infosys balance sheet

INFOSYS TECHNOLOGIES LIMITED Balance Sheet as at SOURCES OF FUNDS SHAREHOLDERS' FUNDS Share capital Reserves and surplus Schedule March 31, 2009 in Rs. crore March 31, 2008

1 2

286 17,523 17,809

286 13,204 13,490

APPLICATION OF FUNDS FIXED ASSETS Original cost Less: Accumulated depreciation Net book value Add: Capital work-in-progress

3 5,986 2,187 3,799 615 4,414 4 5 6 7 8 1,005 102 3,390 9,039 3,164 15,593 1,507 1,798 12,288 17,809 4,508 1,837 2,671 1,260 3,931 964 99 3,093 6,429 2,705 12,227 1,334 2,397 8,496 13,490

INVESTMENTS DEFERRED TAX ASSETS, NET CURRENT ASSETS, LOANS AND ADVANCES Sundry debtors Cash and bank balances Loans and advances LESS: CURRENT LIABILITIES AND PROVISIONS Current liabilities Provisions NET CURRENT ASSETS

9 10

SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS The schedules referred to above are an integral part of the balance sheet. As per our report attached for B S R & Co. Chartered Accountants

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Natrajan Ramkrishna Partner Membership No. 32815

N. R. Narayana Murthy Chairman and Chief Mentor

Nandan M. Nilekani Co-Chairman

S. Gopalakrishnan Chief Executive Officer and Managing Director

S. D. Shibulal Chief Operating Officer

Deepak M. Satwalekar Director

Marti G. Subrahmanyam Director

Omkar Goswami Director

Rama Bijapurkar Director

Claude Smadja Director

Sridar A. Iyengar Director

David L. Boyles Director

Jeffrey S. Lehman Director

K. Dinesh Director

T. V. Mohandas Pai Director

Srinath Batni Director

V. Balakrishnan Chief Financial Officer

Bangalore April 15, 2009

Parvatheesam K. Company Secretary

1

INFOSYS TECHNOLOGIES LIMITED Profit and Loss Account for the Schedule in Rs. crore, except per share data Year ended 'March 31, 2009 2008 20,264 11,145 9,119 933 1,280 2,213 6,906 694 6,212 14 15 502 6,714 895 5,819 6,642 1 6,641 12,460 572 773 1,345 228 582 10,305 12,460 15,648 8,876 6,772 730 1,079 1,809 4,963 546 4,417 683 5,100 630 4,470 4,844 4,844 9,314 343 415 1,144 1,902 323 447 6,642 9,314

Income from software services and products Software development expenses GROSS PROFIT Selling and marketing expenses General and administration expenses

11

12 13

OPERATING PROFIT BEFORE DEPRECIATION Depreciation and amortisation OPERATING PROFIT BEFORE TAX Other income, net NET PROFIT BEFORE TAX Provision for taxation (refer to note 23.2.12) NET PROFIT AFTER TAX Balance Brought Forward Less: Residual dividend paid Dividend tax on the above

AMOUNT AVAILABLE FOR APPROPRIATION Dividend Interim Final Special dividend Total dividend Dividend tax Amount transferred to general reserve Balance in profit and loss account

EARNINGS PER SHARE * Equity shares of par value Rs. 5/- each Basic Diluted Number of shares used in computing earnings per share Basic Diluted SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS * Refer to note 23.2.20 23

101.65 101.48

78.24 77.98

57,24,90,211 57,34,63,181

57,13,98,340 57,33,06,887

The schedules referred to above are an integral part of the profit and loss account As per our report attached for B S R & Co. Chartered Accountants














K. Dinesh Director





Parvatheesam K. Company Secretary2

INFOSYS TECHNOLOGIES LIMITED in Rs. crore Cash Flow Statement for the Schedule 2009 CASH FLOWS FROM OPERATING ACTIVITIES Net profit before tax Adjustments to reconcile net profit before tax to cash provided by operating activities (Profit)/ loss on sale of fixed assets Depreciation and amortisation Interest and dividend income Effect of exchange differences on translation of foreign currency cash and cash equivalents Changes in current assets and liabilities Sundry debtors Loans and advances Current liabilities and provisions Income taxes paid NET CASH GENERATED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets and change in capital work-in-progress Investments in subsidiaries Investments in securities Interest and dividend received NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of share capital on exercise of stock options Dividends paid during the period including residual dividend Dividend tax paid during the period NET CASH USED IN FINANCING ACTIVITIES Effect of exchange differences on translation of foreign currency cash and cash equivalents NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS The schedules referred to above are an integral part of the cash flow statement. As per our report attached for B S R & Co. Chartered Accountants Year ended March 31, 2008

6,714

5,100

694 (838) (73) (297) (512) 304 (840) 5,152

546 (654) (18) (801) (186) 312 (483) 3,816

16 17 18

19 20 21

(1,177) (41) 1,023 (195)

(1,370) (127) 519 (978)

64 (2,132) (362) (2,430)

58 (714) (121) (777)

73 2,600 7,689 10,289

18 2,079 5,610 7,689

22 23














K. Dinesh Director





Parvatheesam K. Company Secretary3

INFOSYS TECHNOLOGIES LIMITED Schedules to the Balance Sheet as at 1 SHARE CAPITAL Authorized Equity shares, Rs. 5/- par value 60,00,00,000 (60,00,00,000) equity shares Issued, Subscribed and Paid Up Equity shares, Rs. 5/- par value* 57,28,30,043 (57,19,95,758) equity shares fully paid up [Of the above, 53,53,35,478 (53,53,35,478) equity shares, fully paid up have been issued as bonus shares by capitalization of the General reserve] 286 Forfeited shares amounted to Rs. 1,500/- (Rs. 1,500/-) * For details of options in respect of equity shares, refer to note 23.2.11 * Also refer to note 23.2.20 for details of basic and diluted shares 2 RESERVES AND SURPLUS Capital reserve Share premium account - Opening balance Add: Receipts on exercise of employee stock options Income tax benefit arising from exercise of stock options 6 2,851 64 10 2,925 3,705 582 4,287 10,305 17,523 6 2,768 58 25 2,851 3,258 447 3,705 6,642 13,204 286 in Rs. crore, except as otherwise stated March 31, 2009 March 31, 2008

300

300

286

286

General reserve - Opening balance Add: Transferred from Profit and Loss Account

Balance in Profit and Loss Account

4

INFOSYS TECHNOLOGIES LIMITED in Rs. crore except as otherwise stated Schedules to the Balance Sheet 3 FIXED ASSETS As at April 1, 2008 Land : free-hold leasehold Buildings* Plant and machinery *# Computer equipment *# Furniture and fixtures *# Vehicles Intangible Asset Previous year 131 98 1,953 823 961 539 3 4,508 3,889 Additions for the year 41 3 910 370 273 212 1 12 1,822 1,067 Original cost Deductions/ Retirement during the year 93 158 93 344 448 As at March 31, 2009 172 101 2,863 1,100 1,076 658 4 12 5,986 4,508 As at April 1, 2008 377 397 760 302 1 1,837 1,739 Depreciation and amortization For the Deductions/ year Retirement during the year 155 183 231 112 1 12 694 546 93 158 93 344 448 As at March 31, 2009 532 487 833 321 2 12 2,187 1,837 Net book value As at As at March 31, March 31, 2009 2008 172 101 2,331 613 243 337 2 3,799 2,671 131 98 1,576 426 201 237 2 2,671

Note: Buildings include Rs. 250/- being the value of 5 shares of Rs. 50/- each in Mittal Towers Premises Co-operative Society Limited. * Includes certain assets provided on operating lease to Infosys BPO , a subsidiary. Please refer to note 23.2.6 for details # During the year ended March 31, 2009 and March 31, 2008, certain assets which were old and not in use having a gross book value of Rs.344 crore and Rs.448 Crore respectively (net book value Nil) were retired

5

INFOSYS TECHNOLOGIES LIMITED Schedules to the Balance Sheet as at 4 INVESTMENTS* Trade (unquoted) at cost Long- term investments Other investments Less: Provision for investments March 31, 2009 in Rs. crore March 31, 2008

11 11 -

11 11 -

Non-trade (unquoted) Long- term investments at cost Subsidiaries Infosys BPO Limited** 3,38,22,319 (3,38,22,319) equity shares of Rs. 10/- each, fully paid Infosys Technologies (China) Co. Limited Infosys Technologies (Australia) Pty Limited 1,01,08,869 (1,01,08,869) equity shares of A$ 0.11 par value, fully paid Infosys Consulting, Inc., USA 4,50,00,000 (4,00,00,000) common stock of US $1.00 par value, fully paid Infosys Technologies, S. De R.L. De C.V., Mexico

659 65 66 193 22 1,005

659 46 66 171 22 964

Aggregate amount of unquoted investments * Refer to note 23.2.16 for details of investments ** Investments include 16,04,867 (17,37,092) options of Infosys BPO 5 DEFERRED TAX ASSETS / (LIABILITIES) Fixed assets Sundry debtors Other assets Less: Deferred Tax Liability for branch profit tax

1,005

964

118 8 13 (37) 102

85 7 7 99

6

SUNDRY DEBTORS* Debts outstanding for a period exceeding six months Unsecured considered doubtful Other debts Unsecured considered good** considered doubtful Less: Provision for doubtful debts * Includes dues from companies where directors are interested ** Includes dues from subsidiaries (refer to note 23.2.7)

39

20

3,390 66 3,495 105 3,390 8 5

3,093 20 3,133 40 3,093 2 8

7

CASH AND BANK BALANCES Cash on hand Balances with scheduled banks in Indian Rupees** In current accounts * In deposit accounts Balances with non-scheduled banks in foreign currencies ** In current accounts

101 8,234 704 9,039

243 5,772 414 6,429 2

*Includes balance in unclaimed dividend account (refer to note 23.2.25a) **Refer to note 23.2.13 for details of balances in scheduled and non-scheduled banks

2

6

INFOSYS TECHNOLOGIES LIMITED Schedules to the Balance Sheet as at 8 LOANS AND ADVANCES Unsecured, considered good Loans to subsidiary (refer to note 23.2.7) Advances prepaid expenses for supply of goods and rendering of services advance to gratuity fund trust interest accrued but not due withholding and other taxes receivable others Unbilled revenues Advance income taxes MAT credit entitlement (refer to note 23.2.12) Loans and advances to employees housing and other loans salary advances Electricity and other deposits Rental deposits Deposits with financial institution and body corporate (refer to note 23.2.14) Unsecured, considered doubtful Loans and advances to employees Less: Provision for doubtful loans and advances to employees March 31, 2009 in Rs. crore March 31, 2008

51 27 6 1 149 4 238 738 268 262 43 62 37 13 1,503 3,164 2 3,166 2 3,164

32 27 10 12 186 13 7 287 472 215 169 42 64 24 11 1,421 2,705 1 2,706 1 2,705

9

CURRENT LIABILITIES Sundry creditors goods and services * accrued salaries and benefits salaries bonus and incentives for other liabilities provision for expenses retention monies withholding and other taxes payable Mark to Market loss on forward and options contracts Gratuity obligation - unamortised amount relating to plan amendment Others Advances received from clients Unearned revenue Unclaimed dividend *Includes dues to subsidiaries (refer to note 23.2.7)

35 38 345 381 53 206 98 29 3 1,188 5 312 2 1,507 21

36 46 329 239 52 206 116 33 3 1,060 4 268 2 1,334 7

10 PROVISIONS Proposed dividend Provision for tax on dividend income taxes * unavailed leave post-sales client support and warranties** * Refer to note 23.2.12 ** Refer to note 23.2.21 773 131 575 244 75 1,798 1,559 265 381 149 43 2,397

7

INFOSYS TECHNOLOGIES LIMITED Schedules to Profit and Loss Account for the in Rs. Crore Year ended March 31, 2009 2008

11 SOFTWARE DEVELOPMENT EXPENSES Salaries and bonus including overseas staff expenses Overseas group health insurance Contribution to provident and other funds Staff welfare Technical sub-contractors - subsidiaries Technical sub-contractors - others Overseas travel expenses Visa charges and others Software packages for own use for service delivery to clients Communication expenses Computer maintenance Consumables Rent Provision for post-sales client support and warranties 8,583 140 212 60 861 305 390 116 274 41 56 23 20 25 39 11,145 6,805 42 170 49 773 202 298 133 213 25 55 24 18 23 46 8,876

12 SELLING AND MARKETING EXPENSES Salaries and bonus including overseas staff expenses Overseas group health insurance Contribution to provident and other funds Staff welfare Overseas travel expenses Visa charges and others Traveling and conveyance Commission and earnout charges Brand building Professional charges Rent Marketing expenses Telephone charges Communication expenses Printing and stationery Advertisements Sales promotion expenses 675 5 2 4 90 2 3 21 62 21 13 15 14 2 1 2 1 933 503 1 2 3 83 3 3 14 55 18 12 15 8 2 1 4 3 730

8

INFOSYS TECHNOLOGIES LIMITED Schedules to Profit and Loss Account for the in Rs. Crore Year ended March 31, 2009 2008

13 GENERAL AND ADMINISTRATION EXPENSES Salaries and bonus including overseas staff expenses Overseas group health insurance Contribution to provident and other funds Professional charges Telephone charges Power and fuel Traveling and conveyance Overseas travel expenses Visa charges and others Office maintenance Guest house maintenance* Insurance charges Printing and stationery Donations Rent Advertisements Repairs to building Repairs to plant and machinery Rates and taxes Professional membership and seminar participation fees Postage and courier Books and periodicals Provision for bad and doubtful debts Provision for doubtful loans and advances Commission to non-whole time directors Freight charges Bank charges and commission Research grants Auditor's remuneration statutory audit fees certification charges others out of pocket expenses Miscellaneous expenses *For non training purposes 14 OTHER INCOME, NET Interest received on deposits with banks and others* Dividend received on Investment in liquid mutual funds (nontrade unquoted) Miscellaneous income, net** Gains / (losses) on foreign currency *includes tax deducted at source **refer to note 23.2.6, note 23.2.15 and note 23.2.24 15 PROVISION FOR TAXATION Income taxes* MAT credit entitlement Deferred taxes *Refer to note 23.2.12 991 (93) (3) 895 819 (169) (20) 630 836 2 36 (372) 502 179 650 4 24 5 683 86 275 13 207 139 125 79 13 3 138 5 18 9 21 22 4 31 21 29 9 8 3 74 1 6 1 2 19 1 4 1,280 223 (2) 12 167 117 106 92 14 1 120 2 20 13 20 15 6 22 18 34 9 9 4 42 4 1 1 5 1 3 1,079

9

INFOSYS TECHNOLOGIES LIMITED in Rs. crore Schedules to Cash Flow Statements for the 2009 16 CHANGE IN LOANS AND ADVANCES As per the balance sheet* Add: Gratuity obligation - unamortised amount relating to plan amendment (refer to Note 23.2.22) Less: Deposits with financial institutions included in cash and cash equivalents** Interest accrued but not due MAT credit entitlement Advance income taxes separately considered Less: Opening balance considered * includes loans to subsidiary and net of gratuity transitional liability ** Excludes restricted deposits held with LIC of Rs. 253 crore (Rs.161 crore) for funding leave liability 17 CHANGE IN CURRENT LIABILITIES AND PROVISIONS As per the balance sheet Add/ (Less): Unclaimed dividend Gratuity obligation - unamortised amount relating to plan amendment Provisions separately considered in the cash flow statement Income taxes Dividends Dividend Taxes Less: Opening balance considered 3,305 (2) (29) (575) (773) (131) 1,795 (1,491) 304 3,731 (2) (33) (381) (1,559) (265) 1,491 (1,179) 312 3,164 (29) (1,250) (1) (262) (268) 1,354 (842) 512 2,705 (33) (1,260) (186) (169) (215) 842 (656) 186 Year ended March 31, 2008

18 INCOME TAXES PAID Charge as per the profit and loss account Add/(Less): Increase/(Decrease) in advance income taxes Increase/(Decrease) in deferred taxes Increase/(Decrease) in MAT credit entitlement Income tax benefit arising from exercise of stock options (Increase)/Decrease in income tax provision 895 53 3 93 (10) (194) 840 630 (137) 20 169 (25) (174) 483

19 PURCHASE OF FIXED ASSETS AND CHANGE IN CAPITAL WORK-IN-PROGRESS As per the balance sheet Less: Opening Capital work-in-progress Add: Closing Capital work-in-progress 1,822 (1,260) 615 1,177 1,067 (957) 1,260 1,370

20 INVESTMENTS IN SECURITIES * As per the balance sheet Less: Investment in subsidiaries Opening balance considered * Refer to note 23.2.16 for investment and redemptions 21 INTEREST AND DIVIDEND RECEIVED Interest accrued but not due opening balance Add: Interest and dividend income Less: Interest accrued but not due closing balance 186 838 (1) 1,023 51 654 (186) 519 1,005 (41) (964) 964 (125) (839) -

22 CASH AND CASH EQUIVALENTS AT THE END As per the balance sheet Add: Deposits with financial institutions (excluding interest accrued but not due)** 9,039 1,250 10,289 ** Excludes restricted deposits held with LIC of Rs. 253 crore (Rs.161 crore) for funding leave liability (refer to note 23.2.25b) 6,429 1,260 7,689

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infosys balance sheet

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