Auditors Report

To

The Members of Infosys Technologies S. De. R. L. De. C.V (Infosys Mexico)

We have audited the attached Balance Sheet of Infosys Technologies S. De. R. L. De. C.V (Infosys Mexico) (‘The Company’) as at December 31, 2009, 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:
    1. in the case of the Balance Sheet, of the state of affairs of the Company as at December 31, 2009; 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 
January 7, 2010

Financial Statements of Infosys Technologies S de R.L. De. C. V., Mexico

In Rs.
Balance Sheet as at Schedule
 December 31,
    2009 2008
SOURCES OF FUNDS      
SHAREHOLDERS' FUNDS      
Share capital 1 40,27,99,999 21,82,99,963
    40,27,99,999 21,82,99,963
APPLICATION OF FUNDS      
FIXED ASSETS 2    
Original cost   15,63,80,667 9,10,45,011
Less: Accumulated depreciation   9,84,65,624 4,52,16,515
Net book value   5,79,15,043 4,58,28,496
CURRENT ASSETS, LOANS AND ADVANCES      
Sundry debtors 3 8,92,32,795 2,75,54,721
Cash and bank balances 4 25,66,44,295 6,30,89,578
Loans and advances 5 2,73,77,439 1,18,10,735
    37,32,54,529 10,24,55,034
LESS: CURRENT LIABILITIES AND PROVISIONS      
Current liabilities 6 10,66,30,390 5,59,85,504
Provisions 7 4,33,34,063 1,41,28,622
  14,99,64,453 7,01,14,126
NET CURRENT ASSETS 22,32,90,075 3,23,40,907
     
RESERVES AND SURPLUS 8 12,15,94,881 14,01,30,560
    40,27,99,999 21,82,99,963
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 13    

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		 Ashok Vemuri
Sole Manager
Bangalore
January 7, 2010

In Rs.
Profit and Loss Account for the Schedule
 Year ended December 31,
    2009 2008
Income from software services and business process management   65,26,08,476 27,01,96,864
Software development and business process management expenses 9 43,53,04,106 27,02,87,510
GROSS PROFIT    21,73,04,369  (90,646)
Selling and marketing expenses 10 21,68,772 1,72,748
General and administration expenses 11 10,16,78,508 6,81,01,459
     10,38,47,280  6,82,74,207
OPERATING PROFIT before interest and depreciation    11,34,57,090  (6,83,64,852)
Interest   – –
Depreciation   5,39,04,366 4,40,42,418
OPERATING PROFIT before tax    5,95,52,724  (11,24,07,271)
Other income, net 12 (82,55,672) 2,64,03,851
NET PROFIT before tax    5,12,97,052  (8,60,03,420)
Provision for taxation   2,54,53,293 2,06,41,340
NET PROFIT after tax    2,58,43,759  (10,66,44,759)
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 13    

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		 Ashok Vemuri
Sole Manager
Bangalore
January 7, 2010