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Infosys Technologies Limited

Balance Sheet as of
in Rs
Particulars Schedule June 30, 2000 June 30, 1999 March 31, 2000
SOURCES OF FUNDS
SHAREHOLDERS' FUNDS
Share capital 1 33,07,58,335 33,06,95,500 33,07,55,000
Reserves and surplus 2 927,12,34,168 599,94,93,896 800,22,73,248
960,19,92,503 633,01,89,396 833,30,28,248
APPLICATION OF FUNDS
FIXED ASSETS 3
Gross block 373,65,25,244 190,40,05,553 284,03,05,143
Less : Depreciation 151,26,93,565 92,02,83,178 133,65,20,594
Net block 222,38,31,679 98,37,22,375 150,37,84,549
Add : Capital work-in-progress 53,04,58,784 14,21,61,438 56,96,03,505
275,42,90,463 112,58,83,813 207,33,88,054
INVESTMENTS 4 36,16,97,129 75,48,469 13,83,48,469
CURRENT ASSETS, LOANS AND ADVANCES
Sundry debtors 5 228,39,91,832 106,75,75,082 136,17,81,253
Cash and bank balances 6 426,00,41,918 389,99,38,741 431,79,35,730
Loans and advances 7 196,24,84,174 123,67,02,392 210,12,77,161
850,65,17,924 620,42,16,215 778,09,94,144
Less : Current liabilities 8 116,79,86,403 55,69,78,559 67,15,06,459
Provisions 9 85,25,26,610 45,04,80,542 98,81,95,960
NET CURRENT ASSETS 648,60,04,911 519,67,57,114 612,12,91,725
960,19,92,503 633,01,89,396 833,30,28,248
SIGNIFICANT ACCOUNTING POLICIES AND
NOTES ON ACCOUNTS
13

The Schedules referred to above and the notes thereon form an integral part of the Balance Sheet.

This is the Balance Sheet referred
to in our report of even date. for Bharat S Raut & Co.
Chartered Accountants

Balaji Swaminathan
Partner
N. R. Narayana Murthy
Chairman and
Chief Executive Officer
Nandan M. Nilekani
Managing Director, President
and Chief Operating Officer
Marti G. Subrahmanyam
Director
S. Gopalakrishnan
Deputy Managing Director
K. Dinesh
Director
S. D. Shibulal
Director
T. V. Mohandas Pai
Director and
Chief Financial Officer
Phaneesh Murthy
Director
Srinath Batni
Director
Place : Bangalore
Date : July 11, 2000
V. Vishwanathan
Company Secretary

Infosys Technologies Limited

Schedules to the Balance Sheet as at
in Rs.
June 30, 2000 June 30, 1999 March 31, 2000
1 SHARE CAPITAL
AUTHORIZED
10,00,00,000 (5,00,00,000) equity shares of Rs. 5 (Rs. 10) each 50,00,00,000 50,00,00,000 50,00,00,000
ISSUED, SUBSCRIBED AND PAID UP
6,61,51,367 (3,30,69,400) equity shares of Rs. 5 (Rs. 10)
each fully paid up
33,07,56,835 33,06,94,000 33,07,53,500
[Of the above, 5,78,88,200 (2,89,44,100) equity shares of Rs. 5 (Rs. 10)
each fully paid up have been issued as bonus shares by
capitalization of the general reserve]
Add: Forfeited shares 1,500 1,500 1,500
33,07,58,335 33,06,95,500 33,07,55,000
2 RESERVES AND SURPLUS
Capital reserve as at April 1, 5,93,54,103 5,93,54,103 5,93,54,103
5,93,54,103 5,93,54,103 5,93,54,103
Share premium account as at April 1, 318,37,81,595 319,99,15,445 319,99,15,445
Add : Received during the period
On conversion of ADS linked stock options 9,98,171 - 1,75,65,777
318,47,79,766 319,99,15,445 321,74,81,222
Less : ADS linked stock option issue expenses - - 1,01,93,113
ADS issue expenses - 2,02,03,690 2,35,06,514
318,47,79,766 317,97,11,755 318,37,81,595
General reserve as at April 1, 475,91,37,550 215,43,46,200 215,43,46,200
Add: Transferred from Profit and Loss Account - - 260,47,91,350
Balance in Profit and Loss Account 126,79,62,749 60,60,81,838 -
602,71,00,299 276,04,28,038 475,91,37,550
927,12,34,168 599,94,93,896 800,22,73,248

Infosys Technologies Limited

Schedules to the Balance Sheet as at
in Rs.
June 30, 2000 June 30, 1999 March 31, 2000
4 INVESTMENTS No. of shares
TRADE (UNQUOTED)-at cost
Long- term investments
Yantra Corporation, a subsidiary company
incorporated in the USA
Common stock at US$ 0.20 each, fully paid,
par value US$ 0.01 each
75,00,000
(75,00,000)
5,32,51,600 5,32,51,600 5,32,51,600
Series A Convertible Preferred Stock at
US$ 0.75 each, fully paid, par value US$ 0.01 each
6,36,363
(6,36,363)
1,73,44,074 1,73,44,074 1,73,44,074
7,05,95,674 7,05,95,674 7,05,95,674
Less: Provision for investment in subsidiary 7,05,95,674 7,05,95,674 7,05,95,674
Cidra Corporation (Series D Convertible Preferred Stock
at US$ 90 each fully paid up, par value US$ 0.01 each)
33,333
(nil)
13,40,08,660 - -
EC Cubed, Inc. (Series D Convertible Preferred Stock
at US$ 2.3075 each fully paid up, par value US$ 0.0001 each
13,00,108
(nil)
13,08,00,000 - 13,08,00,000
JASDIC Park Company
(common stock at Yen 50,000 each, fully paid up)
480
(480)
75,38,109 75,38,109 75,38,109
Onscan Inc.,
Common Stock at US$ 0.4348 each, fully paid,
Par value US$ 0.01 each
1,00,000
(nil)
19,42,162
Series A Voting Convertible Preferred Stock at
US$ 0.4348 each, fully paid, par value US$ 0.0001 each
1,00,000
(nil)
19,42,162 - -
Series A Nonvoting Convertible Preferred Stock at
US$ 0.4348 each, fully paid, par value US$ 0.0001 each
44,00,000
(nil)
8,54,55,676 - -
Software Services Support Education Center Limited
(Equity shares of Rs. 10 each fully paid up)
1
(1)
10 10 10
The Saraswat Co-operative Bank Limited
(Equity shares of Rs. 10 each fully paid up)
1,035
(1,035)
10,350 10,350 10,350
36,16,97,129 75,48,469 13,83,48,469
Aggregate of unquoted investments - carrying value / cost 36,16,97,129 75,48,469 13,83,48,469
5 SUNDRY DEBTORS
Debts outstanding for a period exceeding six months
Unsecured
considered good
considered doubtful 2,62,13,904 2,47,43,133 2,21,26,448
Other debts - unsecured, considered good* 228,39,91,832 106,75,75,082 136,17,81,253
231,02,05,736 109,23,18,215 138,39,07,701
Less: Provision for doubtful debts 2,62,13,904 2,47,43,133 2,21,26,448
228,39,91,832 106,75,75,082 136,17,81,253
*Due by subsidiary - Yantra Corporation 1,68,19,590 59,82,287 Nil

Infosys Technologies Limited

Schedules to the Balance Sheet as at
in Rs
June 30, 2000 June 30, 1999 March 31, 2000
6 CASH AND BANK BALANCES
Cash on hand 839 876 1,328.70
Balances with scheduled banks 79 56 34.03
in current accounts * 7,137 3,832 2,384.58
in deposit accounts in Indian rupees
in deposit accounts in foreign currency
Balances with non-scheduled banks
In deposit accounts in foreign currency
HSBC Bank Middle East, Bahrain 69,43,99,799 - 66,76,98,310
In current accounts
ABN Amro Bank, Heerlen, Netherlands 15,95,544 18,99,767 15,69,661
ABN Amro Bank, Brussels, Belgium 13,26,688 - 16,26,311
Bank of America, Los Angeles, USA 11,88,502 29,59,297 50,60,500
Bank of America, Milpitas, USA 3,52,03,130 79,73,872 22,81,065
Bank of America, Palo Alto, USA 51,53,93,175 18,77,75,782 57,93,97,557
Bank of Boston, Boston, USA 5,46,035 31,94,270 16,88,886
Bank of Melbourne, Melbourne, Australia 11,10,636 - 2,49,124
Barclays Bank, London, UK 37,03,573 13,62,200 44,92,122
Deutsche Bank, Frankfurt, Germany 36,94,391 11,27,399 36,15,221
First Chicago Bank, Chicago, USA 16,42,693 49,23,828 21,98,743
Hongkong Bank of Canada, Toronto, Canada 38,77,993 8,02,045 22,42,324
Michigan National Bank, Detroit, USA 13,58,243 10,98,066 3,87,308
Nations Bank, Dallas, USA 1,28,80,583 54,39,961 1,11,76,052
Nations Bank, Georgia, USA 16,88,456 18,23,598 12,41,385
Nordbanken, Stockholm, Sweden 16,97,129 - 3,45,518
Nova Scotia Bank, Toronto, Canada 1,28,52,421 - 89,98,950
Seafirst Bank, Seattle, USA 25,84,499 6,72,217 17,70,378
Sanwa Bank, Tokyo, Japan 39,29,640 41,33,074 40,43,674
Summit Bank, Bridgewater, USA 30,99,674 9,66,788 16,09,958
426,00,41,918 389,99,38,741 431,79,35,730
Maximum balance held during the period :
in deposit accounts in foreign currency
HSBC Bank Middle East, Bahrain 69,43,99,799 - 66,76,98,310
in current accounts
ABN Amro Bank, Heerlen, Netherlands 15,95,544 19,12,869 19,68,084
ABN Amro Bank, Brussels, Belgium 16,26,311 - 16,74,689
Bank of America, Los Angeles, USA 50,65,143 29,59,297 59,13,227
Bank of America, Milpitas, USA 3,52,03,130 1,60,46,033 4,57,78,346
Bank of America, Palo Alto, USA 69,60,58,192 43,06,19,240 71,03,42,796
Bank of Boston, Boston, USA 28,18,994 40,82,314 68,26,703
Bank of Melbourne, Melbourne, Australia 11,56,382 - 2,92,425
Barclays Bank, London, UK 57,24,186 39,15,191 67,59,209
Deutsche Bank, Frankfurt, Germany 36,94,391 14,50,160 40,36,519
First Chicago Bank, Chicago, USA 22,07,085 49,23,828 49,23,828
Hongkong Bank of Canada, Toronto, Canada 1,01,66,688 18,78,061 1,89,92,669
Michigan National Bank, Detroit, USA 17,44,660 13,34,282 13,34,282
Nations Bank, Dallas, USA 2,04,48,137 60,97,601 1,45,77,623
Nations Bank, Georgia, USA 21,33,612 18,23,598 18,23,598
Nordbanken, Stockholm, Sweden 16,97,129 - 3,45,518
Nova Scotia Bank, Toronto, Canada 1,28,52,421 - 89,98,950
Seafirst Bank, Seattle, USA 31,46,158 8,19,845 24,05,174
Sanwa Bank, Tokyo, Japan 48,69,517 58,34,325 79,10,422
Summit Bank, Bridgewater, USA 35,11,056 30,83,729 35,18,916

* Includes Rs. 1,37,40,241, Rs. 5,17,67,201, Rs. 28,72,035 being the balance in unclaimed dividend account as on June 30, 2000, June 30, 1999 and March 31, 2000 respectively.

Infosys Technologies Limited

Schedules to the Balance Sheet as at
in Rs.
June 30, 2000 June 30, 1999 March 31, 2000
7 LOANS AND ADVANCES
Unsecured, considered good
Advances recoverable in cash or
in kind or for value to be received:
prepaid expenses 11,60,57,065 6,33,49,023 11,58,60,415
advances paid for supplies of goods and rendering of services 3,81,14,040 2,32,48,222 3,10,07,019
others 1,32,38,019 1,32,40,634 1,01,94,327
16,74,09,124 9,98,37,879 15,70,61,761
Costs in excess of billings 1,00,00,940 - -
Advance income tax 63,07,28,828 21,86,13,119 54,40,96,353
Loans and advances to employees *
housing and other loans 40,69,17,051 23,57,43,256 38,74,34,827
salary advances 17,01,47,683 6,17,95,565 13,61,51,037
Other advances 3,58,01,120 1,12,24,994 3,23,06,323
Rent and maintenance deposits 8,21,49,544 6,21,95,515 7,84,24,995
Deposits with Financial Institutions / body corporate 45,93,29,884 54,72,92,064 76,58,01,865
196,24,84,174 123,67,02,392 210,12,77,161
Unsecured, considered doubtful
Deposit with a company - 1,19,02,331 -
Loans and advances to employees - 4,01,814 -
196,24,84,174 124,90,06,537 210,12,77,161
Less: Provision for doubtful loans and advances - 1,23,04,145 -
196,24,84,174 123,67,02,392 210,12,77,161
* includes due by non-director officers of the Company 1,51,84,336 2,42,70,931 1,35,08,825
Maximum amounts due at any time during the period 2,27,36,892 2,57,85,219 2,30,09,790
8 CURRENT LIABILITIES
Sundry creditors
for goods 2,10,91,182 24,07,777 4,25,90,239
for accrued salaries and benefits 32,98,10,694 15,54,66,730 22,44,51,291
for other liabilities
provision for expenses 6,65,40,310 6,90,52,464 7,67,74,570
retention monies 5,85,96,665 1,49,87,201 4,91,19,373
withholding taxes payable - - 6,67,44,284
others 2,08,18,167 3,71,73,464 1,47,21,153
49,68,57,018 27,90,87,636 47,44,00,910
Advances received from clients 1,48,23,901 6,79,771 1,85,61,551
Unearned revenue 64,25,65,243 22,54,44,217 17,56,71,963
Unclaimed dividend 1,37,40,241 5,17,66,935 28,72,035
116,79,86,403 55,69,78,559 67,15,06,459
9 PROVISIONS
Proposed dividend - - 19,84,18,210
Provision for taxation 79,75,15,742 30,96,79,384 64,78,45,745
Provision for contingencies - 9,99,00,000 -
Provision for e-inventing the Company - - 39,00,977
Provision for post-sales client support 5,50,10,868 4,09,01,158 5,51,91,028
Provision for gratuity - - 8,28,40,000
85,25,26,610 45,04,80,542 98,81,95,960

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