Auditors Report

To

The Members of McCamish Systems LLC

We have audited the attached Balance Sheet of McCamish Systems LLC, USA (‘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:
    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 McCamish Systems LLC, USA

In Rs.
Balance Sheet as at
Schedule
  March 31, 2010
SOURCES OF FUNDS    
SHAREHOLDERS' FUNDS    
Share capital 1 1,15,06,82,854
    1,15,06,82,854
Unsecured loans   15,49,973
    1,15,22,32,827
APPLICATION OF FUNDS    
FIXED ASSETS 2  
Original cost   5,63,21,685
Less: Accumulated depreciation   2,31,74,189
Net book value   3,31,47,496
CURRENT ASSETS, LOANS AND ADVANCES    
Sundry debtors 3 15,20,35,951
Cash and bank balances 4 6,51,38,613
Loans and advances 5 3,82,69,113
    25,54,43,677
LESS: CURRENT LIABILITIES AND PROVISIONS    
Current liabilities 6 13,44,51,717
Provisions 7 1,50,25,584
    14,94,77,301
NET CURRENT ASSETS   10,59,66,376
     
PROFIT AND LOSS ACCOUNT   1,01,31,18,955
    1,15,22,32,827
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 12  

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. Swaminathan
Chairman		 Gordon Beckam
Chief Executive Officer		 Eric Paternoster
Member
 
  Ritesh M Idnani
Member		 Sam Thomas
Member		  
Bangalore
April 8, 2010		      

 

In Rs.
Profit and Loss account for the
Schedule
 Year Ended
March 31,2010
Income from business process management   38,02,29,857
Business process management expenses 8 46,26,48,128
GROSS PROFIT   (8,24,18,271)
Selling and marketing expenses 9 2,04,14,765
General and administration expenses 10 4,84,95,133
  6,89,09,898
OPERATING PROFIT before interest and depreciation   (15,13,28,169)
Interest   15,84,169
Depreciation   2,38,96,325
OPERATING PROFIT before tax   (17,68,08,663)
Other income, net 11 98,061
Provision for investments   –
NET PROFIT before tax   (17,67,10,602)
Provision for taxation   –
NET PROFIT after tax   (17,67,10,602)
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 12  

Note: The schedules referred to above are an integral part of the Profit and Loss Account.

For Shenoy & Kamath
Chartered Accountants		      
       
M Rathnakar Kamath
Membership No. 202841		 D. Swaminathan
Chairman		 Gordon Beckam
Chief Executive Officer		 Eric Paternoster
Member
       
  Ritesh M Idnani
Member		 Sam Thomas
Member		  
Bangalore
April 8, 2010