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Larsentoubro.com

LARSEN & TOUBRO LLC
Balance Sheet
As at 31.12.2002
As at 31.12.2001
DIRECTORS’ REPORT
The Directors have pleasure in presenting their Annual report and Accounts for the year ended FINANCIAL RESULTS
Year ended 31.12.2002
2nd Jan 2001 to 31st Dec 2001
SALES & OTHER INCOME
Income from sales and other sources amounted to US$ 807,091 for the year ended 31st December 2002 as against US$ 2,44,443 in the previous year.
744978.02 35729145.84
401219.91
19330776.00
REVIEW OF OPERATIONS
During the year, through sustained efforts, sales increased substantially. However, due to sluggish market conditions and intense competition there was pressure on prices and margins. As a result even though sales had increased substantially, the company is yet to FUTURE OUTLOOK
Based on the experience over the last two years, the inventory is being re-organised to address special requirements in industry which offer better prices. A number of projects are also planned in the Oil & Gas segment which offers good growth potential.
K SURENDRA
744978.02 35729145.84
401219.91
19330775.00
K SURENDRA
ABERCROMBIE, REVIA, DEGEYTER
(See Independent Auditor's Report. The accompanying notes are an integral part of the financial statements.) & Associates, PLLC
Certified Public Accountants and Consultants Profit & Loss Account
01-Jan-2002
31-Dec-2002
02-Jan-2001
31-Dec-2001
INDEPENDENT AUDITORS’ REPORT
We have audited the accompanying Balance Sheet of Larsen & Toubro LLC (a Delaware Gross profit
Limited Liability Company) as of 31st December, 2002, and the related statements of Expenses
operations, members’ equity, cash flows, and general and administrative expenses for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements We conducted our audit in accordance with audit standards generally accepted in the United States of America. 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 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Larsen & Toubro LLC as of 31st December, 2002 and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Abercrombie, Revia, Degeyter & Associates, PLLC
Total expenses
Net ordinary income
-28512.69
-1367468.61
-23368.29
-1125884.00
K SURENDRA
(See Independent Auditor's Report. The accompanying notes are an integral part of the financial statements.) Notes to Financial Statements 31st December, 2002
NOTES PAYABLE
A summary of notes payable is as follows: GENERAL INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note Payable to a Leasing Company, due in 24 monthly instalments The Company began operations in 2001. Since its inception, Larsen & Toubro LLC hasprimarily sold and stocked Gate, Globe & Check Valves manufactured by Audco India Limited, of $516.27, including interest at 5.18%, through April 14, 2004, a related party. The Company is organized as a Delaware limited liability company.
secured by an automobile. Paid off in 2003.
A summary of the significant accounting policies utilized by the Company in preparing its INCOME TAXES
The provision for income taxes from continuing operations consists of the following components: For purposes of the statement of cash flows, cash equivalents include time deposits, certificates Deferred tax expense (benefit) (due to NOL carryover) of deposit, and all highly liquid debt instruments with original maturities of three months orless.
CONCENTRATION OF RISK
Property and equipment are recorded at cost. Maintenance and minor repairs and replacements The Company holds cash and time deposit(s) with a local bank that during the year exceeded are charged directly to expense as incurred; major renewals and betterments are charged to the Federal Depository Insurance Corporation (FDIC) limit.
the respective property and equipment account. When property and equipment is sold or The Company concentrates its sale activity primarily with two customers who accounted for otherwise disposed of, the asset accounts and related accumulated depreciation accounts are eighty-nine percent (89%) of the Company’s revenues and $176,311 of outstanding receivables relieved and any gain or loss is included in operations.
Assets are being depreciated under the 200 percent declining balance method over their RELATED PARTY TRANSACTIONS
In the ordinary course of business, the Company has raw material supply arrangements with The useful lives of property and equipment, for the purposes of computing depreciation, are: a joint venture of L&T and the Flowserve Group (USA), Audco India Limited. Purchases during 2002 totaled $726,482. The Company has amounts owed at31st December, 2002 from sale of products to its affiliates in the amount of $45,171 and owes its affiliate $726,482 for inventory purchases.
PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment consist of the following: The preparation of financial statements in conformity with the United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Inventories are stated primarily at the lower of average cost or market and consists of finishedgoods.
The limited liability corporation has elected to be taxed as a C-Corporation for federal taxes.
Amounts provided for federal income taxes are based on the earnings reported for financial statement purposes, adjusted for permanent differences between reported financial and taxable income. Deferred federal income taxes relate to items of revenue and expense, which arereported in different periods for federal income tax and financial statement purposes. Such differences result primarily from differences caused by the utilization of the Company’s netoperating losses.
K SURENDRA
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Management currently believes that all receivables are collectible. Therefore, no allowance for (See Independent Auditor's Report. The accompanying notes are an integral part of the financial statements.) doubtful accounts has been reflected at 31st December, 2002.

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From: E.J. Wright, M.C. Webb and E. Highley, ed., Stored grain in Australia 2003. Proceedings of the Australian Postharvest Technical Conference, Canberra, 25–27 June 2003. CSIRO Stored Grain Research Laboratory, Canberra. Carbonyl sulfide (COS) as a fumigant for stored products: progress in research and commercialisation Stored Grain Research Laboratory, CSIRO Entomology, GPO Box 1700,

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