Schedules to the financial statements for the year ended December 31, 2010
13.2. Notes on accounts
13.2.1. Aggregate expenses
The aggregate amounts incurred on expenses are as follows:
in 
Particulars |
Year ended December 31, |
|
2010 |
2009 |
|
Salaries and bonus including overseas staff expenses |
10,05,68,869 |
6,68,62,291 |
Overseas travel expenses |
79,641 |
1,09,420 |
Professional charges |
66,94,574 |
48,70,601 |
Telephone charges |
59,840 |
1,31,713 |
Professional membership and seminar participation fees |
24,115 |
15,819 |
Rent |
4,69,231 |
2,70,181 |
Insurance charges |
5,82,430 |
5,154 |
Postage and courier |
27,767 |
1,047 |
Bank charges and commission |
94,173 |
86,703 |
Auditor’s remuneration |
||
Statutory audit fees |
20,95,066 |
1,72,025 |
Printing and Stationery |
12,398 |
– |
Miscellaneous expenses |
1,835 |
70,027 |
11,07,09,940 |
7,25,94,981 |
|
13.2.2. Quantitative details
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.
13.2.3. Obligations on long-term, non-cancelable operating leases
The lease rentals charged during the period and maximum obligations on long-term, non-cancelable operating leases payable as per the rentals stated in the respective agreements are as follows:
in
Year ended December 31, |
||
2010 |
2009 |
|
Lease rentals recognized during the period |
4,69,231 |
2,70,181 |
in
Lease obligations payable |
Year ended December 31, |
|
2010 |
2009 |
|
Within one year of the Balance Sheet date |
1,01,775 |
3,80,131 |
Due in a period between one year and five years |
– |
1,00,815 |
Due after five years |
– |
– |
13.2.4. Activity in foreign currency
in
Particulars |
Year ended December 31, |
|
2010 |
2009 |
|
Earnings in foreign currency |
||
Income from software services and products |
11,62,45,436 |
7,61,76,643 |
Interest received from banks and others |
1,093 |
|
Expenditure in foreign currency (on payment basis) |
||
Overseas travel expenses (including visa charges) |
79,641 |
1,09,420 |
Professional charges |
38,76,363 |
50,42,626 |
Technical sub-contractors – subsidiaries |
||
Overseas salaries and incentives |
8,41,97,212 |
5,91,10,277 |
Other expenditure incurred overseas for software development |
1,09,49,221 |
26,91,619 |
Net Earnings in foreign currency |
11,07,09,940 |
7,25,94,981 |
13.2.5. Related party transactions
List of related parties:
in
Name of Related parties |
Country |
Year ended December 31, |
|
2010 |
2009 |
||
Infosys Technologies Limited |
India |
100.00% |
100.00% |
During the year ended December 31, 2009, the holding Company incorporated the wholly-owned subsidiary, Infosys Technologies (Sweden) AB, which was capitalized on July 8, 2009.
Details of amounts due to or due from Year ended Dec 31, 2010 and Dec 31, 2009 :
in
Particulars |
Year ended December 31, |
|
2010 |
2009 |
|
Sundry debtors |
||
Infosys Technologies Limited |
77,97,265 |
67,71,383 |
Sundry creditors |
||
Infosys Technologies Limited |
– |
5,65,936 |
The details of the related party transactions entered into by the Company and maximum dues from subsidiaries for the year ended December 31, 2010 and December 31,2009 is follows:
in
Particulars |
Year ended December 31, |
|
2010 |
2009 |
|
Capital transactions |
||
Financing transactions |
||
Infosys Technologies Limited |
– |
6,53,000 |
Revenue transactions |
||
Sale of services |
||
Infosys Technologies Limited |
11,62,45,436 |
7,61,76,643 |
13.2.6. Cash and bank balances
The details of balances as on Balance Sheet dates with non-scheduled banks are as follows:
in
Balances with non-scheduled bank |
Year ended December 31, |
|
2010 |
2009 |
|
In current accounts |
||
Nordbanken, Sweden |
95,87,472 |
1,48,63,136 |
Svenska Handelsbanken, Sweden |
6,97,207 |
1,97,754 |
In deposit accounts |
||
Nordbanken, Sweden |
66,70,000 |
– |
Total cash and bank balances as per Balance Sheet |
1,69,54,680 |
1,50,60,890 |
The details of maximum balances during the period with non-scheduled banks are as follows :
in
Maximum balance with non-scheduled banks during the period |
Period ended December 31, |
|
2010 |
2009 |
|
In current accounts |
||
Nordbanken, Sweden |
1,76,41,732 |
2,35,28,736 |
Svenska Handelsbanken, Sweden |
34,33,095 |
46,70,923 |