibility • General Responsibility
Foreign Exchange Earnings and Outgoings
• Total Foreign Exchange Earnings during the year. • Total Foreign Exchange Outgoing during the year
including outgoings on materials imported and dividend.
Directors’ Re-appointment
• The trend followed for appointment and retirement of
directors.
Acknowledgements and Appreciation
DIRECTORS’ REPORT OF WIPRO
Financial Performance
Subsidiary Companies (As on 31 March 2009)
• Global corporation having operations in more than 31
countries through 76 subsidiary companies.
Consolidated Results (As on 31 March 2009) 27% to Rs. 259,616 million. over the previous year.
• Sales and Other Income for the current year grew by • Profit for the year is Rs. 38,999 million, increase of 19%
• Sales have grown at a compounded annual growth rate
(CAGR) of 30% and Profit after Tax at 37%.
DIRECTORS’ REPORT OF WIPRO
Dividend
• Directors recommend a final Dividend of 200% (Rs.4 per
• Unclaimed dividend of Rs.88,824/- was transferred to the
Investor Education and Protection Fund, as required by the Investor Education and Protection Fund (Awareness and Protection of Investor) Rules, 2001. equity share of Rs. 2/- each).
Mergers & Acquisitions
• Pursue the strategy of “string of pearls acquisitions”. • In January 2009,Company acquired Wipro Technology
Services Limited (formerly called as Citi Technology Services Limited “CTS”) for US $ 127 million.
DIRECTORS’ REPORT OF WIPRO
Mergers & Acquisitions(contd..)
• To enhance Wipro’s capabilities to address Technology • Company also re-structured a few of its overseas
subsidiaries and merged them with their holding company in the US (WIPRO Inc.). Infrastructure Services business in the financial service industry.
Employee Stock Option Plans (ESOP)
• No employee was issued Stock Option, during the year
equal to or exceeding 1% of the issued capital of the company at the time of grant.
DIRECTORS’ REPORT OF WIPRO
Types
• WESOP2000 • Wipro Restricted Stock Unit Plan 2004,2005,2007 • Market price defined by SEBI. (WESOP2000) • Face value of the share.(WRSUP 2004,05,07) • The information is being provided in compliance with
Clause 12 of the Securities and Exchange Board of India (Employee Stock Option Scheme) and (Employee Stock Purchase Scheme) Guidelines.
Pricing Criteria
DIRECTORS’ REPORT OF WIPRO
Foreign Exchange Earnings and Outgoings
• Foreign exchange earnings of Rs. 166,229 million. • Foreign exchange outgoings of Rs. Rs. 70,256 million
including outgoings on materials imported and dividend.
Research & Development
• Wipro’s R&D focus is to strengthen the portfolio of Centers
of Excellence (CoE), Solution Accelerators and Software Engineering Tools & Methodologies.
DIRECTORS’ REPORT OF WIPRO
Research & Development (ctd.)
• During the financial year 2008-09, Wipro has filed • Will continue to invest in in-house development of
for 13 patents and was granted 1 patent. Software Engineering Tools to improve productivity and Quality year.
• Total expenditure of Rs.492 million in the current
DIRECTORS’ REPORT OF WIPRO
Conservation of Energy
• The Company has taken several steps to conserve
• Disclosure w.r.t Conservation Of Energy.
Investment in Direct Subsidiaries
energy through its "Eco Eye" initiatives.
• Company has invested an aggregate of US $ 432
million as equity, in its direct subsidiaries Wipro Cyprus Private Limited, Wipro Holdings (Mauritius) Limited, Wipro Inc and Wipro Technology Services Limited.
DIRECTORS’ REPORT OF WIPRO
Directors’ Responsibility Statement
• As per the annual accounts, the directors have fulfilled
their responsibities by keeping the Books Of Account Transparent as per Companies Act 1956.
Directors’ Re-appointment retirement by rotation.
• At least two thirds of the Directors shall be subject to • One third of these retiring Directors must retire from office
at each Annual General Meeting of the shareholders.
• A retiring Director is eligible for reelection.
DIRECTORS’ REPORT OF WIPRO
Directors’ Re-appointment(contd..)
• Mr Azim H Premji has been re-elected as the Chairman • This re-appointment is subject to the approval of the
and Managing Director of the Company (designated as “Chairman”) shareholders of the Company at the ensuing Annual General Meeting.
DIRECTORS’ REPORT OF WIPRO
Corporate Governance
• Corporate Governance philosophy is put into practice in
Wipro through the following four layers, namely,
1. Governance by Shareholders, 2. Governance by Board of Directors, 3. Governance by Sub-committee of Board of Directors, and 4. Governance of the management process
AUDITORS’ REPORT
4 types of Auditors’ Report
• Unqualified Opinion Report • Qualified Opinion Report • Adverse Opinion Report • Disclaimer Of Opinion Report
AUDITORS’ REPORT
Unqualified Opinion Report
• Most frequent type of report. • Issued when the financial statements presented • It is the best type of report an auditee may receive • Also known as “clean opinion”.
from an external auditor.
are free of material misstatements and are in accordance with GAAP.
AUDITORS’ REPORT
Qualified Opinion Report
• Issued when the auditor encounters one of two
• Very similar to an unqualified report. • States that the financial statements are fairly
presented with a certain exception which is otherwise misstated.
types of situations which do not comply with GAAP.
AUDITORS’ REPORT
Adverse Opinion Report
• Issued when the auditor determines that the • As a whole, do not conform with GAAP. • Considered the opposite of an unqualified or clean • States that the information contained is materially
incorrect, unreliable, and inaccurate. opinion, financial statements of an auditee are materially misstated.
AUDITORS’ REPORT
Disclaimer Of Opinion Report
• Commonly referred to simply as a Disclaimer. • Issued when the auditor could not form, and • In 1949 Statement on Auditing Procedure No.
consequently refuses to present, an opinion on the financial statements.
23 was published in order to provide guidance to auditors in presenting a disclaimer.
AUDITORS’ REPORT
• The balance sheet, profit and loss account and cash flow • Consolidated financial statements have been prepared by • Accounting Standard (AS) 21. • Consolidated Financial Statements and Accounting
Standard (AS) 23.
the Company’s management in accordance with the requirements of: statement dealt with by this report comply with the accounting standards.
AUDITORS’ REPORT
• Without qualifying our opinion, we draw attention to
• Had the Company not early adopted AS 30 and
Note 4 of the Notes to Accounts that describes the early adoption by the Company of Accounting Standard (AS) 30 the related limited revisions, profit after taxation for the year ended March 31, 2009 would have been lower by Rs 3,044 million. (Pg No.104 of Annual Report)
• Chartered Accountants: B S R & Co.
doc_199643501.pptx
This is a presentation is about wipro annual report 2008-09.
ANNUAL REPORT 2008-09
Index
• WIPRO- An Overview • Contents of Management’s Discussion • Management’s Discussion & Analysis of WIPRO • Contents of Director’s Report • Director’s Report of WIPRO • Auditor’s Report • Notes to Accounts • References
WIPRO - AN OVERVIEW
• WIPRO (Western India Vegetable Products Ltd).
• Started as a vegetable oil trading company in 1947
by Mr. M.H Premji.
• In 1977, when IBM was asked to leave India, Wipro
entered the information technology sector.
• An annual turnover of US $ 6bn, employing 100000
employees.
WIPRO - AN OVERVIEW
Verticals
• IT Consulting • Business Process Outsourcing • Product Engineering Solutions • Technology Infrastructure Services • Infrastructure Engineering • Computer Hardware Manufacturing • Commercial Lighting Manufacturing
WIPRO - AN OVERVIEW
• Wipro’s Sister Concern(Business Units) • Wipro Infrastructure Engineering • Wipro InfoTech • Wipro Lighting
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
• Segment wise contribution to revenue. • Segment wise contribution to EBIT.
Industry Overview
• Points the number of segments. • Market share of each segment in the industry. • CAGR of each segment. • Key Factors adding to the development/fall of each
• Segment wise target for the next financial year.
segment.
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
• Opportunities & Threats(Segment Wise)
Outlook
• Revenue growth for the current Financial Year. • Profit After Tax(PAT) for the current Financial Year.
Discussion on Financial Performance w.r.t Operational Performance
• Authorized Share Capital • Paid Up Share Capital Financial Factors • Equity Shares • Secured Loan
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
Discussion on Financial Performance w.r.t
Operational Performance(contd..)
• Unsecured Loan • Fixed Assets • Investments • Inventories Financial Factors • Sundry Debtors • Cash & Bank Balances • Loans & Advances • Current Liabilities
CONTENTS OF MANAGEMENT’S DISCUSSION & ANALYSIS
Discussion on Financial Performance w.r.t
Operational Performance(contd..) Revenue Mix
• Service Line Wise • Vertical Wise Operational Factors • Acquisitions • Cost (Segment Wise)
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
• Segment Wise Contribution to Revenue
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
• Segment Wise Contribution to EBIT
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Industry Overview
IT Services
• Account for 34% of the domestic IT industry. • Cumulative Annual Growth Rate (CAGR) of over • Key verticals driving the growth of the IT services
market are Retail, BFSI, Telecom and Manufacturing. 6.21% in worldwide IT services.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
BPO Services
• Account for 18% of the domestic BPO industry. • Expected Compound Annual Growth Rate (CAGR)
of 11.9% by 2012.
IT Products industry.
• Account for 8.23% of the domestic IT product
• Expected Compound Annual Growth Rate (CAGR)
of 3.68% by 2012.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Consumer Care & Lighting
• Account for 8% of the domestic IT product industry. • Expected Compound Annual Growth Rate (CAGR) of
10-12% between 2009-2012.
Wipro Infrastructure Engineering (WIN) systems.
• Selling of hydraulic cylinders and truck tipping
• World’s second largest third-party manufacturer of
hydraulic cylinders.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Opportunities & Threats
IT Services
• Opportunity: Global companies are expanding their
outsourcing activities to leverage the high quality, cost competitive IT services from India.
Threats:
• Profit is booked in Indian Rupees resulting in
• Economic slowdown may result in loss of business.
exchange fluctuation against foreign currencies.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Outlook
• Revenue growth for the current Financial Year is 28% to
• Profit After Tax(PAT) for the current Financial Year is
19% to Rs. 38,999 million. Discussion on Financial Performance w.r.t Operational Performance (As on 31 March 2009)
Rs. 255,442 million.
• Financial Performance • Authorized Share Capital: Authorized share capital of • Paid up Share Capital: paid-up capital of Rs. 2,928
Rs. 3,550 million.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Financial Performance(contd..)
• Equity Shares: During the year, 2.6 million shares were • Secured Loans: Secured loans have decreased by Rs. • Unsecured Loans: Unsecured loans have increased by • Fixed Assets: The Company invested Rs. 19,073
Rs. 12,256 million. 214 million. allotted on exercise of the options under various Employee Stock Option Plans(ESOP) instituted by the Company.
million on Fixed Assets.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Financial Performance(contd..)
• Investments: Investments in units of liquid mutual funds • Inventories: Inventories have increased from Rs. 6,664 • Sundry Debtors: Sundry Debtors for the current year is
at Rs. 48,859 million against Rs. 40,453 million in the previous year. have increased from Rs. 14,317 million in fiscal 2008 to Rs. 15,136 million in fiscal 2009. million as on March 31, 2008 to Rs. 7,586 million as on March 31, 2009.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Financial Performance(contd..)
• Cash & Bank Balances: Cash and bank balances have • Current Liabilities: Current Liabilities has increased from
Rs. 39,890 million to Rs. 67,989 million. increased from Rs. 39,270 million to Rs. 49,117 million, an increase by Rs.9,847 million.
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Operational Performance
• Revenue Mix Vertical Distribution
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Operational Performance(contd..)
• Revenue Mix Service Line Wise Distribution
MANAGEMENT’S DISCUSSION & ANALYSIS OF WIPRO
Operational Performance(contd..)
Acquisitions
• Acquired Wipro Technology Services during Jan 09, • The company has paid Rs. 1,765 million relating to certain
other small acquisitions and earn-outs related to previous acquisitions.
engaged in providing of Information Technology Service & Solutions to CITI Group.
CONTENTS OF DIRECTORS’ REPORT
Financial Results
• Comparison of Current year’s financial results with
• Sales and Other Income • Profit Before Tax • Profit For The Year • Provision For Tax • Appropriation • Dividend • Dividend Tax
previous year’s financial results based on:
CONTENTS OF DIRECTORS’ REPORT
Subsidiary Companies
Consolidated Results
• Percentage growth in total sales and income for the • Total profit for the current year.
current year.
Dividend
• Percentage at which Dividend is paid. • Total unclaimed dividend for the current year. • Information about the companies acquired during the
current year (i.e. Area of Operation, Cost of Acquisition )
Mergers & Acquisitions
CONTENTS OF DIRECTORS’ REPORT
Employee Stock Option Plans (ESOP)
Company.
• Information relating to stock options program of the
• Qualification criteria. • Total Number of Shares under the plan. • Pricing Formula.
Corporate Governance
• Set of Processes, Customs, Policies which are followed
• Goals for which these rules are followed. • Corporate Governance philosophy of the organization.
to administer or control the organization.
CONTENTS OF DIRECTORS’ REPORT
Research & Development
• Latest R&D activities being carried. • Tools & Departments involved. • Patents Filed & Granted. • Expenditure on R&D.
Quality Assurance
• List of Quality Certifications and standards.
• Initiatives started by the company to conserve energy. • Total Energy( in KWH) purchased and generated for
each business unit.
Conservation of Energy
CONTENTS OF DIRECTORS’ REPORT
Directors’ Responsibility Statement
• Statutory Responsibility • General Responsibility
Foreign Exchange Earnings and Outgoings
• Total Foreign Exchange Earnings during the year. • Total Foreign Exchange Outgoing during the year
including outgoings on materials imported and dividend.
Directors’ Re-appointment
• The trend followed for appointment and retirement of
directors.
Acknowledgements and Appreciation
DIRECTORS’ REPORT OF WIPRO
Financial Performance
Subsidiary Companies (As on 31 March 2009)
• Global corporation having operations in more than 31
countries through 76 subsidiary companies.
Consolidated Results (As on 31 March 2009) 27% to Rs. 259,616 million. over the previous year.
• Sales and Other Income for the current year grew by • Profit for the year is Rs. 38,999 million, increase of 19%
• Sales have grown at a compounded annual growth rate
(CAGR) of 30% and Profit after Tax at 37%.
DIRECTORS’ REPORT OF WIPRO
Dividend
• Directors recommend a final Dividend of 200% (Rs.4 per
• Unclaimed dividend of Rs.88,824/- was transferred to the
Investor Education and Protection Fund, as required by the Investor Education and Protection Fund (Awareness and Protection of Investor) Rules, 2001. equity share of Rs. 2/- each).
Mergers & Acquisitions
• Pursue the strategy of “string of pearls acquisitions”. • In January 2009,Company acquired Wipro Technology
Services Limited (formerly called as Citi Technology Services Limited “CTS”) for US $ 127 million.
DIRECTORS’ REPORT OF WIPRO
Mergers & Acquisitions(contd..)
• To enhance Wipro’s capabilities to address Technology • Company also re-structured a few of its overseas
subsidiaries and merged them with their holding company in the US (WIPRO Inc.). Infrastructure Services business in the financial service industry.
Employee Stock Option Plans (ESOP)
• No employee was issued Stock Option, during the year
equal to or exceeding 1% of the issued capital of the company at the time of grant.
DIRECTORS’ REPORT OF WIPRO
Types
• WESOP2000 • Wipro Restricted Stock Unit Plan 2004,2005,2007 • Market price defined by SEBI. (WESOP2000) • Face value of the share.(WRSUP 2004,05,07) • The information is being provided in compliance with
Clause 12 of the Securities and Exchange Board of India (Employee Stock Option Scheme) and (Employee Stock Purchase Scheme) Guidelines.
Pricing Criteria
DIRECTORS’ REPORT OF WIPRO
Foreign Exchange Earnings and Outgoings
• Foreign exchange earnings of Rs. 166,229 million. • Foreign exchange outgoings of Rs. Rs. 70,256 million
including outgoings on materials imported and dividend.
Research & Development
• Wipro’s R&D focus is to strengthen the portfolio of Centers
of Excellence (CoE), Solution Accelerators and Software Engineering Tools & Methodologies.
DIRECTORS’ REPORT OF WIPRO
Research & Development (ctd.)
• During the financial year 2008-09, Wipro has filed • Will continue to invest in in-house development of
for 13 patents and was granted 1 patent. Software Engineering Tools to improve productivity and Quality year.
• Total expenditure of Rs.492 million in the current
DIRECTORS’ REPORT OF WIPRO
Conservation of Energy
• The Company has taken several steps to conserve
• Disclosure w.r.t Conservation Of Energy.
Investment in Direct Subsidiaries
energy through its "Eco Eye" initiatives.
• Company has invested an aggregate of US $ 432
million as equity, in its direct subsidiaries Wipro Cyprus Private Limited, Wipro Holdings (Mauritius) Limited, Wipro Inc and Wipro Technology Services Limited.
DIRECTORS’ REPORT OF WIPRO
Directors’ Responsibility Statement
• As per the annual accounts, the directors have fulfilled
their responsibities by keeping the Books Of Account Transparent as per Companies Act 1956.
Directors’ Re-appointment retirement by rotation.
• At least two thirds of the Directors shall be subject to • One third of these retiring Directors must retire from office
at each Annual General Meeting of the shareholders.
• A retiring Director is eligible for reelection.
DIRECTORS’ REPORT OF WIPRO
Directors’ Re-appointment(contd..)
• Mr Azim H Premji has been re-elected as the Chairman • This re-appointment is subject to the approval of the
and Managing Director of the Company (designated as “Chairman”) shareholders of the Company at the ensuing Annual General Meeting.
DIRECTORS’ REPORT OF WIPRO
Corporate Governance
• Corporate Governance philosophy is put into practice in
Wipro through the following four layers, namely,
1. Governance by Shareholders, 2. Governance by Board of Directors, 3. Governance by Sub-committee of Board of Directors, and 4. Governance of the management process
AUDITORS’ REPORT
4 types of Auditors’ Report
• Unqualified Opinion Report • Qualified Opinion Report • Adverse Opinion Report • Disclaimer Of Opinion Report
AUDITORS’ REPORT
Unqualified Opinion Report
• Most frequent type of report. • Issued when the financial statements presented • It is the best type of report an auditee may receive • Also known as “clean opinion”.
from an external auditor.
are free of material misstatements and are in accordance with GAAP.
AUDITORS’ REPORT
Qualified Opinion Report
• Issued when the auditor encounters one of two
• Very similar to an unqualified report. • States that the financial statements are fairly
presented with a certain exception which is otherwise misstated.
types of situations which do not comply with GAAP.
AUDITORS’ REPORT
Adverse Opinion Report
• Issued when the auditor determines that the • As a whole, do not conform with GAAP. • Considered the opposite of an unqualified or clean • States that the information contained is materially
incorrect, unreliable, and inaccurate. opinion, financial statements of an auditee are materially misstated.
AUDITORS’ REPORT
Disclaimer Of Opinion Report
• Commonly referred to simply as a Disclaimer. • Issued when the auditor could not form, and • In 1949 Statement on Auditing Procedure No.
consequently refuses to present, an opinion on the financial statements.
23 was published in order to provide guidance to auditors in presenting a disclaimer.
AUDITORS’ REPORT
• The balance sheet, profit and loss account and cash flow • Consolidated financial statements have been prepared by • Accounting Standard (AS) 21. • Consolidated Financial Statements and Accounting
Standard (AS) 23.
the Company’s management in accordance with the requirements of: statement dealt with by this report comply with the accounting standards.
AUDITORS’ REPORT
• Without qualifying our opinion, we draw attention to
• Had the Company not early adopted AS 30 and
Note 4 of the Notes to Accounts that describes the early adoption by the Company of Accounting Standard (AS) 30 the related limited revisions, profit after taxation for the year ended March 31, 2009 would have been lower by Rs 3,044 million. (Pg No.104 of Annual Report)
• Chartered Accountants: B S R & Co.
doc_199643501.pptx