Auditors Report

To

The Members of Infosys Public Services Inc., USA

We have audited the attached Balance Sheet of Infosys Public Services Inc., USA (‘the Company') as at March 31 2010, the Profit and Loss Account (‘Financial Statements') of the Company for the period 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:
   1. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2010; and
   2. 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

 

Financial statements of Infosys Public Services Inc

Balance Sheet as at	Schedule	Year ended March 31, 2010
SOURCES OF FUNDS
SHAREHOLDERS' FUNDS
Share capital	1	23,48,50,000
		23,48,50,000
APPLICATION OF FUNDS
CURRENT ASSETS, LOANS AND ADVANCES
Cash and bank balances	2	22,32,14,968
		22,32,14,968
LESS: CURRENT LIABILITIES AND PROVISIONS		–
NET CURRENT ASSETS		22,32,14,968
Reserves and Surplus	3	1,16,35,032
		23,48,50,000
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS	6

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	Prof. Jeffery S. Lehman Chairperson	T. V. Mohandas Pai Director
	S. D. Shibulal Director	Ashok Vemuri Director
Bangalore April 8, 2010

 

Profit and Loss account for the	Schedule	Period ended March 31, 2010
Income from software services		–
Software development expenses		–
GROSS PROFIT		–
Selling and marketing expenses		–
General and administration expenses	4	13,69,228
		13,69,228
OPERATING PROFIT before interest and depreciation		(13,69,228)
Interest		–
Depreciation		–
OPERATING PROFIT before tax		(13,69,228)
Other income, net	5	67,597
Provision for investments		–
NET PROFIT before tax		(13,01,631)
Provision for taxation		–
NET PROFIT after tax		(13,01,631)
Equity shares of par value USD 0.5 /- each
Basic		(0.27)
Number of shares used in computing basic earnings per share		47,67,123
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS	6

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	Prof. Jeffery S. Lehman Chairperson	T. V. Mohandas Pai Director
	S. D. Shibulal Director	Ashok Vemuri Director
Bangalore April 8, 2010