The details of the related party transactions entered into by the company, for the year ended March 31, 2010 and 2009 are as follows:
| Particulars | Year ended March 31, |
|
| 2010 | 2009 | |
| Capital transactions: | ||
| Financials transactions | ||
| Loans | ||
| Infosys BPO s.r.o | – | (1,17,77,262) |
| Infosys BPO Poland Sp.z.o.o | (7,27,19,108) | 7,27,19,108 |
| McCamish Systems LLC | 15,49,973 | – |
| P-Financial Services Holding B.V | – | (4,23,99,828) |
| Revenue transactions: | ||
| Purchase of services | ||
| Infosys BPO s.r.o | 6,81,630 | 72,77,711 |
| Infosys BPO Poland Sp.z.o.o | 52,42,650 | – |
| Infosys Consulting Inc | 1,34,84,238 | – |
| Infosys Mexico | 3,42,83,644 | 1,38,16,874 |
| Purchase of shared services including facilities and personnel | ||
| Infosys Technologies Limited | 3,79,696 | 51,04,88,472 |
| Infosys BPO s.r.o | 4,483,679 | 54,19,980 |
| Infosys BPO Poland Sp.z.o.o | 15,22,842 | – |
| Infosys Australia | 2,09,96,658 | 1,34,06,832 |
| Infosys Mexico | 24,03,063 | 44,29,189 |
| Infosys China | 16,28,225 | 13,73,901 |
| Infosys Brazil | 1,59,748 | – |
| Interest Income | ||
| Infosys BPO s.r.o | 3,44,121 | 2,87,585 |
| Infosys BPO Poland Sp.z.o.o | 18,75,759 | 17,15,752 |
| McCamish Systems LLC | 1,549,972 | – |
| P-Financial Services Holding B.V | – | 7,10,677 |
| Sale of services | ||
| Infosys Technologies Limited | – | 36,78,302 |
| Infosys BPO s.r.o | 52,44,663 | – |
| Sale of shared services including facilities and personnel | ||
| Infosys Technologies Limited | 63,16,87,140 | 27,67,54,705 |
| Infosys BPO s.r.o | 53,68,721 | 54,93,477 |
| Infosys BPO Poland Sp.z.o.o | 7,39,431 | – |
| Infosys BPO (Thailand) Limited | 75,593 | 3,960 |
| Infosys Australia | 23,90,915 | 2,35,70,098 |
| Infosys Mexico | 2,281 | 35,29,212 |
| Infosys China | 1,11,15,990 | 5,67,623 |
| Infosys Brazil | 60,20,021 | – |
| Infosys Consulting India Limited | 5,383,218 | – |
The company has received certain managerial services from Mr. T. V. Mohandas Pai and Mr. S. D. Shibulal, directors of the company who are also directors of Infosys Technologies Limited, at no cost.
Infosys Technologies Limited, the parent company has issued performance guarantees to certain clients for executed contracts.
Details of amounts due to or due from and maximum dues from related party for the year ended March 31, 2010 and March 31, 2009.
| Particulars | As at March 31, |
|
| 2010 | 2009 | |
| Loans and Advances | ||
| Infosys BPO Poland Sp.z.o.o | – | 7,27,19,108 |
| McCamish Systems LLC | 15,49,973 | – |
| Deposit given for shared services | ||
| Infosys Technologies Limited | 6,89,00,000 | 3,28,00,000 |
| Debtors | ||
| Infosys Technologies Limited | 5,82,90,185 | 1,17,34,830 |
| Infosys BPO s.r.o | 10,64,220 | 32,54,777 |
| Infosys BPO Poland Sp.z.o.o | 12,52,487 | 6,75,217 |
| Infosys BPO (Thailand) Limited | 1,220 | 15,054 |
| McCamish Systems LLC | 12,03,160 | – |
| Infosys Consulting Inc | 2,245 | – |
| Infosys Australia | 9,82,637 | 46,73,533 |
| Infosys Mexico | 2,59,921 | 13,29,561 |
| Infosys China | 1,08,23,121 | 56,77,699 |
| Infosys Brazil | 1,46,980 | – |
| Infosys Consulting India Limited | 23,892 | – |
| Creditors | ||
| Infosys Technologies Limited | 2,24,52,343 | – |
| Infosys BPO s.r.o | 1,07,610 | 45,101 |
| Infosys BPO Poland Sp.z.o.o | 58,21,421 | 4,58,629 |
| Infosys Consulting Inc | 14,85,444 | – |
| Infosys Australia | 35,40,761 | 29,72,105 |
| Infosys Mexico | (5,49,757) | (2,01,751) |
| Infosys China | 40,99,043 | 26,49,114 |
| Infosys Brazil | 1,05,234 | – |
| Infosys Consulting India Limited | 828 | – |
| Maximum balances of loans and advances | ||
| Infosys Technologies Limited | 6,89,00,000 | 3,28,00,000 |
| Infosys BPO s.r.o | – | 1,98,41,514 |
| Infosys BPO Poland Sp.z.o.o | 7,27,19,108 | 8,42,72,028 |
| McCamish Systems LLC | 18,11,56,124 | – |
During the year ended March 31, 2010 an amount of Rs. 30,00,000 was donated to Infosys Foundation, a not-for-profit foundation, in which certain directors of the company are trustees.
Particulars of remuneration and other benefits paid to Managing Director during the year ended March 31, 2010 and 2009, are given below:
Year ended March 31, |
||
| 2010 | 2009 | |
| Salary and allowances | 97,63,863 | 73,81,180 |
| Provident fund, gratuity and superannuation contributions | 2,82,981 | 2,77,166 |
| Performance incentives | 89,87,736 | 44,96,877 |
| 1,90,34,580 | 1,21,55,223 | |
Particulars of remuneration and other benefits paid to non-whole time directors during the year ended March 31, 2010 and 2009 are given below:
Year ended March 31, |
||
| 2010 | 2009 | |
| Sitting fees | 105,000 | 120,000 |
| Commission | 24,00,000 | 24,00,000 |
| 25,05,000 | 25,20,000 | |
Computation of net profit in accordance with Section 349 of the Companies Act, 1956 and calculation of commission payable to non whole time directors.
Year ended March 31, |
||
| 2010 | 2009 | |
| Net profit after tax from ordinary activities | 2,73,81,32,067 | 1,78,42,28,901 |
| Add: | ||
| 1. Whole time director's remuneration | 1,90,34,580 | 1,21,55,223 |
| 2. Director's sitting fee | 1,05,000 | 1,20,000 |
| 3. Commission to non whole time directors | 24,00,000 | 24,00,000 |
| 4. Depreciation as per books of account | 53,86,79,767 | 42,25,43,412 |
| 5. Provision for doubtful debts | 11,31,118 | (5,25,230) |
| 6. Provision for doubtful loans and advances | 8,62,912 | 75,17,240 |
| 5. Provision for taxation | 19,32,34,404 | (4,05,33,765) |
| 3,49,35,79,848 | 2,18,79,05,781 | |
| Less | ||
| 1. Depreciation as envisaged under Section 350 of the Companies Act, 1956* | 53,86,79,767 | 42,25,43,412 |
| 2. Carried forward losses for previous years as computed under Section 349 of the Companies Act, 1956 | – | – |
| 2. Net profit on which commission is payable | 2,95,49,00,081 | 1,76,53,62,369 |
| 3. Commission payable to non whole time directors: | ||
| 4. Maximum allowed as per the Companies Act, 1956 at 1% | 2,95,49,001 | 1,76,53,624 |
| Commission approved by the Board: | 24,00,000 | 24,00,000 |
* The company depreciates fixed assets based on estimated useful lives that are lower than those implicit is Schedule XIV of the Companies Act, 1956. Accordingly, the rates of depreciation used by the company are higher than the minimum rates prescribed by the Schedule XIV of the Companies Act, 1956.