Infosys AR -09 Report
We have audited the attached Balance Sheet of Infosys Technologies Limited (‘the Company’) as at 31 March
2009, the Profit and Loss account of the Company and the Cash Flow Statement of the Company for the year ended
on that date, annexed thereto. These financial statements are the responsibility of the Companys Management.
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditors report) Order, 2003 (‘the Order’), as amended, issued by the
Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (‘the
Act’), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to our comments in the Annexure referred to above, we report that :
(a) we have 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 appears from our examination of those books;
(c) the Balance Sheet, the Profit and Loss account and the Cash Flow Statement dealt with by this
report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet, the Profit and Loss account and the Cash Flow statement
dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211
of the Act;
(e) on the basis of written representations received from the directors, as at 31 March 2009 and
taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31
March 2009 from being appointed as a director in terms of Section 274 (1)(g) of the Act and;
(f) in our opinion and to the best of our information and according to the explanations given to
us, the said accounts 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 :
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2009; (ii) in the case of the Profit and Loss account, of the profit of the
Company for the year ended on that date; and (iii) in the case of the Cash Flow statement, of the cash
flows
of the Company for the year ended on that date.
Annexure to the auditors report
The Annexure referred to in our report to the members of Infosys Technologies Limited (‘the Company’) for
the year ended 31 March 2009. 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.
(c) Fixed assets disposed off during the year were not substantial, and therefore, do not affect
the going concern assumption.
(ii) The Company is a service company, primarily rendering
Information Technology services. Accordingly, it does not hold any physical inventories. Thus, paragraph
4(ii) of the Order is not applicable.
(iii) (a) The Company has granted a loan to a body corporate covered in the register maintained under
Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year and the year-end
balance of such loan amounted to Rs. 51,47,03,775.
(b) In our opinion, the rate of interest and other terms and conditions on which the loan has been
granted to the body corporate listed in the register maintained under Section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the Company.
(c) In the case of loan granted to the body corporate listed in the register maintained under
Section 301, the borrower has been regular in the payment of the interest as stipulated. The terms of
arrangement do not stipulate any repayment schedule and is repayable on demand. Accordingly, paragraph 4
(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount.
(d) There is no overdue amount of more than rupees one lakh in respect of the loan granted to a
body corporate listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly,
paragraph 4 (iii)(d) of the Order is not applicable.
(e) The Company has not taken any loans, secured or unsecured from companies, firms or other
parties covered in the register maintained under Section 301 of the Act. Accordingly, paragraphs 4 (iii)(e)
to 4 (iii)(g) of the Order are not applicable.
(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) (a) In our opinion and according to the information and explanations given to us, the particulars of
contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
(b) In our opinion, and according to the information and explanations given to us, the transactions made
in pursuance of contracts and arrangements referred to in (v)(a) above and exceeding the value of Rs. 5 lakh
with any party during the year have been made at prices which are reasonable having regard to the prevailing
market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public. Accordingly, paragraph 4(vi) of the Order
is not applicable.
(vii) In our opinion, the Company has an internal audit system commensurate with the size of the Company
and the nature of its business.
(viii) The Central Government of India has not prescribed the maintenance of cost records under Section
209 (l)(d) of the Companies Act, 1956 for any of the services rendered by the Company Accordingly, paragraph
4 (viii) of the Order is not applicable.
(ix) (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, Investor Education and Protection Fund, Income tax, Sales tax,
Wealth tax, Service tax and other material statutory dues have generally 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 Employees1 State Insurance, Customs duty and Excise duty. There were no dues on account of Cess
under Section 441A of the Companies Act, 1956 since the aforesaid section has not yet been made effective by
the Central Government of India.
According to the information and explanations given to us, no undisputed amounts payable in respect of
Provident Fund, Investor Education and Protection Fund, Income tax, Sales tax, Wealth tax, Service tax and
other material statutory dues were in arrears as at 31 March 2009 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 Income tax, Sales tax, Wealth tax, Service tax and Cess which have not been deposited with
the appropriate authorities on account of any dispute.
(x) 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. Accordingly, paragraph 4 (x) of the Order is not applicable.
(xi) The Company did not have any outstanding dues to any financial institution, banks or debenture
holders during the year. Accordingly, paragraph 4 (xi) of the Order is not applicable.
(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities. Accordingly, paragraph 4 (xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us, the Company is not a
chit fund / nidhi / mutual benefit fund / society Accordingly, paragraph 4 (xiii) of the Order is not
applicable.
(xiv) According to the information and explanations given to us, the Company is not dealing or trading in
shares, securities, debentures and other investments. Accordingly paragraph 4 (xiv) of the Order is not
applicable.
(xv) According to the information and explanations given to us, the Company has not given any guarantee
for loans taken by others from banks or financial institutions. Accordingly paragraph 4 (xv) of the Order is
not applicable.
(xvi) The Company did not have any term loans outstanding during the year. Accordingly, paragraph 4 (xvi)
of the Order is not applicable.
(xvii) The Company has not raised any funds on short-term basis. Accordingly, paragraph 4 (xvii) of the
Order is not applicable.
(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraph 4 (xviii) of the
Order is not applicable.
(xix) The Company did not have any outstanding debentures during the year. Accordingly, paragraph 4 (xix)
of the Order is not applicable.
(xx) The Company has not raised any money by public issues during the year. Accordingly, paragraph 4 (xx)
of the Order is not applicable.
(xxi) According to the information and explanations given to us, no fraud on or by the Company has been
noticed or reported during the course of our audit.
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