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« Mar 14
Auditor's Report (Infosys) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Infosys Limited (''the Company''), which comprise the balance sheet
 as at 31 March 2015, the statement of profit and loss and the cash flow
 statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (''the Act'') with
 respect to the preparation and presentation of these standalone
 financial statements that give a true and fair view of the financial
 position, financial performance and cash flows of the Company in
 accordance with the accounting principles generally accepted in India,
 including the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
 responsibility also includes maintenance of adequate accounting records
 in accordance with the provisions of the Act for safeguarding the
 assets of the Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 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, of the state of affairs of the Company as
 at 31 March 2015 and its profit and its cash flows for the year ended
 on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (''the
 Order'') issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2. As required by Section 143 (3) of the Act, we report that :
 
 a. we have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 b. in our opinion proper books of account as required by law have been
 kept by the Company so far as it appears from our examination of those
 books;
 
 c. the balance sheet, the statement of profit and loss and the cash
 flow statement dealt with by this Report are in agreement with the
 books of account;
 
 d. in our opinion, the aforesaid standalone financial statements comply
 with the Accounting Standards specified under Section 133 of the Act,
 read with Rule 7 of the Companies (Accounts) Rules, 2014;
 
 e. on the basis of the written representations received from the
 directors as on 31 March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act; and
 
 f. with respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us :
 
 i. the Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 2.20 and
 2.37 to the financial statements;
 
 ii. the Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts - Refer Note 2.7
 to the financial statements;
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Auditors'' Report_
 
 The Annexure referred to in our Independent Auditors'' Report to the
 members of the Company on the standalone financial statements for the
 year ended 31 March 2015, we report that :
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) The Company has a regular programme of physical verification of its
 fixed assets by which fixed assets are verified in a phased manner over
 a period of three years. In accordance with this programme, certain
 fixed assets were verified during the year and no material
 discrepancies were noticed on such verification. In our opinion, this
 periodicity of physical verification is reasonable having regard to the
 size of the Company and the nature of its assets.
 
 (ii) The Company is a service company, primarily rendering software
 services. Accordingly, it does not hold any physical inventories.
 Thus, paragraph 3(ii) of the Order is not applicable.
 
 (iii) (a) The Company has granted loans to three bodies corporate
 covered in the register maintained under section 189 of the Companies
 Act, 2013 (''the Act'').
 
 (b) In the case of the loans granted to the bodies corporate listed in
 the register maintained under section 189 of the Act, the borrowers
 have been regular in the payment of the interest as stipulated. The
 terms of arrangements do not stipulate any repayment schedule and the
 loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the
 Order is not applicable to the Company in respect of repayment of the
 principal amount.
 
 (c) There are no overdue amounts of more than rupees one lakh in
 respect of the loans granted to the bodies corporate listed in the
 register maintained under section 189 of the Act.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business with regard
 to purchase of fixed assets and sale of services. The activities of the
 Company do not involve purchase of inventory and the sale of goods. We
 have not observed any major weakness in the internal control system
 during the course of the audit.
 
 (v) The Company has not accepted any deposits from the public.
 
 (vi) The Central Government has not prescribed the maintenance of cost
 records under section 148(1) of the Act, for any of the services
 rendered by the Company
 
 (vii) (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the Company, amounts
 deducted / accrued in the books of account in respect of undisputed
 statutory dues including provident fund, income tax, sales tax, wealth
 tax, service tax, duty of customs, value added tax, cess and other
 material statutory dues have been regularly deposited during the year
 by the Company with the appropriate authorities. As explained to us,
 the Company did not have any dues on account of employees'' state
 insurance and duty of excise.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, income tax,
 sales tax, wealth tax, service tax, duty of customs, value added tax,
 cess and other material statutory dues were in arrears as at 31 March
 2015 for a period of more than six months from the date they became
 payable.
 
 (b) According to the information and explanations given to us, there
 are no material dues of wealth tax, duty of customs and cess which have
 not been deposited with the appropriate authorities on account of any
 dispute. However, according to information and explanations given to
 us, the following dues of income tax, sales tax, service tax and value
 added tax have not been deposited by the Company on account of disputes
 :
 
 Name of the 
 statute            Nature of dues         Amount (in Rs.)
 
 Service tax        Service tax and      (1) 5,75,63,973
                    penalty
 
 Service tax        Service tax          (1) 2,57,84,864
 
 Service tax        Service tax and     (1) 23,15,21,178
                    penalty
 
 Service tax        Service tax          (1) 4,19,72,658
 
 Service tax        Service tax          (1) 6,46,54,051
 
 APVAT Act, 2005    Sales tax           (1)(2) 31,12,450
 
 MVAT Act, 2005     Sales tax            (1)(2) 9,35,455
 
 MVAT Act, 2005     Sales tax                4,52,50,506
 
 Central Excise 
 Act, 1944          Excise duty and     (1) 38,61,48,018
                    penalty
 
 Central Excise 
 Act, 1944          Excise duty and      (1) 2,67,46,497
                    penalty
 
 Central Excise 
 Act, 1944          Excise duty and      (1) 4,51,32,885
                    penalty
 
 Central Excise 
 Act, 1944          Excise duty and      (1) 3,23,44,749
                    penalty
 
 Central Excise 
 Act, 1944          Excise duty and      (1) 4,20,03,700
                    penalty
 
 KVAT Act, 2003     Sales tax, interest 
                     and             (1)(2) 48,14,61,456
                    penalty demanded
 
 MVAT Act, 2005     Sales tax, interest and     6,99,250
                    penalty
 
 MVAT Act, 2005     Sales tax and interest     22,76,534
 
 MVAT Act, 2005     Sales tax and interest (1) 31,32,547
 
 Central Excise 
 Act, 1944          Excise duty and      (1) 4,81,39,052
                    penalty
 
 Central Excise 
 Act, 1944          Excise duty and      (3) 5,64,00,395
                    penalty
 
 
 
 Name of the statute      Period to which 
                           the amount         Forum where dispute is
                            relates                       pending
 
 Service tax          July 2004 to October  
                          2005                CESTAT, Bangalore
 
 Service tax          January 2005 to March 
                       2009                   CESTAT, Bangalore
 
 Service tax          February 2007 to March  CESTAT, Bangalore
                      2009
 
 Service tax          April 2009 to March 
                       2010                   CESTAT, Bangalore
 
 Service tax          April 2010 to March 
                      2011                    CESTAT, Bangalore
 
 APVAT Act, 2005      April 2007 to March 
                      2008                    High Court of Andhra
                                              Pradesh
 MVAT Act, 2005       April 2006 to           Joint Commissioner 
                                              (Appeals)
                      December 2007
 
 MVAT Act, 2005       September 2008 to       Specified Officer of SEZ
                      October 2011
 
 Central Excise Act, 
 1944                 March 2006 to           CESTAT, Bangalore
                      December 2009
 
 Central Excise Act, 
 1944                 January 2010 to         CESTAT, Bangalore
                      December 2010
 
 Central Excise Act, 
 1944                 January 2011 to June 
                       2011                   CESTAT, Bangalore
 
 Central Excise Act, 
 1944                 July 2011 to December 
                      2011                    CESTAT, Bangalore
 
 Central Excise Act, 
 1944                 January 2012 to         CESTAT, Bangalore
                      November 2012
 
 KVAT Act, 2003       April 2005 to 
                      March 2009              High Court of Karnataka
 
 MVAT Act, 2005       January 2008 to March 
                      2008                    Joint Commissioner
                                              (Commercial Taxes)
 
 MVAT Act, 2005       April 2008 to March 
                      2009                    Joint Commissioner
                                              (Commercial Taxes)
 
 MVAT Act, 2005       April 2009 to March  
                      2010                    Joint Commissioner
                                              (Commercial Taxes)
 
 Central Excise Act, 
 1944                 December 2012 to        CESTAT, Bangalore
                      September 2013
 
 Central Excise Act, 
 1944                 October 2013 to
                      September 2014
 
 1 A stay order has been received against the amount disputed and not
 deposited.
 
 (2) Net of amounts paid under protest.
 
 3 The Company is in the process of filing an appeal before the CESTAT,
 Bangalore
 
 (c) According to the information and explanations given to us the
 amounts which were required to be transferred to the investor education
 and protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules there under has been
 transferred to such fund within time.
 
 (viii) The Company does not have any accumulated losses at the end of
 the financial year and has not incurred cash losses in the financial
 year and in the immediately preceding financial year.
 
 (ix) The Company did not have any outstanding dues to financial
 institutions, banks or debenture holders during the year.
 
 (x) In our opinion and according to the information and the
 explanations given to us, the Company has not given any guarantee for
 loans taken by others from banks or financial institutions.
 
 (xi) The Company did not have any term loans outstanding during the
 year.
 
 (xii) According to the information and explanations given to us, no
 material fraud on or by the Company has been noticed or reported during
 the course of our audit.
 
                                             for B S R & Co. LLP
 
                                           Chartered Accountants
 
                   Firm''s registration number : 101248W/W-100022
 
                                                    Akhil Bansal
 
 Chennai                                                 Partner
 
 24 April, 2015                         Membership number 090906
 
 
 
 
Source : Dion Global Solutions Limited
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