MIRA INFORM REPORT

Report Date :

26.03.2008

IDENTIFICATION DETAILS

Name :	INFOSYS TECHNOLOGIES LIMITED
Registered Office :	Plot No. 44, 3^rd Cross, Electronics City, Hosur Road, Bangalore – 561 229, Karnataka
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	29.04.1992
Com. Reg. No.:	08-13115
CIN No.: [Company Identification No.]	L85110KA1992PLC013115
TAN No.: [Tax Deduction & Collection Account No.]	BLRI01423C
PAN No.: [Permanent Account No.]	AAACI4798L
Legal Form :	Public Limited Liability Company. The Company’s share are listed on the Stock Exchanges.
Line of Business :	Engaged in software development in the form of services, software consultancy, offshore software development, software services, and telecom and euro compatibility.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 440000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having excellent track. Available information indicates high financial responsibility of the company. Financial position is very good. Payments are always correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a short as well as long-run.

LOCATIONS

Registered Office :	Plot No. 44, 3^rd Cross, Electronics City, Hosur Road, Bangalore – 561 229, Karnataka, INDIA.
Tel. No.:	91-80-852 0351 / 0261
Fax No.:	91-80-852 0352 / 0362
E-Mail :	infosys@infy.com infosys@itlinfosys.com parvatheesam_k@infosys.com
Website :	http://www.infy.com http://www.itlinfosys.com
Branches :	Also at : Bangalore Orissa Tamilnadu New Delhi Karnataka, Hyderabad Maharashtra Kolkata Mysore Mohali (Chandigarh)
Overseas Offices :	Ø Dutt, Sanjay Phoenix, Arizona Tel. No.: (602) 944-4855 Fax No.: (602) 944-4879 E-mail: sanjaydutt@infy.com Ø 42808 Christy Street, Suite 203, Fremont CA 94538, USA Tel. No. 91-510-770-3400 Fax No. 91-510-770-9469 Ø Reyes, Phillina Fremont, (San Francisco), California Tel. No.: (510) 742 2985 Fax No.: (510) 742 3090 E-mail: phillina_reyes@infy.com Ø Chatterjee, Ayan Lake Forest, (Santa Ana), California Tel. No.: (949) 455 9161 Fax No.: (949) 609 0694 E-mail: ayan@infy.com Ø 1950 Spectrum Circle, Suite 400, Marietta GA 30067 Patel, Ankush Marietta (Atlanta), Georgia Tel. No.: (770) 857 4428 Fax No.: (770) 857 2248 E-mail: ankushp@infy.com Ø Verma, Manish Lisle (Chicago), Illinois Tel. No.: (630) 482 5000 Fax No.: (630) 505 9144 Email: manishverma@infy.com Ø Nacha, Krishna Quincy (Boston), Massachusetts Tel. No.: (781) 356 3106 Fax No.: (781) 356 3150 E-mail: nvkrishna@infy.com Ø Kashyap, Srinath Troy (Detroit), Michigan Tel. No.: (248) 524 0320 Fax No.: (248) 524 0321 E-mail: srinath_k@infy.com Ø Fogarty, John Troy (Detroit), Michigan Tel. No.: (781) 356 3119 Fax No.: (781) 356 3150 E-mail: john_fogarty@infy.com Ø Vemuri, Ashok Berkeley Heights, New Jersey Tel. No.: (908) 286 3100 Fax No.: (908) 286 3125 E-mail: avemuri@infy.com Ø Kannan, Ramesh Addison (Dallas), Texas Tel. No.: 972-770-0450 E-mail: ramesh_kannan@infy.com Ø 109000 NE 4^th Street, Suite 23000, Bellevue WA 98004 Prabhu, Pradeep Bellevue (Seattle), Washington Tel. No.: (425) 990 1028 Fax No.: (425) 990 1029 E-mail: pradeep.prabhu@infy.com Ø 14275 Midway Road, Suite 220, Dallas TX 75244 Tel. No. 972-687-9119 Fax No. 972-687-9116 Ø 4590 MacArthur, Suite 500, Newport Beach CA 92660 Tel. No. 714-475-9295 Fax No. 714-475-9293 Ø 980 Washington Street, Suite 217, Dedham Ma 02026. Tel No. 781-461-9083 Fax No. 781-461-1517 Ø 991 US Hwy 22, Suite 200, Bridgewater NJ 08807 Tel. No. 908-704-9819 Fax No. 908-704-9820 Ø One Tower Lane, Suite 1700, Oakbrook Terrace IL 60181 Tel. No. 630-573-6050 Fax No. 630-573-6051 Ø Liberty Center, 100 West Big Beaver, Suite 200, Troy MI 48084 Tel. No. 248-524-0320 Fax No. 248-524-0321

DIRECTORS

Name :	Mr. N. R. Narayana Murthy
Designation :	Chairman and Chief Mentor
Name :	Mr. Nandan M. Nilekani
Designation :	Chairman cum Managing Director, President and Chief Executive Officer
Name :	Mr. Deepak M. Satwalekar
Designation :	Director
Name :	Prof. Marti G. Subrahmanyam
Designation :	Director
Name :	Mr. S. Gopalkrishnan
Designation :	Chief Operating Officer and Deputy Managing Director
Name :	Mr. K. Dinesh
Designation :	Director
Name :	Mr. S. D. Shibulal
Designation :	Director
Name :	Mr. Philip Yeo
Designation :	Director
Name :	Prof. Jitendra Vir Singh
Designation :	Director
Name :	Dr. Omkar Goswami
Designation :	Director
Name :	Sen. Larry Pressler
Designation :	Director
Name :	Ms. Rama Bijapurkar
Designation :	Director
Name :	Mr. T. V. Mohandas Pai
Designation :	Director & Chief Financial Officer
Name :	Mr. Srinath Batni
Designation :	Director
Name :	Mr. Claude Smadja
Designation :	Director
Name :	Mr. Sridhar Iyengar
Designation :	Additional Director
OTHER PERSONNEL
Mrs. Nandita Mohan Gurjar	Associate Vice President - Learning and Development HRD
Mr. Eshan Joshi	Manager – Compensation and Benefits – HRD
Mr. Chandrasekhar Kalal	Associate Vice President - Head - Hyderabad Development Centre
Mr. Narendran Koduvattat	Senior Project Manager - Head - Mangalore Development Centre
Col. C. V. Krishna	Associate Vice President - Infrastructure and Security
Mr. Bikramjit Maitra	Associate Vice President - Head - Bhubaneshwar Development Centre
Mr. N. Shiv Shankar	Associate Vice President - Head - Chennai Development Centre
Mr. M. Sridhar	Manager – Communication Design Group
Mr. S. Sukumar	Manager – Corporate Planning
Ms. Priti Jay Rao	Associate Vice President - Head - Pune Development Centre
Mr. C. Ravi	Associate Vice President - Head - Mysore Development Centre
Mr. Jagdish Vasishtha	Project Manager - Mohali Development Centre
Mr. Padmanabhan Venkataraman	Associate Vice President - Quality Implementation
Mr. T. S. Venkataramanan	Associate Vice President - Banking Business Unit
Mr. V. Balakrishnan	Company Secretary and Associate Vice President – Finance

PARTICULARS OF CHIEF EXECUTIVE

Name	Mr. N. R. Narayana Murthy
Designation	Chairman & Chief Executive Officer
Age	55 years
Qualification	B.E. M. Tech. (IIT)
Experience	33 years
Date of Joining	18.03.1982
Previous Employment	Patni Computer Systems Private Limited - Head – Software Group
Name	Mr. Nandan M. Nilekani
Designation	Managing Director, President and Chief Executive Officer
Age	46 years
Qualification	B.Tech. (IITB)
Experience	24 years
Date of Joining	01.09.1981
Previous Employment	Patni Computer Systems Private Limited - Asst. Project Manager
Name	Mr. Aashish Bansal
Designation	Business Development Manager
Age	38 years
Qualification	B.Tech (IIT), PGD (IIM)
Experience	14 years
Date of Joining	17^th February, 2000
Previous Employment	HSBC Capital Markets India Private Limited – Senior Manager
Name	Mr. Alexander E. Rodrigues
Designation	Business Development Manager
Age	32 years
Qualification	B.Tech., MBA
Experience	9 years
Date of Joining	3^rd August 1998
Previous Employment	Modi Xerox – Production Sales Manager
Name	Mr. Ananda Rao
Designation	Business Development Manager
Age	44 years
Qualification	B.E., M.Sc.
Experience	16 years
Date of Joining	25^th October, 1999
Previous employment	SE IT Technologies – Regional General Manager
Name	Mr. Andi Berkowitz
Designation	Administrative Assistant
Age	50 years
Qualification	B.A., ASL
Experience	13 years
Date of Joining	12^th April, 1999
Previous Employment	Newton Wellesley Chinopractic – Office Manager
Name	Mr. Ankur Gupta
Designation	Business Development Manager
Age	30 years
Qualification	B.A.(H), PGD, ACA
Experience	8 years
Date of Joining	17^th July, 2000
Previous Employment	Arthur Andersen India Private Limited – Senior Consultant
Name	Mr. Ankush Patel
Designation	Business Development Manager
Age	35 years
Qualification	B.E., MBA
Experience	11 years
Date of Joining	1^st October, 1999
Previous Employment	Nortel Networks – Accounts Manager
Name	Mr. Anupam Bhatnagar
Designation	Business Development Manager
Age	31 Years
Qualification	B.A.(H), LLB, PGC
Experience	6 Years
Date of Joining	3^rd August, 2000
Previous Employment	Arthur Andersen – Consultant
Name	Mr. R. Arun Kumar
Designation	Business Development Manager
Age	32 years
Qualification	B.Tech., PGD
Experience	10 years
Date of Joining	5th June, 1999
Previous Employment	Nokia Private Limited – Sales Manager – West & South India.
Name	Mr. Ashok Vemuri
Designation	Regional Manager Sales
Age	34 years
Qualification	B.Sc.(H), PGD
Experience	11 years
Date of Joining	1st October, 1999
Previous Employment	Bank of America – Assistant Vice President
Name	Mr. Ayan Chatterjee
Designation	Business Development Manager
Age	31 years
Qualification	B.A.(H). PGD
Experience	10 years
Date of Joining	2nd November, 1998
Previous Employment	Andersen Consulting – Consultant
Name	Mr. P. R. Balakrishnan
Designation	Business Development Manager
Age	30 years
Qualification	B.Tech., MBA
Experience	8 years
Date of Joining	15th November, 1999
Previous Employment	Arthur Andersen – Senior Consultant
Name	Mr. Richard Hinggins Bartley
Designation	Business Development Manager
Age	54 years
Qualification	B.A.(H), M.A.
Experience	16 years
Date of Joining	20th February, 1997
Previous Employment	Wireless Software – Developer
Name	Mr. Basab Pradhan
Designation	Regional Manager & Vice President – Sales –West North America
Age	37 years
Qualification	B.Tech., PGD
Experience	14 years
Date of Joining	3rd October, 1994
Previous Employment	Lipton India Limited – Manager
Name	Mr. Debjit Datta Chaudhari
Designation	Business Development Manager
Age	30 years
Qualification	B.Sc.(H), PGD(IIM)
Experience	9 years
Date of Joining	13th October, 1998
Previous Employment	Wipro Finance Limited – Officer
Name	Mr. Easaw Pallipeedikayil Easaw
Designation	Business Development Manager
Age	33 years
Qualification	B.E.,PGD(IIM)
Experience	9 Years
Date of Joining	7th April, 2002
Previous Employment	Apex Systems – Senior Marketing Executive
Name	Mr. George Varghese
Designation	Business Development Manager
Age	35 years
Qualification	B.Com.
Experience	12 years
Date of Joining	26th September, 1996
Previous Employment	Hitachi – Systems Administrative
Name	Mr. Gopal Devanahalli
Designation	Business Development Manager
Age	34 years
Qualification	M.Sc.(Tech), PGD
Experience	11 years
Date of Joining	1st October, 1999
Previous Employment	Ford Credit Kotak Mahindra Limited – Regional Manager
Name	Mr. Jitin Goyal
Designation	Business Development Manager
Age	32 years
Qualification	B.E., PGD(IIM)
Experience	9 years
Date of Joining	21st December, 1998
Previous Employment	Citibank – Manager
Name	Mr. John O. Fogarty
Designation	Business Development Manager
Age	32 Years
Qualification	B.A., MBA
Experience	10 years
Date of Joining	20th February, 2001
Previous Employment	Morgan Stanley Dean Witter – Vice President – Financial Advisor
Name	Mr. Kala Swaminathan
Designation	Business Development Manager
Age	34 years
Qualification	B.Sc.
Experience	12 years
Date of Joining	27th January, 1999
Previous Employment	Parametric Technology Corporation – Regional Manager
Name	Mr. Karen J. Hutton
Designation	Marketing Manager
Age	42 years
Qualification	B.A.
Experience	20 years
Date of Joining	5th January, 1998
Previous Employment	Feist & Hutton – Senior Consultant
Name	Mr. N. V. Krishna
Designation	Business Development Manager
Age	33 years
Qualification	B.E., PGD(XLRI)
Experience	10 years
Date of Joining	20th October,1999
Previous Employment	Hindustan Lever Limited- Area Sales Manager
Name	Mr. Lokesh Prasad
Designation	Business Development Manager
Age	29 years
Qualification	B.Tech.(H), PGD
Experience	5 years
Date of Joining	4th May, 1998
Name	Mr. Madhav Mohan
Designation	Business Development Manager
Age	35 years
Qualification	B.Sc., MMS
Experience	13 years
Date of Joining	1st October, 1999
Previous Employment	Bank of America – Associate Vice President & Regional Sales Manager
Name	Mr. Mahesh Desai
Designation	Business Development Manager
Age	30 years
Qualification	B.E., PGD(IIM)
Experience	8 years
Date of Joining	3rd June 1996
Previous Employment	Pertech Computers Limited – Marketing Manager
Name	Mr. Manish Verma
Designation	Business Development Manager
Age	34 years
Qualification	B.Tech., MBA
Experience	11 years
Date of Joining	9th December, 1999
Previous Employment	Hindustan Lever Limited – Senior Product Manager
Name	Ms. Mary Ann Usher
Designation	Administrative Assistant
Age	47 years
Qualification	B.A/
Experience	18 years
Date of Joining	21st June, 1999
Previous Employment	Recal Datacon Inc. – Sales Support Representative
Name	Ms. Merlyn Lee
Designation	Business Development Manager
Age	50 years
Qualification	B.E., M.Sc.
Experience	24 years
Date of Joining	5th March, 2001
Previous Employment	Tata Engineering Company – Trainee Engineer & Production Manager
Name	Mr. Nachiket Vibhakar Sukhtankar
Designation	Business Development Manager
Age	34 years
Qualification	B.A., B.Sc., M.A.
Experience	9 years
Date of Joining	29th November, 1999
Previous Employment	Andersen Consulting – Manager
Name	Mr. B. Natarajan
Designation	Business Development Manager
Age	29 years
Qualification	B. Tech., PGD
Experience	7 years
Date of Joining	15th May, 2000
Previous Employment	Arthur Andersen India Private Limited – Senior Consultant
Name	Mr. Neelesh Marik
Designation	Business Development Manager
Age	35 years
Qualification	B. Tech.(IIT), PGD(IIM)
Experience	11 years
Date of Joining	15^th November, 1999
Previous Employment	Andersen Consulting – Manager
Name	Mr. Phaneesh Murthy
Designation	Director – Sales & Marketing and Communication & Product Services
Age	39 years
Qualification	B. Tech., PGD
Experience	16 years
Date of Joining	8th October, 1992
Previous Employment	Sonata Software – Regional Manager
Name	Mr. Pradeep Prabhu
Designation	Business Development Manager
Age	34 years
Qualification	B.Com.
Experience	13 years
Date of Joining	11th January, 2001
Previous Employment	Foxboro Japan Corporation – Project Manager
Name	Mr. Raghunath Basavanahalli
Designation	Business Development Manager
Age	36 years
Qualification	BS in Engineering
Experience	15 years
Date of Joining	9th March, 2001
Previous Employment	HCL Technologies America Inc.- Accounts Manager
Name	Mr. Rahul Madhav Godbole
Designation	Business Development Manager
Age	37 years
Qualification	B.A., M.A., MBA
Experience	12 years
Date of Joining	15th November, 1999
Previous Employment	Infrastructure Leasing & Financial Services Limited – Senior Manager
Name	Mr. Rajeev Minocha
Designation	Business Development Manager
Age	38 years
Qualification	B.E., PGD
Experience	15 years
Date of Joining	26th August, 1999
Previous Employment	Prefetti India Limited – Managing Director
Name	Mr. Ravi Kumar Shelvankar
Designation	Business Development Manager
Age	34 years
Qualification	B.E., MS
Experience	10 years
Date of Joining	2nd January, 1997
Previous Employment	ITW Signode Limited – Senior Executive – Sales
Name	Mr. Ritesh Mohan Idnani
Designation	Business Development Manager
Age	30 years
Qualification	B.Com., MBA
Experience	8 years
Date of Joining	1st October, 1999
Previous Employment	PricewaterhouseCoopers – Senior Consultant
Name	Mr. Romit Dey
Designation	Business Development Manager
Age	31 years
Qualification	B.Sc., MBA
Experience	9 years
Date of Joining	3rd October, 2000
Previous Employment	PricewaterhouseCoopers – Principal Consultant
Name	Mr. Sanjay Dalwani
Designation	Business Development Manager
Age	35 years
Qualification	B.E., PGD
Experience	13 years
Date of Joining	8th December, 2000
Previous Employment	HCL Technologies America, Inc. – Account Manager
Name	Mr. Sanjay Dutt
Designation	Business Development Manager
Age	34 years
Qualification	B.Tech.(H), PGD
Experience	12 years
Date of Joining	20th December, 1999
Previous Employment	A. T. Kearney Limited – Manager – Strategy & Re-Engineering
Name	Mr. Sanjay Viswanathan
Designation	Business Development Manager
Age	33 years
Qualification	B.A., Diploma, MBA, PGD
Experience	11 years
Date of Joining	6th October, 2000
Previous Employment	Hinduja Group Worldwide – Vice President – Business Development
Name	Ms. B. K. Sathisha
Designation	Business Development Manager
Age	34 years
Qualification	B.E., M.E.
Experience	13 years
Date of Joining	5th January, 1998
Previous Employment	Larsen & Toubro – Planning
Name	Ms. P. R. Sobha Meera
Designation	Regional Manager & Vice President – Sales – Canada & East North America
Age	35 years
Qualification	B.E., PGD
Experience	12 years
Date of Joining	12th April, 1995
Previous Employment	Sonata Software – Marketing Executive
Name	Mr. Srinath Kashyap
Designation	Business Development Manager
Age	37 years
Qualification	B.E.
Experience	14 years
Date of Joining	4th December 1997
Previous Employment	TCS – Sales – Associate Consultant
Name	Mr. P. Srinath
Designation	Business Development Manager
Age	33 years
Qualification	B.Tech., PGD
Experience	9 years
Date of Joining	23rd November, 1998
Previous Employment	Citibank N.A. – Manager
Name	Mr. V. Srinivas
Designation	Business Development Manager
Age	32 years
Qualification	B.Tech.(H), PGD
Experience	8 years
Date of Joining	3rd June, 1996
Previous Employment	IDM – Marketing Executive
Name	Ms. Srividhya Ramakrishnan
Designation	Business Development Manager
Age	31 years
Qualification	B.Sc., PGD
Experience	8 years
Date of Joining	3rd April, 2000
Previous Employment	Asian Paints (India) Limited – Product Executive – Branch Executive
Name	Mr. Sudhir Chaturvedi
Designation	Business Development Manager
Age	33 years
Qualification	B.E., PGD, MBA (Leeds University)
Experience	8 years
Date of Joining	15th May, 2000
Previous Employment	Ernst & Young UK Limited – Senior Business Analyst
Name	Mr. Todd A. MacCallum
Designation	Business Development Manager
Age	33 years
Qualification	B.A., MBA
Experience	11 years
Date of Joining	22nd January, 2001
Previous Employment	Reylon Technology, Inc. – Business Development Executive
Name	Mr. Vineet Toshniwal
Designation	Business Development Manager
Age	31 years
Qualification	B.E., MBA
Experience	8 years
Date of Joining	19th June, 2000
Previous Employment	Bank of America – Assistant Vice President
Name	Mr. Vivek Bhatnagar
Designation	Business Development Manager
Age	34 years
Qualification	B.E., PGD, MS
Experience	10 years
Date of Joining	3rd July,2000
Previous Employment	Andersen Consulting – Senior Consultant
Name	Mr. Yezdi M. Mehta
Designation	Business Development Manager
Age	37 years
Qualification	B.Com., MBA
Experience	13 years
Date of Joining	21st November, 1997
Previous Employment	Dictaphone Corporation – Manager – Systems Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters
Indian Promoters	53730717	21.76
Non Promoter Holding
Mutual Funds	10092784	2.46
Banks, Financial Institutions, Insurance Companies	7672718	2.29
Foreign Institutional Investors	104467680	42.87
Others
Private Corporate Bodies	3892188	1.12
Indian Public	42647831	19.00
NRI’s/OCBs	12385054	1.63
Trusts	2233286	0.83
Equity Shares Underlying ADS	38432722	8.04
Grand Total	275554980	100.00

BUSINESS DETAILS

Line of Business :

Engaged in software development in the form of services, software consultancy, offshore software development, software services, and telecom and euro compatibility.

Products :

Product Description	Item Code
Computer Software	85249009.10

GENERAL INFORMATION

No. of Employees :	10738
Bankers :	ICICI Bank Limited Bank of America
Facilities :	--

Banking Relations :	Good
Auditors :
Name :	Bharat S. Raut & Company Chartered Accountants
Memberships :	Confederation of Indian Industry
Associates :	Yantra Corporation, USA
Subsidiaries :	OnMobile Systems Inc. (Formerly Known as Onscan Inc.) Progeon Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
600,000,000	Equity Shares	Rs. 5/- each	Rs. 3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
572000000	Equity Shares	Rs. 5/- each	Rs. 2860.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		2860.000	1380.000	1352.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108760.000	67590.000	51064.400
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111620.000	68970.000	52417.300
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES
TOTAL		111620.000	68970.000	52417.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21500.000	15620.000	11769.000
Capital work-in-progress		9570.000	5710.000	3175.200
INVESTMENT		8390.000	8760.000	13287.000
DEFERREX TAX ASSETS		0.000	560.000	340.300
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	22920.000	15180.000	12528.200
	Cash & Bank Balances	55070.000	32790.000	14815.400
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12410.000	12520.000	9962.600
Total Current Assets		90400.000	60490.000	37306.200
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	8810.000	8080.000	5785.600
	Provisions	9430.000	14090.000	7674.800
Total Current Liabilities		18240.000	22170.000	13460.400
Net Current Assets		72160.000	38320.000	23845.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		111620.000	68970.000	52417.300

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		131490.000	90280.000	68600.000
Other Income		3810.000	2270.000	1720.000
Total Income		135300.000	92550.000	70320.000
Profit/(Loss) Before Tax		41520.000	27360.000	22290.000
Provision for Taxation		3690.000	3150.000	3250.000
Profit/(Loss) After Tax		37830.000	24210.000	18140.000
Earnings in Foreign Currency :
	Export Earnings
	Income from software development services and products on a receipts basis	NA	NA	61030.200
	Other Earnings	NA	NA	20.000
Total Earnings		NA	NA	61050.200
Imports :
	Software packages	NA	NA	91.800
	Capital Goods	NA	NA	1308.700
Total Imports		NA	NA	1400.500
Expenditures :
	Power and Fuel Cost	880.000	620.000	400.000
	Other Manufacturing Expenses	11630.000	7170.000	5270.000
	Employees Cost	62930.000	42570.000	31770.000
	Selling and Administration Expenses	12995.300	9674.900	7214.800
	Miscellaneous Expenses	644.700	1055.100	685.200
	Interest and Financial Expenses	10.000	10.000	10.000
	Depreciation	4690.000	4090.000	2680.000
Total Expenditure		93780.000	65190.000	48030.000

QUARTERLY RESULTS

PARTICULARS	30.06.2007	30.09.2007	31.12.2007
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	35510.000	38620.000	39990.000
Other Income	2550.000	1460.000	1710.000
Total Income	38060.000	40080.000	41700.000
Total Expenditure	25410.000	26230.000	26910.000
Operating Profit	12650.000	13850.000	14790.000
Interest	00.000	00.000	00.000
Gross Profit	12650.000	13850.000	14790.000
Depreciation	1340.000	1330.000	1380.000
Tax	1030.000	1780.000	1550.000
Reported PAT	10280.000	10740.000	11860.000

KEY RATIOS

PARTICULARS	31.03.2007	31.03.2006	31.03.2005
Debt Equity Ratio	0.00	0.00	0.00
Long Term Debt Equity Ratio	0.00	0.00	0.00
Current Ratio	3.75	2.77	2.19
TURNOVER RATIOS
Fixed Assets	3.91	3.60	3.66
Inventory	0.00	0.00	0.00
Debtors	6.90	6.52	7.28
Interest Cover Ratio	4153.00	2737.00	2230.00
Operating Profit Margin (%)	35.15	34.85	36.41
Profit Before Interest and Tax Margin (%)	31.58	30.32	32.51
Cash Profit Margin (%)	32.34	31.35	31.66
Adjusted Net Profit Margin (%)	28.77	26.82	27.76
Return on Capital Employed (%)	45.99	45.09	52.50
Return on Net Worth (%)	41.90	39.89	44.82

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

• Land (Freehold and Leasehold)
• Buildings
• Plant and Machinery
• Computer Equipment
• Furniture and Fixtures
• Vehicles

History

Infosys Technologies Limited (Infosys) was incorporated on July 2, 1981, as a private Limited company. It became public limited company on June 1992 and subsequently the name was also changed to Infosys Technologies Limited It was the first Indian company to be listed on American Stock Exchange. The Company is one of India's leading information technologies(IT) services companies. It is mainly engaged Out-Sourced application & Infrastructure Services, Enterprise Services, Product R&D Services and Consulting Services. The company also develops and markets certain company owned software products. 

The company is having its Headquarters in Bangalore and has 17 offshore development faciltites located throughout India. The company has development centers with 90.26 lakh sq ft of space with 41,166 seats and an additional 53.43 lakh sq.ft which would have 20,200 seats is under construction. 

Infosys provides its services to various industries like Aerospace & Defence, Automotive, Banking & Capital Markets, Communication Services, Energy, Insurance, Healthcare, Media, Transportation Services etc., 

Infosys Technologies came out with an IPO in Feb. 1993 at a premium of Rs 95 for a face value of Rs 10 per share. Since then, it has issued three bonus issues (each in the ratio of 1:1) and split its face value to Rs 5 each. In Feb 2000,the ADRs was split in the ratio of 2:1.  

In 2004-05 the company has signed up 136 new clients and had a total client base of 438 at the end of the year. The company's product-FINACLE, is an integrated core banking solution that is centralized, multi-currency and multi-language-enabled, functionally-rich, and addresses both retail and corporate banking requirements. FINACLE is one of the world's most scalable core banking solutions. The company has signed a pact during March 2004 with Mauritius Post and Cooperative Bank for its universal banking solution, Finacle. The company has now strengthened its dominant position in Mauritius as 5 out of 12 banks work on Finacle. Also Exim bank of Thai has signed a pact with the company to deploy Finacle across its retail and corporate banking, trade finance and treasury operations.  

During 2002, GOI has raised the investment limit in an Indian Company for FII from 49% to the maximum level approved under the FDI and the maximum limit for the software industry as approved by FDI is 100% at present, the company is in the plan of increasing the limit of such investment to 100%. 

The company has signed a technology partnership with Cardif,a global private insurance subsidiary of BNP Paribas, for developing the latter's international IT strategy. 

During March 2005, the company has received the AS/EN 9100 Certification in aerospace systems, joining a select band of global engineering/IT services companies that are AS/EN 9100 certified. The certification is stated to endorse Infosys' strong internal audit program, well defined process maps and excellent software tool integration in the area of engineering, design. 

In 2006 The company has completed the construction of an employee training facility centre in Mysore, Inida to further enhance their employee training centre capiabilities. The Mysore Training complex will accomdate 4,500 trainees at a time. The company will provide training of approx. 12000 employees annually. 

The company has issued bonus shares in the ratio of 1:1. 

The year saw the company emerging as true global brand. The company was the highest ranked IT Services company in the world, and No.10 overall, in the anuual Business Week InfoTech100. 

The company has received award "First Position in SAFA (South Asian Federation of Accountants) Best persented Accounts Award 2004 in the Communication and information Technology Sector based on the evaluation of the Annual report of the company. Wired Magazine has ranked No.9 on Wired 40. The company was named "India's Best Managed Company" based on a study Conducted by Business Today and A T Kearney. 

As of March 31, 2007, in India, The company is having 119.65 lakhs square feet with 58,488 seats, and an additional 103.12 lakhs square feet under construction that would provide 32,967 seats. The company has established a new SEZ Unit at Chandigarh (Rajiv Gandhi Chandigarh Technology Park) with an approved area of about 30.22 acres. 

The company has begun the construction of its first campus in Thiruvanthapuram, Kerala. The company has already been operating out of a leased facility in Thiruvanthapuram since 2004. With the completion of the new facility, the company will have two full-fledged operations in the city.  

In Kerala, The company have plans to invest Rs.3060 Millions and set up a state-of-the-art campus, which would include facilities for work and recreation for employees. The company has expected to create 8000 seats at this center over the next few years.

Business: 

Total income increased to Rs.131490 Millions from Rs.90280 Millions in the previous year, at a growth rate of 45.6%. Their software export revenues aggregated Rs.129390 Millions, up by 46.0% from Rs.88640 Millions the previous year. 63.8% of the revenues came from North America, 25.8% from Europe, and 8.7% from the rest of the world. The revenue from Europe increased from Rs.21870 Millions to Rs.33930 Millions, with a growth rate of 55.1% which is higher than other regions. The share of the fixed-price component of the business was 28.0%, as compared to 29.3% during the previous year. Blended revenue productivity, in dollar terms, increased by 5.7% during the year. Prices have been stable with an upward bias.  

The gross profit amounts to Rs.58710 Millions (44.6% of revenue) as against Rs.41410 Millions (45.9% of revenue) in the previous year.  

The onsite revenues have increased from 49.8% in the previous year to 51.7%. The onsite person months comprised 30.1% of the total billed efforts as compared to 29.2% during the previous year. The operating profit amounted to Rs.42250 Millions (32.1% of revenue) as against Rs.29890 Millions (33.1% of revenue) in the previous year. Sales and marketing costs were 5.5% of their revenue during the year ended March 31, 2007 and 2006. General and administration expenses decreased from 7.2% in the previous year to 7.0%. They continue to reap the benefits of economies of scale. The net profit after tax and exceptional item was Rs.37830 Millions (28.8% of revenue) as against Rs.24210 Millions (26.8% of revenue) in the previous year. The net profit for the year includes a tax reversal of Rs. 1250 Millions. The tax provisions were reversed as it was no longer required in overseas jurisdictions on conclusion of assessment as well as expiry of the limitation period.  

They seek long-term partnerships with clients while addressing their various IT requirements. Their customer-centric approach has resulted in high levels of client satisfaction. They derived 95.3% of their revenues from repeat business (i.e. a customer who also contributed to revenues during the prior fiscal year). They added 160 new clients, with a substantial number of large global corporations. The total client base at the end of the year stood at 500. Further, they have 275 million-dollar clients (221 in the previous year), 107 five-million-dollar clients (81), 71 ten-million-dollar clients (54), 12 fifty-million-dollar clients (9), and 3 hundred-million clients (Nil in the previous year). During the year, one of their client contributed more than $200 million of revenues. 

They continued scaling up their infrastructure by adding another 29.38 lakh sq. ft. of physical infrastructure space. The total available space now stands at 119.65 lakh sq. ft. The number of marketing offices as of March 31, 2007 was 43. 

Finacle(R) 

Finacle(R), the universal banking solution from Infosys, helps banks win in the flat world by enabling them to shift their strategic and operational priorities. It maximizes their opportunities for growth, while minimizing the risks that come with large-scale business transformation. This modular solution addresses the core banking, treasury, wealth management, consumer and corporate e-banking, mobile banking and web-based cash management requirements of universal, retail and corporate banks worldwide. 

Finacle(R) currently powers 91 banks across 54 countries, helping them serve over 100 million customers, 150 million accounts, 80,000 users and supporting over 36 million peak banking transactions per day spread across multiple installations. In the recently released reports by renowned research firms Gartner and Forrester, Finacle(R) has emerged among the leaders in a global evaluation of retail core banking vendors. Finacler has also emerged as one of the most scalable core banking solutions in the world by achieving an unparalleled performance benchmark of 104 million effective transactions per hour (29,010 ETPS). 

Liquidity: 

They continue to be debt-free, and maintain sufficient cash to meet their strategic objectives. Liquidity in the balance sheet needs to balance between earning adequate returns and the need to cover financial and business risks. Liquidity also enables them to make a rapid shift in direction, should the market so demand. During the current year, internal cash flows have more than adequately covered working capital requirements, capital expenditure, investment in subsidiaries and dividend payments, leaving a surplus of Rs.6590 Millions. As on March 31, 2007, they had liquid assets including investments in liquid mutual funds, of Rs.56500 Millions as against Rs.44630 Millions at the previous year-end. These funds have been invested in deposits with banks and highly rated financial institutions. 

Increase in share capital: 

During the year, upon the approval of the shareholders, a bonus issue of 1:1 was made by capitalizing a sum of Rs.1380 Millions from the general reserve. To provide for the issue of these additional shares, the authorized capital of the Company was increased to Rs.3000 Millions consisting of 600 Millions equity shares of Rs.5/- each. Also, the Company issued 1,88,11,706 shares on the exercise of stock options under the 1998 and 1999 employee stock option plans. Due to this, the outstanding issued, subscribed and paid-up equity share capital increased from 27,55,54,980 shares to 57,12,09,862 shares as of March 31, 2007. 

Majority-owned subsidiary: 

Infosys BPO Limited (IBPO): 

Infosys BPO Limited (formerly Progeon Limited) was incorporated in April 2002, in India, to address opportunities in the Business Process Management space. As of March 31, 2007 they hold 98.92% of the equity share capital and voting power of Infosys BPO. During the year, Infosys BPO serviced 74 clients, added 22 clients, and generated Rs.6500 Millions in revenue, with a net profit of Rs.1530 Millions. The employee strength as on March 31, 2007 was 11,226.  

On June 2006, they acquired 87,50,000 equity shares of IBPO from Citicorp International Finance Corporation for a consideration of Rs.5300 Millions. In December 2006, the shareholders of Infosys BPO approved a buyback of up to 12,79,963 equity shares at a fair market value of Rs.604 per equity share. Pursuant to the buyback offer, IBPO bought back 11,39,469 equity shares, which were subsequently cancelled. In January 2007, they initiated the purchase of all the share and outstanding options in IBPO from its shareholders and option holders comprising current and former employees of IBPO. The shareholders were given a choice to sell their shares at fair market value and the option-holders were given the choice to sell their options and/or swap IBPO options for Infosys options at a swap ratio based on fair market value. Consequent to this proposal, they paid an aggregate of Rs.710 Millions for the purchase of shares and options, and granted 1,51,933 Infosys options under the 1999 plan valued at Rs.120 Millions. Accordingly, their investment in IBPO has increased by Rs.830 Millions and reserves have increased by Rs.120 Millions. Additionally, they have committed to a deferred share purchase with the shareholders of IBPO. As per the agreement, they will purchase 3,60,417 IBPO shares for Rs.220 Millions by February 2008. The same will be accounted as investment on conclusion of the agreement along with the transfer of title in the shares. Upon conclusion, their holding in IBPO would be 99.98%.

Their total investment in Infosys BPO as of March 31, 2007 is Rs.6370 Millions. 

Wholly-owned subsidiaries: 

Infosys Technologies (Australia) Pty. Limited: 

In January 2004, the Company acquired, for cash, 100% of the equity in Expert Information Services Pty. Limited, Australia, for US $24.3 million (Rs.660 Millions). The acquired company was renamed 'Infosys Technologies (Australia) Pty. Limited'. During the year, Infosys Technologies (Australia) Pty. Limited serviced 59 clients and generated Rs.4460 Millions in revenue, with a net profit of Rs.710 Millions. The employee strength as on March 31, 2007 was 306.  

Infosys Technologies (China) Company Limited: 

Infosys Technologies (China) Company Limited (Infosys China) is a wholly-owned subsidiary and was formed to expand Infosys' business operations in China. They have invested US $10 million (Rs.460 Millions) of capital in Infosys China and advanced a loan of US $5 million (Rs.220 Millions) as of March 31, 2007. 

During the year, Infosys China serviced 50 clients, and generated a revenue of Rs.600 Millions, with a net loss of Rs.290 Millions. The employee strength as on March 31, 2007 was 669.  

Infosys Consulting, Inc.: 

In April 2004, they established Infosys Consulting, Inc., a wholly-owned subsidiary, in Texas, U.S., to add high-end consulting capabilities to their Global Delivery Model. The Board had approved an investment of up to US $20 million in the share capital of Infosys Consulting, Inc. They have invested US $20 million (Rs.900 Millions) as of March 31, 2007. 

During the year, Infosys Consulting serviced 89 clients, and generated a revenue of Rs.2130 Millions, with a net loss of Rs.1110 Millions. The employee strength as on March 31, 2007 was 209.  

Particulars under Section 212 of the Companies Act: 

As per Section 212 of the Companies Act, 1956, they are required to attach the directors' report, balance sheet, and profit and loss account of their subsidiaries. They had applied to the Government of India for an exemption from such an attachment as they present the audited consolidated financial statements in the Annual Report. They believe that the consolidated accounts present a full and fair picture of the state of affairs and the financial condition and is accepted globally. The Government of India has granted exemption from complying with Section 212. Accordingly, the Annual Report does not contain the financial statements of these subsidiaries. They will make available the audited annual accounts and related information of subsidiaries, where applicable, upon request by any of their investors. These documents will also be available for inspection during business hours at their registered office in Bangalore, India. 

Development centers: In FY 2007, they incurred capital expenditure aggregating Rs.11940 Millions on physical infrastructure, up from Rs. 8490 Millions during the previous year. Further, they incurred Rs.2490 Millions on technological infrastructure, up from Rs.1990 Millions last year. In all, Rs.14430 Millions has been invested, up from Rs.10480 Millions last year. 

As of March 31, 2007, in India, they had 119.65 lakh sq. ft. of space with 58,488 seats, and an additional 103.12 lakh sq. ft. under construction that would provide 32,967 seats.  

Quality: 

Improving 'Execution Excellence' through continuous productivity improvement and maintaining high quality deliveries is the prime focus for every Infoscion. They have continuously benchmarked their processes against world-class standards and models such as ISO 9001-TickIT, SEI-CMM/CMMI, ISO 20000, ISO 27000, AS 9100, TL 9000 and ISO 14001. Regular and rigorous assessments are conducted by reputed external assessors. Their process performance has been benchmarked and has emerged as a better performer in comparison with other players in the industry.  

They embarked on various strategic improvement initiatives last year: 

 * Baldrige-based assessment of units for business excellence 

 * Organization-wide reuse and tools initiatives for productivity improvement 

 * Patent application filed for PROSO, their project scheduling model 

 * Program management framework to enable execution of large deals 

 * Proactive risk assessment model and approach to mitigate execution risks 

 * eSCM Level 4 assessment for Infosys BPO. eSCM is the eSourcing  

 * Capability Model from SEI 

 * Internal quality certification to equip Infoscions with required skill sets quickly 

Branding: 

During the year, Infosys came of age as a global brand. In July 2006, Infosys celebrated its 25th anniversary, an occasion that received wide coverage in the global media. 

USA Today, in a news story that traced seminal moments in their 25-year history, saluted the vision of their founders, and described Infosys as India's most admired and best-known global brand. Leading global newspapers and magazines, including The Times, BusinessWeek, The Financial Times and Computerworld, echoed similar sentiments. On July 31, 2006, they launched their `Win in the Flat World' marketing campaign with the ringing of the NASDAQ opening bell from their campus at Mysore. On the occasion, Bob Greifeld, President and CEO, The NASDAQ Stock Market, Inc., commented, 'Infosys has defined what it means to be in the flat world. It is the global transformation partner of choice.' As part of the `Win in the Flat World' campaign, they also leveraged key online properties to reach out and build awareness. A survey conducted by BusinessWeek and Boston Consulting Group of the `World's Most Innovative Companies' placed them at No. 10 in the Asia-Pacific region and No. 32 in the world. The Reputation Institute ranked them among the 200 most respected companies in the world. The Bloom Group named www.infosys.com among the most `prospect-friendly' professional services websites. 

As a strategic partner and key sponsor of the World Economic Forum, they led discussions on economic and social issues at the Davos round in January. They helped the Forum shape its agenda by actively participating in the `Forum of Young Global Leaders' and the `Global Growth Companies' programs. 

They were a prime sponsor at several flagship events like Gartner Sourcing Summit, Sapphire, Oracle OpenWorld, World Wide Web Consortium's W3C Conference and The Open Group Summit. Infosys' annual client meet, Confluence, was a resounding success. 

As a part of their branding strategy, they were also a sponsor at many industry-specific events in various domains such as Retail, Financial Services, Aerospace, Telecommunications, Testing and Validation, and Product Engineering, among others.  

In the financial services sector, the brand made deep inroads. Gartner named them among the top six systems integrators to the U.S. financial services market and further identified them as the fastest growing technology and services provider to the financial services industry.  

The readers of Waters, a leading industry publication in the U.S., ranked them among the top three outsourcing services providers to the financial services industry. 

They have been rated as one of the leading players in the Service Oriented Architecture (SOA) space by Forrester. The analyst pointed out their strengths in implementing SOA in the North American market and modernizing legacy applications in the European market. 

They partnered with The Open Group, a vendor-and-technology-neutral consortium focused on open standards and global interoperability within and between enterprises, in the area of Enterprise Architecture. 

They have the largest number of TOGAF 8 certified professionals at one company in the world and are involved in two Open Group committees to define next-generation standards for SOA and Enterprise Architecture. 

They continued to consolidate their position as a global sourcing leader. A series of brochures titled Global Sourcing Essentials have been launched to serve as a primer on this topic. They have expanded their relationship with sourcing-specific platforms such as International Association of Outsourcing Professionals (IAOP), Sourcing Interests Group (SIG), and Information Technology Association of America (ITAA). 

They continued to strengthen their service offerings through alliances with leading technology providers. The Infosys-Microsoft alliance, in particular, had a very successful year. For the second successive year, they won four Microsoft Partner Awards at the 2006 Annual Microsoft Partner Awards program. Their Campus Connect program has been extended to over 300 engineering colleges, with over 58,000 registered students. 

Management's discussion and analysis: 

Overview: 

The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956, and Generally Accepted Accounting Principles (GAAP) in India. Our management accepts responsibility for the integrity and objectivity of these financial statements, as well as for various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present our state of affairs, profits and cash flows for the year. 

Industry structure and developments: 

Changing economic and business conditions, rapid technological innovation, proliferation of the internet and globalization are creating an increasingly competitive market environment that is driving corporations to transform the manner in which they operate. 

Customers are increasingly demanding improved products and services with accelerated delivery times and at lower prices. To address these needs adequately, corporations are focusing on their core competencies and are using outsourced technology service providers to help improve productivity, develop new products, conduct research and development activities, reduce business risk, and manage operations more effectively. 

The role of technology has evolved from supporting corporations to transforming them. The ability to design, develop, implement, and maintain advanced technology platforms and solutions to address business and customer needs has become a competitive advantage and a priority for corporations worldwide. Concurrently, the prevalence of multiple technology platforms and a greater emphasis on network security and redundancy have increased the complexity and cost of IT systems, and have resulted in greater technology-related risks. The need for more dynamic technology solutions and the increased complexity, cost and risk associated with these technology platforms has created a growing need for specialists with experience in leveraging technology to help drive business strategy. 

There is an increasing need for highly skilled technology professionals in the markets in which we operate. At the same time, corporations are reluctant to expand their internal IT departments and increase costs. These factors have increased corporations' reliance on their outsourced technology service providers and are expected to continue to drive future growth for outsourced technology services. In April 2007, the Forrester U.S. IT Spending Update: Q1 2007 has indicated that the growth in spending on IT outsourcing and IT consulting and integration services in the United States will be 6% and 10%, respectively, in 2008 as compared to 2007.  

Increasing trend towards offshore technology services: 

Outsourcing the development, management and ongoing maintenance of technology platforms and solutions has become increasingly important. Corporations are increasingly turning to offshore technology service providers to meet their need for high quality, cost competitive technology solutions. As a result, offshore technology service providers have become mainstream in the industry and continue to grow in recognition and sophistication. The effective use of offshore technology services offers a variety of benefits, including lower total cost of ownership of IT infrastructure, lower labor costs, improved quality and innovation, faster delivery of technology solutions and more flexibility in scheduling. According to Gartner's Forecast: IT Outsourcing, Worldwide 2004-2009 Update - Worldwide IT outsourcing spending will rise from $193 billion in 2004 to $260 billion by 2009. The Gartner Dataquest report, 2006 indicates that the Business Process Outsourcing market is expected to grow from $111 billion to $172 billion during the same period. In addition, technology companies are also recognizing the benefits of offshore technology service providers in software research and development, and related support functions and are outsourcing a greater portion of these activities. 

The India advantage: India is recognized as the premier destination for offshore technology services. According to a Fact Sheet on the Indian IT Industry recently published by NASSCOM, the total combined Indian IT services and IT-enabled services export market in fiscal 2006 was nearly $24 billion and is estimated to be approximately $31 billion in fiscal 2007. A report published by NASSCOM-KPMG in 2004 indicated that the total Indian IT services and IT-enabled services export market is projected to grow to $49 billion by 2009. 

There are several key factors contributing to the growth of IT and IT-enabled services. 

AS PER WEBSITE

Overview

Pioneering a new generation of Strategic Offshore Outsourcing

Infosys Technologies Limited (NASDAQ: INFY) provides consulting and IT services to clients globally - as partners to conceptualize and realize technology driven business transformation initiatives. With over 72,000 employees worldwide, they use a low-risk Global Delivery Model (GDM) to accelerate schedules with a high degree of time and cost predictability.

As one of the pioneers in strategic offshore outsourcing of software services, Infosys has leveraged the global trend of offshore outsourcing. Even as many software outsourcing companies were blamed for diverting global jobs to cheaper offshore outsourcing destinations like India and China, Infosys was recently applauded by Wired magazine for its unique offshore outsourcing strategy — it singled out Infosys for turning the outsourcing myth around and bringing jobs back to the US.

Infosys provides end-to-end business solutions that leverage technology. They provide solutions for a dynamic environment where business and technology strategies converge. Their approach focuses on new ways of business combining IT innovation and adoption while also leveraging an organization's current IT assets. They work with large global corporations and new generation technology companies - to build new products or services and to implement prudent business and technology strategies in today's dynamic digital environment.

Management Profiles

The Infosys board brings together a team of technology, business, and social visionaries who provide direction to Infosys' executive management in a dynamic economic and business environment. The board consists of senior officers of Infosys including all active founders, along with external members of the board who are global leaders and high achievers in business and society.

Profile

1981

Corporate performance - Establishment in India.

1987

Global Initiatives - First international office in US.

1993

Corporate performance - Successfully completed IPO in India.

Quality initiatives - ISO 9001/TickIT certification.

1995

Corporate performance - Best Annual Report Award from ICAI (every year from '95).

Globalization initiatives - Set up development centers across cities in India.

1996

Corporate performance - Infosys Foundation to focus on contributing back to the society.

Globalization initiatives - Set up first office in Europe in Milton Keynes, UK.

Strategic initiatives - e-business practice (Infosys Internet Consulting Practice).

1997

Globalization initiatives - Set up office in Toronto, Canada.

Quality initiatives - Assessed at CMM Level 4.

Strategic initiatives - e-business practice (Infosys Internet Consulting Practice).

1998

Corporate performance - First in "Award for Corporate Excellence" Economic Times India.

Strategic initiatives - Enterprise solutions practice (packaged applications).

1999

Corporate performance - $100 Million in annual revenue.

India's most admired company by The Economic Times Survey.

Globalization initiatives - Listed on NASDAQ - (first India-registered company to list).

Offices in Germany, Sweden, Belgium, and Australia.

Two development centers in US.

Quality initiatives - Assessed at CMM Level 5.

Strategic initiatives - Infosys Business Consulting Services.

Reorganization for competence building Domain Competency Group (DCG), Software Engineering and Technology Labs (SETLABS), Communications vertical practice (CAPS).

2000

Corporate performance - First company to be awarded the "National Award for Excellence in Corporate Governance" conferred by the Government of India.

$200 Million in annual revenue.

Globalization initiatives - Opened an office in France.

Opened new office in Hong Kong.

Global development center in Canada and UK; Three development centers in US.

Strategic initiatives - Combined the dedicated e-business practice with rest of the organization.

2001

Corporate performance - Rated Best Employer of India in a study by Business Today-Hewitt Associates.

Touched $400 Million in annual revenue.

Globalization initiatives - Opened new offices in UAE and Argentina.

New development center in Japan.

2002

Corporate performance - Ranked No. 1 in the "Best Employers in India 2002" survey conducted by Hewitt Associates for the second consecutive year.

First rank in the Business World's survey of "India's Most Respected Company."

Touched half a billion US dollars in annual revenue.

Globalization initiatives - Opened new offices in Netherlands, Singapore and Switzerland.

2003

Globalization initiatives - Establishes subsidiaries Infosys China and Infosys Australia

2004

Corporate performance - Crossed US $1 Billion in annual revenue.

Strategic initiatives -Launches Infosys Consulting Inc

2005

Corporate performance - Largest international equity offering of US $ 1 billion from India

2006

Corporate performance - 50,000+ Employees. Revenues crosses $ 2 billion. Celebrates 25 years

Senior management Changes at Infosys

The Board of Infosys Technologies has announced changes in senior management. It named Nandan M. Nilekani, current CEO & Managing Director as Co-Chairman of the Board of Directors. It has appointed present COO, President & Joint Managing Director S. Gopalakrishnan as CEO & Managing Director, and S. D. Shibulal as Chief Operating Officer (COO). These changes will come into effect from June 22, 2007. N. R. Narayana Murthy continues to be the Chairman and Chief Mentor.

Commenting on the change in leadership, N. R. Narayana Murthy said, “Nandan Nilekani has voluntarily decided, at a young age, to pass on the baton to a worthy successor chosen by the Board – S. Gopalakrishnan.” He added, “It is a testimony to the depth of management expertise and the value system of the people in the company.”

Mr. Claude Smadja, Chairman of the Nomination Committee, said, “This relay in leadership was a kind of demonstration of the capability of Infosys to ensure not only the quality of team leadership in the future that has been a hallmark of the company, but also to implement long-term succession planning for the company.”

Comments of the senior executives on their new roles and responsibilities:

Nandan Nilekani: “I will focus on key client relationships, be a brand ambassador, deal with broad industry issues, provide global thought leadership, lead some transformation initiatives and contribute to strategy.”

S. Gopalakrishnan: “My focus would be to make Infosys more competitive, increase productivity further, continue to be a leader in corporate governance, attract the best of global talent and enhance brand equity further.”

S. D. Shibulal: “As COO, I will focus on four main areas – increase competitiveness, improve customer experience, further increase employee engagement and increase the depth of services.”

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		2860.000
2] Share Application Money		0.000
3] Reserves & Surplus		137880.000
4] (Accumulated Losses)		0.000
NETWORTH		140740.000
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES
TOTAL		140740.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24200.000
Capital work-in-progress		12530.000
		0
INVESTMENT		9420.000
DEFERREX TAX ASSETS		970.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	24210.000
	Cash & Bank Balances	63340.000
	Other Current Assets	0.000
	Loans & Advances	22210.000
Total Current Assets		109760.000
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	12870.000
	Provisions	3270.000
Total Current Liabilities		16140.000
Net Current Assets		93620.000
MISCELLANEOUS EXPENSES		0.000
TOTAL		140.740.000

PROFIT & LOSS ACCOUNT

PARTICULARS		Quarter ended 31.12.2007	Nine months ended 31.12.2007
Software services and products		39990.000	114130.000
Other Income		1520.000	5500.000
Total Income		41510.000	119630.000
Profit/(Loss) Before Tax		13410.000	37240.000
Provision for Taxation		1550.000	4360.000
Profit/(Loss) After Tax		11860.000	32880.000
Expenditures :
	Selling and marketing expenses	1720.000	5410.000
	Software development expenses	22190.000	65040.000
	General and administration expenses	2810.000	7900.000
	Depreciation & Amortization	1380.000	4040.000
Total Expenditure		28100.000	82390.000

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.40.12
UK Pound	1	Rs.79.95
Euro	1	Rs.62.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	3
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		74

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions