To
The Members of Infosys BPO s.r.o
We have audited the attached Balance Sheet of Infosys BPO s.r.o (‘the Company’) as at March 31, 2010, the Profit and Loss account (‘Financial Statements’) of the Company for the year ended on that date. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Further, we report that:
| 1. | We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; | |
| 2. | in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; | |
| 3. | the Balance Sheet and the Profit and Loss account dealt with by this report are in agreement with the books of account; | |
| 4. | in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: | |
| i. | in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2010; and | |
| ii. | in the case of the Profit and Loss account, of the profit of the Company for the year ended on that date | |
For Shenoy & Kamath
Chartered Accountants
M Rathnakar Kamath
Membership No. 202841
Reg. No. 006673S
Bangalore
April 8, 2010
Balance Sheet as at |
Schedule |
March 31, 2010 | March 31, 2009 |
| SOURCES OF FUNDS | |||
| SHAREHOLDERS’ FUNDS | |||
| Share capital | 1 | 3,49,78,993 | 3,49,78,993 |
| Reserves and surplus | 2 | 24,80,97,854 | 23,73,40,603 |
| 28,30,76,847 | 27,23,19,596 | ||
| APPLICATION OF FUNDS | |||
| FIXED ASSETS | 3 | ||
| Original cost | 7,83,49,899 | 7,82,57,391 | |
| Less: Accumulated depreciation | 5,93,82,552 | 4,49,77,000 | |
| Net book value | 1,89,67,347 | 3,32,80,391 | |
| DEFERRED TAX ASSETS | 4 | 47,27,412 | 52,50,971 |
| CURRENT ASSETS, LOANS AND ADVANCES | |||
| Sundry debtors | 5 | 10,28,96,908 | 16,40,25,719 |
| Cash and bank balances | 6 | 18,87,68,943 | 12,24,83,888 |
| Loans and advances | 7 | 6,15,23,217 | 5,05,24,392 |
| 35,31,89,068 | 33,70,34,000 | ||
| LESS: CURRENT LIABILITIES AND PROVISIONS | |||
| Current liabilities | 8 | 5,58,63,397 | 6,37,85,991 |
| Provisions | 9 | 3,79,43,583 | 3,94,59,774 |
| 9,38,06,980 | 10,32,45,765 | ||
| NET CURRENT ASSETS | 25,93,82,088 | 23,37,88,235 | |
| 28,30,76,847 | 27,23,19,596 | ||
| SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS | 15 |
Note: The schedules referred to above are an integral part of the Balance Sheet.
| For Shenoy & Kamath Chartered Accountants |
||||
| M Rathnakar Kamath Membership No. 202841 |
D. S waminathan Chairman of the Supervisory Board |
B. G. Srinivas Member |
Abraham Mathews Jednatel |
Ritesh M Idnani Member |
| Bangalore April 8, 2010 |
||||
| Profit and Loss account for the | Schedule | Year ended March 31, | |
| 2010 | 2009 | ||
| Income from business process management | 59,45,13,209 | 68,93,12,306 | |
| Business process management expenses | 10 | 46,84,10,972 | 46,76,69,690 |
| GROSS PROFIT | 12,61,02,237 | 22,16,42,615 | |
| Selling and marketing expenses | 11 | – | – |
| General and administration expenses | 12 | 9,89,85,572 | 9,33,80,222 |
| 9,89,85,572 | 9,33,80,222 | ||
| OPERATING PROFIT before interest and depreciation | 2,71,16,665 | 12,82,62,394 | |
| Interest | 3,55,341 | 4,48,031 | |
| Depreciation | 1,72,58,601 | 2,06,58,809 | |
| OPERATING PROFIT | 95,02,723 | 10,71,55,554 | |
| Other income, net | 13 | 1,45,74,889 | 12,85,41,441 |
| Provision for investments | – | – | |
| NET PROFIT before tax | 2,40,77,612 | 23,56,96,994 | |
| Provision for taxation | 14 | 1,01,91,405 | 4,13,82,379 |
| NET PROFIT after tax | 1,38,86,207 | 19,43,14,615 | |
| Income on sale of investments, net of taxes | – | – | |
| NET PROFIT after tax | 1,38,86,207 | 19,43,14,615 | |
| SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS | 15 | ||
Note: The schedules referred to above are an integral part of the Balance Sheet.
| For Shenoy & Kamath Chartered Accountants |
||||
| M Rathnakar Kamath Membership No. 202841 |
D. S waminathan Chairman of the Supervisory Board |
B. G. Srinivas Member |
Abraham Mathews Jednatel |
Ritesh M Idnani Member |