MIRA INFORM REPORT

Report Date :

26.12.2012

IDENTIFICATION DETAILS

Name :	IGATE COMPUTER SYSTEMS LIMITED (w.e.f. July 2012 )
Formerly Known As :	PATNI COMPUTER SYSTEMS LIMITED (w.e.f. 18.09.2003) PATNI COMPUTER SYSTEMS PRIVATE LIMITED
Registered Office :	Tower 3, Cybercity, Magarpatta City,Hadapsar, Pune-411013, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	10.02.1978
Com. Reg. No.:	11-020127
Capital Investment / Paid-up Capital :	Rs. 268.988 Millions
CIN No.: [Company Identification No.]	L72200MH1978PLC020127
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Provides Information Technology Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 135200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of IGATE CORPORATION. It is a well established company having a good track record. The company has performed well in the current year. Financial strength of the company appears to be strong. Liquidity position of the company is good. Company receives strong support from its holding companies. Creditworthiness of the company is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

INFORMATION DECLINED BY

Name :	Mr. Ganesh Gurav
Designation :	Accountant
Contact No.:	91-20-66930500
Date :	24.12.2012

LOCATIONS

Registered Office :	Tower 3, Cybercity, Magarpatta City,Hadapsar, Pune-411013, Maharashtra, India
Tel. No.:	91-20-39842000
Fax No.:	91-20-39842082
E-Mail :	arun.kanakal@igatepatni.com
Website :	www.igatepatni.com
Sales Offices :	Located at · Australia · China · India · Indonesia · Japan · Singapore
Branch Office :	Ackruti Softech Park, MIDC Cross Road No. 21, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-66930500
Fax No.:	91-22-28321750
E-Mail :	investors.redressal@igatepatni.com

DIRECTORS

As on 29.06.2011

Name :	Mr. Jai S Pathak
Designation :	Director
Address :	634,  S  Rimpau  BL  VD,Los  Angeles  CA  –  90005,USA
Date of Birth/Age :	14.01.1959
Date of Appointment :	12.05.2011
DIN No.:	00026416
Name :	Mr. Phaneesh Murthy
Designation :	Managing director
Address :	33245  Lark  Way,  Fremont  CA  ‐94555,  USA
Date of Birth/Age :	21.07.1963
Date of Appointment :	08.02.2011
DIN No.:	00388525
Name :	Mr. Knut Goran Lindahl
Designation :	Director
Address :	Ginstvagen  14,  SE  ‐236  42,  Holiviken,  Sweden
Date of Birth/Age :	28.04.1945
Date of Appointment :	12.05.2011
DIN No.:	03507979
Name :	Mr. Shashank Singh
Designation :	Director
Address :	Flat  8A,  Sudhakar,  26  Narayan  Dabholkar  Road,  Mumbai  ‐ 400006, Maharashtra, India
Date of Birth/Age :	03.06.1976
Date of Appointment :	08.02.2011
DIN No.:	02826978
Name :	Mr. Arun Sardarila Duggal
Designation :	Director
Address :	A‐4,  3rd  Floor,  West  End  Colony, New  Delhi‐110021, India
Date of Birth/Age :	01.10.1946
Date of Appointment :	12.11.2003
DIN No.:	00024262
Name :	Mr. Vimal Ranjit  Mal Bhandari
Designation :	Director
Address :	Flat  no‐164‐A,  Kalpataru  Horizon,  S  K  Ahire  Marg,  Worli,  Mumbai  ‐ 400026, Maharashtra, India
Date of Birth/Age :	23.08.1958
Date of Appointment :	15.01.2010
DIN No.:	00001318

KEY EXECUTIVES

Name :	Mr. Ganesh Gurav
Designation :	Accountant
Name :	Mr. Arun Bheemrao Kanakal
Designation :	Secretary
Address :	A-002,  57/58  Sriprastha,  Nalasopara(West),  District Thane – 401203, Maharashtra, India
Date of Birth/Age :	20.07.1962
Date of Appointment :	01.08.2000
PAN No.:	AAGPK7581G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category Code (I)	Category of Shareholder	No. of Shares	Percentage of Holding
(A)	Shareholding of Promoter and Promoter Group
(1)	Indian
(a)	Individuals / HUF	-	-
(b)	Central Govt / State Govt(s)	-
(c)	Bodies Corporate	14750947	13.12
(d)	Financial Institutions / Banks	-	-
(e)	Any Other (specify)	-	-
	Relatives of Promoters	-	-
	Sub-Total of (A) (1)	14750947	13.12
(2)	Foreign
(a)	Individuals (Non-Resident Individuals / Foreign Individuals	-	-
(b)	Bodies Corporate	75177901	66.87
(c)	Institutions	-	-
(d)	Any Other (specify)	-	-
	Sub- Total (A)(2)	75177901	66.87
	Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2)	89928848	79.99
(B)	Public Shareholding
(1)	Institutions
(a)	Mutual Funds / UTI	-	-
(b)	Financial Institutions / Banks	6000	0.01
(c)	Central Govt / State Govt(s)	-	-
(d)	Venture Capial Funds	-	-
(e)	Insurance Companies	-	-
(f)	Foreign Institutional Investors	2907601	2.59
(g)	Foreign Venture Cap. Investors	-	-
(h)	Any Other (specify)	-	-
	Sub-Total B(1)	2913601	2.59
(2)	Non- Institutions
(a)	Bodies Corporate	16476615	14.66
(b)	Individuals -
	i. Individual shareholders holding nominal sharecapital upto Rs. 0.100 million	1786552	1.59
	ii. Individual shareholders holding nominal sharecapital in excess of Rs. 0.100 millions	990500	0.88
(c)	Any Other (specify)
	Non Resident Indians	48692	0.04
	Trusts	1550	0.00
	Clearing Members	159721	0.14
	Directors	4550	0.00
	Foreign Bodies - DR	115304	0.10
	Sub-Total (B)(2)	19583484	17.42
	Total Public Shareholding (B) = (B)(1)+(B(2)	22497085	20.01
	Total (A)+(B)	112425933	100.00
(C)	Shares held by Custodians and against which Depository Receipts have been issued
(I)	Promoter and Promoter Group	20161867	14.86
(II)	Public	3133527	2.31
	Sub-Total (C)	23295394	17.16
	GRAND TOTAL (A) + (B) + (C)	135721327	--

Statement showing holding of securities (including shares, warrants, convertible securities) of persons belonging to the category "promoter and promoter group"

Name of the Shareholder	No. of Shares	Percentage of Holding
iGATE Global Solutions Limited	14750947	10.87
PAN-Asia iGATE Solutions	75177901	55.39
TOTAL	89928848	66.26

Statement showing holding of securities (including shares, warrants, convertible securities) of persons belonging to the category "public" and holding more than 1% of the total number of shares

Name of the Shareholder	No. of Shares	Percentage of Holding
KMCC-PCSL-Special Depository Escrow Account	16266542	11.99
TOTAL	16266542	11.99

Statement showing holding of securities (including shares, warrants, convertible securities) of persons (together with pac) belonging to the category "Public" and holding more than 5% of the total number of shares of the company

Name of the Shareholder	No. of Shares	Percentage of Holding
KMCC-PCSL-Special Depository Escrow	16266542	11.99
TOTAL	16266542	11.99

BUSINESS DETAILS

Line of Business :

Provides Information Technology Services.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Standard Chartered Bank, 90 M G Road, Fort Mumbai - 400001, India.

Facilities :

Secured Loan	31.12.2011 (Rs. in Millions)	31.12.2010 (Rs. in Millions)
Lease obligation in relation to vehicles acquired under finance lease*	12.011	9.773
Total	12.011	9.773

Note :

Finance lease obligations are secured against the vehicles acquired on lease.

Finance lease :

The Company has acquired certain vehicles under finance lease for a non-cancellable period of 4 to 5 years. At the inception of the lease, fair value of such vehicles has been recorded as an asset under gross block of vehicles with a corresponding lease obligation recorded under secured loans. There is no escalation clause in the lease agreement. There are no restriction imposed by lease arrangements. Fixed assets include the following amounts in relation to the above leased assets:

Particulars	31.12.2011	31.12.2010
Gross block of vehicles	22.512	18.524
Less: Accumulated depreciation	9.625	8.805
Net block	12.887	9.719

Total minimum lease payments and maturity profile of finance leases at the balance sheet date, the element of interest included in such payments, and the present value of the minimum lease payments as of 31 December 2011 are as follows:

Particulars	Total minimum lease payments outstanding	Interest included in minimum lease payments	Present value of minimum lease payments
31.12.2011
No later than one year	5.241	1.411	3.830
Later than one year and not later than five years	9.660	1.479	8.181
Totals	14.901	2.890	12.011
31.12.2010
No later than one year	4.494	0.789	3.705
Later than one year and not later than five years	6.877	0.809	6.068
Totals	1.371	1.598	9.773

Operating lease :

The Company has taken certain office spaces and accommodation for its employees under operating lease agreements, which expires at various dates through year 2015. Some of the lease agreement have a price escalation clause. The lease rental expense recognized in the profit and loss account for the year is Rs. 255.443 millions (2010 :Rs. 308.036 millions). The escalation amount for non-cancellable operating lease payable in future years and accounted for by the Company is Rs. 10.709 millions. There are no subleases. Future minimum lease payments and the payment profile of non-cancellable operating leases are as follows:

Particulars	31.12.2011	31.12.2010
No later than one year	37.443	21.597
Later than one year and not later than five years	73.460	73.403
Totals	110.903	95.000

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400 028, India.
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
Related parties where control exists :
Holding Company and ultimate holding companies:	· iGATE Corporation · iGATE Holding Corporation · iGATE Technologies Inc. · Pan-Asia iGATE Solutions, (Mauritius)
Subsidiaries (Companies under the same management)	· Patni Americas, Inc., USA · Patni Computer Systems (UK) Limited · Patni Computer Systems GmbH · Patni Telecom Solutions Inc., USA · Patni Telecom Solutions (UK) Limited · Patni Telecom Solutions Private Limited · Patni Life Sciences Inc., USA (merged with Patni Americas, Inc., USA in October 2010) · Patni Computer Systems Brasil Ltda. (dissolved in October 2010) · Patni Computer Systems (Czech) s.r.o · PCS Computer Systems, Mexico, SA de CV · Patni (Singapore) Pte Limited · CHCS Services Inc., USA · Patni Computer Systems Japan Inc. · Patni Computer Systems (Suzhou) Co., Limited · Patni Computer Systems Software (Dalian) Limited
Others :	· Patni Computer Systems Limited Employee Gratuity Fund · Patni Computer Systems Limited Employee Superannuation Trust
Joint Ventures :	J R Kyushu Patni Systems Inc.
Related parties with whom transactions have taken place during the year :
Holding Company and ultimate holding companies :	· iGATE Corporation · iGATE Technologies Inc.
Fellow Subsidiaries :	· iGATE Global Solutions Limited · iGATE Technologies (Canada) Inc. · Mascot Systems GmbH
Subsidiaries :	· Patni Americas, Inc., USA · Patni Computer Systems (UK) Limited · Patni Computer Systems GmbH · Patni Telecom Solutions Inc., USA · Patni Telecom Solutions (UK) Limited · Patni Telecom Solutions Private Limited · Patni Computer Systems (Czech) s.r.o · PCS Computer Systems, Mexico, SA de CV · Patni (Singapore) Pte Limited · CHCS Services Inc., USA · Patni Computer Systems Japan Inc. · Patni Computer Systems (Suzhou) Company Limited

CAPITAL STRUCTURE

As on 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs. 2/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
134494133	Equity Shares	Rs. 2/- each	Rs. 268.988 Millions

After 10.04.2012

Authorised Capital: Rs. 500.000 millions

Issued, Subscribed & Paid-up Capital: Rs. 272.314 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		268.988	262.838	258.252
2] Stock Option Outstanding		149.910	242.335	118.828
3] Reserves & Surplus		33389.486	29167.937	31660.399
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33808.384	29673.110	32037.479
LOAN FUNDS
1] Secured Loans		12.011	9.773	9.447
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		12.011	9.773	9.447
DEFERRED TAX LIABILITIES		121.940	61.770	51.401
TOTAL		33942.335	29744.653	32098.327
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5581.936	5951.018	6071.938
Capital work-in-progress		768.086	921.092	1336.582
INVESTMENT		22564.329	18350.292	22673.955
DEFERRED TAX ASSETS		295.973	0.000	118.363
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4641.531	3727.779	3395.803
	Cash & Bank Balances	934.583	1669.793	1040.456
	Other Current Assets	830.054	724.446	354.596
	Loans & Advances	3242.528	3106.837	1917.602
Total Current Assets		9648.696	9228.855	6708.457
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	188.902	162.683	155.041
	Other Current Liabilities	3120.714	2893.046	2608.100
	Provisions	1607.069	1650.875	2047.827
Total Current Liabilities		4916.685	4706.604	4810.968
Net Current Assets		4732.011	4522.251	1897.489
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33942.335	29744.653	32098.327

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	21516.661	18912.725	17348.606
		Other Income	1459.574	2155.013	692.590
		TOTAL (A)	22976.235	21067.738	18041.196
Less	EXPENSES
		Personnel costs	12639.723	9462.208	8124.686
		Selling, general and administration costs	3270.072	3487.841	3111.379
		Transfer from revaluation reserve	(0.081)	(0.081)	(0.081)
		TOTAL (B)	15909.714	12949.968	11235.984
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7066.521	8117.770	6805.212
Less	FINANCIAL EXPENSES (D)		29.303	43.355	67.453
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7037.218	8074.415	6737.759
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1097.384	919.056	919.884
	PROFIT BEFORE TAX (E-F) (G)		5939.834	7155.359	5817.875
Less	TAX (H)		903.910	604.894	390.559
	PROFIT AFTER TAX (G-H) (I)		5035.924	6550.465	5427.316
Less	Prior Period Items		38.083	0.000	0.0000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16169.496	19890.408	15459.042
Less	APPROPRIATIONS
		Proposed Dividend on equity shares	0.000	2.221	387.383
		Interim Dividend on equity shares	0.000	8244.435	0.000
		Tax on Dividend	0.000	1369.675	65.836
		Transfer to general reserve	0.000	655.046	542.731
	BALANCE CARRIED TO THE B/S		21167.337	16169.496	19890.408
	EARNINGS IN FOREIGN CURRENCY
		Sales and services income (on FOB basis)	21133.391	18538.662	17395.396
		Interest received	43.728	47.592	58.325
		Other Income	2.295	3.419	3.806
	TOTAL EARNINGS		21179.414	18589.673	17457.527
	IMPORTS
		Capital Goods	247.878	220.955	127.418
		Software consumables	3.791	2.470	0.212
	TOTAL IMPORTS		251.669	223.425	127.630
	Earnings Per Share (Rs.)
	Basic		37.43	50.35	42.32
	Diluted		36.83	48.77	41.47

QUARTERLY RESULTS

Particulars	31.03.2012
Audited / UnAudited	Unaudited
	1^st Quarter
Net Sales	5474.900
Total Expenditure	3670.100
PBIDT (Excl OI)	1804.800
Other Income	391.200
Operating Profit	2196.000
Interest	9.300
Exceptional Items	0.000
PBDT	2186.700
Depreciation	296.800
Profit Before Tax	1889.900
Tax	362.200
Provisions and contingencies	0.000
Profit After Tax	1527.700
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	1527.700

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	21.82	31.09	30.08
Net Profit Margin (PBT/Sales)	(%)	27.61	37.83	33.54
Return on Total Assets (PBT/Total Assets}	(%)	39.00	47.14	45.52
Return on Investment (ROI) (PBT/Networth)		0.18	0.24	0.18
Debt Equity Ratio (Total Liability/Networth)		0.15	0.16	0.15
Current Ratio (Current Asset/Current Liability)		1.96	1.96	1.39

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.12.2011	31.12.2010	31.12.2009
	(Rs. In Millions)
Sundry creditors
- total outstanding dues of creditors other than micro and small enterprises	188.902	162.683	155.041
Total	188.902	162.683	155.041

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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	No

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.12.2011
Disputed Income Tax	5395.509
Bank guarantees	46.041

PRESS RELEASE

iGATE Computer Systems Limited Announces Intention to Delist From the NYSE

September 7, 2012

MUMBAI, India, Sept. 7, 2012 (GLOBE NEWSWIRE) -- iGATE Computer Systems Limited (f/k/a Patni Computer Systems Limited) (the "Company"), a wholly owned subsidiary of iGATE Corporation (Nasdaq:IGTE), the first integrated technology and operation company providing Business Outcomes based solutions, today publicly announced its intention to apply for the voluntarily delisting of its American Depositary Shares ("ADSs") from the New York Stock Exchange (the "NYSE") on September 28, 2012. On August 31, 2012, a notice announcing the delisting of the ADSs from the NYSE was distributed to holders of ADSs as required by a deposit agreement dated December 7, 2005 by and between the Company and The Bank of New York Mellon, as Depositary. On September 18, 2012, the Company intends to file a Form 25 with the U.S. Securities and Exchange Commission (the "Commission") and it is expected that the last day of trading on the NYSE will be Friday, September 28, 2012. Then, the ADSs will transition to "level one status" and will be tradable on the U.S. over-the-counter market beginning on Monday, October 1, 2012.

Since listing its ADSs on the NYSE in 2005, the Company has complied with the disclosure requirements of U.S. securities laws and regulations and made efforts to enhance voluntary disclosures to assist U.S. shareholders and investors deepen their understanding of the Company. Meanwhile, on May 11, 2011, iGATE Corporation through its subsidiaries ("iGATE") completed the acquisition of approximately 83% of the outstanding shares in the Company and on March 14, 2012 commenced a delisting offer in India to (a) acquire all the remaining issued and outstanding equity shares, par value of Rs. 2 (the "Shares" or the "Common Stock") of its majority-owned subsidiary, the Company and (b) delist the shares from the Bombay Stock Exchange Ltd and the National Stock Exchange of India Limited (clauses (a) and (b), collectively, the "Delisting Offer"). In connection with the Delisting Offer, the Company opened a subsequent offering period through May 27, 2013, pursuant to which holders of ADSs can tender the shares underlying there ADSs at the price of Rs. 520 per share. This press release does not constitute and offer to purchase shares or ADSs in the Company. Holders wishing to tender their shares during the subsequent offering period should consult with the Schedule TO on file with the Commission.

As of September 07, 2012, iGATE and its subsidiaries owned over 97% of the outstanding equity of the Company and publicly held ADSs constituted less than 1% of the outstanding equity in the Company.

Against this backdrop, the Company believes that the costs and expenses associated with the continued listing on the NYSE are not economically justified, taking into account the fact that the volume of the Company's ADSs which trade on the NYSE accounts for only a small fraction of the Company's total outstanding equity. Therefore, the Company decided to apply for voluntary delisting of its ADSs from the NYSE and for deregistration of its ADSs under the Exchange Act to eliminate the associated costs and expenses and thereby promote profitability.

About Igate

iGATE Corporation is the first integrated technology and operations (iTOPS) company providing full-spectrum consulting, technology and business process outsourcing, and product and engineering solutions on a Business Outcomes-based model. Armed with over three decades of IT Services experience and powered by the iTOPS platform, iGATE's multi-location global organization has a talent pool of over 27,000 employees and consistently delivers effective solutions to over 300 clients including Fortune 1000 and Global 2000 companies spanning verticals such as: banking and financial services; insurance and healthcare; life sciences; manufacturing, retail, distribution and logistics; media, entertainment, leisure and travel; communication, energy and utilities; public sector; and independent software vendors. Please visit www.igate.com for more information. iGATE is represented by iGATE Corporation and its subsidiaries, including iGATE Computer Systems Ltd f/k/a Patni Computer Systems Limited

iGATE Corporation is listed on the NASDAQ Global Select Market under the symbol "IGTE." iGATE Computer Systems Ltd is listed on NYSE under the symbol "PTI."

BUSINESS PERFORMANCE:
 

The performance of the Company during the year under report has shown improvement over the previous year. Total revenue for the year ended 31 December 2011 amounted to Rs. 21,517 million as against Rs. 18,913 million for the corresponding period last year, registering a growth of about 14%. The Company has posted the Net Profits after tax to Rs. 4,998 million as compared to Rs. 6,551 million for the corresponding period last year, registering a decline of about 24% for the year ended31 December 2011. Even on consolidated basis, revenues were increased in the current year 2011 by 12% to Rs. 35,679 million from Rs. 31,881 million in 2010.The net income decreased by 36%.

BUSINESS OVERVIEW

The Company is a worldwide outsourcing provider of integrated end-to-end offshore centric information technology ("IT") and IT-enabled operations solutions and services. The Company delivers a comprehensive range of IT services through globally integrated onsite and offshore delivery locations primarily in India. The Company offers its services to customers through industry focused practices, including insurance and healthcare ("IHC"), manufacturing, retail and logistics ("MRDL"), banking and financial services ("BFS"), communications and utilities ("CEU"), and media and entertainment ("MELT") and through technology focused practices. IT services include application development, application maintenance and support, verification and validation, enterprise application solutions, business intelligence and data warehousing ("BI & DW"), packaged software implementation, infrastructure management services, quality assurance services and product engineering services. IT-enabled services include business process outsourcing ("BPO"), transaction processing services and customer interaction services ("CIS").

On 12 May 2011, iGATE through its wholly owned subsidiaries acquired 82.4% of the outstanding shares of the Company. The acquisition by iGATE combined two highly recognized IT services and outsourcing companies with complementary industry verticals for the purpose of facilitating sustained longterm growth and to strengthen their competitive position as a top-tier company in the highly-fragmented global IT industry. iGATE`s strategy is to utilize the Company`s expanded pool of talent, diverse expertise across multiple verticals, higher level of strategic end-to-end service offerings and established management team to enable iGATE in offering differentiated solution sets in developing and maintaining long-term client relationships with a diversified client basis that spans different industry verticals.

Post acquisition, the internal management of the consolidated entities - iGATE and Patni were restructured such that there were primarily two major segments in the consolidated company - (i) iGATE Corporation (and its subsidiaries other than Patni) and; (ii) Patni. The internal restructuring also included a restructuring of the Board of Directors of the Company.

The Company offers services in an integrated manner to customers who belong to different industry verticals namely insurance and healthcare, manufacturing, retail and logistics, banking and financial services, communications and utilities, and media and entertainment. The Company`s operations are located in twenty seven countries.

Through a blended strategy of "offerings tailored to customers` and market needs" referred to as "outside-in approach" for problem-solving, experimenting and innovating business and technology platforms, the Company achieves results efficiently through rapid improvement and automation, resulting in reduced cycle times and costs over a period of time. Accountability for results towards aligned goals requires the Company to continuously measure its progress against the goals, thus enabling it to deliver significant benefits to its customers along with a lower risk profile.

The Company has a track record of successfully developing and managing large, long-term client relationships with some of the world`s largest and best known companies. As of 31 December 2011, the Company`s customer base was 280 clients. Several of the Company`s key executives are located in its client geographies to better develop and maintain client relationships at senior levels. Repeat business accounted for 98.6%, 94.6% and 94.0% of the Company`s revenues in 2011, 2010 and 2009.

The Company`s revenues have grown from $655.9 million in 2009 to $759.3 million in 2011, representing a CAGR of 7.6%. As of 31 December 2011, the Company`s total number of employees were around 18,000.The Company has invested in new high-tech facilities, which it refers to as "knowledge parks", designed for expanding their operations and training their employees. The Company has 130 sales and marketing personnel supported by dedicated industry specialists in 25sales offices around the globe, including North America, Europe, Japan and the rest of the Asia-Pacific region.

Global Delivery Model

Global demand for high quality, lower cost IT and IT-enabled services has created a significant opportunity for the Company, which it uses to successfully leverage the benefits of, and address the challenges in using, an offshore talent pool. The Company`s effective use of offshore personnel offers a variety of benefits, including lower costs, faster delivery of new IT solutions and innovations in vertical solutions, processes and technologies.

The Company has adopted a global delivery model for providing services to its clients. The Company`s global delivery model includes on-site and offshore teams. The Company has offshore development centers located in Bangalore, Hyderabad, Chennai, Noida, Mumbai, Pune and Gandhinagar in India and has global development centers located in Australia, Mexico, Canada, the United States, China, Singapore and India. The centers can deliver both onsite and offshore services, depending on client location and preferences.

IT services that the Company delivers using its offshore centers include software application development and maintenance, implementation and support of enterprise applications, package evaluation and implementation,

re-engineering, data warehousing, business intelligence, analytics, data management and integration, software testing and IT infrastructure management services. The Company believes that it delivers high quality solutions to its clients at substantial savings by using its global pool of highly talented people.

IT-enabled operations offshore outsourcing solutions and services that the Company offers include BPO, transaction processing services and call center services. BPO services are offered to clients that are looking to achieve converged IT and BPO solutions. The transaction processing services offered are focused on the mortgage banking, financial services, insurance and capital market industries, except for the delivery of finance and accounting functions such as accounts payable which can be performed for clients across all industries. The call center services are offered to clients in several industries and are not industry specific.

Industry Practices, Technology Practices and IT Services

The Company offers its services to customers through industry practices in insurance and healthcare, manufacturing, retail and logistics, banking and financial services, communications and utilities, and media and entertainment. The Company also has technology practices that offer services in product engineering and product design. The Company`s industry practices and technology practices are complemented by its IT services, which it develops in response to client requirements and technology life cycles. The Company`s service lines include application development, application maintenance and support, verification and validation, enterprise application solutions, business intelligence and data warehousing, customer interaction services and BPO, infrastructure management services and quality assurance services.

BACKGROUND

Subject is a company incorporated in India under the Indian Companies Act, 1956. In February 2004, Subject completed an initial public offering of its equity shares in India. In December 2005, Subject also completed an initial public offering of American Depositary Shares in the United States of America (USA).

Subject together with its subsidiaries (collectively, the “Patni Group” or “the Company”) is engaged in IT consulting, software development and Business Process Outsourcing (“BPO”). The Company provides multiple service offerings to its clients across various industries including banking and insurance; manufacturing, retail and distribution; life sciences; product engineering; communications, media and entertainment; and utilities. The various service offerings include application development and maintenance, enterprise software and systems integration services, business and technology consulting, product engineering services, infrastructure management services, customer interaction and BPO, quality assurance and engineering services.

On 12 May 2011, the Company was acquired by iGATE Corporation (“iGATE”) through two of its wholly-owned subsidiaries, Pan-Asia iGATE Solutions, (“iGATE Mauritius”), and iGATE Global Solutions Limited (“iGS” and, together with iGATE Mauritius, the “Purchasers”). The acquisition involved acquiring 60,091,202 shares or 45.0% of the outstanding share capital from the promoters of the Company and 22,913,948 shares (inclusive of the American Depositary Shares representing 20,161,867 shares) or 17.1% of the outstanding share capital of the Company from General Atlantic Mauritius Limited. Further in accordance with the requirements of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997, as amended, and a tender offer pursuant to the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the U.S. Securities and Exchange Commission, the Purchasers also acquired an additional 27,085,565 shares or 20.3% of the outstanding shares of the Company through a mandatory open public offer made on 8 April 2011 to the other shareholders of the Company.

As of 31 December 2011, iGATE Corporation holds 81.9% of outstanding shares.

FIXED ASSETS:

· Land (Freehold)

· Land (Leasehold)

· Buildings

· Leasehold improvements

· Computer software

· Computers and other service equipments

· Electrical installations

· Office equipments

· Furniture and fixtures

· Vehicles

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 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 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.55.09
UK Pound	1	Rs.89.10
Euro	1	Rs.72.62

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	MRI

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	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		69

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.