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CHAPTER: I
INTRODUCTION OF WIPRO LTD
HISTORY
Wipro Ltd., the flagship company of the Azim H Premji group was incorporated in the year 1945.
The company started off originally as a manufacturer of vegetable ghee/vanaspati, refined edible
oils etc. Gradually the company has diversified into various other businesses.
Today Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services
Company globally. Wipro provides comprehensive IT solutions and services, including systems
integration, Information Systems outsourcing, package implementation, software application
development and maintenance, and research and development services to corporations globally.
In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate
segment in India offering system integration, network integration, software solutions and IT
services. Wipro also has profitable presence in niche market segments of consumer products and
lighting. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services
for global corporations.
Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India
on the Stock Exchange - Mumbai, and the National Stock Exchange, among others.
Wipro is the leading strategic IT partner for companies across India, the Middle East and AsiaPacific - offering integrated IT solutions. They plan, deploy, sustain and maintain your IT
lifecycle through their total outsourcing, consulting services, business solutions and professional
services. Wipro InfoTech helps you drive momentum in your organisation - no matter what
domain you are in.
Backed by their strong quality processes and rich experience managing global clients across
various business verticals, they align IT strategies to your business goals. Along with their best of
breed technology partners, Wipro InfoTech also helps you with your hardware and IT
infrastructure needs.
The various accreditations that they have achieved for every service they offer reflect their
commitment towards quality assurance. Wipro InfoTech was the first global software company to
achieve Level 5 SEI-CMM, the world's first IT Company to achieve Six Sigma, as well as the
world's first company to attain Level 5 PCMM.
Their continuing success in executing projects is a result of their stringent implementation of
quality processes. Deploying quality frameworks to align with your business will give you the
benefit of a smooth and transparent transition while providing complete IT lifecycle management.
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Enterprise Products
Wipro 7B1610
Wipro EM4700
Wipro 7B1630
Wipro 7E1100
Wipro 7B1100
Wipro 7B3800
Wipro 7710P
Wipro 7B1650.
Server:
Performance Segment
Blade server
System Integration
Managed Services
Total Outsourcing
Security Governance
Availability Services
Milestones
2011: Inaugurated its first rural BPO at Manjakkudi village in Tamil Nadu to capitalize on
literate talent pool available in the region.
2011: Wipro has signed an agreement to acquire majority stake of Brazil based hydraulic
cylinder manufacturer R.K.M. EQUIPAMENTOS HIDRAULICOS.
2010: Wipro Infotech -- the India, Middle East and Africa, IT Business of Wipro--has been
awarded a 5-year IT outsourcing contract by Vasan Eye Care - one of India's largest network of
eye care centers and a unit of Vasan Healthcare Group.
2010: Wipro Technologies, the global IT services business division of Wipro, has jointly
with Citrix Systems entered into an agreement with Microsoft.
2006: Launch of GSMC- Global Service Management Centre for remote service delivery
1986: Start of Wipro PC manufacturing (with India's first surface mounted technology)
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1984: Start of Wipro Systems - focus on software products (Wipro branded as well as
distribution business)
1980: Birth of IT business under banner of Wipro Information Technology Ltd. focused on
hardware manufacturing and R&D
Wipro 3D Networks once again emerged as the most formidable partner for Nortel in FY
2006 bagging all the highest awards in significant categories - Sales, pre sales & post sales
Partner of the Year award:--Over Drive Excellence of the Year award -Sales Champion
of the Year award -Pre-Sales Champion of the Year award -Customer Champion of the Year
award
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COMPANY PROFILE
Wipro Ltd is a leading India based provider of IT Services, including Business Process
Outsourcing (BPO) services, globally. The company provides comprehensive IT Solutions and
Services, including Systems Integration, Information Systems Outsourcing, IT Enabled
Services, Package Implementation, Software Application development and maintenance, and
Research and Development Services to corporations globally. They also provide Consumer
Products, Lighting, Furniture, Eco Energy, Water treatment and Hydraulic business. The
company is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company
globally. In the Indian market, they are a leader in providing IT Solutions and Services for the
corporate segment in India, offering System Integration, Network Integration, Software
Solutions and IT Services. In the Asia Pacific and Middle East markets, they provide IT
Solutions and Services for global corporations. The company is headquartered in Bangalore,
India. The company provides the integrated business, technology and process solution on a
global delivery platform to customers across Americas, Europe, Middle East and Asia Pacific,
they offer business value to clients through process excellence and service delivery innovation
such as Information Technology services, Product Engineering services, Technology
Infrastructure services, Business Process Outsourcing services and consulting services. Wipro
Ltd was incorporated in the year 1945 at Karnataka by Azim H Premji who is promoter and
chairman of the company. The company started as a edible oil producer and then transformed
themselves in into leading player in Fast Moving Consumer Goods and IT services & Products
business. During the year 1994-95, the company secured ISO 9001 certification for their five
manufacturing and development facilities. In February 2001, the company became the first
software technology and services company in India to be certified for ISO:14001 certification
for complying with the international standards for Environmental Management System (EMS)
in three major software development and technology centers in Bangalore. Wipro
Technologies won the 'Banker Technology Award' for the year 2004 Instituted by the Financial
Times in the 'Risk Management Award' category. During the year 2005-06, the company
acquired mPower Software Services Inc, a Princeton, New Jersey, US headquartered company
with a development center in Chennai and MPACT Technology Services Pvt Ltd, based in
Chennai, for an all cash consideration of USD 28 million. Also, they acquired New Logic
Technologies AG, an Austrian firm which is mainly engaged in the semiconductor IP business
and the Engineering Design Services business including the Analog Mixed Signal Business for
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DIRECTORS REPORT
Dear Shareholders,
I am happy to present the 66th Directors' Report of your Company along with the Balance Sheet
and Profit and Loss Account for the year ended March 31, 2012.
Outlook
According to Nasscom Strategic Review 2012, Global technology spend is expected to grow by
5% in 2012. Worldwide IT Services spending is expected to grow 4.3% in 2012 and 4.7% in 2013.
The growth is fuelled both by use of IT to reduce cost structures as well as increased adoption of
cloud, mobility, analytics and social media. India accounts for less than 5% of the global
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The detailed financial statements and audit reports of each of the subsidiaries are available for
inspection at the registered office of the company during office hours between 11 am to 1 pm and
upon written request from a shareholder, your company will arrange to send the financial
statements of subsidiary companies to the said shareholder.
Consolidated Results
Our Sales for the current year grew by 21% to Rs. 384,563 million and our Profit for the year was
Rs. 56,045 million, recording an increase of 6% over the previous year.
Dividend
Your Directors recommend a final Dividend of 200% 4/- per equity share of Rs. 2/- each) to be
appropriated from the profits of the year 2011-12, subject to the approval of the shareholders at
the ensuing Annual General Meeting. The Dividend will be paid in compliance with applicable
regulations.
During the year 2011-12, unclaimed dividend of Rs. 5,731,075/- was transferred to the Investor
Education and Protection Fund, as required under the Investor Education and Protection Fund
(Awareness and Protection of Investor) Rules, 2001.
Interim Dividend
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ANNUAL REPORT.
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Foreign Exchange Earnings and OutgoingsDuring the year, your company has earned foreign
exchange of Rs. 234,413 million and the outgoings in foreign exchange were Rs. 99,782 million,
including outgoings on materials imported and dividend.
Conservation of Energy
The Company has taken several steps to conserve energy through its "Sustainability" initiatives
disclosed separately as part of this Annual Report. The information on Conservation of Energy as
required under Section 217(1)(e) of the Companies Act, 1956 read with Rule 2 of the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is provided in
Annexure A in page 52 of this Annual Report.
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CHAPTER II
AUDIT REPORT OF WIPRO
AUDITORS REPORT OF WIPRO 2011-12
To the Members of WIPRO LIMITED
We have audited the attached balance sheet of Wipro Limited (the Company) as of March 31,
2012, the statement of profit and loss and the cash flow statement for the year ended on that date,
annexed thereto. These financial statements are the responsibility of the Companys management.
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
1. As required by the Companies (Auditors Report) Order, 2003, as amended (the
Order),issued by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 (the Act), we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
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Natrajh Ramakrishna
Partner
Membership No. 032815
Bangalore
April 25, 2012
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Nature
of
the Amount
dues
Period
to Forum
where
unpaid * which
the dispute
is
(Rs.
millions)
The Income Tax Act, Income Tax and 5,226
1961
(Assessment
year)
2007-2008
tax
Appellate
interest demanded
1986-87
2007-08
to various states)
demanded
State Sales Tax/VAT Sales
Income
penalty
tax 414
Page 19
1986-87
Tribunal
to Appellate
Authorities
to Appellate Tribunal
tax
2009-10
and 39
1999-00
2006-07
to High
court
Supreme court
Kerala,
Karnataka
and
Andhra Pradesh)
The Central Excise Excise
duty 41
1997-98
Act, 1944
demanded
The Central Excise Excise
duty 7
2010-11
2004-05
Act, 1944
The Customs
duty, 342
demanded
Act, Customs
1962
interest
and
98, 2001-10
to Appellate
Authorities
CESTAT
Authorities
Customs
penalty demanded
Act, Customs duty and 40
1991-92
1962
The Customs
penalty demanded
Act, Customs
duty 44
2006-07
1990-98
1962
The Finance
demanded
Act, Service
tax 105
2005-06
2003-04
Supreme court
to Appellate
tax 378
2007-08
2002-03
Authorities
to CESTAT
The
demanded
to CESTAT
and High
court
2009-10
*The amounts paid under protest have been reduced from the amounts demanded in arriving at the
aforesaid disclosure.
(x) The Company does not have any accumulated losses at the end of the financial year and has
not incurred cash losses during the financial year and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations given to us, the Company
has not defaulted in repayment of dues to its banks. The Company did not have any outstanding
dues to any financial institutions or debentures holders during the year.
(xii) The Company has not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
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&
Chartered
Co.
Accountants
Sachdev
Partner
Membership No.: 205385
Bangalore
June 21, 2013
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Amount
Period
to Forum
where
unpaid * which
the dispute
is
(Rs.
in amount
millions)
pending
relates
(Assessment
Tax
and 31,968
1961
interest demanded
The Income Tax Act, Income Tax and 26
1961
interest demanded
year)
2001-02
2007-08
2008-09
to High Court **
Income
Appellate
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Tax
and 8,164
2009-10
Tribunal
Dispute
Tax
1961
interest
demanded
Resolution
(based
on
Pannel ***
draft
assessment order)
State Sales Tax/VAT Sales tax, interest 617
1986-87
2007-08
penalty
to various states)
demanded
State Sales Tax/VAT Sales tax demanded
366
2009-10
to various states)
State Sales Tax/VAT Sales
tax
and 31
1986-87
1999-00
2006-07
to Appellate
Authorities
to Appellate
Tribunal
to High
court
Supreme court
Kerala,
Karnataka
and
Andhra Pradesh)
The Central Excise Excise
duty 58
1997-98
Act, 1944
demanded
The Central Excise Excise
duty 22
2010-11
2004-05
Authorities
CESTAT
Act, 1944
The Customs
duty, 301
1994-95,
Appellate
1997-98,
Authorities
demanded
Act, Customs
1962
to Appellate
demanded
Act, Customs duty and 4
2001-10
1991-92
1962
The Customs
penalty demanded
Act, Customs
duty 40
2006-07
1990-98
1962
The Finance
demanded
Act, Service
tax 108
2005-06
2003-04
Supreme court
to Appellate
tax 407
2007-08
2002-03
Authorities
to CESTAT
The
Customs
to CESTAT
and High
court
Page 29
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BIBLIOGRAPHY
www.wipro.com
http://www.indiainfoline.com/Markets/Company/Background/CompanyProfile/Wipro-Ltd/507685
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