Schedules to the financial statements for the year ended March 31, 2011
16.2.11. Loans and advances
Deposits with financial institution and body corporate comprise :
in 
As at March |
As at March |
|
31, 2011 |
31, 2010 |
|
Deposits with financial institution : |
||
Housing Development Finance Corporation Limited |
50,00,00,000 |
34,50,00,000 |
Life Insurance Corporation of India |
23,50,00,000 |
– |
Maximum balance held
in
Year ended March 31, |
||
2011 |
2010 |
|
Deposits with financial institution : |
||
Housing Development Finance Corporation Limited |
50,00,00,000 |
50,00,00,000 |
Life Insurance Corporation of India |
23,50,00,000 |
– |
16.2.12. Related party transactions
Name of the related party |
Country |
Holding as at |
|
March 31, 2011 |
March 31, 2010 |
||
List of related parties : |
|||
Infosys Technologies Limited |
India |
Holding Company |
Holding Company |
Infosys BPO s.r.o. |
Czech Republic |
100% |
100% |
Infosys BPO (Poland) Sp.Z.o.o |
Poland |
100% |
100% |
Infosys BPO (Thailand) Limited(1) |
Thailand |
– |
100% |
McCamish Systems LLC |
United States |
100% |
100% |
Infosys Consulting Inc(2) |
United States |
||
Infosys Technologies (Australia) Pty. Limited (‘Infosys Australia’)(2) |
Australia |
||
Infosys Technologies S. de R. L. de C. V. (‘Infosys Mexico’)(2) |
Mexico |
||
Infosys Technologies (China) Company Limited (‘Infosys China’)(2) |
China |
||
Infosys Tecnologia do Brasil Ltda (‘Infosys Brasil’)(2) |
Brazil |
||
Infosys Consulting India Limited(3) |
India |
||
(1) Liquidated effective March 18, 2011.
(2) Wholly owned subsidiaries of Infosys Technologies Limited i.e. fellow subsidiaries.
(3) Wholly owned subsidiary of Infosys Consulting Inc
List of key management personnel
Name of the Related Party |
Designation |
T. V. Mohandas Pai |
Chairman and Director |
D. Swaminathan(1) |
Managing Director and Chief Executive Officer |
Amitabh Chaudhry(2) |
Managing Director and Chief Executive Officer |
S. D. Shibulal |
Director |
Prof. Jayanth R. Varma |
Director |
Sridar A. Iyengar |
Director |
B. G. Srinivas |
Director |
Eric S. Paternoster |
Director |
(1) Appointed as Managing Director and Chief Executive Officer effective January 16, 2010
(2) Managing Director and Chief Executive Officer till January 15, 2010
The details of the related party transactions entered into by the Company, for the year ended March 31, 2011 and 2010 are as follows :
in
Particulars |
Year ended March 31, |
|
2011 |
2010 |
|
Capital transactions : |
||
Financial transactions |
||
Loans |
||
Infosys BPO (Poland) Sp.Z.o.o |
– |
(7,27,19,108) |
McCamish Systems LLC |
(15,49,973) |
1,549,973 |
Revenue transactions : |
||
Purchase of services |
||
Infosys BPO s.r.o. |
16,26,623 |
6,81,630 |
Infosys Consulting Inc. |
1,76,45,583 |
1,34,84,238 |
Infosys BPO (Poland) Sp.Z.o.o |
– |
52,42,650 |
Infosys Mexico |
2,02,96,180 |
3,42,83,644 |
McCamish Systems LLC |
60,84,062 |
– |
Purchase of shared services including facilities and personnel : |
||
Infosys Technologies Limited |
73,39,43,837 |
65,65,21,775 |
Infosys BPO s.r.o. |
4,02,543 |
3,79,696 |
Infosys BPO (Poland) Sp.Z.o.o |
44,695 |
44,83,679 |
Infosys Consulting Inc. |
– |
15,22,842 |
Infosys BPO (Thailand) Limited |
1,220 |
– |
McCamish Systems LLC |
1,22,20,764 |
– |
Infosys Australia |
2,67,61,644 |
2,09,96,658 |
Infosys Mexico |
28,47,985 |
24,03,063 |
Infosys China |
89,37,566 |
16,28,225 |
Infosys Brasil |
13,57,877 |
1,59,748 |
Interest Income |
||
Infosys BPO (Poland) Sp.Z.o.o |
– |
18,75,759 |
Infosys BPO s.r.o. |
– |
3,44,121 |
Infosys BPO (Thailand) Limited |
1,81,233 |
– |
McCamish Systems LLC |
8,92,617 |
15,49,972 |
Sale of services |
||
Infosys BPO s.r.o. |
– |
52,44,663 |
McCamish Systems LLC |
4,51,77,009 |
|
Sale of shared services including facilities and personnel |
||
Infosys Technologies Limited |
1,10,75,66,483 |
63,16,87,140 |
Infosys BPO s.r.o. |
89,14,375 |
53,68,721 |
Infosys BPO (Poland) Sp.Z.o.o |
15,51,838 |
7,39,431 |
Infosys BPO (Thailand) Limited |
– |
75,593 |
McCamish Systems LLC |
3,32,33,566 |
23,90,915 |
Infosys Australia |
3,44,19,371 |
1,11,15,990 |
Infosys Mexico |
63,03,004 |
60,20,021 |
Infosys China |
1,63,25,479 |
53,83,218 |
Infosys Consulting Inc. |
24,229 |
2,281 |
Infosys Brasil |
1,49,36,410 |
72,75,970 |
Infosys Consulting India Limited |
1,00,36,532 |
32,870 |
The Company has received certain managerial services from Mr. T. V. Mohandas Pai and Mr. S. D. Shibulal, directors of the Company who are also directors of Infosys Technologies Limited, at no cost.
Infosys Technologies Limited, the parent company has issued performance guarantees to certain clients for executed contracts.
Details of amounts due to or due from and maximum dues from related party for the year ended March 31, 2011 and year ended March 31, 2010.
in
Particulars |
As at March |
As at March |
31, 2011 |
31, 2010 |
|
Loans and Advances : |
||
McCamish Systems LLC |
– |
15,49,973 |
Deposit given for shared services |
||
Infosys Technologies Limited |
6,89,00,000 |
6,89,00,000 |
Debtors |
||
Infosys Technologies Limited |
2,07,85,682 |
5,82,90,185 |
Infosys BPO s.r.o. |
41,423 |
10,64,220 |
Infosys BPO (Poland) Sp.Z.o.o |
25,088 |
12,52,487 |
Infosys BPO (Thailand) Limited |
– |
1,220 |
McCamish Systems LLC |
– |
12,03,160 |
Infosys Consulting, Inc. |
3,697 |
2,245 |
Infosys Australia |
33,45,694 |
9,82,637 |
Infosys Mexico |
6,46,607 |
2,59,921 |
Infosys China |
2,29,89,664 |
1,08,23,121 |
Infosys Brasil |
– |
1,46,980 |
Infosys Consulting India Limited |
8,76,208 |
23,892 |
Creditors : |
||
Infosys Technologies Limited |
1,40,12,209 |
2,24,52,343 |
Infosys BPO s.r.o. |
– |
1,07,610 |
Infosys BPO (Poland) Sp.Z.o.o |
– |
58,21,421 |
Infosys Consulting Inc |
16,69,423 |
14,85,444 |
Infosys Australia |
1,11,252 |
35,40,761 |
Infosys Mexico |
25,02,248 |
(5,49,757) |
Infosys China |
96,35,279 |
40,99,043 |
Infosys Brasil |
– |
1,05,234 |
Infosys Consulting India Limited |
– |
828 |
Maximum balances of deposits given for shared services : |
||
Infosys Technologies Limited |
6,89,00,000 |
6,89,00,000 |
Maximum balances of loans and advances : |
||
Infosys BPO (Poland) Sp.Z.o.o |
– |
7,27,19,108 |
Infosys BPO (Thailand) Limited |
2,25,88,767 |
– |
McCamish Systems LLC |
8,86,57,847 |
18,11,56,124 |
During the year ended March 31, 2011 and March 31, 2010 an amount of Nil (30,00,000) was donated to Infosys Foundation, a not-for-profit foundation, in which certain directors of the Company are trustees.
Particulars of remuneration and other benefits paid to Managing Director during the year ended March 31, 2011 and 2010, are as follows :
in
Year ended March 31, |
||
2011 |
2010 |
|
Salary and allowances |
78,73,281 |
97,63,863 |
Provident fund, gratuity and superannuation contributions |
2,26,209 |
2,82,981 |
Performance incentives |
43,74,524 |
89,87,736 |
1,24,74,014 |
1,90,34,580 |
|
16.2.13. Managerial remuneration paid to non-whole time directors
Particulars of remuneration and other benefits paid to non-whole time directors during the year ended March 31, 2011 and 2010 are as follows :
in
Year ended March 31, |
||
2011 |
2010 | |
Sitting fees |
90,000 |
1,05,000 |
Commission |
24,00,000 |
24,00,000 |
Computation of net profit in accordance with Section 349 of the Companies Act, 1956 and calculation of commission payable to non whole-time directors.
in
Year ended March 31, |
||
2011 |
2010 |
|
Net profit after tax from ordinary activities |
2,04,83,60,702 |
2,73,81,32,067 |
Add : |
||
Whole time director’s remuneration |
1,24,74,014 |
1,90,34,580 |
Director’s sitting fee |
90,000 |
1,05,000 |
Commission to non whole time directors |
24,00,000 |
24,00,000 |
Depreciation as per books of account |
50,74,55,954 |
53,86,79,767 |
Provision for doubtful debts |
1,27,95,723 |
11,31,118 |
Provision for doubtful loans and advances |
8,21,763 |
8,62,912 |
Provision for taxation |
9,64,38,381 |
19,32,34,404 |
2,68,08,36,537 |
3,49,35,79,848 |
|
Less : |
||
Depreciation as envisaged under Section 350 of the Companies Act, 1956(1) |
50,74,55,954 |
53,86,79,767 |
Carried forward losses for previous years as computed under Section 349 of the Companies Act, 1956 |
– |
– |
Net profit on which commission is payable |
2,17,33,80,583 |
2,95,49,00,081 |
Commission payable to non whole time directors |
– |
– |
Maximum allowed as per the Companies Act, 1956 at 1% |
2,17,33,806 |
2,95,49,001 |
Commission approved by the Board |
24,00,000 |
24,00,000 |
| (1) | The Company depreciates fixed assets based on estimated useful lives that are lower than those implicit is Schedule XIV of the Companies Act, 1956. Accordingly, the rates of depreciation used by the Company are higher than the minimum rates prescribed by the Schedule XIV of the Companies Act, 1956. |