WeP Peripherals Limited (new name for Wipro ePeripherals Limited)
(Rs. in Thousands) Computation of Goodwill Fixed assets Net current assets Deferred tax asset Total Less Loans Net assets WeP Peripherals stake at 92.99% Cost of acquisition (Includes additional subscription of equity shares) Goodwill Rs. 1,256 32,728 5,990 39,974 19,836 20,138 18,727 38,769 20,042
Goodwill in the consolidated balance sheet represents goodwill arising on acquisition of Select Technologies Limited. 2. Contingent liabilities in respect of: (Rs in thousands) i. ii. Guarantees given by Banks on behalf of the Company Rs. 22,083 Disputed demand for excise, customs, income tax, sales tax and other matters Rs. Nil.
Associate: a) Wipro Limited: Equity stakeholder holding38.15% in the company b) WeP Trust: Custodian of equity shares of WeP issued under private offer document where Directors of the Company are trustees. 4. The profit and loss includes the result of the subsidiary unit for five months period from November 2002 to March 2003 and the cash flow statement covers cash flows for the subsidiary unit for this period. 5. i. The Assets acquired under business acquisition are depreciated at following depreciation rates, which are based on estimated remaining life of each Asset.
Depreciation Rates ranging From Air Conditioners Building Computers Electrical Installations Furniture and Fixtures Moulds Office Equipments Plant & Machinery Testing Equipments Vehicles 27.93% 6.13% 50.69% 4.85% 20.64% 21.82% 19.74% 5.50% 5.50% 26.82% To 100.00% 9.71% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 8.96% 100.00% 4.75% 3.34% 16.21% 4.75% 6.33% 11.31% 4.75% 4.75% 4.75% 9.50% Rates as per Schedule XIV
Asset
iii. Value of Bonds executed for payment of Excise duty/Custom Duty Rs. 205,474 iv. v. Liability in respect of bills discounted with Banks Rs. 129,304 Letters of Credits opened by Banks for purchases of raw materials and components Rs.76,759 Claims against the company not acknowledged as debts Rs. 1,600
vi.
ii. The assets whose estimated life was not reassessed are depreciated at the rates specified in (iv) below iii. Depreciation at 100% is provided for assets costing less than Rs.5
3. Related Party Disclosures
Associates Wipro Limited Purchases of Goods Sale of Goods Rendering of services Finance Interest Brand Fee Facility Charges Outstanding Items (Dues to Related party) Outstanding items (Dues from Related party) Remuneration 85,531 1450 53,000 2,336 13,941 Key Management Personnel WeP Trust Directors 570 64 6,328
iv. Further, for new assets acquired, the Company is applying the following depreciation rates after considering the estimated commercial life of the Asset.
Asset Air Conditioners Computers Electrical Installations Furniture and Fixtures Moulds Office Equipments Plant and Machinery Testing Equipments Vehicles Use and Pay assets Depreciation Rate Applied 25% 50% 25% 20% 20% 20% 25% 25% 25% 40% Rates as per Schedule XIV 4.75% 16.21% 4.75% 6.33% 11.31% 4.75% 4.75% 4.75% 9.50% 16.21%
20,098
1,170
-
-
2.51
ANNUAL REPORT 2002-03