Schedules to the Balance Sheet as at |
Year Ended March 31, 2010 |
|
| 1 | SHARE CAPITAL | |
| Authorized Capital | ||
| 2,50,00,000 common stock of US $0.50 par value | 58,72,50,000 | |
| 58,72,50,000 | ||
| Issued, subscribed and paid up | ||
| 1,00,00,000 (Nil) common stock of US $0.50 par value, fully paid | 23,48,50,000 | |
| 23,48,50,000 | ||
| 2 | CASH AND BANK BALANCES | |
| Balances with non-scheduled banks in foreign currency | ||
| In current accounts | 22,32,14,968 | |
| 22,32,14,968 | ||
| 3 | Reserves and Surplus | |
| Translation difference | 1,03,33,400 | |
| Balance in Profit and Loss account | 13,01,631 | |
| 1,16,35,032 | ||
Schedules to Profit and Loss account for the |
Period ended March 31, 2010 |
|
| 4 | GENERAL AND ADMINISTRATION EXPENSES | |
| Professional charges | 12,30,147 | |
| Bank charges and commission | 1,39,081 | |
| 13,69,228 | ||
| 5 | OTHER INCOME, NET | |
| Interest received on deposits with banks and others | 67,597 | |
| 67,597 | ||
Infosys Public Services Inc (the Company) was incorporated on October 9,2009. The purpose of the Company is to engage in any lawful act or activity for which corporation may be organized under the Delaware General Corporation Law, as the same exists or as may hereafter be amended from time to time.
The Financial Statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
The preparation of the Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the Financial Statements and reported amounts of income and expenses during the period. Examples of such estimates include computation of percentage of completion which requires the Company to estimate the efforts expended to date as a proportion of the total efforts to be expended, provisions for doubtful debts, future obligations under employee retirement benefit plans, income taxes, post-sales customer support and the useful lives of fixed assets and intangible assets.
Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the Financial Statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the Financial Statements.
A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.
Foreign currency denominated monetary assets and liabilities are translated at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are included in the Profit or Loss account. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction.
Revenue, expense and cash-flow items denominated in foreign currencies are translated using the exchange rate in effect on the date of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled.
Basic earnings per share is computed by dividing the net profit / (loss) after tax by the weighted average number of equity shares outstanding during the period.
Cash and cash equivalents comprise cash and cash on deposit with banks.
The aggregate amounts incurred on expenses are as follows:
| Year ended March 31, 2010 | |
| Professional charges | 12,30,147 |
| Bank charges and commission | 1,39,081 |
| 13,69,228 |
The details of balances as on Balance Sheet dates with non-scheduled banks are as follows:
| Year ended March 31, 2010 | |
| In current accounts | |
| Bank of America, USA | 22,32,14,968 |
| 22,32,14,968 |
The details of maximum balances during the period with non-scheduled banks are as follows:
| Year ended March 31,2010 | |
| In current accounts | |
| Bank of America, USA | 23,33,50,000 |
| 23,33,50,000 |
The Company is primarily engaged in the development and maintenance of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956.
List of related parties:
Name of Related Party |
Country |
Holding, as at March 31, 2010 |
| Infosys Technologies Limited | India | 100.00% |
The details of the related party transactions entered into by the Company and maximum dues from related parties for the year ended March 31, 2010 is follows:
Particulars |
Year ended March 31, 2010 |
| Capital transactions: | |
| Financing transactions | |
| Infosys Technologies Limited | 23,48,50,000 |