Auditors Report

To

The Members of Infosys Consulting Inc., U S A

We have audited the attached Balance Sheet of Infosys Consulting Inc., U S A ('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 Infosys Consulting Inc, USA

In Rs.
Balance Sheet as at
Schedule
 March 31, 2010 March 31, 2009
SOURCES OF FUNDS      
SHAREHOLDERS' FUNDS      
Share capital 1 2,40,07,72,500 1,90,04,72,500
    2,40,07,72,500 1,90,04,72,500
APPLICATION OF FUNDS      
FIXED ASSETS 2    
Original cost   4,91,16,423 4,79,24,268
Less: Accumulated depreciation   4,19,95,052 3,77,79,106
Net book value   71,21,371 1,01,45,162
INVESTMENTS 3 1,00,27,095 –
DEFERRED TAX ASSETS 4 84,68,08,586 –
CURRENT ASSETS, LOANS AND ADVANCES      
Sundry debtors 5 81,87,32,687 46,38,230
Cash and bank balances 6 12,53,33,111 4,62,60,331
Loans and advances 7 24,14,97,259 2,33,67,933
    1,18,55,63,057 7,42,66,494
LESS: CURRENT LIABILITIES AND PROVISIONS      
Current liabilities 8 1,38,66,06,795 1,04,09,55,926
Provisions 9 8,75,74,621 6,74,30,465
    1,47,41,81,416 1,10,83,86,391
NET CURRENT ASSETS   (28,86,18,359) (1,03,41,19,896)
Reserves and surplus 10 1,82,54,33,808 2,92,44,47,234
    2,40,07,72,500 1,90,04,72,500
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 16    

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		 S. D. Shibulal
Chairperson		 Stephen Pratt
Chief Executive Officer and
Managing Director		 N. R. Narayana Murthy
Director
 
 

Ashok Vemuri
Director

Chandra Shekar Kakal
Director

B. G. Srinivas
Director
 
  Raj Joshi
Director		    

Bangalore
April 8, 2010
 
In Rs.
Profit and Loss account for the
Schedule
Year Ended March 31,
    2010 2009
Income from software services and business process management   4,64,19,21,657 2,87,47,74,129
Software development and business process management expenses 11 2,48,43,12,292 1,79,46,59,248
GROSS PROFIT   2,15,76,09,365 1,08,01,14,881
Selling and marketing expenses 12 76,88,34,616 72,22,14,396
General and administration expenses 13 1,18,50,12,254 94,02,20,893
    1,95,38,46,871 1,66,24,35,289
OPERATING PROFIT before interest and depreciation   20,37,62,494 (58,23,20,408)
Interest   – –
Depreciation   90,49,810 1,06,15,058
OPERATING PROFIT before tax   19,47,12,684 (59,29,35,466?)
Other income, net 14 (64,16,783) 82,31,574
Provision for investments   – –
NET PROFIT before tax   18,82,95,901 (58,47,03,892)
Provision for taxation 15 (85,71,92,158) 18,46,528
NET PROFIT after tax   1,04,54,88,059 (58,65,50,421)
EARNINGS PER SHARE (EPS)      
Common Stock of par value 1 USD each      
Basic   19.23 (13.45)
Number of shares used in computing EPS   5,43,69,863 4,36,16,438
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 16    
Note: The schedules referred to above are an integral part of the Balance Sheet.