Auditors Report

To

The Members of Infosys BPO (Thailand) Limited

We have audited the attached Balance Sheet of Infosys BPO (Thailand) Limited (‘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. The Standards stipulates 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 BPO (Thailand) Limited

in Rs.
Balance Sheet as at
Schedule
March 31, 2010 March 31, 2009
SOURCES OF FUNDS      
SHAREHOLDERS’ FUNDS      
Share capital 1 9,38,00,000 9,38,00,000
Unsecured loans   – 77,21,248
    9,38,00,000 10,15,21,248
APPLICATION OF FUNDS      
FIXED ASSETS 2    
Original cost   10,61,70,238 10,53,61,204
Less: Accumulated depreciation   33,45,027 19,47,948
Net book value   10,28,25,211 10,34,13,256
CURRENT ASSETS, LOANS AND ADVANCES      
Sundry debtors 3 4,38,79,732 3,12,96,481
Cash and bank balances 4 3,46,62,796 1,81,32,952
Loans and advances 5 81,64,767 76,02,008
    8,67,07,295 5,70,31,441
LESS: CURRENT LIABILITIES AND PROVISIONS      
Current liabilities 6 10,11,68,828 8,83,38,170
Provisions 7 35,38,723 34,75,748
    10,47,07,551 9,18,13,918
NET CURRENT ASSETS   (1,80,00,256) (3,47,82,478)
    89,75,045 3,28,90,469
PROFIT AND LOSS ACCOUNT   9,38,00,000 10,15,21,248
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 11    

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
Director		 Abraham Mathews
Director		 Chua Yeow Koon
Center Head, Hangzhou and Bangkok
 
 Bangalore
April 8, 2010		        

 

in Rs.
Profit and Loss account for the Schedule Year ended March 31,
    2010 2009
Income from Business process management   26,03,69,913 22,29,78,098
Software development and Business process management expenses 8 20,10,33,734 22,30,71,777
GROSS PROFIT   5,93,36,179 (93,679)
Selling and marketing expenses   – –
General and administration expenses 9 3,05,87,012 2,90,80,261
    3,05,87,012 2,90,80,261
OPERATING PROFIT before interest and depreciation   2,87,49,167 (2,91,73,940)
Interest   3,32,387 (6,89,101)
Depreciation   14,69,572 14,72,194
OPERATING PROFIT before tax and exceptional items   2,69,47,208 (2,99,57,033)
Other income, net 10 (63,01,852) 56,73,578
Provision for investments   – –
NET PROFIT before tax   2,06,45,356 (2,42,83,455)
Provision for taxation   – –
NET PROFIT after tax   2,06,45,356 (2,42,83,455)
EARNINGS PER SHARE (EPS)      
Equity shares of par value THB 1,000 each      
Before exceptional item      
Basic   295 (347)
Number of shares used in computing EPS   70,000 70,000
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 11    

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
Director		 Abraham Mathews
Director		 Chua Yeow Koon
Center Head, Hangzhou and Bangkok
 
 Bangalore
April 8, 2010