MIRA INFORM REPORT

Report Date :

23.08.2013

IDENTIFICATION DETAILS

Name :	TECH MAHINDRA LIMITED
Registered Office :	Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.10.1986
Com. Reg. No.:	11-041370
Capital Investment / Paid-up Capital :	Rs.1275.000 Millions
CIN No.: [Company Identification No.]	l64200mh1986plc041370
TAN No.: [Tax Deduction & Collection Account No.]	mumm15369E
PAN No.: [Permanent Account No.]	aaacm3484F
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Services Provider of Computer Software, Telecom IT Solution.
No. of Employees :	25000 (Approximately)

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 130000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Mahindra Group Company. It is well established and reputed company having fine track record. Financial position of the company appears to be strong. Rating also takes into consideration reputed promoters and experienced management. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AAA (Long Term Bank Facilities)
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	05.10.2012

Rating Agency Name	CARE
Rating	A1+ (Short Term Bank Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	05.10.2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Nacheeket
Designation :	Account Manager
Contact No.:	91-22-66882000
Date :	16.08.2013

LOCATIONS

Registered Office :	Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22021031
Fax No.:	Not Available
E-Mail :	nacheeket.divekar@techmahindra.com anil.khatri@techmahindra.com
Website :	http://www.techmahindra.com
Location:	Owned
Corporate Office :	Sharada Centre, Off. Karve Road, Erandawane, Pune - 411 004, Maharashtra, India
Tel. No.:	91-20-6601 8100
Fax No.:	91-20-2542 4466
Branches :	Wing 1, Oberoi Estate Gardens, Chandivali, Andheri (East), Mumbai 400 072, Maharashtra, India
	91-22-6688 2000
	91-22-2852 8959
	Also Located at : Pune Bangalore Chennai Hyderabad Kolkata Noida Chandigarh
Overseas Branches :	Located at : Singapore Thailand Bangkok Malaysia Indonesia Philippines China United Arab Emirates Bahrain Cairo South Africa Nigeria Zambia Ghana Congo Brazzaville Texas New Jersey Georgia California Washington Toronto Canada United Kingdom Germany Nether Land Australia New Zealand

DIRECTORS

As on : 31.03.2012

Name :	Mr. Anand G Mahindra
Designation :	Chairman
Name :	Mr. Vineet Nayyar
Designation :	Vice-Chairman and Managing Director
Name :	Hon. Akash Paul
Designation :	Director
Name :	Mr. Anupam Puri
Designation :	Director
Name :	Mr. Bharat N. Doshi
Designation :	Director
Name :	Mr. Paul Zuckerman
Designation :	Director
Name :	Dr. Raj Reddy
Designation :	Director
Name :	Mr. Ulhas N.Yargop
Designation :	Director
Name :	Mr. M. Damodaran
Designation :	Director
Name :	Mr. Nigel Stagg
Designation :	Director (Upto December 23, 2011)
Name :	Mr. Richard Cameron
Designation :	Director (Upto December 23, 2011)
Name :	Mr. B. H. Wani
Designation :	Director
Name :	Mr. Ravindra Kulkarni
Designation :	Additional Director w.e.f. 30th March 2009

KEY EXECUTIVES

Name :	Mr. Sonjoy Anand
Designation :	Chief Financial Officer
Name :	Mr. Anil Khatri
Designation :	Company Secretary and Compliance Officer
Name :	Mr. Nacheeket
Designation :	Account Manager

SHAREHOLDING PATTERN

As on: 30.06.2013

Particulars	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1	60676252
Sub Total	1	60676252
(2) Foreign
Bodies Corporate	1	60726
Sub Total	1	60726
Total shareholding of Promoter and Promoter Group (A)	2	60736978
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	137	7204343
Financial Institutions / Banks	29	13170086
Foreign Institutional Investors	184	34503945
Sub Total	350	54878374
(2) Non-Institutions
Bodies Corporate	1107	3033124
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	112012	7070432
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	26	1594421
Any Others (Specify)	2712	1457135
Clearing Members	533	692646
Non Resident Indians	1444	605734
Hindu Undivided Families	679	38516
Trusts	8	55720
Foreign Nationals	7	60405
Market Maker	41	4114
Sub Total	115857	13155112
Total Public shareholding (B)	116207	68033486
Total (A)+(B)	116209	128770464
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	116209	128770464

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Mahindra & Mahindra Ltd	6,06,76,252	47.12
2	Mahindra BT Investment Company Mauritius Ltd	60,726	0.05
	Total	6,07,36,978	47.17

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding 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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India through various schemes	13033249	10.12
2	HSBC Global Investment Funds A/c HSBC Global Investment Fund Mauritius Ltd	5184232	4.03
3	ICICI Prudential Focused Bluechip Equity Fund through various schemes	3566193	2.77
4	Copthall Mauritius Investment Ltd	1302198	1.01
5	Investec Global Strategy Fund A/c Asian Equity Fund	1420279	1.10
6	Government Pension Fund Global	1327147	1.03
7	The Master Trust Bank of Japan Ltd A/c HSBC Indian Equity Mother Fund	1366172	1.06
	Total	27199470	21.12

Shareholding 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

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India through various schemes	13033249	10.12
	Total	13033249	10.12

BUSINESS DETAILS

Line of Business :	Services Provider of Computer Software, Telecom IT Solution.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

25000 (Approximately)

Bankers :

• IDBI Bank
• HSBC Bank
• Kotak Mahindra Bank
• HDFC Bank Limited
• CITI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Secured Debentures
10.25% (previous year: 10.25%) Privately placed Non-Convertible Debentures (Due for redemption on 17th April 2014, at par)	3000.000	3000.000
10.25% (previous year: 10.25%) Privately placed Non-Convertible Debentures (Due for redemption on 17th April 2013, at par)	3000.000	3000.000
SHORT TERM BORROWINGS
Cash credit *	106.000	0.000
Total	6106.000	6000.000
Note : *Cash credit is secured by charge over current assets, present and future, including receivables.

Banking Relations :	--
Auditors :
Name :	Deloitte, Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Promoter holding more than 20% stake :	Mahindra ands Mahindra Limited British Telecommunications Plc.
Promoter group company :	Mahindra BT Investment Company (Mauritius) Limited
100% subsidiary company :	Tech Mahindra (Americas ) Inc, USA Tech Talenta Inc, USA* Tech Mahindra GmbH Tech Mahindra (Singapore) Pte Limited Tech Mahindra (Thailand) Limited PT Tech Mahindra Indonesia CanvasM Technologies Limited** CanvasM (Americas) Inc** Tech Mahindra (Malaysia) SDN. BHD Tech Mahindra (Beijing) IT Services Limited Venturbay Consultants Private Limited Tech Mahindra Foundation # Mahindra Logisoft Business Solutions Limited Tech Mahindra (Nigeria) Limited Tech Mahindra (Bahrain) Limited. S.P.C. Tech Mahindra Brasil Servicecos De Informatica Ltda
Associate Company :	Satyam Computer Services Limited Satyam BPO Limited Satyam Computer Services (Shanghai) Company Limited

CAPITAL STRUCTURE

As on: 10.08.2012

Authorised Capital : Rs.1750.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.1287.705 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.10/- each	Rs.1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
127486541	Equity Shares	Rs.10/- each	Rs.1275.000 Millions

Disclosure pursuant to Part I of Schedule VI to the Companies Act, 1956 Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars	March 31, 2012
	Equity Shares
	Number	Rs. In Millions
Shares outstanding at the beginning of the year	125,955,481	1259.555
Shares Issued during the year	1,531,060	15.311
Shares outstanding at the end of the year	127,486,541	1274.865

No of shares held by each shareholder holding more than 5 percent equity shares of the Company are as follows

Name of Shareholder	March 31, 2012
	No. of Shares held	% of Holding
Mahindra and Mahindra Limited	60,676,252	47.59
British Telecommunications PLC	29,546,923	23.18
Life Insurance Corporation of India	7,114,140	5.58

Information about bonus shares issued by Capitalization of free reserves

(Rs. in Millions)

Particulars	As at
	March 31, 2012	March 31, 2011	March 31, 2010	March 31, 2009	March 31, 2008	March 31, 2007
Aggregate No. of Equity Shares :
Fully paid up equity shares of Rs. 2 each issued by way of bonus shares by capitalisation of
a) Balance in Statement of Profit and Loss	51.000	51.000	51.000	51.000	51.000	51.000
b) Balance in General reserve	25.000	25.000	25.000	25.000	25.000	25.000

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The Board of Directors in their meeting on 23rd May, 2012 proposed a final dividend of Rs. 4 per equity share. The proposal is subject to approval of shareholders at the Annual General Meeting to be held on 10th August, 2012.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1275.000	1260.000
(b) Reserves & Surplus	33157.000	32580.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	34432.000	33840.000
(3) Non-Current Liabilities
(a) long-term borrowings	6000.000	6400.000
(b) Deferred tax liabilities (Net)	4309.000	3931.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1706.000	1338.000
Total Non-current Liabilities (3)	12015.000	11669.000
(4) Current Liabilities
(a) Short term borrowings	5266.000	5427.000
(b) Trade payables	4684.000	3034.000
(c) Other current liabilities	5669.000	5324.000
(d) Short-term provisions	1388.000	1510.000
Total Current Liabilities (4)	17007.000	15295.000
TOTAL	63454.000	60804.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6463.000	5970.000
(ii) Intangible Assets	63.000	30.000
(iii) Capital work-in-progress	1627.000	608.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	31331.000	31149.000
(c) Deferred tax assets (net)	820.000	532.000
(d) Long-term Loan and Advances	3341.000	4103.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	43645.000	42392.000
(2) Current assets
(a) Current investments	1203.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	2.000	6.000
(d) Cash and cash equivalents	12431.000	9643.000
(e) Short-term loans and advances	1389.000	1938.000
(f) Other current assets	4784.000	6825.000
Total Current Assets	19809.000	18412.000
TOTAL	63454.000	60804.000

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1223.000
2] Share Application Money		2.000
3] Reserves & Surplus		27442.000
4] (Accumulated Losses)		0.000
NETWORTH		28667.000
LOAN FUNDS
1] Secured Loans		7500.000
2] Unsecured Loans		6172.000
TOTAL BORROWING		13672.000
DEFERRED TAX LIABILITIES		7677.000
TOTAL		50016.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5940.000
Capital work-in-progress		3208.000
INVESTMENT		31139.000
DEFERREX TAX ASSETS		223.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.000
	Sundry Debtors	9930.000
	Cash & Bank Balances	1380.000
	Other Current Assets	0.000
	Loans & Advances	6531.000
Total Current Assets		17855.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4533.000
	Other Current Liabilities	1211.000
	Provisions	2605.000
Total Current Liabilities		8349.000
Net Current Assets		9506.000
MISCELLANEOUS EXPENSES		0.000
TOTAL		50016.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	52430.000	49655.000	44838.000
		Other Income	677.000	1266.000	909.000
		TOTAL (A)	53107.000	50921.000	45747.000
Less	EXPENSES
		Employee Benefit Expenses	22510.000	19438.000	34021.000
		Operating and Other Expenses	21598.000	20927.000
		Exceptional Item (net)	679.000	0.000
		TOTAL (B)	44787.000	40365.000	34021.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8320.000	10556.000	11726.000
Less	FINANCIAL EXPENSES (D)		1025.000	1113.000	1600.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7295.000	9443.000	10126.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1505.000	1383.000	1299.000
Less	EXCEPTIONAL ITEM		0.000	0.000	85.000
	PROFIT BEFORE TAX (E-F) (G)		5790.000	8060.000	8742.000
Less	TAX (H)		1184.000	1093.000	1314.000
	PROFIT AFTER TAX (G-H) (I)		4606.000	6967.000	7428.000
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22412.000	17740.000	13497.000
	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	1353.000	702.000	1935.000
		Final Dividend	4.000	6.000	0.000
		Proposed Dividend	510.000	504.000	428.000
		Tax on Dividend	83.000	83.000	73.000
		Transfer to General Reserve	1000.000	1000.000	750.000
	BALANCE CARRIED TO THE B/S		24068.000	22412.000	17739.000
	EARNINGS IN FOREIGN CURRENCY
		Income from Services	47028.000	41657.000	41569.000
		Restructuring Fees Received	0.000	0.000	9682.000
		Other Income	0.000	0.000	6.000
		Contract Settlement Fees received	0.000	377.000	0.000
		Rent Received	41.000	51.000	0.000
		Interest Received	5.000	2.000	8.000
	TOTAL EARNINGS		47074.000	42087.000	51265.000
	IMPORTS
		Components and spare parts	9.000	14.000	10.000
		Capital Goods	637.000	736.000	2722.000
	TOTAL IMPORTS		646.000	750.000	2732.000
	Earnings Per Share (Rs.)
	Basic		36.27	55.81	60.89
	Diluted		34.86	53.36	56.97

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013	30.06.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	5^th Quarter
Net Sales	14950.000	1918.000	1458.400	1493.300	1268.400
Total Expenditure	12252.500	1728.800	1438.400	1417.600	1301.900
PBIDT (Excl OI)	2697.500	189.200	20.000	75.700	(33.500)
Other Income	58.200	64.000	220.600	256.700	204.300
Operating Profit	2755.700	253.200	240.600	332.400	170.800
Interest	195.000	42.400	43.300	47.500	42.400
Exceptional Items	0.000	0.000	0.000	0.000	0.000
PBDT	2560.700	210.800	197.300	284.900	128.400
Depreciation	370.200	204.600	192.500	212.500	187.200
Profit Before Tax	2190.500	6.200	04.800	72.400	(58.800)
Tax	515.500	6.800	34.700	34.100	26.800
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000
Profit After Tax	1675.000	(0.600)	(29.900)	38.300	(85.600)
Extraordinary Items	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000
Net Profit	1675.000	(0.600)	(29.900)	38.300	(85.600)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.67	13.68	16.24
Net Profit Margin (PBT/Sales)	(%)	11.04	16.23	19.50
Return on Total Assets (PBT/Total Assets}	(%)	19.51	28.27	36.74
Return on Investment (ROI) (PBT/Networth)		0.17	0.24	0.30
Debt Equity Ratio (Total Debt /Networth)		0.33	0.35	0.48
Current Ratio (Current Asset/Current Liability)		1.16	1.20	2.14

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Current maturities of long term debt	0.000	400.000	NA

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	No
8]	No. of employees	Yes
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	Yes
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	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS PERFORMANCE / FINANCIAL OVERVIEW:

The company is a leading IT services and solutions provider for the Telecom Industry, serving segments such as Telecom Services Providers (TSPs), Telecom Equipment Manufacturers (TEM’s) and Independent Software Vendors (ISV’s) with a wide array of services catering to the changing needs of the Telecom ecosystem.

During the year 2011-12, the Company’s consolidated revenues increased to Rs. 54897.000 Millions from Rs. 51402.000 Millions in the previous year, at a growth rate of 6.8%. In Financial Year 2010-11, the Company executed a large System Integration project for an Indian Telecom Service Provider and had a one-time revenue of Rs. 2,989 Million from this project. Excluding this one-time revenue, the growth in revenue was 13.4% in Financial Year 2011-12. The geographical split of revenue was quite balanced with 47% share from Europe, 34% from Americas and 19% from the Rest of the World (ROW).

The consolidated Profit before Interest, Depreciation, Tax and Exceptional items was at Rs. 10176.000 Millions (18.5% of revenue) against Rs. 11322.000 Millions (22% of revenue) in the previous year. This decline in operating profits was due to increase in employee costs and also change in the business mix.

The consolidated Profit after tax, after exceptional items and minority interest, amounted to Rs. 5385.000 Millions as against Rs. 7438.000 Millions in the previous year. The cancellation of 2 G licenses by the Supreme Court in January 2012 impacted two of the company's domestic customers' business viability. As a matter of abundant precaution, the Company provided dues from these customers amounting to Rs. 679.000 Millions as doubtful debts.

The consolidated Profit after tax, including share of profit in associate company (Mahindra Satyam), amounted to Rs. 10955.000 Millions as against Rs. 6442.000 Millions in the previous year, a growth rate of 70%.

The global technology landscape continues to be shaped by both economic forces and by the emergence of new trends like social media and cloud computing. The lingering crisis in Europe, volatile financial markets and government austerity programs could impact spend on IT in the coming year. Their Customers have to face the twin challenges of optimizing current IT spend and investing in future technologies and trends. The underlying strength of the global delivery model and the significant benefits it offers to global customers could help corporations in achieving both objectives. The Company has been providing solutions, which leverage the global delivery model, to Telecom companies to improve Customer experience, bring in operational efficiencies and improve customer's Average Revenue Per User (ARPU).

The Company serves large global telecom companies as well as green field operators across 31 countries. The company has 130 active customers at the end of the Financial Year 2011-12, and the focus for the coming year is broadening relationships across customer base leveraging Six Pillar Strategy.

The Company's service offerings are grouped in six distinct domains based on the areas of customer spend. The six domains which are Applications, Networks, Infrastructure, Value Added Services (VAS), Security Solutions and Business Services together cover all areas of customers spend in their target markets.

Customer Centricity and enhancing customer experience has always been a focus area for the Company. This year, the Company launched a Customer Centricity Office (CCO), with a Chief Customer Centric Officer to ensure that the high levels of customer experience are sustained.

The Company continues to invest in new technologies like smart computing products, cloud, analytics and mobility. These investments will help the Company capitalize on the emerging revenue opportunities in these areas.

The Company's domain expertise and leading solutions in the telecom vertical has earned itself a niche in the market place. The Company was awarded the 2011 Microsoft Communications sector Partner of the year award. Voice and Data - India's leading communication magazine ranked the Company as India's No. 1 Telecom Software service provider. CanvasM Technologies Limited (CanvasM), a wholly owned subsidiary of the Company, was ranked amongst the Top 10 Value Added Services (VAS) players.

The Company today has more than 15 delivery centers worldwide and 17 sales offices. In the year gone by, Company established a delivery center in Bonn Germany to service clients in Germany and Central Europe.

In summary, the Company is well positioned in the markets it serves with a broad range of service offerings and a diversified customer base across geographies.

UNSECURED LOAN

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Unsecured Term Loan from Bank	0.000	400.000
SHORT TERM BORROWINGS
Export Packing credit**	5160.000	5427.000
Total	5160.000	5827.000
Note: ** Due for repayment within 6 months from date of disbursement of loan.

AWARDS/ RECOGNITION

The Company continued its quest for excellence in its chosen area of business to emerge as a true global brand. Several awards and rankings continue to endorse the Company as a thought leader in telecom industry.

MANAGEMENT DISCUSSION AND ANALYSIS

Company Overview

Tech Mahindra Limited (TechM) is a leading provider of IT Services, Networking Technology Solutions and Business Support Services to the global telecommunications industry. Formed in 1986, in partnership with British Telecommunications plc (BT), it is part of the US $15.4 billion Mahindra Group. In the year 2009 it expanded its IT portfolio by acquiring the leading global business and information technology services company, Satyam Computer Services Limited (re-branded as Mahindra Satyam). In the month of March 2012, the merger between Tech Mahindra and Mahindra Satyam was announced thus making way for the creation of a leading services organization in the Indian offshore landscape.

Tech Mahindra has garnered revenues of INR 54.9 Billion (US$ 1,156 Million) in Financial Year 2011-2012 (FY12). The Company has more 40,000 professionals who provide a unique blend of domain expertise and in-depth technology skill-sets.

Tech Mahindra has proven domain expertise in the Telecom domain with differentiated skills, research and development capabilities and innovative delivery models. The Company's solutions enable its clients to maximize returns on their investments, achieve faster time-to-market, reduce total cost of ownership and provide better customer experience. Its capabilities cover a wide array of services including System Integration (SI), Managed Services (MS), Operations Support Systems (OSS), Business Support Systems(BSS), Infrastructure Management Services (IMS), Network Services, Security Consulting, Product Engineering and Business Support Services (BSG/BPO). The Company has been focusing on delivering comprehensive services to Telecom Service Providers (TSPs), Telecom Equipment Manufacturers (TEMs) and Independent Software Vendors (ISVs) and is best positioned to leverage telecom IT outsourcing opportunities through its service offerings across the Telecom value chain. It has more than 130 active client engagements, predominantly in the Telecom Sector. Tech Mahindra's achievements have been recognized by various industry analysts, forums and clients. The organization has also won several prestigious awards and accolades.

Tech Mahindra has principal offices in the UK, United States, Germany, UAE, Egypt, Singapore, India, Thailand, Taiwan, Malaysia, Philippines, Canada and Australia. The Company has an extensive global foot print with 17 sales offices and 15 delivery centres in more than 31 countries around the world.

Industry Structure and Development

The Information Technology (IT) industry in India has gained a brand recognition as a knowledge economy. The IT-ITES (IT Enabled Services) industry has two major components: IT Services and Business Process Outsourcing (BPO). The growth in the services sector in India has been led by the IT-ITES sector, contributing substantially to increase in Gross Domestic Product (GDP), employment, and exports. The sector has increased its contribution to India's GDP from 1.2% in FY1998 to about 7.1% in FY2011. According to NASSCOM, the IT-ITES sector in India generated revenues of US$ 88.1 billion in FY2011. Exports have dominated the IT-ITES industry, and constituted about 77% of the total industry revenue. Though the IT-ITES sector is export driven, the domestic market is also significant with a robust revenue growth. The industry's share of total Indian exports (merchandise plus services) increased from less than 4% in FY1998 to about 25% in FY2012.

In the Calendar Year 2011 (CY11), the global IT-ITES industry grew by 5.4% in the midst of unpredictable economic environment and extremely volatile currency movements. The domestic IT-ITES Industry also grew at a steady pace backed by strong economic growth, technology, innovations, enhancements, competition and enhanced focus by the Government. According to NASSCOM, India retained its position as the world's leading global sourcing destination for IT-ITES services with a total share of 58%. The Industry has experienced considerable traction within traditional segments like Customer Application, Application Management and Testing. Emerging technologies such as Cloud Computing, Social Media, Mobility, and Analytics are potential areas of growth.

Outlook

The Global economy is beset with various issues in the developed markets. Historically, IT spends have mirrored economic growth. Hence given the weak forecasts for global growth, growth in IT spends for FY13 are likely to be lower than previous years. The latest forecast for overall global IT spending growth was revised downwards from 3.7% to 2.5% for CY 2012 by a leading forecasting firm.

However, even in this challenging global demand environment, they foresee a few trends that are likely to influence spending in the Telecom vertical. Mobility remains the top theme as growth in mobile devices is leading to investments in mobile data networks

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31ST, 2013

Rs. In Millions
	Quarter ended			Year ended
Particulars	March 31,	December	March 31,
	2013 (Refer Note 9)	31, 2012	2013
Income from Operations	14965.000	15025.200	60018.900
Expenses
a) Employee benefits expense	6213.300	6195.700	25137.800
b) Travelling Expenses	570.600	499.600	1955.500
c) Services rendered by Business Associates & Others	4215.300	3827.500	15524.300
d) Depreciation and amortization expense	420.000	366.100	1570.100
e) Other expenses	1209.200	1535.600	5617.600
Total Expenses	12628.400	12424.500	49805.300
Profit from operations before other income, finance costs	2336.600	2600.700	10213.600
and exceptional items (1-2)
Other Income
Miscellaneous income	076.200	165.000	339.500
Exchange gain / (loss)	(319.500)	(50.000)	(1291.000)
Total	(243.300)	164.500	(951.500)
Profit before finance costs and exceptional items (3+4)	2093.300	2765.200	9262.100
Finance costs
Interest cost on borrowing	266.100	276.300	935.100
Currency translation loss / (gain) on Foreign Currency Loan	054.400	022.600	154.800
Total	320.500	298.900	1089.900
Profit after finance costs but before exceptional items and tax (5-6)	1772.800	2466.300	8172.200
Exceptional items	-	-	-
Profit before tax (7+8)	1772.800	2466.300	8172.200
Tax expense	414.800	575.400	1647.000
Net Profit after tax (9-10)	1358.000	1890.900	6525.200
Paid-up Equity Share Capital (Face Value of Share Rs. 10)	1281.200	1278.300	1281.200
Loan Funds - Listed Debentures	6000.000	6000.000	6000.000
Reserves excluding revaluation reserve	-	-	37692.100
Debenture Redemption Reserve	-	-	5337.900
Earnings Per Share (Rs.):(Not Annualized)
(Before exceptional Items)
- Basic	10.64	14.82	51.10
- Diluted	10.20	14.21	48.99
Earnings Per Share (Rs.):(Not Annualized)
(After exceptional items)
- Basic	10.64	14.82	51.10
- Diluted	10.20	14.21	48.99

SELECTED INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013

	Quarter ended		Year
Particulars	31.03.2013	31.12.2012	31.03.2013
A. PARTICULARS OF SHAREHOLDING
1 Public Shareholding
- Number of shares	67,382,045	67,091,187	67,382,045
- Percentage of shareholding	52.59%	52.49%	52.59%
2. Promoters and promoter group Shareholding
a) Pledged/encumbered
- Number of shares	-	-
- Percentage of shares (as a % of the total shareholding of	-	-
promoter and promoter group)	-	-
- Percentage of shares (as a % of the total share capital of
the company)
b) Non-encumbered
- Number of shares	60,736,978	60,736,978	60,736,978
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
- Percentage of shares (as a % of the total share capital of the company)	47.41%	47.51%	47.41%

STATEMENT OF ASSETS AND LIABILITIES ( STANDALONE - AUDITED)

(Rs. in Millions)

Particulars	As at 31st March 2013
A. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital	1281.200
(b) Reserves and Surplus	40544.000
2. Share application money pending for allotment	002.800
	41828.000
3. Non Current Liabilities
(a) Long-Term Borrowings	3000.000
(b) Other Long-Term Liabilities	2269.800
(c) Long-Term Provisions	1691.800
4. Current Liabilities
(a) Short-Term Borrowings	8044.700
(b) Trade Payables	5643.600
(c) Other Current Liabilities	8045.900
(d) Short-Term Provisions	2060.500
TOTAL - EQUITY AND LIABILITIES	72584.300
B. ASSETS
1. Non-Current Assets
(a) Fixed Assets	7484.900
(b) Non-Current Investments	38075.000
(c) Deferred Tax Asset	943.700
(e) Long-Term Loans and Advances	4496.400
2. Current Assets
(a) Current Investments	-
(b) Trade Receivables	13725.000
(c) Unbilled Revenue	1838.500
(d) Cash and Cash Equivalents	2710.700
(e) Short-Term Loans and Advances	3310.100
TOTAL - ASSETS	72584.300

NOTES :

1. The quarterly results have been reviewed by the Audit Committee and taken on by the Board of Directors in its meeting held on 21st May 2013. There is no qualification in the Auditors' reports for these periods.

2. The Board of Directors have recommended a final dividend of Rs.5/- per share on par value of Rs 10/- (50 %)

3. The Board of Directors of Tech Mahindra Limited in their meeting held on March 21, 2012 have approved the scheme of amalgamation and arrangement (the “Scheme”) which provides for the amalgamation of Venturbay Consultants Private Limited (Venturbay), Satyam Computer Services Limited (MSat), C&S System Technologies Private Limited (C&S), Mahindra Logisoft Business Solutions Limited (Logisoft) and CanvasM Technologies Limited (CanvasM) with Tech Mahindra Limited (TechM) under sections 391 to 394 read with sections 78, 100 to 104 and other applicable provisions of the Companies Act, 1956. The Scheme also provides for the consequent reorganization of the securities premium of TechM. The Appointed date of the Scheme is April 1, 2011.

The Board of Directors of TechM has recommended issue of 2 fully paid up Equity Shares of Rs 10 each of TechM for every 17 fully paid Equity Shares of Rs 2 each of MSat. As the other amalgamating companies are wholly owned by the Company / MSat, no shares would be issued to shareholders of these companies. TechM has received approval of Competition Commission of India for the said Scheme. The Scheme was approved by the requisite majority of the equity shareholders of TechM and MSat in the court convened meetings held on 7th June 2012 and 8th June 2012 respectively.

The Honorable Bombay High Court has approved the Scheme of Amalgamation and passed an order to that effect on 28th September 2012. MSat had filed its Petition on 27th June 2012 with the Honorable High Court of Andhra Pradesh, and the said petition was admitted on 9^th July 2012. Hearing in the matter is concluded before the Honorable High Court of Andhra Pradesh closed for summer vacation & the order is awaited.

The merger is effective only on the last of the dates on which the certified copies of the orders of the High Court of Judicature at Bombay and the High Court of Judicature at Andhra Pradesh are filed with the Registrar of Companies (‘ROC’), Mumbai and Pune, Maharashtra, and the ROC, Andhra Pradesh, Hyderabad respectively;” and as the decision of High Court of Judicature at Andhra Pradesh is awaited, the effect of the merger is not considered in these results.

4. On 4th September 2012, the Company acquired 100% stake in Hutchison Global Services Private Limited (HGS) for Rs. 4851.000 Millions, paid up front and hence HGS has become the wholly owned subsidiary of the Company effective 4th September 2012. Consequently results for the year ended 31st March 2013 include results of HGS from 4th September 2012 till 31st March 2013.

5. The Company, entered in Share Purchase Agreement on 17th September 2012 for acquiring 51% stake on a fully diluted basis in Comviva Technologies Limited (“Comviva”), a global leader in providing mobile Value Added Services (VAS), for a consideration not exceeding Rs. 2600.000 Millions. On 13th December 2012, the Company purchased 6676826 Equity shares of Rs 10 each and 5492832 Series A - 0.001% Fully Convertible and non-cumulative Preference Share ("preference shares") of Rs 10 each for an upfront payment of Rs 1249.000 Millions, Rs. 178.500 Millions payable in April 2014 and balance amount of Rs. 1172.500 Millions will be paid over a period of five years based on Comviva achieving mutually agreed performance targets. The company has accounted Rs 434.000 Millions as liability as on 31st March 2013, since Comviva has achieved the performance target set for the financial year 2012-13. Effective 13th December 2012, Comviva became the subsidiary of the company. Effective 5th March 2013, Preference Shares were converted in equivalent number of equity shares and as a result of this, company's shareholding in Comviva has increased to 55.67% as of 31st March 2013.

6. The Honorable Supreme Court vide its order dated 2nd February 2012 cancelled 2G licenses issued to Telecom Operators in India in 2008. As a result of the cancellation, the business of Company’s two customers has become unviable and one of the customers has started winding up proceedings of the Indian operations. The Company as a matter of abundant precaution has provided dues of Rs 678.700 Millions as doubtful debts during the quarter and year ended March 31, 2012.

7. Current tax for the year ended March 31, 2013 is net off excess provision of Rs. 259.000 Millions of earlier years written back, no longer required as the company has received the refund on finalisation of assessment.

8. Provision for taxation for the year ended 31st March 2012 is net off reversal of provision of Rs. 241.500 Millions of earlier years written back, no longer required as the Company has received the refund on finalization of the Assessment.

9. Figures of the quarter ended March 31, 2013 and March 31, 2012 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.

10. Previous period figures have been regrouped/ rearranged wherever necessary.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10168762	07/05/2013 *	3,000,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B75468025
2	10036409	25/02/2011 *	6,500,000,000.00	IDBI Bank Limited	DNYANESHWAR PADUKA CHOWK, F.C. ROAD, SHIVAJI NAGAR, PUNE, Maharashtra - 411004, INDIA	B07344930

* Date of charge modification

FIXED ASSETS:

· Vehicle

· Freehold Land

· Leasehold Land

· Leasehold Improvements

· Office Building / Premises

· Computers

· Plant and Machinery

· Furniture and Fixture

· Intellectual Property rights

AS PER WEBSITE DETAILS:

SATYAM IS NO MORE; TO LIVE ON AS PART OF TECH MAHINDRA :

Jul 14, 2013, 08.16 PM IST

Once a darling of the Indian IT sector and the stock market, the scam-hit erstwhile Satyam has formally ceased to exist as an individual entity by formally merging with Tech Mahindra.

Its journey saw a fraud bringing down the company's valuation by over 95 per cent within weeks, while a subsequent revival brought in an over 10-fold surge from the dumps.

Still, it is the remains of this once scam-hit company on which its saviour Tech Mahindra will bank upon significantly to move up the ladders of the Indian IT sector charts, say industry experts.

Also read: Tech Mahindra, Satyam Computer complete merger

After debuting on the stock market in 1995, Satyam soon went on to become one of the country's top five IT companies and its share price was trading Rs 250 level in late 2008.

It came to be known by January 2009 that Satyam (a Sanskrit word that means truth) was home to India's biggest ever corporate scam, admitted to by its own founder and then Chairman B Ramalinga Raju, and the scandal broke the company's share price to as low as Rs 11.50.

A quick revival, however, followed with its takeover by Tech Mahindra through a government-monitored auction process and its name was changed to Mahindra Satyam.

Tech Mahindra on Friday announced the completion of allocation of its shares to the shareholders of Satyam Computer Services, raising the issued capital of the firm from 129 million shares to 232 million.

Many changes have come through under Mahindras and the group finally decided to amalgamate the two IT companies under its fold. Shares of Mahindra Satyam are no longer traded on the bourses.

They last traded at a level close to Rs 120 a piece and the value of each erstwhile Satyam share is now equivalent to about Rs 130 a piece, taking into account Tech Mahindra's current share price of Rs 1,120.

As per the merger ratio, two Tech Mahindra shares have been given for every 17 shares held by Satyam investors.

Experts say it made sense for the new owner to drop the Satyam brand name from the business, given its infamous past.

Capital Via Global Research Head of Research Vivek Gupta said: "The good thing to cheer for the investors is that now they own a stake in the company which is much more clean in all the aspects and is amongst the top-five IT companies."

Following the integration, Tech Mahindra is now amongst the top-5 IT companies of India with revenues of USD 2.7 billion and expects it to rise to USD 5 billion by 2015.

"Satyam was at the brink of non-existence a couple of years back for reasons known to all. Tech Mahindra took its reins after the fiasco and brought the company back into life," Ashika Stock Broking Vice President Equity Research Paras Bothra said.

The integration of two entities makes it a much larger software company and will also aid in cracking and winning larger outsourcing contracts.

"We remain optimistic with Tech Mahindra's ability in generating long term shareholders wealth," Bothra said.

CNI Research CMD Kishor P Ostwal said: "I see a bright future for the company after its merger with Tech Mahindra. Tech Mahindra is emerging as a more stronger player and the outlook is very bright."

TECH MAHINDRA TO ANNOUNCE FIRST QUARTER FY14 RESULTS ON AUGUST 12TH, 2013

Pune, India, August 9th : Tech Mahindra Ltd. (NSE: TechM), a specialist provider of connected solutions to the connected world and enabling future digital enterprises, will announce Indian GAAP results for its first quarter ended June 30th, 2013, on the evening of August 12th, 2013

The Fact Sheet and Press Release will be available on Tech Mahindra’s website www.techmahindra.com

Following the release, a conference call will be hosted where Tech Mahindra’s management will discuss the performance of the quarter and answer participants’ questions during the call.

To participate in the conference call, callers can dial the relevant numbers mentioned in the schedule given below.

A replay of the conference calls will be available after the call on August 12th, 2013

The call will be from 5:30 PM IST (8:00 PM in Hong Kong and Singapore, 1:00 PM in London and 8:00 AM in New York) on August 12th, 2013

The transcript of the conference call will be uploaded on www.techmahindra.com

Program	Date	Web Site Telephone
Release of Results	Evening of August 12th	www.techmahindra.com
Conference call 5.30 PM, August 12th, 2013			Mumbai	022 - 6629 0043 022 - 3065 0043
			Local Access Number - Available in Delhi, Bangalore, Chennai, Hyderabad & Kolkata	6000 1221
			Local Access Number - Available in Gurgaon (NCR), Pune, Ahmedabad, Lucknow, Cochin	3940 3977
			USA toll free UK toll free Singapore toll free Hong Kong toll free	1 866 746 2133 0 808 101 1573 800 101 2045 800 964 448
Replay of Conference call	until Aug 19th, 2013	www.techmahindra.com	Playback number +91 22 3065 1212 Playback ID 51201

REVENUE AT RS 4,103 CRORE, UP 22% YOY PAT AT RS 686 CRORE, UP 27% YOY ANNOUNCES FIRST SET OF RESULTS POST MERGER

Press Release - Mumbai, India, August 12, 2013

Tech Mahindra Ltd. a specialist provider of connected solutions to the connected world, today announced its robust, audited consolidated financial results for the quarter ending June 30, 2013. Revenue stood at Rs 4,103 crore; up 21.7% YoY and 8.9% QoQ. Consolidated net profit after tax (PAT) for Q1 at Rs 686 crore up 27.0% YoY and 7.6% QoQ

Financial highlights for the Quarter (INR)

• Revenue at Rs 41030.000 Millions; up 21.7% YoY and 8.9% QoQ

• Operating profit (EBITDA) at Rs 8640.000 Millions; up 16.9 % YoY and 12.1% QoQ.

• Consolidated PAT at Rs 6860.000 Millions; up 27.0% YoY& 36.2% QoQ (before exceptional reversal of impairment provision)

• Consolidated PAT at Rs 6860.000 Millions; up 27.0% YoY and 7.6% QoQ

• Earnings per Share (EPS) was Rs 29.60 for the quarter ended June 30, 2013

Financial highlights for the Quarter (USD)

• Revenue at USD 724 mn; up 17.7% YoY and 3.7% QoQ

• Operating profit (EBITDA) at USD 152 mn; up 12.9% YoY and 6.5% QoQ

• Consolidated PAT at USD 121 mn; up 22.3% YoY& 29.2% QoQ (before exceptional reversal of impairment provision)

• Consolidated PAT at USD 121 mn; up 22.3% YoY and 2.1% QoQ

Other Highlights

• Total headcount for the year at 83,063. Software Professional headcount stood at 53,337, BPO at 23,269 and Sales and support at 6,457.

• Debt at Rs 7470.000 Millions as of June 30, 2013; down by Rs 4130.000 Millions during the quarter

• Cash and Cash equivalent at Rs 36550.000 Millions as of June 30, 2013

• Active Client count stood at 567 in Q1FY14 vs 516 in Q4FY13

Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said, “We have completed one of the largest mergers in Indian corporate space this quarter in a seamless fashion, fulfilling the commitment we made in April 2009. Our robust performance reinforces our belief in the inherent strength and cross leveraging possibilities, for the integrated entity.”

C P Gurnani, Managing Director of Tech Mahindra said, “IT Consumerization, Unified Networks, Internet of Things, Big Data, Faster Analytics and Supercomputing have become the primary drivers of business efficiency now. We are leveraging our collective expertise in Cloud, Analytics, Social, Security, Mobility and Networks to create Digital Enterprises globally, powered by an entrepreneurial culture and the veritable power of a unified combine.”

Key wins

• Tech Mahindra was selected by one of the largest reinsurers in Europe for a multi-year multi-million infrastructure outsourcing engagement. The scope involves infrastructure management including workspace, data centre, service desk communication and networks.
• A leading European mobile telephone major selected Tech Mahindra for a multi-country terminal testing deal in Europe which involves test engineering and consulting support
• One of the top 4 banks in Australia has selected Tech Mahindra for its non-linear Workspace-as-a-Service (WaaS) solution. Scope includes delivering a fully re-architected module enabling best in class virtualization capability and higher levels of scalability and performance
• Tech Mahindra signed an engagement with a wireless broadband services provider in Africa for the deployment and management of overall IT infrastructure of Long Term Evolution (LTE) Greenfield Operations.
• A leading South Africa based fashion retail company has chosen Tech Mahindra as a strategic partner to drive an Oracle Retail based enterprise business transformation program.
• A US based Fortune 500 managed healthcare company has selected Tech Mahindra to build and operate its WaaS platform
• Tech Mahindra has been engaged by a leading mobile commerce solution company in New Zealand for launching Mobile Wallet Service in the Value Added Services (VAS) space
• Tech Mahindra was chosen by leading global Nutrition, Health and Wellness Company to manage its IT Application development and maintenance services including support to infrastructure services for its North American business unit.
• Tech Mahindra won a deal from a strategic energy & utilities account for infrastructure and application support from a Fortune 10 Energies & Utilities organization on back of proven experience in large scale support engagements.
• A Fortune 10 Energies & Utilities Company selected Tech Mahindra for its major transformational initiative to consolidate various data centers and applications portfolio.
• Won an application development deal from a leading US wireless services provider.
• Tech Mahindra was awarded a multi-million dollar system integration and managed services deal across 6 – 7 countries in Asia and Africa by a leading emerging market Telco

Business Highlights for the Quarter ended June 30, 2013

• Tech Mahindra Limited announced the launch of its new branch in Istanbul. TechM aims to develop Turkey as a near shore centre for providing specialized services to its customers in the region. This branch will serve as a hub for Turkey and Central Asia.
• Tech Mahindra established its first European Testing Lab in Sweden which is in continuation with its efforts to provide end to end test solutions to device manufacturers
• Tech Mahindra inaugurated a new Development Centre at Toronto, Canada for one of its leading banking clients in the geography. The onsite ODC model offers significant cost and operational efficiency.
• Entered into a global partnership with ThingWorx. The partnership will enable Tech Mahindra to deliver innovative Machine-to-Machine (M2M) solutions at minimized cost, risk and time to its customers worldwide by utilizing ThigWorx platform.
• Tech Mahindra and CollabNet announced a strategic alliance agreement to jointly develop and deliver Enterprise Cloud Development, Agile and DevOps solution in the cloud services space.
• Aspect Software chose Tech Mahindra Limited to be their channel partner for APAC and EMEA. The partnership is aimed at creating an enhanced and superior level of infrastructure service for customers in communication space with the widest portfolio of interaction management and workforce optimization products.
• Signed a MoU with 'Navigation Information Systems', a company that offers dual systems navigation based equipment to the India market and will help identify and develop potential opportunities and expand footprint in the emerging markets.

Awards and Recognitions

• Tech Mahindra won CA Innovation award for mEMS (Modular Enterprise Managed Network Service) Platform and was also awarded runner-up for CA Partner of the Year.
• At PegaWORLD 2013 Partner Awards, Tech Mahindra won the “Best sell With – For Customer Success” award for its partnership with Pegasystems in developing and delivering a Global Warranty Solution for a Fortune 10 manufacturing major.
• TeliaSonera, Europe's 5th largest operator, awarded Tech Mahindra with the “Most Engaged Business Partner” for its M2M Business unit. This award is recognition for the partner who has helped TeliaSonera drive new business through differentiated M2M offerings.
• Tech Mahindra won “Best Indian ITES Company” award from ITsAP (IT and ITES Industry Association of AP). ITsAP represents IT industry concerns and works towards the development of IT industry in Andhra Pradesh.
• Tech Mahindra was recognized as the “Gold Certified Partner” in the Indian sub-continent by Cisco and will give Tech Mahindra advantages and brand equity amongst other partners and customers.

Financials

Audited consolidated financial results for the quarter and year ended 31st March, 2013 drawn under Indian GAAP

TECH MAHINDRA BECOMES FIRST INDIAN IT SERVICES COMPANY TO ACHIEVE TMMI LEVEL 5 CERTIFICATION

Pune – August 08, 2013 – Tech Mahindra Ltd. a specialist provider of connected solutions to the connected world and enabling future digital enterprises, today announced that its Global Test Factory has achieved TMMi Level 5 capability. This makes Tech Mahindra the first Indian Information Technology company in the world to achieve this prestigious certification, with zero exceptions. This certification, by TMMi Foundation, acknowledges the highest level of process maturity that is being practiced within the Test Factory.

Tech Mahindra’s Test Factory drives consistency, standardization and agnostic acceptance of testing units or work packages thus enhancing quality, test velocity and low running costs. It provides a centralized testing framework with established KPIs, governance model, enterprise wide metrics and uniform testing process. The “Test Factory” embeds the fundamentals of continuous improvement, best practices and innovation, leveraging economies of scale and maximizing resource utilization.

Martin Adcock - Managing Director, Experimentus said “This is an outstanding achievement and we are delighted to have played a part in their success. This demonstrates to their clients and the industry, that the Tech Mahindra Global Test Factory has been independently certified as achieving the highest standards against the TMMi model. This certainly sets the standard not only for their peers, but for the industry to compare capabilities and strive to achieve these benefits."

Dr Richard Sykes - Chair, TMMi Foundation said "On behalf of the TMMi Foundation I am delighted to be able to celebrate its achievement by one of the leaders of our industry, Tech Mahindra, in establishing itself as a TMMi level 5 company, a beacon to us all".

T S Krishnakumar, Head of Global Test Factory, Tech Mahindra said “This certification demonstrates our commitment to being world class in our testing process. The consistent use of these mature test practices, procedures and tools will add significant value to our clients.”

Tech Mahindra’s Global Test Factory was established with a vision of creating a world-class test delivery center of excellence. With continuous innovation and pioneering practices, the Test Factory redefined the manner in which testing services were conducted. Since inception, the Test Factory has grown from strength-to-strength and has been successful in bringing value to an expanding customer base.

The achievement of this highest level of industry certification confirms and demonstrates Tech Mahindra’s place at the forefront of innovation and service delivery in Test and Quality Assurance services, across a global marketplace.

Tech Mahindra's next Generation Global Test Factory, designed for being adaptive, intelligent and high performance is leading the way to the future of IT testing services. Through standard, consistent and repeatable test processes, lean principles and shared services, we exceed our customers’ expectations by maximizing business value of assurance and testing to be the choice of global customers for outsourced testing services. At the Global Test Factory, we engage right talent and passion of people, who believe that quality is not an event, but a habit.

BASE COMPANY AND TECH MAHINDRA SIGN MANAGED SERVICE AGREEMENT IN BELGIUM

India, Belgium – August 05, 2013 – BASE Company (“BASE”) and Tech Mahindra are announcing today a five year managed service agreement for the operations and roll out of the BASE network in Belgium. With this agreement BASE Company is broadening its partnership with Tech Mahindra, creating highly efficient network operations, where a managed service partner is responsible for both network and IT.

BASE, subsidiary of KPN Group, has a leading network position with its 3G dual carrier network supporting speeds of up to 42 Mbps. In addition, BASE has the aim to cover the majority of the country with LTE end-2014. BASE and Tech Mahindra will partner to realize the expansion and improvement of the network and achieve daily operational excellence in its network systems. Tech Mahindra will be responsible for amongst others mobile site upgrades, maintenance, incident handling, site construction and data centre maintenance for multi-vendor 2G/3G and LTE networks.

As a managed service partner Tech Mahindra is not biased towards any specific equipment vendor and will ensure excellent service management and customer experience for both network and IT with its global Network Operations Centre. BASE Company will retain ownership of the network and of the strategic network planning and development.

Jos Donvil, CEO of BASE Company said “The broadening of this partnership fits perfectly within the strategy of KPN Group of improving efficiency and effectiveness in its ICT environments and processes and addressing strategic growth areas with its partners. Transferring the day-to-day network operations to Tech Mahindra enables BASE Company to reinforce its focus on providing an excellent customer experience.”

“I’m proud to take the KPN relationship to the next level with this agreement. This partnership besides addressing the growing needs of BASE Company also positions Tech Mahindra as the only ICT company providing E2E Managed Services cutting across both Network and IT operations. Tech Mahindra believes that this unified operations strategy will be increasingly adopted by Telcos globally as they look at providing an end to end service experience cutting across both network and IT operations. With this landmark engagement, Tech Mahindra and KPN will jointly address the growing demands of Base' end customers as KPN GB looks at strengthening its position in the LTE market in Belgium" said CP Gurnani, CEO & MD, Tech Mahindra.

TECH MAHINDRA ANNOUNCES PIONEERING INDUSTRY – ACADEMIA PROGRAM FOR IT INFRASTRUCTURE MANAGEMENT SERVICES

Signs MOU with five Indian Universities to groom students to pursue global IT Infrastructure Service careers, address industry needs

Chandigarh, India – August 02, 2013– Tech Mahindra Ltd. a specialist provider of connected solutions to the connected world and enabling future digital enterprises, today announced that it has signed a Memorandum of Understanding (MoU) with select Indian universities to impart industry ready skills in IT Infrastructure Management Services (IMS). The program aims at creating a pool of resources to meet the demand across various facets of the IMS segment.

“Recognizing the need for a veritable talent pool for the infrastructure managed services globally, Tech Mahindra and select Indian universities come together to develop future ready talent for a connected world of great opportunities.” said VineetNayyar, Executive Vice Chairman, Tech Mahindra.

The Academy at Chandigarh leverages ‘Megh’ - Tech Mahindra’s Cloud content delivery platform. The courses under this initiative cover the entire spectrum of IT Operations, Network Operations and Cyber security. ‘Megh’ has a designed capacity to train over 5000 associates.

In the first phase of this program, Tech Mahindra has tied-up with select five Indian Universities. This tie-up facilitates students to be fully prepared to meet industry requirements with the right level of skills and aptitude.

“Through this partnership, Tech Mahindra aims to establish a strong academic connect and help create skilled resources to meet the requirements of tomorrow’s Digital Enterprise. The IMS Academy has successfully graduated several students since its inception in 2011 in Hyderabad and with this MOU, we now take a giant leap by collaborating with the Universities through the launch of our second Cloud based Academy.” said ShrikantVaze, Senior Vice President, Tech Mahindra.

The global infrastructure management services segment is expected to grow exponentially, and in order to ensure India maintains its edge in helping meet this requirement, it is imperative to have a ready pool of skilled resources. As a step in this direction, Tech Mahindra is supporting universities in the country by providing training material, faculty from the industry and simulation lab exercises. The course curriculum is created with a focus on developing expertise in various domains of IT Infrastructure Management Services.

About Tech Mahindra

Tech Mahindra represents the connected world, offering innovative and customer-centric information technology services and solutions, enabling Enterprises, Associates and the Society to Rise™. We are a USD 2.7 billion company with 84,000 professionals across 49 countries, helping over 500 global customers including Fortune 500 companies. Our Consulting, Enterprise and Telecom solutions, platforms and reusable assets connect across a number of technologies to derive tangible business value

We are part of the USD 16.2 billion Mahindra Group that employs more than 155,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership.

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 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.65.42
UK Pound	1	Rs.102.09
Euro	1	Rs.87.31

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.