VA Tech Wabag - Annual Report - 2010-11

VA TECH WABAG LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

Dear Shareholders,

Your Directors are pleased to present their Sixteenth Report together with
the audited accounts of your Company for the year ended 31st March, 2011.

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Annual Report - Infosys Technologies - 2010-2011

INFOSYS TECHNOLOGIES LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

To
The members,
INFOSYS TECHNOLOGIES LIMITED.

We are delighted to present the Report on our business and operations for
the year ended March 31, 2011.

1. Results of operations:
in Rs. crore,
except per share data
2011 2010

Income from software services and products 25,385 21,140

Software development expenses 14,267 11,559

Gross profit 11,118 9,581

Selling and marketing expenses 1,219 974

General and administration expenses 1,485 1,247

Operating profit before interest and
depreciation (PBIDTA) 8,414 7,360

Interest - -

Depreciation 740 807

Operating profit before tax 7,674 6,553

Other income, net 1,147 919

Net profit before tax and exceptional item 8,821 7,472

Provision for taxation 2,378 1,717

Net profit after tax and before
exceptional item 6,443 5,755

Income on sale of investments, net of taxes(1) - 48

Net profit after tax and after exceptional item 6,443 5,803

Profit and Loss account balance brought
forward 13,806 10,305

Amount available for appropriation 20,249 16,108
Dividend

Interim 574 573

30th year special dividend-interim 1,722 -

Final 1,149 861

Total dividend 3,445 1,434

Dividend tax 568 240

Amount transferred to general Reserve 645 580

Amount transferred to capital Reserve - 48

Balance in Profit and Loss account 15,591 13,806

EPS before exceptional item (2)

Basic 112.26 100.37

Diluted 112.22 100.26

EPS after exceptional item (2)

Basic 112.26 101.22

Diluted 112.22 101.10

Annual Report - Raymond - 2010-2011

RAYMOND LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

DEAR MEMBERS,

Your Directors are pleased to present their 86th report on the business and
operations of your Company together with the Audited Statement of Accounts
for the year ended March 31, 2011.

1. CORPORATE OVERVIEW

Raymond Limited is India's leading Textile and Branded clothing Company
with interests in engineering (files, tools and auto components) having its
corporate headquarters in Mumbai.

Annual Report - Asian Paints - 2010-2011

ASIAN PAINTS LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

Dear Members,

Your Directors have pleasure in presenting the 65th Annual Report of your
Company and the Audited Accounts for the financial year ended 31st March,
2011.

FINANCIAL RESULTS
(Rs. in Crores)

Asian Paints Limited Asian Paints Limited
Group
Consolidated
2010-11 2009-10 Growth 2010-11 2009-10 Growth
(%) (%)
Sales and Operating
Income (Net) 6322.24 5125.08 23.4 7706.24 6680.94 15.3

Operating Profit 1232.66 1153.71 6.8 1395.60 1367.90 2.0

Less: Interest 15.35 13.76 22.23 28.47

Less: Depreciation 94.48 60.74 113.13 83.56

Profit before Tax &
exceptional item 1122.83 1079.21 4.0 1260.24 1255.87 0.3

Add/(Less):
Exceptional item - 25.46 - - 1.15

Profit before Tax 1122.83 1104.67 1.6 1260.24 1257.02 0.3

Less: Provision
for Taxes 347.68 330.17 378.89 373.11

Profit After Tax 775.15 774.50 0.1 881.35 883.91 (0.3)

Less: Minority interest - - - 38.11 48.27

Net Profit attributable
to shareholders of the
Company 775.15 774.50 0.1 843.24 835.64 0.9

Add: Balance brought
forward from the
previous year 600.00 230.00 600.00 230.00

DISPOSABLE PROFIT 1375.15 1004.50 1443.24 1065.64

That the Directors
recommend for
appropriation as under:

Dividend - Interim 81.53 81.53 81.53 81.53

- Final 225.41 177.45 225.41 177.45

Tax on Dividend 50.11 43.33 50.11 43.33

Transfer to General
Reserve 418.10 102.19 486.19 163.33

Balance carried forward
to Balance Sheet 600.00 600.00 600.00 600.00

Annual Report - TCS - 2010-2011

TATA CONSULTANCY SERVICES LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

To
The Members,

The Directors submit the Annual Report of the Company along with the
audited statement of accounts for the financial year ended March 31, 2011.

1. Financial Results:

(Rs. crores)
Unconsolidated
2010-2011 2009-2010

(i) Income from Sales and Services 29275.41 23044.45

(ii) Other Income (net) 494.73 177.60

(iii) Total Income 29770.14 23222.05

(iv) Operating Expenditure 20511.88 16372.78

(v) Profit before Interest, Depreciation and Tax 9258.26 6849.27

(vi) Interest 20.01 9.54

(vii) Depreciation and Amortisation 537.82 469.35

(viii) Profit before Taxes 8700.43 6370.38

(ix) Provision for Taxes 1130.44 751.87

(x) Minority Interest and Share of Loss of
Associates - -

(xi) Net Profit for the Year 7569.99 5618.51

(xii) Balance Brought Forward from Previous Year 10458.13 9990.41

(xiii) Amount Available for Appropriation 18028.12 15608.92

Appropriations:

(a) Interim Dividends on Equity Shares 1174.32 1174.32

(b) Proposed Final Dividend on Equity Shares 1565.78 782.89

(c) Proposed Special Dividend on Equity Shares - 1957.22

(d) Proposed Total Dividend on Equity Shares 2740.10 3914.43

(e) Proposed Dividend on Redeemable Preference
Shares 11.00 17.00

(f) Tax on Dividends 450.82 657.51

(g) General Reserve 757.00 561.85

(h) Balance carried to Balance Sheet 14069.20 10458.13

(1 crore = 10 million)


Consolidated
2010-2011 2009-2010

(i) Income from Sales and Services 7324.51 30028.92

(ii) Other Income (net) 604.00 272.07

(iii) Total Income 37928.51 30300.99

(iv) Operating Expenditure 26146.15 21334.37

(v) Profit before Interest, Depreciation and Tax 11782.36 8966.62

(vi) Interest 26.48 16.10

(vii) Depreciation and Amortisation 735.26 660.89

(viii) Profit before Taxes 11020.62 8289.63

(ix) Provision for Taxes 1830.83 1196.97

(x) Minority Interest and Share of Loss of
Associates 121.75 92.02

(xi) Net Profit for the year 9068.04 7000.64

(xii) Balance Brought Forward from Previous Year 13604.84 11835.03

(xiii) Amount Available for Appropriation 22672.88 18835.67

Appropriations:

(a) Interim Dividends on Equity Shares 1174.32 1174.32

(b) Proposed Final Dividend on Equity Shares 1565.78 782.89

(c) Proposed Special Dividend on Equity Shares - 1957.22
(d) Proposed Total Dividend on Equity Shares 2740.10 3914.43

(e) Proposed Dividend on Redeemable Preference
Shares 11.00 17.00

(f) Tax on Dividends 459.15 663.18

(g) General Reserve 827.58 636.22

(h) Balance carried to Balance Sheet 18635.05 13604.84

(1 crore = 10 million)

Annual Report - ITC - 2010-2011

ITC LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

Your Directors submit their Report for the financial year ended 31st March,
2011.

SOCIO-ECONOMIC ENVIRONMENT

World output staged a smart recovery in 2010 growing by 5% during the year
after a decline of 0.6% in 2009. While growth in the first half of the year
stood at 5.25%, there was a marked deceleration in the second half which
recorded a growth of 3.75%. Receding fears of a global depression in 2009
initially led to a lower rate of destocking by business and subsequently to
a phase of rebuilding depleted inventories. This fostered a sharp rebound
in industrial production and trade which lasted through the first half of
2010. Simultaneously, accommodative policies adopted by most governments,
improvement in business confidence and financial conditions encouraged
investments and helped arrest rising unemployment levels and boost
consumption. Consequently, recovery has become more self-sustaining and the
risk of a double-dip recession in advanced economies has abated. The
recovery, however, is broadly moving at two speeds. While economic growth
in the advanced economies remained modest at around 3% in 2010 after a
decline of 3.4% in 2009, emerging and developing economies recorded robust
growth in excess of 7% during the year - led primarily by China and India.
According to the International Monetary Fund (IMF), world real GDP growth
for 2011 is forecast at 4.4%, representing a modest slowdown from 2010
levels. Real GDP in the advanced economies is expected to grow by 2.5%
while that in the emerging and developing economies is forecast to grow by
6.5%. However, downside risks to these estimates continue to outweigh the
upsides. In the case of advanced economies, the key concerns revolve around
weak sovereign balance sheets, the possibility of financial troubles in
peripheral Euro area spreading to core Europe, high levels of unemployment,
the continued weakness of the US real estate market and the lack of
progress in formulating medium-term fiscal consolidation plans. In the
emerging economies, key risks relate to overheating, asset price bubbles,
rapid rise in inflationary pressures, spurt in commodity prices and the
potential for boom-bust cycles could eventually result in a hard landing in
these economies. With emerging markets accounting for 40% of global
consumption and two-thirds of global growth, a slowdown in these economies
could dent global recovery significantly.

Annual Report - HDFC Bank - 2010-2011

HDFC BANK LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

TO
THE MEMBERS,

Your Directors have great pleasure in presenting the Seventeenth Annual
Report on the business and operations of your Bank together with the
audited accounts for the year ended March 31, 2011.

Annual Report - ICICI Bank - 2010-2011

ICICI BANK LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

Your Directors have pleasure in presenting the Seventeenth Annual Report of
ICICI Bank Limited with the audited statement of accounts for the year
ended March 31, 2011.

Annual Report - TTK Prestige - 2010-2011

TTK PRESTIGE LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

Your Directors have pleasure in presenting their Fifty Fifth Annual Report,
together with the Audited Accounts of the Company, for the year ended
31st March 2011 as follows:

FINANCIAL RESULTS
(Rs. in lakhs)

2010-11 2009-10

Sales (inclusive of excise duty) 77558 51680

Other income 430 114

Profit before Extra-Ordinary item 12094 7143

Extra-Ordinary/exceptional income (59) 397

Profit/(Loss) before tax 12035 7540

Tax Provision 3660 2297

Net Profit/(Loss) 8375 5244

Transfer to General Reserve 838 524

Proposed Dividend (including tax) 1645 1320

Surplus carried to balance sheet 9292 3400

Annual Report - LIC Housing Finance - 2010-11

LIC HOUSING FINANCE LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

To
The members of
LIC Housing Finance Limited.

The Directors have great pleasure in presenting the Twenty Second Annual
Report together with the audited accounts for the year ended 31st March,
2011.

Financial results:

The Profit and Loss Account shows a profit before tax of Rs.1294.16 crore
after writing off bad debts of Rs.0.63 crore and considering the amount
recovered of Rs.6.69 crore out of earlier write off and taking into account
all expenses, including depreciation and prior period items. The provision
for income tax (net of deferred tax) is Rs.319.67 crore and the profit
after tax for the year is Rs. 974.49 crore.

Taking into account the balance of Rs.361.40 crore being brought forward
from the previous year, the distributable profit is Rs.1335.89 crore.

Annual Report - Canara Bank - 2010-2011

CANARA BANK

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

DIRECTORS' REPORT: 2010-11:

The Board of Directors have pleasure in presenting the 42nd Annual Report
together with the Balance Sheet as on 31st March, 2011 and Profit and Loss
Account for the financial year ended March 31, 2011.

MANAGEMENT DISCUSSION AND ANALYSIS:

I. ECONOMIC ENVIRONMENT:

Global economic activity has recovered slowly but steadily in 2010-11 after
the sharp deceleration of growth in 2008 and the contraction in 2009. The
global economy is now in dual speed recovery process with advanced
economies growing slowly/stagnating and the developing economies, on the
other hand, experiencing stronger growth.

The Indian economy is one of the fastest growing economies in the global
growth process, with the GDP growth back to its pre-crisis growth
trajectory, aided by expansion in agriculture, industry and the service
sectors and positive momentum in savings and investment rates. As per the
revised estimates released by the Central Statistical Organization (CSO),
the Indian economy grew by 8.5% in 2010-11 vis-a-vis a 8% growth in the
previous fiscal.

The growth has been broad-based with agriculture sector growing by a
significant 6.6% (0.4%) for FY11 and the industrial and the service sectors
grew by 7.9% (8.0%) and 9.4% (10.1%) respectively. Savings and investment
rates for 2010-11 is likely to be at 34% and 37% respectively.

Inflation was a primary concern among the policy makers during 2010-11.
Inflation, which remained at elevated levels for a large part of FY11, was
largely driven by food and fuel items and later on transmitted to
manufacturing products to become a general phenomenon. The monthly
wholesale price inflation stood at 8.98% in March 2011 compared to 10.23%
in the corresponding month a year ago.

Growth in the industrial sector was buoyant during the first half of FY11.
The manufacturing sector grew at a robust rate of 12.7% and 10% in the
first two quarters of 2010-11 respectively. Thereafter, industrial output
growth started moderating. Index of industrial production (IIP) registered
a 7.8% growth for the financial year 2010-11 as against a growth of 10.5% a
year ago.

Annual Report - Biocon - 2010-2011

BIOCON LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

Dear Shareholders,

We are pleased to present Thirty-third Annual Report on business and
operations together with the audited financial statements and the auditor's
report of your company for the financial year ended 31st March 2011.

Annual Directors Report - Reliance Industries - 2010-11

RELIANCE INDUSTRIES LIMITED

ANNUAL REPORT 2010-2011

DIRECTOR'S REPORT

Dear Shareholders,

Your Directors are pleased to present the 37th Annual Report and the
audited accounts for the financial year ended March 31, 2011.

Financial Results:

The financial performance of the Company, for the year ended March 31, 2011
is summarised below:

Annual Report - Jagran Prakashan - 2009-2010

JAGRAN PRAKASHAN LIMITED

ANNUAL REPORT 2009-2010

DIRECTOR'S REPORT

FINANCIAL RESULTS:

The summarized financial performance of the Company for the financial year
ended March 31, 2010 as compared to previous year is as under:

Annual Report - Reliance Communications - 2009-2010

RELIANCE COMMUNICATIONS LIMITED

ANNUAL REPORT 2009-2010

DIRECTOR'S REPORT

Dear Shareowners,

Your Directors have pleasure in presenting the sixth Annual Report and the
audited accounts for the financial year ended 31st March, 2010.

Annual Report - Everonn Education - 2009-2010

EVERONN EDUCATION LIMITED

ANNUAL REPORT 2009-2010

DIRECTORS' REPORT

Your Directors have pleasure in presenting the Tenth Annual Report together
with the Audited Accounts of the Company for the year ended 31st March
2010.

Annual Report - Praj Industries - 2009-2010

PRAJ INDUSTRIES LIMITED

ANNUAL REPORT 2009-2010

DIRECTOR'S REPORT

To
The Members of
Praj Industries Limited,

Your Directors are pleased to present the 24th Annual Report and the
Audited Statements of Accounts for the yearended 31st March, 2010, together
with the notice of the Annual General Meeting.

Annual Report - India Cements - 2009-2010

THE INDIA CEMENTS LIMITED

ANNUAL REPORT 2009-2010

DIRECTORS' REPORT

Your Directors have pleasure in presenting their Sixtyfourth Annual Report
together with audited accounts for the year ended 31st March 2010.

Annual Report - Onmobile Global - 2009-2010

ONMOBILE GLOBAL LIMITED

ANNUAL REPORT 2009-2010

DIRECTOR'S REPORT

Dear Members,

The Directors take pleasure in presenting the 10th Annual Report on the
business and operations of the Company together with the Audited Financial
Statements and Accounts for the year ended March 31, 2010.