MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	INFOSYS LIMITED (w.e.f 16.06.2011)
Formerly Known As :	INFOSYS TECHNOLOGIES LIMITED
Registered Office :	Electronics City, Hosur Road, Bangalore – 560100, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.07.1981
Com. Reg. No.:	08-13115
Capital Investment / Paid-up Capital :	Rs. 2870.757 Millions
CIN No.: [Company Identification No.]	L85110KA1992PLC013115
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Engaged in software development in the form of services, software consultancy, offshore software development, software services, and telecom and euro compatibility.
No. of Employees :	108009 (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 980000000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Plot No. 44, 3^rd Cross, Electronics City, Hosur Road, Bangalore – 561 229, 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 · Japan · Malaysia · Mauritius · Singapore · United Arab Emirates · Dubai · Sarjah · Belgium · Czech Republic · Denmark · Finland · Paris · Toulouse · Germany · Eschbom · Canada · United State · North America · Cariotte · Fermont · Herford · Houstom · Lake · Forest · Lisle · Neew York · Phoenix · Plano · Quincy · Reston · Southfield · Frankfurt · Stuttgart · Walldorf · Greece · Irelnd · Norway · Russia · Spain · Sweden · Switzerland · Basel · Geneva · Zurich · The Netherland · United Kingdom · Aberdeen · London · Swindon

DIRECTORS

As on 11.06.2011

Name :	Mr. N. R. Narayana Murthy
Designation :	Chairman And Chief Mentor
Name :	Mr. S. Gopalakrishnan
Designation :	Chief Executive Officer And Managing Director
Name :	S. D. Shibulal
Designation :	Chief Operating Officer And Director
Name :	Prof. Marti G. Subrahmanyam
Designation :	Lead Independent Director
Name :	Mr. Deepak M. Satwalekar
Designation :	Independent Director
Name :	Dr. Omkar Goswami
Designation :	Independent Director
Name :	Mr. Rama Bijapurkar(1)
Designation :	Independent Director
Name :	Mr. Claude Smadja
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. K. V. Kamath
Designation :	Independent Director
Name :	Mr. K. Dinesh
Designation :	Director And Head – Communication Design Group, Information Systems, And Quality and Productivity
Name :	Mr. T. V. Mohandas Pai
Designation :	Director And Head – Administration, Education and Research, Finacle, Human Resources Development, And Infosys Leadership Institute
Name :	Mr. Srinath Batni
Designation :	Director And Head – Delivery Excellence
EXECUTIVE COUNCIL
Name :	Mr. S. Gopalakrishnan
Designation :	Chief Executive Officer and Managing Director Head – Executive Council
Name :	Mr. S. D. Shibulal
Designation :	Chief Operating Officer and Director
Name :	Mr. K. Dinesh
Designation :	Director and Head – Communication Design Group, Information Systems, and Quality and Productivity
Name :	Mr. T. V. Mohandas Pai
Designation :	Director and Head – Administration, Education and Research, Finacle, Human Resources Development, and Infosys Leadership Institute
Name :	Mr. Srinath Batni
Designation :	Director and Head – Delivery Excellence
Name :	Mr. V. Balakrishnan
Designation :	Chief Financial Officer
Name :	Mr. Ashok Vemuri
Designation :	Senior Vice President – Banking and Capital Markets, and Strategic Global Sourcing
Name :	Mr. Chandra Shekar Kakal
Designation :	Senior Vice President – Enterprise Solutions
Name :	Mr. B. G. Srinivas
Designation :	Senior Vice President – Manufacturing, Product Engineering, and Product Lifecycle and Engineering Solutions
Name :	Mr. Subhash B. Dhar
Designation :	Senior Vice President – Communications, Media and Entertainment, Global Sales, Alliances and Marketing, and Independent Validation Solution

KEY EXECUTIVES

Audit Committee:	Mr. Deepak M. Satwalekar -Chairperson Mr. Marti G. Subrahmanyam Mr. K. V. Kamath Mr. Sridar A. Iyengar
Compensation Committee:	Mr. K. V. Kamath- Chairperson Dr. Omkar Goswami Mr. David L. Boyles Prof. Jeffrey S. Lehman
Nomination Committee:	Prof. Jeffrey S. Lehman, Chairperson Mr. Deepak M. Satwalekar Mr. K. V. Kamath
Investor Grievance Committee:	Dr. Omkar Goswami, Chairperson Mr. Deepak M Satwalekar Prof. Marti G Subrahmanyam Mr. R. Seshasayee
Risk Management Committee:	Mr. David L Boyles, Chairperson Dr. Omkar Goswam Mr. Sridar A. Iyenger Prof. Jefffery S. Lehman

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholders	No. of shares	Percentage (%)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	92085078	18.53
Sub Total	92085078	18.53
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	92085078	18.53
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	26924474	5.42
Financial Institutions / Banks	261463	0.05
Insurance Companies	67933107	13.67
Foreign Institutional Investors	224073032	45.10
Sub Total	319192076	64.24
(2) Non-Institutions
Bodies Corporate	3079221	0.62
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	46992257	9.46
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	27474309	5.53
Any Others (Specify)	8043738	1.62
Non Resident Indians	5044665	1.02
Trusts	2999073	0.60
Sub Total	85589525	17.23
Total Public shareholding (B)	404781601	81.47
Total (A)+(B)	496866679	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	--
(1) Promoter and Promoter Group	-	--
(2) Public	77363322	--
Sub Total	77363322	--
Total (A)+(B)+(C)	574230001	--

BUSINESS DETAILS

Line of Business :

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

Products :

Product Description	Item Code
Computer Software	85249009

GENERAL INFORMATION

No. of Employees :	108009 (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 11.06.2011

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.2870.757 Millions

As on 31.03.2011

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
574151559	Equity Shares	Rs.5/- each	Rs.2870.757 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2870.000	2870.000	2860.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		242140.000	217490.000	175230.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		245010.000	220360.000	178090.000
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		1760.000	2320.000	370.000
TOTAL		246770.000	222680.000	178460.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40560.000	37790.000	37990.000
Capital work-in-progress		4990.000	4090.000	6150.000
INVESTMENT		13250.000	46260.000	10050.000
DEFERREX TAX ASSETS		4060.000	3130.000	1390.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	42120.000	32440.000	33900.000
	Cash & Bank Balances	136650.000	97970.000	90390.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	48670.000	38980.000	31640.000
Total Current Assets		227440.000	169390.000	155930.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4900.000	5420.000	4180.000
	Other Current Liabilities	13900.000	12210.000	10890.000
	Provisions	24730.000	20350.000	17980.000
Total Current Liabilities		43530.000	37980.000	33050.000
Net Current Assets		183910.000	131410.000	122880.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		246770.000	222680.000	178460.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	253850.000	211400.000	202640.000
		Other Income	11470.000	9100.000	5040.000
		TOTAL	265320.000	220500.000	207680.000
Less	EXPENSES
		Software development Expenses	31960.000	23170.000	21110.000
		Selling Expenses	2410.000	2150.000	2470.000
		Salaries, wages and other employee benefits	124480.000	103400.000	99600.000
		Managerial remuneration	160.000	160.000	150.000
		Auditor's remuneration	10.000	10.000	10.000
		Other expenses	10610.000	8850.000	9130.000
		Provision for doubtful debts	30.000	(10.000)	740.000
		Provision for post-sales client support and warranties	50.000	(20.000)	390.000
		TOTAL	169710.000	137710.000	133600.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		95610.000	82790.000	74080.000
Less/ Add	DEPRECIATION/ AMORTISATION		7400.000	8070.000	6940.000
	PROFIT BEFORE TAX		88210.000	74720.000	67140.000
Less	TAX		23780.000	16690.00	8950.000
	PROFIT AFTER TAX		64430.000	58030.000	58190.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		138060.000	103050.000	66410.000
Less	APPROPRIATIONS
	Interim Dividend		5740.000	5730.000	5720.000
	30^th year special Dividend		17220.000	0.000	0.000
	Final Dividend		11490.000	8610.000	7730.000
	Dividend tax		5680.000	2400.000	2280.000
	Amount transfer to general reserve		6450.000	5800.000	5820.000
	Amount transfer to capital reserve		0.000	480.000	0.000
	BALANCE CARRIED TO THE B/S		15591.000	138060.000	103050.000
	EARNINGS IN FOREIGN CURRENCY		133600.000	126860.000	115780.000
	Earnings Per Share (Rs.)
	- Basic		112.26	100.37	101.65
	- Diluted		112.22	100.26	101.48

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
	1^st Quarter	2^nd Quarter	3^rdQuarter	4^th Quarter
Net Sales	69050.000	74700.000	86960.000	81830.000
Total Expenditure	48310.000	51200.000	57740.000	54770.000
PBIDT (Excl OI)	20740.000	23500.000	29220.000	27060.000
Other Income	4150.000	3920.000	4220.000	6090.000
Operating Profit	24890.000	27420.000	33440.000	33150.000
Interest	0.000	0.000	0.000	0.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	24890.000	27420.000	33440.000	33150.000
Depreciation	1910.000	2010.000	1980.000	2040.000
Profit Before Tax	22980.000	25410.000	31460.000	31110.000
Tax	6440.000	7190.000	9110.000	8360.000
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	16540.000	18220.000	22350.000	22750.000
Extraordinary Items	0.000	0.000	0.000	4840.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	16540.000	18220.000	22350.000	27590.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	24.28	26.32	28.10
Net Profit Margin (PBT/Sales)	(%)	34.75	35.34	33.13
Return on Total Assets (PBT/Total Assets}	(%)	38.78	36.05	31.79
Return on Investment (ROI) (PBT/Networth)		0.36	0.34	0.37
Debt Equity Ratio (Total Liability/Networth)		0.18	0.17	0.18
Current Ratio (Current Asset/Current Liability)		5.22	4.46	4.71

LOCAL AGENCY FURTHER INFORMATION

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	--
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	Yes
30) Major Shareholders, if available	Yes

Business

Their total income increased to Rs. 253850.000 Millions from Rs. 211400.000 Millions in the previous year, at a growth rate of 20.1%. Their software export revenues aggregated to Rs. 247910.000 Millions, up by 18.8% from Rs. 208710.000 Millions in the previous year. Out of the total revenue 66.2% came from North America, 20.7% from Europe and 10.7% from the Rest of the World.

Their revenues from India have increased from Rs. 2690.000 Millions to Rs. 5940.000 Millions, with a growth rate of 120.8% which is higher than that of the other regions. The share of the fixed-price component of the business was 42.1%, compared to 40.8% during the previous year.

Their gross profit amounted to Rs. 111180.000 Millions (43.8% of revenue) as against Rs. 95810.000 Millions (45.3% of revenue) in the previous year. The onsite revenues increased from 48.7% in the previous year to 50.2% in the current year. The onsite person-months comprised 26.5% of the total billed efforts, compared to 26.1% during the previous year. The Profit Before Interest, Depreciation, Taxes and Amortization (PBIDTA) amounted to R 8,414 Millions (33.1% of revenue) as against Rs. 73600.000 Millions (34.8% of revenue) in the previous year. Sales and marketing costs were 4.8% and 4.6% of their revenue for the years ended March 31, 2011 and March 31, 2010 respectively. General and administration expenses were 5.8% and 5.9% of their revenues during the current year and previous year respectively. The net profit after tax was Rs. 64430.000 Millions (25.4% of revenue) as against Rs. 58030.000 Millions (27.5% of revenue) in the previous year. The net profit for the previous year includes income from sale of investments in OnMobile Systems Inc., U.S., of Rs. 480.000 Millions, net of taxes and transaction costs.

They seek long-term partnerships with Their clients that enhance their value while addressing their IT requirements. Their customercentric approach has resulted in high levels of client satisfaction. They derived 98% of their revenues from repeat business. They, along with their subsidiaries, added 139 new clients, including a substantial number of large global corporations. The total client base at the end of the year stood at 620. Further, They have 366 million-dollar clients (338 in the previous year), 187 five-million-dollar clients (159 in the previous year), 126 ten-million-dollar clients (97 in the previous year), 28 fifty-million-dollar clients (26 in the previous year), and 11 hundred-million-dollar clients (6 in the previous year).

During the year, They added 19.86 lakh sq. ft. of physical infrastructure space. The total available space now stands at 276.63 lakh sq. ft. The number of marketing offices as at March 31, 2011 was 64 as compared to 65 in the previous year.

Finacle™

Finacle™, Their universal banking solution, partners with banks across the globe to power their innovation agenda enabling them to differentiate their products and services thereby enhancing customer experience and achieving greater operational efficiency.

FinacleTM is a comprehensive, flexible and fully web-enabled solution that addresses the core banking, treasury, wealth management, Islamic banking, consumer and corporate e-banking, direct banking, financial inclusion and mobile banking requirements of universal, retail and corporate banks worldwide. Other offerings in the FinacleTM universal banking solution include the FinacleTM Core Banking solution for regional rural banks; the FinacleTM Alerts Solution, which enables banks to alert end-users on events recorded by diverse business systems; FinacleTM Advizor, which combines the convenience of human intervention with banking self-service channels through the interplay of video, audio and data communication; and FinacleTM WatchWiz, a comprehensive new-generation monitoring solution that allows banks to monitor, diagnose and resolve issues. Their professional services complement the solutions portfolio and include consulting, package implementation, independent validation, migration, application development and maintenance, system integration, software performance engineering and support. These offerings make Finacle™ a strong innovation facilitator, enabling banks to accelerate growth, while maximizing value from their large-scale business transformation.

FinacleTM is chosen by 140 banks across 73 countries to power operations across 47,000 branches. Today, FinacleTM enables its customer banks to serve 390 million accounts and 289 million consumers worldwide. Finacle™ is also leading the financial inclusion agenda in India. Of the 82 regional rural banks in the country, 45 have opted to leverage FinacleTM across 9,900 branches. Independent reports by renowned research firms have positioned FinacleTM among the leaders in the global evaluation of retail core banking solution vendors. 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.

Infosys Labs

Infosys Labs, launched as part of Their strategic direction ‘Building Tomorrow’s Enterprise’, is responsible for driving innovation across the mega trends identified by then that will transform the businesses of Their clients. Building on the successes of the award winning SETLabs, Infosys Labs will focus on the Company’s vision and enable customer co-creation, while continuing its focus on service differentiation and developing client-focused business solutions.

Organized as a global network of research labs and innovation hubs, Infosys Labs will :

· Undertake research to define the ideas behind Building Tomorrow’s Enterprise

· Identify large, multidisciplinary problem spaces that embody the challenges facing Their clients and create technological solutions to solve them

· Create client-specific innovation agenda through co-creation and ensure business value realization

· Collaborate with universities and external research labs worldwide

· Leverage global talent

During the year, more than 96 articles were published by Infosys Labs’ researchers in leading journals, magazines and conference proceedings. SETLabs Briefings, Their highly respected peer-reviewed journal, published multiple issues this fiscal year, in areas such as e-Governance, Green IT, Business Platforms for Next-Gen Enterprise Packages, Leveraging IT for Better Performance, Service Oriented Performance, Digital Convergence and Perspectives on Software Engineering. Infosys Labs collaborated with leading national and international universities such as the University of Southern California, Indian Institute of Technology, Bombay – Monash Research Academy, Purdue University, IIIT, Hyderabad and IIIT, Bangalore.

During the year, Infosys Labs’ IP Cell filed 91 patent applications in the United States Patent and Trademark Office (USPTO) and the Indian Patent Office. They now have an aggregate of 357 patent applications pending in India and the U.S. The USPTO has granted us 22 patents.

Branding

The Infosys brand is one of the most important intangible assets that They own. As part of the journey towards building a globally respected brand, They recently unveiled Their new corporate strategy of ‘Building Tomorrow’s Enterprise’, to position Infosys as a next generation global consulting and IT services company.

During the fiscal year, Their brand has been recognized by leading publications and independent industry bodies. They were:

· Ranked as India’s Most Admired Company according to the Wall Street Journal survey

· Voted the Most Admired Indian Company by peers in the Businessworld Most Respected Companies 2011 survey

· Acknowledged by the Harvard Business Review for Their best practice in ‘The CEO’s Role in Business Model Reinvention’

· Awarded the NASSCOM Diversity Award for Innovative Programs

· Awarded the Sustainability Leadership award by India Carbon Outlook

· Awarded the CII National Award for Excellence in Energy Management 2010

Industry analysts rated us as a leader in reports across Their key services and markets. The offerings for which They were rated highly include application outsourcing, infrastructure management, Oracle and SAP service providers, comprehensive finance and accounting, business process outsourcing, and for the FinacleTM core banking solution. They saw a substantial increase in the number of visitors to Their website and continued to add to the million-plus visitors to Their blogs on business and technology-related topics during the year. Their employees contributed and published several thought leadership articles across various industry forums and publications. They leveraged social media platforms and engaged with Their stakeholders and investors on YouTube, SlideShare, Twitter and Facebook. Leading global publications commended us on Their leadership, talent and performance. They continued to have a leadership presence at premier industry events like Oracle® Open World and Sapphire. Their

annual client event, Confluence, in the U.S. and Europe were well attended, and highly appreciated. At the World Economic Forum in Davos, Switzerland, Their lunch panel discussion witnessed a full audience and the evening get-together hosted by us was attended by some of the most influential and powerful global business leaders.

Awards and recognition

In 2010, as in previous years, awards and recognition marked Their accomplishments in various fields. They were:

· The winners of the RMMY Best in Show award for the third year in a row

· Among the top 20 global companies to win the Most Admired Knowledge Enterprises (MAKE) Award 2010

· Named the best company for corporate governance in the Asiamoney poll

· Ranked among the top 10 value-creating technology andtelecommunications companies by the Boston Consulting Group

· The winners (along with Telstra) of the Best ITSM (IT Service Management) Project of the Year, the top industry award given by itSMF Australia

· Voted the best company in management, corporate governance, investor relations, and corporate social responsibility (India) in a survey by FinanceAsia

Human resources management

Employees are their vital and most valuable assets. They have created a favorable work environment that encourages innovation and meritocracy. They have also set up a scalable recruitment and human resources management process, which enables us to attract and retain high-caliber employees. They added 15,321 (net) and 32,247 (gross) employees this year, taking our total strength to 1,08,009 from 92,688 at the end of the previous year. They added 17,024 (net) and 43,120 (gross) employees this year, taking the total strength of the Infosys group to 1,30,820 from 1,13,796 at the end of the previous year. their attrition rate stands at 17.0% compared to 13.4% for the previous year. Over the last year, we received 8,29,800 applications from prospective employees and They continue to remain an employer of choice in the industry.

Management's 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.

Industry structure and developments

Changing economic and business conditions and rapid technological innovation are creating an increasingly competitive market environment that is driving corporations to transform their operations. Consumers of products and services are increasingly demanding accelerated delivery times and lower prices. Companies are focusing on their core competencies and using outsourced technology service providers to adequately address these needs. The role of technology has evolved from supporting corporations to transforming their business. There is an increasing need for highly skilled technology professionals in the markets in which They operate. At the same time, corporations are reluctant to expand their internal IT departments and increase costs. These factors have increased the reliance of corporations on their outsourced technology service providers and are expected to continue to drive future growth for outsourced technology services.

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 them, 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 also resulted in more and more 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 2011, IT services exports (excluding exports relating to business process outsourcing (BPO), hardware, engineering design and product development) from India are estimated to grow by 22.7% in fiscal 2011, to record revenues of US$ 33.5 billion. The same review also forecasts that BPO exports from India are estimated to grow by 14% in fiscal 2011 to record revenues of US$ 14.1 billion. 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 realm of technology outsourcing is changing. In an environment of rapid technological advancement, globalization and regulatory changes, companies are looking at outsourcing approaches that require their technology service providers to develop specialized systems, processes and solutions along with cost-effective delivery capabilities.

Global Delivery Model (GDM)

Their GDM allows us to execute services where it is most cost effective and sell services where it is most profitable. The GDM makes the best use of Their large pool of highly skilled technology professionals and Their 24-hour execution capabilities across multiple time zones. Other factors that make it one of the best delivery models in the world are its ability to accelerate delivery times of large projects by simultaneously processing project components; cost competitiveness across geographic regions; built-in redundancy to ensure uninterrupted services; and a knowledge management system that enables us to re-use solutions where appropriate.

Their GDM mitigates risks associated with providing offshore technology services to Their clients. Speedy and effective communication being the key, They use multiple service providers and a mix of terrestrial and optical fiber links with alternate routing. In India, They rely on two telecommunication carriers to provide high-speed links interconnecting Their global development centers. They rely on multiple links on submarine cable paths to interconnect Their development centers with network hubs in other parts of the world. Their significant investment in redundant infrastructure enables us to provide uninterrupted service to Their clients.

Their end-to-end solutions

They complement Their industry expertise with specialized support for Their clients. They also leverage the expertise of Their various Centers of Excellence and Their software engineering group and technology lab to create customized solutions for Their clients. In addition, They continually evaluate and train Their professionals in new technologies and methodologies. Finally, They ensure the integrity of Their service delivery by utilizing a scalable and secure infrastructure.

They generally assume full project management responsibility in each of Their solution offerings. They strictly adhere to Their SEI-CMMi Level 5 internal quality and project management processes. Their project delivery focus is supplemented by a robust knowledge management system that enables us to leverage existing solutions across Their Company. They use in-house tools for project management and software lifecycle support. They believe that Their processes, methodologies, knowledge management systems and tools reduce the overall cost to the client, mitigate risks, enhance the quality of Their offerings and allow clients to improve time-to-market for their solutions. The revenues attributed to the custom application development, maintenance and production support, product engineering, package-enabled consulting and implementation and business transformation consulting services

represented a majority of Their total revenues in fiscal 2011.

Fixed Assets

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

AS PER WEBSITE DETAILS

PRESS RELEASE

Infosys Announces Results for the Quarter and Year Ended

March 31, 2012

Q4 revenues declined by 1.9% sequentially; FY12 revenues grew by 15.8% Fiscal 2013 revenues expected to grow by 8.0% to 10.0%

Bangalore, India – April 13, 2012

Highlights

Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended March 31, 2012

· Revenues were $1,771 million for the quarter ended March 31, 2012; QoQ decline was 1.9%; YoY growth was 10.5%

· Net income after tax was $463 million for the quarter ended March 31, 2012; QoQ growth was 1.1%; YoY growth was 15.2%

· Earnings per American Depositary Share (EPADS) was $0.81 for the quarter ended March 31, 2012; QoQ growth was 1.3%; YoY growth was 15.7%

Other

· 52 clients were added during the quarter by Infosys and its subsidiaries

· Gross addition of 10,676 employees (net addition of 4,906) for the quarter by Infosys and its subsidiaries

· 149,994 employees as on March 31, 2012 for Infosys and its subsidiaries

· The Board of Directors recommended a final dividend of `22 per ADS for fiscal 2012 and a special dividend of `10 per ADS on account of completion of 10 years of Infosys BPO operations (equivalent to final dividend of approximately $0.43 per ADS and special dividend of 10 years of Infosys BPO operations

of $0.20 per ADS at the prevailing exchange of `50.88 per US$). The Register and Share Transfer Books of the Company will be closed from May 26, 2012 to June 9, 2012 (both days inclusive)

“The year ahead looks challenging for the IT services industry, with slow recovery in the global markets,” said S. D. Shibulal, CEO and Managing Director. “We are executing on our Infosys 3.0 strategy which is meant to deliver high quality growth in the medium to long term. We are making investments and have put in place a structure to deliver on this strategy.”

Business outlook

The company’s outlook (consolidated) for the quarter ending June 30, 2012 and for the fiscal year ending March 31, 2013, under IFRS is as follows:

Outlook under IFRS – consolidated*

Quarter ending June 30, 2012

· Revenues are expected to be in the range of $1,771 million and $1,789 million; YoY growth of 6.0% to 7.1%

· Earnings per American Depositary Share (EPADS) is expected to be $0.73; YoY growth of 9.0%

Fiscal year ending March 31, 2013

· Revenues are expected to be in the range of $7,553 million and $7,692 million; YoY growth of 8.0% to 10.0%

· Earnings per American Depositary Share (EPADS) is expected to be in the range of $3.12 to $3.17; YoY growth of 4.0% to 5.7%

* Exchange rates considered for major global currencies: AUD / USD – 1.04; GBP / USD – 1.60; Euro / USD – 1.33

Awards and Recognition

Infosys was recognized by analysts, industry bodies and other influencers in the last quarter.

Business Today, one of India’s leading business magazines, recognized Infosys as the top recruiter out of business schools in India. InStep, our Global Internship Program, won the National Council for Work Experience Award 2012 for short term work placements in the UK.

Infosys’ implementation of Microsoft Dynamics AX at Farabi Petrochemicals, Saudi Arabia was recognised by Microsoft® with the Industry Excellence Award, as part of the Microsoft Dynamics 2012 Customer Excellence Awards program.

Infosys BPO won several awards at the World HRD Congress 2012, including the Global HR Excellence Award, Fun at Work Award, RASBIC Award which recognizes exemplary practices in innovative acquisition of talent, Employer Branding Awards for innovation in retention strategy and innovation in career management, STAR News Talent Leadership and HR Award for best overall talent management organization of the year and Top 10 Best Employers of the Year Award.

Consulting and Systems Integration

We continue to help clients realize business value through business process and IT transformation.

We were chosen by an American public electric and water utility to help transform its legacy IT applications, thereby enabling greater efficiency and compliance, and improving its customer and employee satisfaction. We were engaged by a Middle East gas distributor as a strategic partner for its customer relationship management implementation, to drive operational efficiency, faster customer response time and effective governance through integrated customer operations.

A U.S. cable multi-system operator selected us as its strategic partner to create a center of excellence for data integration to address the dynamic needs of its business users, resulting in cost optimization and faster time to market for new offerings.

A U.S. based security systems corporation has engaged us as its single source IT services provider for global transformation and consolidation of its Oracle based business applications roadmap over the next five years. This will include strategic IT planning, change management, package implementation to streamline and optimize business processes, consolidation and creation of a scalable application ecosystem to drive reduction in total cost of ownership.

Business IT Services

Our IT-enabled business solutions and complementary services help clients build efficiency into their operations.

We have been selected by a combination natural gas and electric utilities to modernize its data center, thereby helping it move to industry standard infrastructure, and implement robust disaster recovery and operational processes.

A North American telco chose us for a billing migration program to move customers from several billing systems onto one integrated system to provide better customer experience, and reduce costs and errors. A European finance and insurance company has engaged us to support its global infrastructure services in order to improve quality of IT infrastructure, reduce costs and time to market, and establish best practices to be leveraged globally.

We are working on a multi-year open source adoption program for a corporation which manufactures and sells machinery and engines, to reduce its licensing and infrastructure costs.

Infosys BPO

Infosys BPO continues to addresses our clients’ business challenges, unlocking business value by applying proven process methodologies, integrated IT and business process outsourcing solutions. A high-end retailer of apparel, accessories and jewellery has engaged us to develop a comprehensive business process value solution to streamline its online digital channel operations. We have partnered with a corporation which sells, markets and distributes food products, to optimize its enterprise resource planning roll-out strategy. The solution includes streamlining the process of maintaining its master database, delivering clearly defined outcomes with a milestone based roadmap.

A brewing and soft drinks company selected us for two strategic transformation initiatives – to drive group wide procurement synergy benefits for direct material purchases, and to review its entire manufacturing and distribution footprint, as it consolidates its operations and distribution network.

We were also chosen to assist an Australian engineering services firm with its offshore sourcing strategy, including identifying new sources of supply globally and enabling the necessary adaptations in the organization’s infrastructure to implement international supply chains.

Infosys Public Services

We are partnering with public sector organisations in the U.S. to help them leverage the potential of technology to drive business value. A Medicaid managed care organization has engaged us for Medicaid claims processing services to be delivered from our U.S. BPO center in Atlanta. We are customizing and testing a new trading partner system for a Blue Cross and Blue Shield health plan operator to transact with healthcare providers and other parties in compliance with the U.S. government mandates, and improve partner satisfaction.

Another Blue Cross and Blue Shield health plan operator implemented our iTransform™ product to fast-track compliance with the U.S. government International Classification of Diseases revision-10 (ICD-10) mandate and improve medical coder productivity. A health system provider has selected us to assess the impact of ICD-10 transition on its financial neutrality, contracts and clinical documentation.

Engineering services

Our engineering and technology services are seeing good traction. A semi-conductor chip manufacturer, partnered with us to develop and validate a path breaking Wi-Fi solution, built on a future tablet platform. We are designing and developing a new wireless medical communication chipset, along with firmware, pre-compliance testing and prototype development for a medical device major in collaboration with its eco-system of labs and board manufacturing partners.

A provider of industrial productivity solutions has engaged us to improve the collaboration of its research and development centers across the globe, reduce time to market and product development costs through a transformational Product Lifecycle Management (PLM) implementation. The marine division of an independent safety assurance player selected us to develop knowledge based engineering solutions and tools to monitor the structural health and sea worthiness of its ships.

An aircraft manufacturer partnered with us to harmonize its design and PLM systems to overhaul performance and improve the time to volume for critical aircraft parts.

Products, Platforms and Solutions

Infosys Products and Platforms business continued to gain momentum.

We had twelve client wins in this category this quarter, eight for Infosys Edge™ and four for our industry-focused products.

Infosys Edge™ saw strong momentum across its platforms. Airtel, an integrated telecommunications company with operations in 19 countries across Asia and Africa, partnered with us to build India’s first-of-its-kind mobile wallet service. The Infosys WalletEdge™ platform, with Finacle™ Digital Commerce solution at its core, will enable a ubiquitous mobile wallet service to support cashless payments and settlement needs of diverse customer segments. A consumer packaged goods company has selected Infosys TradeEdge™ to improve data collection from distributors and retailers. The platform will use this data to help plan production, distribution and enhance the efficiency of its supply chain.

A loan servicing and real estate niche player has chosen Infosys Credit Servicing Platform to integrate various business operations across geographies, driving business efficiency and visibility by streamlining loan servicing and real estate asset management processes. The Infosys Digital Marketing Platform is driving the digital transformation initiative for European consumer goods major, allowing its marketing teams to create, share, and re-use all forms of digital assets.

Our industry specific products are seeing traction across sectors. A European oil and gas company selected us to maintain the integrity of its pipeline system. The product offered by us will also provide damage assessment and 3D visualization of close to 500 kms of pipelines. A telecommunications company in the Middle East has chosen Infosys Flypp™ and mConnect™ to offer consumers a host of ready-to-use experiential applications across multiple devices.

Finacle™

Finacle™, our flagship offering for the banking industry, continued to grow its business with 14 client wins this quarter. Of these, six were from Europe, Middle East and Africa (EMEA) and eight were from the Asia-Pacific (APAC) region. 12 client projects went live on Finacle™ in the quarter. Of these, four went live in APAC, six in EMEA and two in the Americas.

ING Belgium selected Finacle™ universal banking solution to transform its core banking software, expanding Infosys’ footprint in the Benelux market. The solution from Infosys will replace the banks existing legacy systems to provide future ready technology which can be customized to meet the bank's on-going operational, product and regulatory requirements. Kotak Mahindra Bank, one of India’s fastest growing banks completed the successful implementation of Finacle™ across its 335 branches. The bank has already seen a 44% increase in the number of accounts added post the Finacle™ implementation.

Cloud

We continue to grow our Cloud business and currently have close to 140 engagements and 3,000 experts in our Cloud practice. We are working with over 30 partners as we strengthen our proposition as a Cloud Ecosystem Integrator. Over the last quarter, we won 15 programs across Cloud services, Big Data and Security.

We were selected by a retail major in America to migrate its applications to the Windows Azure platform in a phased manner. A manufacturing company based out of North America partnered with us for its Big Data journey, including the implementation of a reconciliation platform to store and process millions of transactions across the globe, at a fraction of the cost and time.

A railroad company in North America has selected as the principal partner for a large technology modernization program to re-host its mainframe applications on Windows servers on a private Cloud. We have been engaged in a program to revamp the reservations system of an international hotel chain using Cloud leveraged Big Data solutions to add agility to its sales and marketing functions.

Mobility

Our mobile technology solutions are helping clients realise the potential of mobility. A resources conglomerate with interests in oil and gas, partnered with us to build a tablet based business intelligence solution to monitor energy consumption patterns and aid faster decision making to optimize energy consumption. An oilfield services company has engaged us to build a mobile asset tracking solution to monitor and manage heavy equipment deployed on the field.

We have created a tablet based sales lead management solution for senior executives of a Canada based insurer. For an American retailer, we are creating a gift catalogue application, combining the power of mobile and social media allowing its customers to choose products and share it as gift wish lists with their friend circles.

Process Innovation

During the fourth quarter, Infosys applied for 38 unique patent applications in India and the U.S. With this, Infosys has an aggregate of 474 unique patent applications (pending) in India, the U.S. and other jurisdictions, and has been granted 47 patents by the United States Patent and Trademark Office and 1 patent by Luxembourg patent office.

Liquidity

As on March 31, 2012, cash and cash equivalents, including investments in available-for-sale financial assets and certificates of deposits was $4.1 bn ($3.8 bn as on March 31, 2011).

“We had a very difficult quarter with revenues declining sequentially. Our focus on high quality growth coupled with strong financial discipline helped us to deliver on EPS guidance in US dollar terms,” said V. Balakrishnan, Member of the Board and Chief Financial Officer. “The global currency market volatility continues to be a challenge for the industry.”

About Infosys Limited

Many of the world’s most successful organizations rely on the 150,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow’s enterprise.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2011 and on Form 6-K for the quarter ended June 30, 2011 September 30, 2011 and December 31, 2011.These filings are available at. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.85

INFORMATION DETAILS

Report Prepared by :

KVT

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.