MIRA INFORM REPORT

Report Date :

27.08.2012

IDENTIFICATION DETAILS

Name :	INFOSYS LIMITED (w.e.f 16.06.2011)
Formerly Known As :	INFOSYS TECHNOLOGIES LIMITED
Registered Office :	Plot No. 44, 3^rd Cross, Electronics City, Hosur Road, Bangalore – 560100, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.07.1981
Com. Reg. No.:	08-013115
Capital Investment / Paid-up Capital :	Rs.2870.000 Millions
CIN No.: [Company Identification No.]	L85110KA1992PLC013115
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Subject is engaged in software development in the form of services, software consultancy, offshore software development, software services, and telecom and euro compatibility.
No. of Employees :	150000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

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 1200000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long run.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	GOVERNANCE AND VALUE CREATION RATING : CRISIL GVC LEVEL 1
Rating Explanation	This refers to corporate governance and value creation for all stake holders is the highest.
Date	January, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :

Plot No. 44, 3^rd Cross, Electronics City, Hosur Road, Bangalore – 560100, Karnataka, India.

Tel. No.:

91-80-2852 0351 / 0261

Fax No.:

91-80-2852 0352 / 0362

E-Mail :

infosys@infy.com

infosys@itlinfosys.com

parvatheesam_k@infosys.com

Website :

http://www.infy.com

http://www.itlinfosys.com

Branches :

Located at :

• Bangalore
• Bhubaneswar
• Chandigarh
• Chennai
• Mangalore
• Orissa
• Tamilnadu
• New Delhi
• Karnataka,
• Hyderabad
• Mumbai
• Pune
• Thiruvananthapuram
• Kolkata
• Mysore
• Mohali (Chandigarh)

Overseas Offices :

Located at :

Hong Kong	Denmark	Fermont	Reston	Sweden
Japan	Finland	Herford	Southfield	Switzerland
Malaysia	Paris	Houstom	Frankfurt	Basel
Mauritius	Toulouse	Lake	Stuttgart	Geneva
Singapore	Germany	Forest	Walldorf	Zurich
United Arab Emirates	Eschbom	Lisle	Greece	The Netherland
Dubai	Canada	Neew York	Irelnd	United Kingdom
Sarjah	United State	Phoenix	Norway	Aberdeen
Belgium	North America	Plano	Russia	London
Czech Republic	Cariotte	Quincy	Spain	Swindon

DIRECTORS

As on 31.03.2012

Name :	Mr. K. V. Kamath
Designation :	Chairman of the board
Name :	Mr. S. Gopalakrishnan
Designation :	Executive Co-chairman of the board
Name :	S. D. Shibulal
Designation :	Chief Executive Officer and Managing Director
Name :	Mr. Deepak M. Satwalekar
Designation :	Independent Director
Name :	Dr. Omkar Goswami
Designation :	Independent Director
Name :	Mr. Sridar A. Iyengar
Designation :	Independent Director
Name :	Mr. David L. Boyles
Designation :	Independent Director
Name :	Prof. Jeffrey S. Lehman
Designation :	Independent Director
Name :	Mr. Srinath Batni
Designation :	Director And Head – Delivery Excellence
Name :	Mr. B. G. Srinivas
Designation :	Director and Head of Europe, and Global Head of Financial Services and Insurance
Name :	Mr. V. Balakrishnan
Designation :	Director and Chief Financial Officer
Name :	Mr. Ashok Vemuri
Designation :	Director and Head of Americas and Global of Manufacturing and Engineering Services
Name :	Mr. Ravi Venkatesan
Designation :	Independent Director
Name :	Ms. Ann M. Fudge
Designation :	Independent Director
Name :	Mr. R. Seshasayee
Designation :	Independent Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2012

Category of Shareholders	No. of shares	Percentage (%)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	92085078	18.43
Sub Total	92085078	18.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	92085078	18.43
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	28,788,568	5.76
Financial Institutions / Banks	537,083	0.11
Insurance Companies	75,692,154	15.15
Foreign Institutional Investors	217,586,887	43.55
Sub Total	322,604,692	64.57
(2) Non-Institutions
Bodies Corporate	2,948,264	0.59
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	47,118,072	9.43
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	26,667,762	5.34
Any Others (Specify)	8,180,573	1.64
Non Resident Indians	5,162,103	1.03
Trusts	3,018,470	0.60
Sub Total	84,914,671	17.00
Total Public shareholding (B)	407,519,363	81.57
Total (A)+(B)	499,604,441	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	--	--
(1) Promoter and Promoter Group	--	--
(2) Public	74,626,010	--
Sub Total	74,626,010	--
Total (A)+(B)+(C)	574,230,451	--

BUSINESS DETAILS

Line of Business :

Subject is 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

GENERAL INFORMATION

No. of Employees :	150000 (Approximately)
Bankers :	ICICI Bank Limited Bank of America

Banking Relations :	--
Auditors :
Name :	Bharat S. Raut and Company Chartered Accountants
Subsidiaries :	· Infosys BPO Limited · Infosys Technologies (Sweden) AB · Infosys Technologies (China) Company Limited · Infosys Technologies (Australia) Pty Limited · Infosys Consulting Inc · Infosys Technologies S. de R. L. de C. V. · Infosys Public Services Inc · Infosys Technologies (Shanghai) Company Limited · Infosys Tecnologia do Brasil Ltda

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000000	Equity Shares	Rs.5/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
574230001	Equity Shares	Rs.5/- each	Rs.2870.000 Millions
	Less: 2833600 Equity Shares held by controlled trusts		Rs.10.000 Millions
	Total		Rs.2860.000 Millions

Note:

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2870.000	2870.000	2870.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		294700.000	242140.000	217490.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		297570.000	245010.000	220360.000
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		0.000	1760.000	2320.000
TOTAL		297570.000	246770.000	222680.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40610.000	40560.000	37790.000
Capital work-in-progress		5880.000	4990.000	4090.000
INVESTMENT		14090.000	13250.000	46260.000
DEFERREX TAX ASSETS		1890.000	4060.000	3130.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	54040.000	42120.000	32440.000
	Cash & Bank Balances	180570.000	136650.000	97970.000
	Other Current Assets	15130.000	0.000	0.000
	Loans & Advances	45940.000	48670.000	38980.000
Total Current Assets		295680.000	227440.000	169390.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24540.000	4900.000	5420.000
	Other Current Liabilities		13900.000	12210.000
	Provisions	36040.000	24730.000	20350.000
Total Current Liabilities		60580.000	43530.000	37980.000
Net Current Assets		235100.000	183910.000	131410.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		297570.000	246770.000	222680.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	312540.000	253850.000	211400.000
		Other Income	18290.000	11470.000	9100.000
		TOTAL	330830.000	265320.000	220500.000
Less	EXPENSES
		Software development Expenses	39470.000	31960.000	23170.000
		Selling Expenses	3290.000	2410.000	2150.000
		Salaries, wages and other employee benefits	154540.000	124480.000	103400.000
		Managerial remuneration	270.000	160.000	160.000
		Auditor's remuneration	10.000	10.000	10.000
		Other expenses	13150.000	10610.000	8850.000
		Provision for doubtful debts	600.000	30.000	(10.000)
		Provision for post-sales client support and warranties	600.000	50.000	(20.000)
		TOTAL	211930.000	169710.000	137710.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		118900.000	95610.000	82790.000
Less/ Add	DEPRECIATION/ AMORTISATION		7940.000	7400.000	8070.000
	PROFIT BEFORE TAX		110960.000	88210.000	74720.000
Less	TAX		31100.000	23780.000	16690.00
	PROFIT AFTER TAX		79860.000	64430.000	58030.000
Add	DIVIDEND INCOME, NET OF TAXES		4840.000	0.000	0.000
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15591.000	138060.000	103050.000
	APPROPRIATIONS
	Interim Dividend		8620.000	5740.000	5730.000
	30^th year special Dividend		0.000	17220.000	0.000
	Special dividend – 10 years of Infosys BPO operation		5740.000	0.000	0.000
	Final Dividend		12630.000	11490.000	8610.000
	Dividend tax		4380.000	5680.000	2400.000
	Amount transfer to general reserve		0.000	6450.000	5800.000
	Amount transfer to capital reserve		0.000	0.000	480.000
	BALANCE CARRIED TO THE B/S		53330.000	15591.000	138060.000
	EARNINGS IN FOREIGN CURRENCY		NA	133600.000	126860.000
	Earnings Per Share (Rs.)		139.07	112.26	100.37

QUARTERLY RESULTS

PARTICULARS	30.06.2012
	1^st Quarter
Net Sales	89090.000
Total Expenditure	61340.000
PBIDT (Excl OI)	27750.000
Other Income	4860.000
Operating Profit	32610.000
Interest	0.000
Exceptional Items	0.000
PBDT	32610.000
Depreciation	2140.000
Profit Before Tax	30470.000
Tax	98430.000
Provisions and contingencies	0.000
Profit After Tax	22040.000
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	2240.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	24.14	24.28	26.32
Net Profit Margin (PBT/Sales)	(%)	35.50	34.75	35.34
Return on Total Assets (PBT/Total Assets}	(%)	33.00	38.78	36.05
Return on Investment (ROI) (PBT/Networth)		0.37	0.36	0.34
Debt Equity Ratio (Total Liability/Networth)		0.20	0.18	0.17
Current Ratio (Current Asset/Current Liability)		4.88	5.22	4.46

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	No
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Business

Their total income increased to Rs312540.000 Millions from Rs253850.000 Millions in the previous year, at a growth rate of 23.1%. Their software export revenues aggregated to Rs 305140.000 Millions, up by 23.1% from Rs 247910.000 Millions in the previous year. Out of the total revenue, 65.1% came from North America, 21.2% from Europe, 2.3% from India and 11.4% from the Rest of the World.

Their revenues from India have increased from Rs 5940.000 Millions to Rs 7400.000 Millions, with a growth rate of 24.6%. The share of the fixed-price component of the business was 41.1%, compared to 42.1% during the previous year.

Their gross profit amounted to Rs 134190.000 Millions (42.9% of revenue) as against Rs 111180.000 Millions (43.8% of revenue) in the previous year. The Profit Before Interest, Depreciation, Taxes and Amortization (PBIDTA) amounted to Rs 100610.000 Millions (32.2% of revenue) as against Rs 84140.000 Millions (33.2% of revenue) in the previous year. Sales and marketing costs were 4.6% and 4.8% of their revenue for the years ended March 31, 2012 and March 31, 2011, respectively. General and administration expenses were 6.1% and 5.8% of their revenues during the current year and previous year, respectively. The net profit after tax before exceptional item was Rs 79860.000 Millions (25.6% of revenue) as against Rs 64430.000 Millions (25.4% of revenue) in the previous year. They seek long-term partnerships with their clients that will enhance their value while addressing their IT requirements. Their customer- centric approach has resulted in high levels of client satisfaction. They derived 97.8% of their revenues from repeat business. We, along with their subsidiaries, added 172 new clients, including a substantial number of large global corporations. The total client base at the end of the year stood at 694.

Products

Finacle

Finacle™ from Infosys is a comprehensive, flexible and fully web- enabled solution that addresses the core, e-banking, mobile, CRM, wealth management, treasury, and Islamic banking requirements of universal, retail and corporate banks worldwide. Finacle™, their universal banking solution, partners with banks worldwide to transform products, processes and customer experience, arming them with ''accelerated innovation'' that is the key in building tomorrow''s bank. Other offerings include the Finacle Core Banking solution for regional rural banks; Finacle Digital Commerce solution, which enables next generation digital payments; Finacle Alerts solution, which alerts end-users on events recorded by diverse business systems; Finacle Advizor, which combines the convenience of human intervention with banking self-service channels through the interplay of video, audio and data communication; and Finacle WatchWiz, a comprehensive new-generation monitoring solution that allows banks to monitor, diagnose and resolve issues.

Their professional services complement the solutions portfolio and includes consulting, package implementation, independent validation, migration, application development and maintenance, systems integration, software performance engineering and support.

Today, Finacle™ is the choice of 154 banks across 75 countries and powers operations across 48,500 branches. Finacle™ enables its customer banks to serve 423 million accounts and 347 million consumers worldwide. Finacle™ is regarded as a leader in the core banking market space by industry analysts since many years. Today, 42% of the banks leveraging Finacle™ are among the Top 1000.

Finacle™ is one of the most scalable core banking solutions in the world with an unparalleled performance benchmark of 104 million effective transactions per hour for channel (non-branch) transactions and 41 million effective transactions per hour for branch transactions. This year, Finacle™ also sets a new global performance benchmark for Finacle e-banking solution by effectively managing over half a million online transactions and supporting over 2.8 million web page visits, with over 33,000 concurrent users in 30 minutes.

Their other product range includes:

Flypp™ : This is a white-labeled app marketplace that helps their partners to actively engage with their consumers across digital channels.

Infosys Customer Self-Service Energy Manager : This product helps utilities ensure customer delight through sustainable energy management and revitalized customer service.

Infosys Health Benefit Exchange : This is a novel, transparent, and competitive insurance hub designed for individuals and small businesses to buy qualified plans.

Infosys iTrans form - ICD-10 Migration Suite : This suite is designed to automate all stages of migration to ICD-10 and help organizations turn compliance into a competitive advantage.

Infosys mConnect - Multi-Channel Mobile Middleware : This is a middleware that is designed to optimize user experience through its context-aware mobile multimode middleware across channels and platforms.

Infosys Omni-Channel Personalization Engine : This engine that helps retailers foster consumer relationship by presenting personalized content across channels.

Infosys Real-Time Expertise Manager : This system delivers customer delight by making every interaction effective and by providing instant access to expertise.

Infosys Supply Chain Performance Management Suite : This analytical suite gives a 360-degree view of Supply-Demand service chain performance to drive collaborative decision-making.

Infosys Trading Platform : This platform helps to strategically differentiate brokerage services and provide superior trading experience to customers.

Infosys Transaction Reconciliation Platform : This comprehensive operations platform addresses end-to-end reconciliation needs of an enterprise.

Infosys Labs

As part of their strategic direction towards Infosys 3.0, Infosys Labs, their research and innovation arm, has been driving research across the ''Building Tomorrow''s Enterprise'' (BTE) mega trends that will transform the businesses of their clients. Inspired by the principle of ''Innovation Co-creation'', Infosys Labs has been strengthening its innovation ecosystem with clients, partners and industry consortia. Infosys Labs has also continued to focus on service differentiation and developing client-focused business solutions.

Infosys Labs is organized as a global network of research labs and innovation hubs. Their research agenda is driven by their strategic vision of ''Building Tomorrow''s Enterprise'' and Business Value Realization. They have created a ''Center of Innovation for Tomorrow''s Enterprise'', which manages seven institutes pertaining to the seven themes of ''Building Tomorrow''s Enterprise''. They have identified large, multidisciplinary problem spaces that embody the challenges facing their clients and are creating technological solutions to solve these. The Enterprise Technology Research group focuses on a number of topics including visualization, semantic technology, context aware systems and others. Their research also focuses on the software engineering and services innovation aspects.

They believe that co-creation is the preferred mode of innovation. They have set up innovation centers with a few clients, university partners, technology partners and industry research bodies. They focus on creating affordable solutions for tomorrow''s enterprises. Their research also helps in significantly enhancing productivity of their service offerings and helps create new services.

This year, over 119 articles were published by Infosys Labs'' researchers in leading journals, magazines and conference proceedings. Infosys Labs Briefings, their highly respected peer-reviewed journal published issues this fiscal year, in areas such as Modern Learning Technologies and Model-based Software Engineering.

Infosys Labs collaborates with leading national and international universities such as the University of Southern California, University of Cambridge, Queensland University of Technology, University of Illinois at Urbana Champaign, Indian Institute of Technology, Bombay

- Monash Research Academy, Purdue University, Indian Institute of Information Technology - Bangalore.

This year, Infosys Labs'' Intellectual Property Cell filed 143 unique patent applications in the United States Patent and Trademark Office (USPTO), the Indian Patent Office and other jurisdictions. The aggregate unique patent applications filed stand at 474 and are under various stages of processing. The total granted patents are 47. Out of these, 46 have been granted in the U.S. and one in Luxembourg.

Branding

Brand Infosys is one of the most important intangible asset that they own. Their brand''s promise, ''Building Tomorrow''s Enterprise'', unveiled last year, is gaining rapid traction and momentum across markets. They provide comprehensive business solutions that leverage technology and domain expertise to help their clients gain market differentiation and competitive advantage. Their group is well known by the brand, ''Infosys'' to all stakeholders and the general public.

They believe the word, ''Technologies'' is restrictive for the kind of business they are pursuing today as a transformation partner for their global clients. They are also playing a larger role as a systems integrator by globally aligning with hardware, products and software players. Considering this and to reflect their transition from a provider of technology services to being a transformation partner to their global clients, they changed their name, effective June 16, 2011, from ''Infosys Technologies Limited'' to ''Infosys Limited''. The name change was effected following approval by the Board, their shareholders and the Indian regulatory authorities.

Their brand has been recognized by leading publications and independent industry bodies. They were :

- Ranked the World''s Most Innovative Companies by Forbes and HOLT, a division of Credit Suisse

- Ranked as one of the Most Admired Thought Leaders in a survey by TLG Communications and Globe Scan

- Conferred Asia''s Most Preferred Brands award in the IT category at the Asian Leadership Awards, hosted by the Asian Confederation of Businesses and supported by Stars of the Industry Group

- Ranked among the Greenest Brands for the third consecutive year, in a consumer survey conducted by Cohn and Wolfe, Esty Environmental Partners and Penn Schoen and Berland Associates

- Rated by Global Industry Analysts as a Leader in key services and solutions across domains

They were featured in case studies and articles by leading industry bodies. Forrester Research highlighted Infosys as a Gold Standard in Training and published a case study on their Continuous Education and Learning Programs in their report, The Importance Of Evaluating The Vendor''s Training Capability: What You Need To Know, September 2011. For more details on the report and the award.

In India, Business Today rated them at No. 2 in the survey on ''Best Companies to Work For''. In the U.S., they were ranked fourth in this year''s Bliss Leap Award among top 50 U.S. companies designated by employees as the happiest places to work for.

They continue to leverage social media platforms to engage with potential employees. This year, their Facebook fans crossed 1,45,000. They promote their brand through targeted publications and at premier events around the world. In addition to a targeted advertising campaign in Forbes and Bloomberg Business Week this year, they maintained a leadership presence at premier industry events like Oracle® Open World and Sapphire. Confluence, their flagship client event held in the U.S. and Europe was well-attended and highly appreciated. They had a strong presence at the World Economic Forum 2012 held in Davos, Switzerland.

Awards and recognition

In 2011-12, as in the years preceding, they earned a number of awards and honors from various industry bodies and media organizations across the globe. They were :

- Positioned by Gartner in the leaders quadrant for Oracle application services across Europe

- Winners of the 2011 Global Most Admired Knowledge Enterprises (MAKE) Award, becoming the first and only Indian company to win the award eight times

- Ranked fourth in the 2011 Bliss Leap Awards, instituted by Career Bliss

- Ranked first in all the four categories — Best IR website, Best Online Annual Report, Best Financial Disclosure and Best Corporate Governance Practices — at the 2011 IR Global Rankings in India

- Recognized in the Institutional Investor magazine''s 2011 All-Asia Executive Team Rankings

- Winners of the Platinum Award in The Asset Corporate 2010 Awards

- Named a Leader in IT Infrastructure Outsourcing by Forrester

- Adjudged India''s best company for corporate governance by the Asia money poll

- Named India''s most respected company by Business World

MANAGEMENT DISCUSSION AND ANALYSIS

Overview:

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

I. Industry structure and developments:

Changing economic and business conditions, evolving consumer preferences, rapid technological innovation and adoption, and globalization are driving corporations to transform the manner in which they operate. Companies are now more focused on their core business objectives, such as revenue growth, profitability and asset efficiency.

There is an increasing need for highly skilled professionals in the market to help corporations transform their business, optimize operations and drive innovation by leveraging technology. However, enterprises are reluctant to expand their internal IT departments and increase costs. These factors have led to the increased reliance of corporations on their outsourcing providers and are expected to drive future growth for outsourced technology services.

According to the Global Tech Market Outlook for 2012 and 2013, an independent report published by Forrester Research Inc. in January 2012, purchases of IT consulting, systems integration services and IT outsourcing by global businesses and governments are estimated to grow by 6.3% in calendar year 2012, when calculated in U.S. dollars.

Corporations are increasingly turning to offshore service providers for higher quality, cost competitive technology solutions. As a result, offshore service providers have become critical to the operations of many enterprises and they continue to grow in recognition and sophistication. In view of this, the addressable market for offshore technology services has expanded.

Increasing trend toward offshore technology services:

Outsourcing the development, management and ongoing maintenance of technology platforms and solutions has become increasingly important to companies. The effective use of offshore technology services offers a variety of benefits to companies, including lower cost of ownership of IT infrastructure, lower labor costs, improved quality and innovation, faster delivery of solutions and more flexibility in scheduling. In addition, technology companies are also recognizing the benefits of offshore service providers in software research and development and related support functions, and are outsourcing a greater portion of these activities. This has resulted in increased diversification in the range of services delivered offshore.

The India advantage:

India is widely recognized as the premier destination for offshore technology services. According to the NASSCOM Strategic Review 2012, IT services exports (excluding exports relating to business process outsourcing (BPO), hardware, engineering design and product development) from India are estimated to grow by 16.3% in fiscal 2012, to record revenues of US $40 billion. According to the NASSCOM Strategic Review 2012, BPO exports from India are estimated to record revenues of US $16 billion, which is a growth of over 12% compared to fiscal 2011. There are several key factors contributing to the growth of IT and IT-enabled services (ITES) in India and by Indian companies. Some of these factors are high-quality delivery, significant cost benefits and abundant skilled resources.

Evolution of technology outsourcing:

The nature of technology outsourcing is changing. Historically, enterprises either outsourced their technology requirements entirely or on a standalone project-by-project basis. In an environment of rapid technological changes, globalization and regulatory changes, the complete outsourcing model is often perceived to limit a company`s operational flexibility and not fully deliver potential cost savings and efficiency benefits. Similarly, project-by-project outsourcing is also perceived to result in increased operational risks and coordination costs and as failing to fully leverage technology service providers` full range of capabilities. To address these issues, companies are looking at outsourcing approaches that require technology service providers to develop specialized systems, processes and solutions along with cost-effective delivery capabilities.

Global Delivery Model:

Their Global Delivery Model (GDM) allows them to take work to the location where the best talent is available and to where it makes the best economic sense with the least amount of acceptable risk. Their GDM enables them to derive maximum benefit from:

* Access to their large pool of highly skilled technology professionals

* 24-hour execution capabilities across multiple time zones

* The ability to accelerate delivery time of large projects by simultaneously processing project components

* Cost competitiveness across geographies

* Built-in redundancy to ensure uninterrupted services

* A knowledge management system that enables them to re-use solutions where appropriate

In a typical offshore development project, they assign a team of their technology professionals to visit a client`s site to determine the scope and requirements of the project. Once the initial specifications have been established, their project managers return to the relevant global development center to supervise a larger team of technology professionals dedicated to the development or implementation of the solution. Typically, a small team remains at the client`s site to manage project coordination and address changes in requirements as the project progresses. Teams return to the client`s site when necessary to ensure seamless integration. Where r quired, a dedicated team provides ongoing maintenance from their global development centers. The client`s systems are linked to their facilities enabling simultaneous processing in their global development centers. Their model ensures that project managers remain in control of execution throughout the life of the project regardless of their location.

They have successfully executed projects at all their global development centers. They have 74 global development centers, of which 33 are in India, 16 are in North and South America, 20 in the Asia-Pacific region and five in Europe. They have large development centers located in India. Approximately, 72.8% of the total billed person-months for their services rendered during fiscal 2012 originated from their global development centers in India, with the balance efforts being rendered at client sites and their global development centers located outside India.

Their quality control processes and programs are designed to minimize defects and ensure adherence to pre-determined project parameters. Additionally, software quality advisors help individual teams establish appropriate processes for projects and adhere to multi-level testing plans. The project manager is responsible for tracking metrics, including actual effort spent versus initial estimates, project budgeting and estimating the remainder of efforts required on a project.

Their GDM mitigates risks associated with providing offshore technology services to their clients. For their communication needs, they use multiple service providers and an optimal mix of terrestrial and optical fiber links with alternate routing. In India, they rely on two telecommunications carriers to provide high-speed links connecting their global development centers. Internationally, they rely on multiple links on submarine cable paths provided by various service providers to connect their Indian global development centers with network hubs in other parts of the world. Their significant investment in redundant infrastructure enables them to provide uninterrupted service to their clients.

CONTINGENT LIABILITY

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Outstanding guarantees and counter guarantees to various banks, in respect of the guarantees given by those banks in favour of various government authorities and others	230.000	210.000
Claims against the company not acknowledged as debts (net amount paid to statutory authorities Rs.1140.000 Millions (Rs.4690.000 Millions)	720.000	2710.000

FIXED ASSETS

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

PRESS RELEASE

INFOSYS COMMITS TO END CHILD DIARRHEAL DEATHS IN INDIA

BANGALORE, INDIA - AUGUST 22, 2012:

Infosys, a global leader in consulting and technology, today announced that it has made a commitment to work with the MDG Health Alliance, the United Nations Foundation, and the Clinton Health Access Initiative as an Innovation Partner for the India Public-Private Partnership to End Child Diarrheal Deaths, in support of the United Nations Secretary-General’s Every Woman Every Child movement. Under this program Infosys Labs, the research and innovation arm of Infosys, will institute an Innovation Co-creation Lab to explore ways that technology can be used to solve critical maternal and child health challenges.

Every Woman Every Child is an unprecedented global movement spearheaded by the UN Secretary-General to mobilize and intensify global action to improve the health of women and children. In India, the effort is supported by the India Public‐Private Partnership to End Child Diarrheal Deaths, with a vision to prevent deaths of more than 200,000 children under five years of age every year. This partnership will mobilize public and private sector stakeholders to achieve universal coverage of children in India through the intervention of oral rehydration solution (ORS) and zinc by 2015, thereby playing a critical role in preventing diarrheal deaths.

As Innovation Partner for the India Public-Private Partnership to End Child Diarrheal Deaths, Infosys is collaborating with the MDG Health Alliance, United Nations Foundation and the Clinton Health Access Initiative. The Innovation Co-creation Lab created by Infosys will facilitate the convergence of the initiative's task force members onto a common forum offering tools, platforms, frameworks and processes to organize, manage and assist the co-creational interactions specific to this partnership.

Kathy Calvin, CEO, UN Foundation said, "I commend Infosys on stepping up their commitment to women and children's health by applying their unique strengths to help solve one of India's biggest health challenges."

Subu Goparaju, Senior Vice President and Head-Infosys Labs commented, "The India Public-Private Partnership has the potential to make a significant impact and reduce child deaths caused by diarrhea in India. Technology can play a significant role in enabling and enhancing collaboration between various stakeholders involved in this initiative and contributes towards developing affordable healthcare solutions. Infosys is committed to this cause and will provide a platform to drive joint innovation to develop affordable healthcare solutions for this initiative."

Ray Chambers, UN Secretary-General's Special Envoy for Malaria and Chair, MDG Health Alliance, said, "We will not achieve our global goals for maternal and child health without making significant progress in India, where the greatest numbers of women die in childbirth and the greatest numbers of children die before reaching their fifth birthday."

He further added, "We specifically welcome the commitment of Infosys to help us win the fight against diarrhea, one of the leading killers of children in India and we look forward to harnessing the extraordinary skills, talent and creativity of one of India's leading companies to help us scale up the interventions (oral rehydration products and zinc) that could prevent 90% of child diarrheal deaths."

Infosys Labs, the research and innovation arm of Infosys drives research across the Building Tomorrow's Enterprise mega trends that have the potential to transform client business. Healthcare economy is one of these mega trends which impacts both consumers as well enterprises. One of Infosys Labs' focus areas is addressing the challenge of delivering affordable, preventive and patient centric healthcare.

FINALISTS ANNOUNCED FOR 2012 BAI - FINACLE GLOBAL BANKING INNOVATION AWARDS

CHICAGO, AUGUST 16, 2012:

BAI and Finacle™ from Infosys announced the finalists of the prestigious global awards program that recognizes and supports innovation in the retail banking industry. Nine financial institutions were chosen, from around the world, for their breakthrough innovations driving organizational growth and profitability. From this elite group, winners will be selected to receive the 2012 BAI - Finacle Global Banking Innovation Awards. Now in its second year, the awards program celebrates game-changing achievements in key categories:

Product and Service Innovation Award recognizes banks that have substantially improved an existing product or service or developed and introduced a new product or service that has engaged customers, unleashed new revenue opportunities and/or improved the bank's competitiveness. Finalists listed in alphabetic order include:

• First National Bank, a Division of FirstRand Bank Limited (South Africa)
• OCBC Bank (Singapore)
• UBank (Australia)

Channel Innovation Award recognizes banks that have made marked changes or improvements within the distribution network to either existing channels (such as, branch, ATM, mobile, etc.) or have introduced a new channel or distribution strategy that has benefited customers and/or the organization. Finalists listed in alphabetic order include:

• Bankwest (Australia)
• Denizbank (Turkey)
• OCBC Bank (Singapore)

Disruptive Innovation in Banking Award recognizes banks that redefine business-as-usual in retail banking and its broader global impact. Finalists listed in alphabetic order include:

• Alior Bank (Poland)
• Barclays (USA)
• Fidor Bank AG (Germany)

"These finalists exemplify the best of the best from around the world," says Debbie Bianucci, president and chief executive officer of BAI. "Their accomplishments reflect the innovative ways in which banks are enhancing the customer experience to expand existing relationships and attract new ones. These awards are an opportunity to celebrate the creativity and originality of banks worldwide. More than 150 nominations were submitted from over 30 countries in the second year of this global awards program, reflecting the rich diversity of solutions. We congratulate these finalists and look forward to recognizing the winners and their achievements."

Haragopal Mangipudi, Global Head ‐ Finacle, Infosys said: "Innovation can make a greater difference in this environment. It is the core driver of consumer engagement and competitive differentiation. It can help propel banks on the path to accelerated growth and increased customer loyalty. This awards program is a worldwide platform for collaboration & sharing new ideas and winning approaches. As the innovation partner for global financial institutions, we are honored to recognize the finalists for their originality, and we applaud their outstanding efforts in building tomorrow’s banks today."

One winner, in each of the three categories, and one overall winner will be selected by the Innovation Circle Judging Panel, a distinguished international group of prominent industry thought-leaders, academics and retail banking professionals. Winners will be announced at the BAI and Finacle Global Banking Innovation Awards Ceremony on October 9, at BAI Retail Delivery 2012 in Washington, D.C. Held October 9-11, 2012, BAI Retail Delivery is the retail banking industry's premier annual conference and expo that draws thousands of senior-level bank executives from more than 40 countries

INDIA POST SELECTS INFOSYS TO TRANSFORM ITS FINANCIAL SERVICES

NEW DELHI, INDIA - AUGUST 9, 2012:

Infosys, a global leader in consulting and technology, today announced that it has been selected by the Department of Post, Ministry of Communications and Information Technology, Government of India for a mission-critical program that will enhance India Post's financial services across 150,000 post offices in the country. This is part of the 'India Post 2012' modernization program that aims at bringing transparency, agility, flexibility and scalability to India Post's operations.

Under the agreement, Infosys and India Post will embark on a transformational initiative, which encompasses Financial Services System Integration. This project, estimated at Rs.7000.000 Millions, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionizing its financial operations and end-user services.

As Financial Services System Integrator, Infosys will implement and manage its flagship Finacle™ Core Banking and McCamish™ Insurance products to help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India; including a large base of insurance customers. Infosys will be installing 1,000 ATMs for India Post as part of this program to increase the effectiveness of its delivery channel and will also implement an electronic Content Management system to manage millions of documents generated as part of India Post's financial operations.

For the project, Infosys will support India Post in the following areas:

Complete System Integration including designing, building, supplying, installing and commissioning hardware and software

Data migration and deployment of the platforms and solutions across all identified post offices

Supporting multi-year managed services, application support and infrastructure operations

Training more than 35,000 India Post employees across the country on the usage and deployment of the new platform and solutions

Speaking about this deal, Mr. A. S. Prasad, Deputy Director General, Financial Services, India Post said, "We are confident that Infosys' extensive global experience with transformational programs in the financial and systems integration space will be instrumental in rolling out this ambitious program aimed at driving technology superiority at India Post, by introducing key solutions like core banking. This transformational program is expected to enhance India Post's services, bringing us on par with the best in the banking industry; and will help us expand the reach and effectiveness of our operations through technology enablement of India Post employees."

"Infosys will be drawing upon its expertise and domain knowledge across the banking and financial sector, to transform India Post's services to empower end-consumers. This project offers us rich scope to innovate and optimize the largest financial and insurance distribution channel in the country and we look forward to deploying our strong capabilities across industries and technologies, in a role that has the potential to significantly impact millions of citizens in the country," said Mr. CN Raghupathi, VP and Head India Business, Infosys.

INFOSYS BAGS RS 7000.000 MILLIONS PROJECT FROM INDIA POST

AUGUST 09, 2012

Even as IT giant Infosys   faces visa troubles in the US, in India it has bagged a big deal from India Post, reports Shreya Roy of CNBC-TV18.

The contract that Infosys has won is part of a Rs 19000.000 Millions project which India Post had announced in 2010. There has been some delay in taking this contract forward and it was on the anvil for a long time.

But, Infosys has confirmed that it has finally bagged the Rs 7000.000 Millions project. It is a multi-year deal for Financial Services System Integration and Infosys is part of it. It will implement its banking product Finacle and its insurance product McCamish.

It is also going to help in training around 35,000 post office employees on the use of these products and has the potential of transforming around 150,000 post offices around the country.

The project will help install about 1,000 ATMs and electronic content management systems for India Post. It is going to do data migrations, software and hardware design.

There have been a lot of delays in this project because the government wasn't taking it forward and without any clarity on how IT projects would be taken forward, the project so far had taken a back seat.

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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.48

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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		73

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	Capability to overcome financial difficulties seems comparatively below average.	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
-	NB	New Business	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.