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BASIC BENCHMARKTechnology Consulting Services

Report generated on 18-Jul-2016Report generated in USDGBC/RBC selected – Tata Consultancy ServicesUser/Company primary country - India

Property of Televisory Global Pte. Ltd. All Rights Reserved.

1. Benchmark Summary

2. Macro Data Backdrop

3. Quarterly Benchmarking

3.1 Key Operational Benchmarks

3.2 Benchmarking of Operating Costs

3.3 Benchmarking of Sales and Margin

3.4 Financial Benchmarking

3.5 Detailed Financial Ratios – Last 5 Quarters of Company

3.6 Detailed Financial Ratios – QoQ & YoY Comparison with GBC

4. Five-Year Trend Analysis

4.1 Key Operational Benchmarks

4.2 Operating Cost Benchmarks

4.3 Sales and Margin Benchmarks

4.4 Financial Benchmarks

4.5 Detailed Financial Ratios – Last 5 Years of Company

4.6 Detailed Financial Ratios – YoY Comparison with GBC

5. Basic Info

6. Appendix A – Quarterly Data

7. Appendix B – Yearly Data

3

4

5

5

6

7

8

9

15

16

14

13

12

11

10

11

17

18

Abbreviations

CO Company/User

GBC Global Benchmark Company

LTM Last Twelve Months

RBC Regional Benchmark Company

N/A Not Available

Important Disclaimer – This report is prepared by Televisory Global Pte. Ltd. (“Televisory”) based on datasubmitted by you for a distinct industry type selected by you. We have not independently verified theveracity of the data. You have chosen your data to be compared with a specific Global BenchmarkCompany (“GBC”). We have sourced these data from publicly available sources and have notindependently verified its accuracy. Neither the relevant GBC nor Televisory owes any responsibility for theGBC data in this report. Further, this report is for the exclusive internal usage of the User and not for anyother third party and Televisory owes no responsibility to anyone for the contents of this report.

CONTENTS

USD'000 Mar-2015 Mar-2016 BenchmarkedTo

Company 3.42 3.58

GBC 2.16 3.30 Better

Mar-2015 Mar-2016 BenchmarkedTo

Company N/A N/A

GBC N/A 285.1 N/A

Avg. EBITDA per Employee Debt Service Cover Ratio

Company vs. GBC - Current Qtr (per Employee) (USD'000)

1.2 EBITDA BRIDGE COMPARISON

Company YoY Comparison (USD M)

1. BENCHMARK SUMMARY1.1 QUARTERLY COMPARISON

Page | 3

2. MACRO DATA BACKDROP

source : Bloomberg

source : Bloomberg

Page | 4

3. QUARTERLY BENCHMARKING

Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.1 KEY OPERATIONAL BENCHMARKS

Notes:where data are not available, they will not be shown in the charts.

Page | 5


Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.2 BENCHMARKING OF OPERATING COSTS


Page | 6


Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.3 BENCHMARKING OF SALES AND MARGIN


Page | 7


Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.4 FINANCIAL BENCHMARKING1

Notes:1. Includes both DIT and non-DIT results.

Page | 8

Financial Ratios Unit

My Company

Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015

Qtr Ending Current Qtr

FX 62.07 63.63 65.4 66.03 67.49

Risk Grading Ratios

Net Profit Margin % 22.2% 22.0% 22.3% 21.8% 21.6%

Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A

Leverage = Total Liabilities/TNW x 0.23x 0.27x 0.26x 0.25x 0.32x

Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A

Activity = Sales/Total Assets (Annualized) % 80.8% 85.2% 88.2% 89.3% 88.1%

Activity = Net Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x

Size = Tangible Net Worth (TNW) USD Million 8,222 7,744 8,067 8,076 7,895

Growth Ratios

Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1%

Net Income Growth % 0.0% 6.1% 10.4% (0.5)% 3.2%

Total Assets Growth % 0.0% 1.6% 5.2% 0.5% 5.4%

Total Tangible Assets Growth % 0.0% 0.3% 5.6% 0.3% 6.1%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 17.9% 18.7% 19.6% 19.4% 19.0%

Return on Equity = Net Profit/TNW (Annualized) % 23.3% 25.6% 26.4% 26.0% 26.8%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A

EBIT/Interest Expenses x N/A N/A N/A N/A N/A

EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A

EBITDA/Interest Expenses x N/A N/A N/A N/A N/A

CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A

CADS/Interest Expenses x N/A N/A N/A N/A N/A

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD Million 5,770 5,234 5,492 5,449 5,122

Quick Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x

Current Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x

Liquid Assets/Total Assets % 45.8% 41.8% 42.2% 41.4% 43.5%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A

Liquid Assets/Total Current Assets % 64.3% 60.6% 61.0% 60.5% 63.2%

Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 0.23x 0.27x 0.26x 0.25x 0.32x

Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 85.4 82.8 79.8 79.4 77.7

Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00

Trade Payables Turnover Period (Annualized) days 1.58 1.72 1.47 1.13 2.37

Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00

Trade Payables Turnover Period over Sales (Annualized) days 85.4 85.8 80.8 79.4 79.2

Trade Receivable/Sales (Annualized) % 23.4% 23.5% 22.1% 21.8% 21.7%

COGS/Sales % 60.1% 62.2% 60.9% 61.3% 60.2%

Cash SG&A/Sales % 13.3% 13.3% 13.3% 13.6% 12.0%

3.5 DETAILED FINANCIAL RATIOS – LAST 5 QUARTERS OF COMPANY


Page | 9


My Company

Mar-2016Mar-2015


Mar-2015

Tata Consultancy Services

Mar-2016


FX 62.07 67.49 62.07 67.49

Risk Grading Ratios

Net Profit Margin % 22.2% 21.6% 15.5% 22.6%

Leverage = TNW/Debt Servicing Amount x N/A N/A 216.18x 466.33x

Leverage = Total Liabilities/TNW x 0.23x 0.32x 0.44x 0.37x

Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A 285.07x

Activity = Sales/Total Assets (Annualized) % 80.8% 88.1% 131.5% 127.3%

Activity = Net Sales Growth % 0.0% 4.1% 0.0% 4.0%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 6.42x 2.06x 0.89x

Size = Tangible Net Worth (TNW) USD Million 8,222 7,895 8,002 9,478

Growth Ratios

Sales Growth % 0.0% 4.1% 0.0% 4.0%

Net Income Growth % 0.0% 3.2% 0.0% 5.2%

Total Assets Growth % 0.0% 5.4% 0.0% 7.5%

Total Tangible Assets Growth % 0.0% 6.1% 0.0% 7.6%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 17.9% 19.0% 20.4% 28.7%

Return on Equity = Net Profit/TNW (Annualized) % 23.3% 26.8% 30.2% 40.2%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x N/A N/A 86.12x 241.97x

EBIT/Interest Expenses x N/A N/A 447.68x 1,371.42x

EBITDA/Debt Servicing Amount (Annualized) x N/A N/A 94.31x 256.76x

EBITDA/Interest Expenses x N/A N/A 490.22x 1,455.25x

CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A 285.07x

CADS/Interest Expenses x N/A N/A N/A 1,615.71x

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD Million 5,770 5,122 4,591 6,089

Quick Ratio x 4.15x 3.01x 2.40x 2.87x

Current Ratio x 4.15x 3.01x 2.40x 2.87x

Liquid Assets/Total Assets % 45.8% 43.5% 25.2% 7.6%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A 100.00x 60.06x

Liquid Assets/Total Current Assets % 64.3% 63.2% 38.0% 10.8%

Liquid Assets/Adjusted Current Liabilities x 10.27x 6.42x 2.06x 0.89x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 0.23x 0.32x 0.44x 0.37x

Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.01x 0.00x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 85.4 77.7 91.4 89.0

Inventory Turnover Period (Annualized) days 0.00 0.00 0.09 0.10

Trade Payables Turnover Period (Annualized) days 1.58 2.37 52.0 41.2

Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.06 0.05

Trade Payables Turnover Period over Sales (Annualized) days 85.4 79.2 91.4 90.0

Trade Receivable/Sales (Annualized) % 23.4% 21.7% 25.0% 24.7%

COGS/Sales % 60.1% 60.2% 64.0% 56.5%

Cash SG&A/Sales % 13.3% 12.0% 18.7% 16.0%


3.6 DETAILED FINANCIAL RATIOS – QoQ & YoY COMPARISON WITH GBC

Page | 10

4.1 KEY OPERATIONAL BENCHMARKS Legend: GBC

4. FIVE-YEAR TREND ANALYSIS

CO


Page | 11

Legend: GBC

4. FIVE-YEAR TREND ANALYSIS4.2 BENCHMARKING OF OPERATING COSTS CO


Page | 12

Legend: GBC


4.3 BENCHMARKING OF SALES AND MARGIN CO


Page | 13

Legend: GBC

4. FIVE-YEAR TREND ANALYSIS4.4 FINANCIAL BENCHMARKING2

Notes:2. Includes both DIT and non-DIT results.

CO

Page | 14


My Company

20142013 2015

Previous FinancialYear-3

Mar-20162012



Previous FinancialYear

Trailing 12 Months

FX 48.05 54.46 60.7 61.26 65.64

Risk Grading Ratios

Net Profit Margin % 24.7% 23.4% 21.3% 23.2% 21.9%

Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A

Leverage = Total Liabilities/TNW x 0.23x 0.23x 0.29x 0.33x 0.32x

Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A

Activity = Sales/Total Assets (Annualized) % 88.0% 87.1% 88.0% 80.4% 83.1%

Activity = Net Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x

Size = Tangible Net Worth (TNW) USD Million 6,276 6,549 6,953 7,685 8,118

Growth Ratios

Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6%

Net Income Growth % 0.0% 13.2% 13.0% 16.1% 28.4%

Total Assets Growth % 0.0% 20.8% 23.0% 16.4% 31.9%

Total Tangible Assets Growth % 0.0% 18.4% 24.2% 14.6% 29.2%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 21.7% 20.4% 18.7% 18.7% 18.2%

Return on Equity = Net Profit/TNW (Annualized) % 27.6% 26.4% 25.2% 26.3% 25.7%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A

EBIT/Interest Expenses x N/A N/A N/A N/A N/A

EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A

EBITDA/Interest Expenses x N/A N/A N/A N/A N/A

CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A

CADS/Interest Expenses x N/A N/A N/A N/A N/A

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD Million 4,862 5,003 5,114 5,181 5,266

Quick Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x

Current Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x

Liquid Assets/Total Assets % 53.7% 47.1% 45.6% 45.8% 43.5%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A

Liquid Assets/Total Current Assets % 68.0% 61.8% 60.2% 64.3% 63.2%

Liquid Assets/Adjusted Current Liabilities x 19.12x 14.38x 7.93x 7.86x 6.42x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 0.23x 0.23x 0.29x 0.33x 0.32x

Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 83.9 78.1 75.3 81.2 78.7

Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00

Trade Payables Turnover Period (Annualized) days 0.44 1.57 2.10 1.77 2.52

Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00

Trade Payables Turnover Period over Sales (Annualized) days 83.9 86.1 81.3 86.0 83.9

Trade Receivable/Sales (Annualized) % 23.0% 23.6% 22.3% 23.6% 23.0%

COGS/Sales % 56.8% 61.0% 62.8% 60.4% 61.1%

Cash SG&A/Sales % 14.1% 13.0% 12.1% 12.9% 13.0%


4.5 DETAILED FINANCIAL RATIOS – LAST 5 YEARS OF COMPANY

Page | 15


My Company

2015 Mar-2016

Previous FinancialYear

Trailing 12 Months Previous FinancialYear

2015


Mar-2016

Trailing 12 Months

FX 61.26 65.64 61.26 65.64

Risk Grading Ratios

Net Profit Margin % 23.2% 21.9% 21.2% 22.4%

Leverage = TNW/Debt Servicing Amount x N/A N/A 142.40x 481.68x

Leverage = Total Liabilities/TNW x 0.33x 0.32x 0.44x 0.37x

Cash Flow = CADS/Debt Servicing Amount x N/A N/A 72.12x 172.99x

Activity = Sales/Total Assets (Annualized) % 80.4% 83.1% 128.5% 121.6%

Activity = Net Sales Growth % 6.4% 24.6% 15.7% 32.8%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 9.51x 6.42x 1.72x 0.89x

Size = Tangible Net Worth (TNW) USD Million 7,685 8,118 8,081 9,745

Growth Ratios

Sales Growth % 6.4% 24.6% 15.7% 32.8%

Net Income Growth % 16.1% 28.4% 3.8% 26.1%

Total Assets Growth % 16.4% 31.9% 9.7% 33.1%

Total Tangible Assets Growth % 14.6% 29.2% 10.5% 35.4%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 18.7% 18.2% 27.2% 27.3%

Return on Equity = Net Profit/TNW (Annualized) % 26.3% 25.7% 40.5% 38.1%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x N/A N/A 75.95x 238.69x

EBIT/Interest Expenses x N/A N/A 253.41x 1,598.37x

EBITDA/Debt Servicing Amount (Annualized) x N/A N/A 81.13x 253.36x

EBITDA/Interest Expenses x N/A N/A 270.67x 1,696.60x

CADS/Debt Servicing Amount (Annualized) x N/A N/A 72.12x 172.99x

CADS/Interest Expenses x N/A N/A 240.62x 1,158.41x

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD Million 5,181 5,266 4,652 6,260

Quick Ratio x 3.05x 3.01x 2.40x 2.87x

Current Ratio x 3.05x 3.01x 2.40x 2.87x

Liquid Assets/Total Assets % 45.8% 43.5% 25.2% 7.6%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A 76.23x 60.06x

Liquid Assets/Total Current Assets % 64.3% 63.2% 38.0% 10.8%

Liquid Assets/Adjusted Current Liabilities x 7.86x 6.42x 1.48x 0.88x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 0.33x 0.32x 0.44x 0.37x

Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 81.2 78.7 89.7 87.9

Inventory Turnover Period (Annualized) days 0.00 0.00 0.10 0.10

Trade Payables Turnover Period (Annualized) days 1.77 2.52 50.6 51.2

Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.06 0.05

Trade Payables Turnover Period over Sales (Annualized) days 86.0 83.9 93.6 94.3

Trade Receivable/Sales (Annualized) % 23.6% 23.0% 25.6% 25.8%

COGS/Sales % 60.4% 61.1% 57.6% 56.0%

Cash SG&A/Sales % 12.9% 13.0% 17.0% 16.0%


4.6 DETAILED FINANCIAL RATIOS – YOY COMPARISON WITH GBC

Page | 16

5. BASIC INFO

DATES

Data Submission Date: 18-Jul-2016

Report Generation Date: 18-Jul-2016

ABOUT THE USER

India

N/A

N/A

Karnataka

Primary Location-Country

Secondary Location-Country

Primary Location-State

Secondary Location-State

COMPARABLE SELECTION


USD

NA

GBC Selected

GBC Reporting Currency

Peer Comparison Criteria By

DISTINCT INDUSTRY TYPE(DIT)

Technology Consulting Services

DIT Code: 21040104

USER ACCOUNT & TELEVISORY REPORT CURRENCY

INR

Million

USD

User Account Currency

Reporting Unit

Televisory Report Currency

ANALYSIS PERIOD

4

Mar

2016

Mar-2016

18-Jul-2016

Reporting Period in a Year

Financial Year Ending

Current Quarter Ending

Current Financial Year

Form Download Request Date

DITMT Version 2

Page | 17

6. APPENDIX – QUARTERLY DATA

Operation Yield Comparison

Operational ComparisonUnit

FX

My Company


Qtr Ending Current Qtr YoY %Change

QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 63.63 65.4 66.03 67.49Order Book Analysis

Opening Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts Awarded USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Closing Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Book to Bill Ratio x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Backlog to Sales (Annualised) x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Backlog to Sales (in months) Months N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts Profile

% Banking & Financial Services Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Telecom, Media & Entertainment % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Retail & Consumer Packaged Goods % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Manufacturing % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Other Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Government % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts by Geography

% North America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Europe % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Asia Pacific % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Others/Unclassified % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts by Customer Type

% New Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Renewal Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Project Profile

Total no. of Projects Count N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Projects delivered on time % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Total Project timeline Years N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Employee Profile

Total Technology Consulting Employees Empl. 176,187 179,523 187,976 193,383 194,044 10.1% 0.3% 319,656 324,935 335,620 344,691 353,843 10.7% 2.7%

Net Change in No. of Empl. Empl. 6,549 3,336 8,453 5,407 661.0 -89.9% -87.8% 1,031 5,279 10,685 9,071 9,152 787.7% 0.9%

Recruitment Rate (annualised) % 33.5% 26.7% 38.3% 29.4% 18.6% N/A N/A 18.0% 25.2% 30.5% 26.0% 25.9% N/A N/A

Attrition Rate (annualised) % 18.3% 19.2% 19.9% 18.1% 17.3% N/A N/A 16.8% 18.6% 17.6% 15.3% 15.4% N/A N/A

Net Recruitment/Attrition Rate % 15.2% 7.5% 18.4% 11.3% 1.4% N/A N/A 1.3% 6.6% 12.9% 10.7% 10.5% N/A N/A

Employee Profile Bifurcation

% North America % 3.5% 3.5% 3.5% 3.5% 4.3% N/A N/A N/A N/A N/A N/A N/A N/A N/A


Page | 18




FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 63.63 65.4 66.03 67.49% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Europe % 3.0% 3.0% 3.0% 3.0% 3.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Asia Pacific % 93.5% 93.5% 93.5% 93.5% 92.8% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A

% Onsite % 28.9% 29.2% 29.2% 29.2% 29.2% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Offsite % 71.1% 70.8% 70.8% 70.8% 70.8% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Technical/Software Staff % 91.6% 93.4% 90.6% 92.5% 94.8% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Other Support Staff % 8.4% 6.6% 9.4% 7.5% 5.2% N/A N/A N/A N/A N/A N/A N/A N/A N/A

Employee Efficiency Metrics

No. of man-hrs Billed 000 hours 65,013 68,757 71,713 78,707 77,710 19.5% -1.3% 130,260 134,686 138,108 139,428 143,129 9.9% 2.7%

Avg. No.of man-hrs Billed per Empl. hours 369.0 383.0 381.5 407.0 400.5 8.5% -1.6% 407.5 414.5 411.5 404.5 404.5 -0.7% 0.0%

Manpower Utilization Rate % 73.8% 76.6% 76.3% 81.4% 76.5% N/A N/A 81.5% 82.9% 82.3% 80.9% 80.9% N/A N/A

Avg. Age of Empl. Count 29.0 29.0 29.0 29.0 29.0 0.0% 0.0% 29.5 27.0 27.0 27.0 27.0 -8.5% 0.0%

Avg. Empl. per Project Empl. N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Avg. New Contract Value per Empl. USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Customer Profile

Total No. of Customers Cust. 950.0 987.0 1,011 1,045 1,092 15.0% 4.5% 791.0 804.0 819.0 838.0 829.0 4.8% -1.1%

% of Cust. in < $ 1mm Rev. bucket % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% of Cust. in $ 1mm - < $ 5mm Rev. bucket % 30.0% 29.1% 28.1% 28.1% 26.6% N/A N/A 50.8% 51.4% 50.7% 50.7% 48.2% N/A N/A





% of Cust. in > $ 100mm Rev. bucket % 2.0% 2.1% 2.1% 1.9% 1.9% N/A N/A 3.7% 3.7% 4.0% 4.1% 4.5% N/A N/A

Others / Unclassified % 44.3% 45.8% 46.4% 46.9% 48.9% N/A N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A

Empl. to Cust. Ratio x 185.46x 181.89x 185.93x 185.06x 177.70x N/A N/A 404.12x 404.15x 409.79x 411.33x 426.83x N/A N/A

Lead Conversion Ratio % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Repeat Customer Ratio % 96.6% 98.4% 97.6% 96.8% 97.1% N/A N/A N/A N/A N/A N/A N/A N/A N/A

Distribution Profile

No. of Business Locations Count 155.0 199.0 199.0 199.0 199.0 28.4% 0.0% N/A N/A N/A N/A N/A N/A N/A

% North America % 20.6% 27.1% 27.1% 27.1% 27.1% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% South America % 3.2% 3.0% 3.0% 3.0% 3.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Europe % 30.3% 27.6% 27.6% 27.6% 27.6% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Middle East & Africa % 1.9% 2.0% 2.0% 2.0% 2.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Asia Pacific % 43.9% 40.2% 40.2% 40.2% 40.2% N/A N/A N/A N/A N/A N/A N/A N/A N/A


Page | 19




FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 63.63 65.4 66.03 67.49% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A

Business Locations by Type

% Delivery Centres % 59.4% 53.3% 53.3% 53.3% 53.3% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Sales Centres % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Research and Development Centres % 5.2% 4.0% 4.0% 4.0% 4.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Others % 35.5% 42.7% 42.7% 42.7% 42.7% N/A N/A N/A N/A N/A N/A N/A N/A N/A

Intellectual Property Profile

No. of Patents filed for the period Count N/A N/A N/A N/A N/A N/A N/A 127.0 141.0 141.0 141.0 142.0 11.8% 0.7%

% of Patents Approved during the period % N/A N/A N/A N/A N/A N/A N/A 18.1% 60.3% 60.3% 60.3% 60.6% N/A N/A

Total Patents held till date Count N/A N/A N/A N/A N/A N/A N/A 206.0 291.0 376.0 461.0 547.0 165.5% 18.7%

Receivables Profile

% Receivables Overdue > 6 months to Tot. Receivables % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 7.8% N/A N/A N/A 7.2% N/A N/A

% Receivables Overdue < 6 months to Tot. Receivables % 24.5% 33.1% 30.4% 27.5% N/A N/A N/A 78.3% N/A N/A N/A 62.4% N/A N/A

% Doubtful Receivables to Tot. Receivables % 3.8% 3.5% 3.6% 3.0% 2.6% N/A N/A 1.8% N/A N/A N/A 1.8% N/A N/A

Total Receivables USD Million 1,565 1,658 1,590 1,644 1,679 7.3% 2.1% 3,909 4,008 4,089 4,150 4,158 6.4% 0.2%

Receivables to Sales (annualised) % 18.1% 18.4% 16.6% 17.1% 17.1% N/A N/A 25.0% 24.8% 24.6% 25.0% 24.7% N/A N/A


Page | 20


Operating Cost Comparison


FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 63.63 65.4 66.03 67.49Operating Expenses By Items

% Payroll and Related Benefits % of Cash 76.0% 76.0% 75.9% 76.0% 75.6% N/A N/A 76.0% 73.5% 72.2% 72.9% 72.0% N/A N/A

% Fees Paid for Outsourced Services % of Cash 6.5% 7.1% 7.6% 8.6% 7.7% N/A N/A 7.9% 9.4% 10.4% 10.2% 10.7% N/A N/A

% Other Cash Opex % of Cash 1.6% 0.6% 0.4% 0.5% 1.1% N/A N/A 1.9% 2.2% 2.2% 2.2% 2.2% N/A N/A

% Selling, General & Admin Exp. % of Cash 15.9% 16.3% 16.0% 14.9% 15.5% N/A N/A 14.2% 14.9% 15.2% 14.8% 15.1% N/A N/A

% Depreciation and Amortization % of Opex 2.8% 2.9% 3.1% 3.1% 1.9% N/A N/A 2.3% 2.5% 2.4% 2.4% 2.4% N/A N/A

% Non-Cash Exp. % of Opex 0.4% 0.0% 0.1% 0.3% (0.7)% N/A N/A 0.2% 0.2% 0.2% 0.2% 0.2% N/A N/A

Tot. Opex USD Million 1,605 1,714 1,780 1,809 1,792 11.7% -0.9% 3,288 2,977 3,036 3,049 3,122 -5.1% 2.4%

Avg. Opex per Month USD Million 535.0 571.4 593.4 602.9 597.4 11.7% -0.9% 1,096 992.4 1,012 1,016 1,041 -5.1% 2.4%

Tot. Cash Opex USD Million 1,552 1,665 1,724 1,748 1,771 14.1% 1.3% 3,205 2,898 2,957 2,971 3,041 -5.1% 2.4%

Avg. Cash Opex per Month USD Million 517.4 555.0 574.5 582.7 590.2 14.1% 1.3% 1,068 966.0 985.6 990.2 1,014 -5.1% 2.4%

Empl. Expenses to Rev. % 54.6% 56.1% 54.7% 55.2% 54.6% N/A N/A 62.4% 52.8% 51.4% 52.2% 52.0% N/A N/A

Avg. Empl. Expenses per Empl. USD'000 6.69 7.05 6.96 6.87 6.90 3.1% 0.4% 7.62 6.56 6.37 6.28 6.19 -18.7% -1.4%

Cash to Empl. Expenses (Annualised) x 1.04x 0.87x 0.87x 0.84x 0.90x N/A N/A 0.31x 0.33x 0.31x 0.21x 0.11x N/A N/A

SGA Expense to Rev. % 11.4% 12.0% 11.6% 10.8% 11.2% N/A N/A 11.7% 10.7% 10.8% 10.6% 10.9% N/A N/A

Tot. Opex to Rev. % 74.3% 76.0% 74.5% 75.1% 73.1% N/A N/A 84.3% 73.8% 73.1% 73.6% 74.1% N/A N/A

Operating Cash Expenses By Industry Segment

% Banking & Financial Services Industries % of Cash 29.0% 26.5% 26.4% 27.0% 34.2% N/A N/A 40.6% 40.6% 40.5% 40.6% 40.9% N/A N/A

% Telecom, Media & Entertainment % of Cash 15.6% 17.4% 17.6% 18.0% 22.2% N/A N/A 10.8% 11.0% 10.8% 10.9% 10.8% N/A N/A

% Retail & Consumer Packaged Goods % of Cash 15.6% 16.0% 16.4% 16.2% 18.0% N/A N/A 13.6% 13.8% 13.8% 14.1% 14.4% N/A N/A

% Manufacturing % of Cash 23.6% 24.0% 24.2% 22.6% 25.5% N/A N/A 10.2% 9.9% 9.8% 10.1% 10.4% N/A N/A

% Other Industries % of Cash 16.2% 16.0% 15.3% 16.1% 0.0% N/A N/A 24.8% 24.7% 25.1% 24.2% 23.4% N/A N/A

% Government % of Cash 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A

Operating Cash Expenses by Service Line

% Application Development, Testing & Maintenance % of Cash N/A N/A N/A N/A N/A N/A N/A 40.1% 40.3% 40.0% 39.7% 39.2% N/A N/A

% Enterprise Solutions & Business Intelligence % of Cash N/A N/A N/A N/A N/A N/A N/A 15.4% 15.1% 17.5% 17.4% 19.8% N/A N/A

% IT Infrastructure Services % of Cash N/A N/A N/A N/A N/A N/A N/A 14.5% 14.7% 14.7% 15.2% 15.4% N/A N/A

% Business Process Outsourcing and Management % of Cash N/A N/A N/A N/A N/A N/A N/A 16.1% 16.0% 15.9% 16.3% 16.2% N/A N/A

% Assurance Services, Products and Others % of Cash N/A N/A N/A N/A N/A N/A N/A 13.9% 13.9% 11.9% 11.4% 9.4% N/A N/A

Avg. Operating Cash Expenses

Avg. Cash Opex per Cust. USD'000 1,634 1,687 1,705 1,673 1,622 -0.8% -3.1% 4,051 3,605 3,610 3,545 3,669 -9.4% 3.5%

Avg. Cash Opex per Empl. USD'000 8.81 9.27 9.17 9.04 9.13 3.6% 1.0% 10.0 8.92 8.81 8.62 8.60 -14.3% -0.3%

Average Operating Expense per Employee

Payroll and Related Benefits USD'000 6.69 7.05 6.96 6.87 6.90 3.1% 0.4% 7.62 6.56 6.37 6.28 6.19 -18.7% -1.4%

Fees Paid for Outsourced Services USD'000 0.58 0.66 0.70 0.78 0.71 22.6% -9.6% 0.79 0.84 0.91 0.88 0.92 16.3% 4.5%

Other Cash Operating Expenses USD'000 0.14 0.05 0.04 0.04 0.10 -26.4% 144.7% 0.19 0.19 0.19 0.18 0.19 -1.4% 1.7%


Page | 21




FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 63.63 65.4 66.03 67.49Selling, General & Admin Expenses USD'000 1.40 1.51 1.47 1.35 1.42 1.0% 5.3% 1.42 1.33 1.34 1.27 1.29 -9.1% 1.7%

Depreciation & Amortization USD'000 0.26 0.27 0.29 0.29 0.17 -33.3% -40.3% 0.24 0.23 0.22 0.21 0.21 -10.4% -0.3%

Other Non Cash Expense USD'000 0.04 0.00 0.01 0.03 (0.06) -253.7% -346.8% 0.02 0.02 0.02 0.01 0.01 -39.6% 1.7%

Avg. OPEX per Empl. USD'000 9.11 9.55 9.47 9.35 9.24 1.4% -1.2% 10.3 9.16 9.05 8.85 8.82 -14.2% -0.3%

Capex

Tot. Capex USD Million 174.2 105.1 91.6 102.2 64.6 -62.9% -36.8% 121.4 75.0 77.3 77.1 76.6 -36.9% -0.6%

% Capex to Rev. % 8.1% 4.7% 3.8% 4.2% 2.6% N/A N/A 3.1% 1.9% 1.9% 1.9% 1.8% N/A N/A

% R & D Capex to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 0.0% 0.1% 0.1% 0.1% 0.1% N/A N/A

% Other Capex to Tot. Capex % 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A 100.0% 99.9% 99.9% 99.9% 99.9% N/A N/A


Page | 22


Operational Comparison

Sales & Margins Comparison

Unit

FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 63.63 65.4 66.03 67.49Revenue by Geography

% North America % of Rev. 62.8% 63.2% 63.3% 62.5% 61.8% N/A N/A 51.9% 53.3% 53.3% 53.3% 53.3% N/A N/A

% South America % of Rev. N/A N/A N/A N/A N/A N/A N/A 2.1% 2.0% 2.0% 2.0% 2.0% N/A N/A

% Europe % of Rev. 23.2% 22.4% 22.9% 23.2% 23.4% N/A N/A 28.2% 26.8% 26.8% 26.8% 26.8% N/A N/A

% Middle East & Africa % of Rev. N/A N/A N/A N/A N/A N/A N/A 2.0% 2.3% 2.3% 2.3% 2.3% N/A N/A

% Asia Pacific % of Rev. N/A N/A N/A N/A N/A N/A N/A 15.8% 15.7% 15.7% 15.7% 15.7% N/A N/A

% Others/Unclassified % of Rev. 14.0% 14.4% 13.8% 14.3% 14.7% N/A N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A

Tot. Rev. USD Million 2,161 2,256 2,391 2,408 2,452 13.5% 1.8% 3,902 4,034 4,154 4,144 4,215 8.0% 1.7%

Avg. Rev. per Month USD Million 720.2 751.9 796.9 802.8 817.4 13.5% 1.8% 1,301 1,345 1,385 1,381 1,405 8.0% 1.7%

OOI - Technology Consulting USD Million 0.76 1.30 0.46 1.92 1.02 35.0% -46.8% 0.00 0.00 0.00 0.00 0.00 N/A N/A

Revenue by Industry Segment

% Banking & Financial Services Industries % of Rev. 33.2% 33.1% 32.8% 33.5% 32.7% N/A N/A 40.6% 40.6% 40.5% 40.6% 40.9% N/A N/A

% Telecom, Media & Entertainment % of Rev. 19.8% 18.8% 18.8% 19.4% 20.0% N/A N/A 10.8% 11.0% 10.8% 10.9% 10.8% N/A N/A

% Retail & Consumer Packaged Goods % of Rev. 16.8% 16.5% 16.8% 16.6% 16.8% N/A N/A 13.6% 13.8% 13.8% 14.1% 14.4% N/A N/A

% Manufacturing % of Rev. 23.4% 24.0% 23.8% 22.8% 22.8% N/A N/A 10.2% 9.9% 9.8% 10.1% 10.4% N/A N/A

% Other Industries % of Rev. 6.8% 7.6% 7.8% 7.7% 7.7% N/A N/A 24.8% 24.7% 25.1% 24.2% 23.4% N/A N/A

% Government % of Rev. 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A

Revenue by Service Line

% Application Development, Testing & Maintenance % of Rev. 42.9% 42.8% 42.6% 42.4% 43.0% N/A N/A 40.1% 40.3% 40.0% 39.7% 39.2% N/A N/A

% Enterprise Solutions & Business Intelligence % of Rev. 36.2% 36.3% 36.1% 37.2% 35.2% N/A N/A 15.4% 15.1% 17.5% 17.4% 19.8% N/A N/A

% IT Infrastructure Services % of Rev. 8.1% 8.3% 8.7% 7.5% 9.4% N/A N/A 14.5% 14.7% 14.7% 15.2% 15.4% N/A N/A

% Business Process Outsourcing and Management % of Rev. 5.3% 5.0% 4.9% 4.9% 4.8% N/A N/A 16.1% 16.0% 15.9% 16.3% 16.2% N/A N/A

% Assurance Services, Products and Others % of Rev. 7.5% 7.6% 7.7% 8.0% 7.5% N/A N/A 13.9% 13.9% 11.9% 11.4% 9.4% N/A N/A

Revenue by Nature of Contract

% Time and Material Basis % of Rev. 54.4% 55.9% 54.5% 55.4% 55.1% N/A N/A 47.4% 48.0% 48.0% 48.0% 48.0% N/A N/A

% Fixed Price Basis % of Rev. 45.6% 44.1% 45.5% 44.6% 44.9% N/A N/A 52.6% 52.0% 52.0% 52.0% 52.0% N/A N/A

Revenue by Location of Service Delivery

% Remote Delivery Centre % of Rev. 45.3% 43.9% 43.9% 43.5% 62.8% N/A N/A 51.5% 51.8% 51.8% 51.8% 51.8% N/A N/A

% Onsite Delivery % of Rev. 54.7% 56.1% 56.1% 56.5% 37.2% N/A N/A 48.5% 48.2% 48.2% 48.2% 48.2% N/A N/A

Avg. Revenue Performance

Avg. Rev. per Cust. USD'000 2,274 2,285 2,365 2,305 2,246 -1.3% -2.6% 4,933 5,017 5,072 4,945 5,085 3.1% 2.8%

Avg. Rev. per Empl. USD'000 12.3 12.6 12.7 12.4 12.6 3.0% 1.5% 12.2 12.4 12.4 12.0 11.9 -2.4% -0.9%

Avg. Bill Rate per Hour USD'000 0.03 0.03 0.03 0.03 0.03 -5.0% 3.1% 0.03 0.03 0.03 0.03 0.03 -1.7% -0.9%

Avg. OOI Technology Consulting per Empl. USD'000 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.00 0.00 0.00 0.00 0.00 N/A N/A

Tot. Productivity Ratio x 1.35x 1.32x 1.34x 1.33x 1.37x N/A N/A 1.19x 1.35x 1.37x 1.36x 1.35x N/A N/A

EBITDA Margin by Industry Segment


Page | 23




Unit

FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 63.63 65.4 66.03 67.49Banking & Financial Services Industries % 37.3% 40.9% 41.9% 41.4% 24.5% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A

Telecom, Media & Entertainment % 43.2% 31.7% 32.7% 32.5% 19.8% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A

Retail & Consumer Packaged Goods % 33.4% 28.4% 29.4% 29.0% 22.6% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A

Manufacturing % 27.6% 26.1% 26.7% 28.2% 19.0% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A

% Other Industries % (71.6)% (55.6)% (41.8)% (52.0)% 100.0% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A

EBITDA Comparison

Avg. EBITDA per Cust. USD'000 633.7 600.0 658.5 629.1 636.1 0.4% 1.1% 871.9 1,406 1,455 1,394 1,410 61.7% 1.1%

Avg. EBITDA per Empl. USD'000 3.42 3.30 3.54 3.40 3.58 4.8% 5.3% 2.16 3.48 3.55 3.39 3.30 53.1% -2.6%

Tot. EBITDA USD Million 602.0 592.2 665.7 657.4 694.6 15.4% 5.7% 689.7 1,131 1,191 1,168 1,169 69.5% 0.0%

Tot. EBITDA Margin % of Rev. 27.9% 26.2% 27.8% 27.3% 28.3% N/A N/A 17.7% 28.0% 28.7% 28.2% 27.7% N/A N/A


Page | 24


Financial RatiosUnit

FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 65.463.63 66.03 67.49Risk Grading Ratios

Net Profit Margin % 22.2% 22.0% 22.3% 21.8% 21.6% N/A N/A 15.5% 22.4% 22.5% 22.3% 22.6% N/A N/A

Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A N/A 216.18x 492.24x 3,216.09x 797.51x 466.33x N/A N/A

Leverage = Total Liabilities/TNW x 0.23x 0.27x 0.26x 0.25x 0.32x N/A N/A 0.44x 0.35x 0.27x 0.32x 0.37x N/A N/A

Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A N/A N/A 60.29x 446.34x 489.70x 285.07x N/A N/A

Activity = Sales/Total Assets (Annualized) % 80.8% 85.2% 88.2% 89.3% 88.1% N/A N/A 131.5% 136.4% 141.3% 131.6% 127.3% N/A N/A

Activity = Net Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1% N/A N/A 0.0% 6.0% 5.8% 0.7% 4.0% N/A N/A

Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x N/A N/A 2.06x 2.33x 2.72x 1.72x 0.89x N/A N/A

Size = Tangible Net Worth (TNW) USD Million 8,222 7,744 8,067 8,076 7,895 -4.0% -2.2% 8,002 8,532 9,009 9,305 9,478 18.4% 1.8%

Growth Ratios

Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1% N/A N/A 0.0% 6.0% 5.8% 0.7% 4.0% N/A N/A

Net Income Growth % 0.0% 6.1% 10.4% (0.5)% 3.2% N/A N/A 0.0% 52.9% 6.4% (0.1)% 5.2% N/A N/A

Total Assets Growth % 0.0% 1.6% 5.2% 0.5% 5.4% N/A N/A 0.0% 2.2% 2.2% 8.1% 7.5% N/A N/A

Total Tangible Assets Growth % 0.0% 0.3% 5.6% 0.3% 6.1% N/A N/A 0.0% 2.4% 2.4% 8.3% 7.6% N/A N/A

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 17.9% 18.7% 19.6% 19.4% 19.0% N/A N/A 20.4% 30.5% 31.8% 29.4% 28.7% N/A N/A

Return on Equity = Net Profit/TNW (Annualized) % 23.3% 25.6% 26.4% 26.0% 26.8% N/A N/A 30.2% 42.3% 41.5% 39.7% 40.2% N/A N/A

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A 86.12x 270.70x 1,748.83x 411.44x 241.97x N/A N/A

EBIT/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A 447.68x 1,735.97x 1,812.14x 1,566.07x 1,371.42x N/A N/A

EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A 94.31x 287.78x 1,854.73x 436.62x 256.76x N/A N/A

EBITDA/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A 490.22x 1,845.44x 1,921.87x 1,661.92x 1,455.25x N/A N/A

CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A N/A 60.29x 446.34x 489.70x 285.07x N/A N/A

CADS/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A N/A 386.66x 462.50x 1,863.94x 1,615.71x N/A N/A

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD Million 5,770 5,234 5,492 5,449 5,122 -11.2% -6.0% 4,591 5,307 5,971 6,069 6,089 32.6% 0.3%

Quick Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x N/A N/A 2.40x 2.94x 3.68x 3.19x 2.87x N/A N/A

Current Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x N/A N/A 2.40x 2.94x 3.68x 3.19x 2.87x N/A N/A

Liquid Assets/Total Assets % 45.8% 41.8% 42.2% 41.4% 43.5% N/A N/A 25.2% 23.9% 22.6% 14.6% 7.6% N/A N/A

Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A N/A N/A 100.00x 193.18x 27,210.14 213.02x 60.06x N/A N/A

Liquid Assets/Total Current Assets % 64.3% 60.6% 61.0% 60.5% 63.2% N/A N/A 38.0% 35.1% 32.5% 20.7% 10.8% N/A N/A

Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x N/A N/A 2.06x 2.33x 2.72x 1.72x 0.89x N/A N/A

Leverage Ratios

Total Liabilities/Tangible Net Worth x 0.23x 0.27x 0.26x 0.25x 0.32x N/A N/A 0.44x 0.35x 0.27x 0.32x 0.37x N/A N/A

Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x N/A N/A 0.01x 0.00x 0.00x 0.00x 0.00x N/A N/A

Activity Ratios


Page | 25



FX

My Company



QoQ %Change

62.07 63.63 65.4 66.03 67.49

Jun-2015Mar-2015 Sep-2015 Dec-2015


Mar-2016


QoQ %Change

62.07 65.463.63 66.03 67.49Trade Receivable Turnover Period (Annualized) days 85.4 82.8 79.8 79.4 77.7 N/A N/A 91.4 88.5 87.8 90.3 89.0 N/A N/A

Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.09 0.11 0.12 0.11 0.10 N/A N/A

Trade Payables Turnover Period (Annualized) days 1.58 1.72 1.47 1.13 2.37 N/A N/A 52.0 51.9 42.2 40.1 41.2 N/A N/A

Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.06 0.06 0.07 0.06 0.05 N/A N/A

Trade Payables Turnover Period over Sales (Annualized) days 85.4 85.8 80.8 79.4 79.2 N/A N/A 91.4 90.7 89.8 91.4 90.0 N/A N/A

Trade Receivable/Sales (Annualized) % 23.4% 23.5% 22.1% 21.8% 21.7% N/A N/A 25.0% 24.8% 24.6% 25.0% 24.7% N/A N/A

COGS/Sales % 60.1% 62.2% 60.9% 61.3% 60.2% N/A N/A 64.0% 56.4% 55.8% 55.6% 56.5% N/A N/A

Cash SG&A/Sales % 13.3% 13.3% 13.3% 13.6% 12.0% N/A N/A 18.7% 15.9% 15.8% 16.4% 16.0% N/A N/A


Page | 26

7. APPENDIX – YEARLY DATA



Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

48.05 54.46 60.7 61.26 65.64

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1


Mar-2016

CAGR %

48.05 54.46 60.7 61.26 65.64Order Book Analysis

Opening Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts Awarded USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Closing Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Book to Bill Ratio x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Backlog to Sales (Annualised) x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Backlog to Sales (in months) Months N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts Profile

% Banking & Financial Services Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Telecom, Media & Entertainment % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Retail & Consumer Packaged Goods % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Manufacturing % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Other Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Government % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts by Geography

% North America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Europe % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Asia Pacific % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Others/Unclassified % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

New Contracts by Customer Type

% New Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Renewal Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Project Profile

Total no. of Projects Count N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Projects delivered on time % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Total Project timeline Years N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Employee Profile

Total Technology Consulting Employees Empl. 149,994 156,688 160,405 176,187 194,044 6.6% 238,583 276,196 300,464 319,656 353,843 10.4%

Net Change in No. of Empl. Empl. 19,174 6,694 3,717 15,782 17,857 -1.8% 39,969 37,613 24,268 19,192 34,187 -3.8%

Recruitment Rate (annualised) % 32.5% 24.2% 25.2% 31.7% 28.4% N/A 32.2% 27.1% 21.2% 21.6% 26.8% N/A

Attrition Rate (annualised) % 18.8% 19.8% 22.9% 22.3% 18.7% N/A 13.9% 12.5% 12.8% 15.5% 16.6% N/A

Net Recruitment/Attrition Rate % 13.7% 4.4% 2.3% 9.4% 9.6% N/A 18.3% 14.6% 8.4% 6.2% 10.2% N/A

Employee Profile Bifurcation

% North America % 3.0% 3.8% 3.6% 3.5% 4.3% N/A N/A N/A N/A N/A N/A N/A


Page | 27




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

48.05 54.46 60.7 61.26 65.64

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1


Mar-2016

CAGR %

48.05 54.46 60.7 61.26 65.64% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Europe % 1.9% 2.8% 3.1% 3.0% 3.0% N/A N/A N/A N/A N/A N/A N/A

% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Asia Pacific % 95.0% 93.4% 93.3% 93.5% 92.8% N/A 92.6% 92.1% N/A N/A N/A N/A

% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 7.4% 7.9% 100.0% 100.0% 100.0% N/A

% Onsite % 30.4% 30.5% 30.6% 28.8% 29.2% N/A N/A N/A N/A N/A N/A N/A

% Offsite % 69.6% 69.5% 69.4% 71.2% 70.8% N/A N/A N/A N/A N/A N/A N/A

% Technical/Software Staff % 95.2% 94.6% 95.1% 95.2% 94.8% N/A N/A N/A N/A N/A N/A N/A

% Other Support Staff % 4.8% 5.4% 4.9% 4.8% 5.2% N/A N/A N/A N/A N/A N/A N/A

Employee Efficiency Metrics

No. of man-hrs Billed 000 hours 206,992 215,916 236,437 266,042 296,887 9.4% 355,369 399,656 455,038 518,962 555,350 11.8%

Avg. No.of man-hrs Billed per Empl. hours 1,380 1,378 1,474 1,510 1,530 2.6% 1,490 1,447 1,514 1,624 1,569 1.3%

Manpower Utilization Rate % 69.0% 68.9% 73.7% 75.5% 77.7% N/A 74.5% 72.4% 75.7% 81.2% 81.8% N/A

Avg. Age of Empl. Count 29.0 29.0 29.0 29.0 29.0 0.0% 28.0 28.5 29.0 29.5 27.0 -0.9%

Avg. Empl. per Project Empl. N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Avg. New Contract Value per Empl. USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Customer Profile

Total No. of Customers Cust. 694.0 798.0 890.0 950.0 1,092 12.0% 522.0 638.0 714.0 791.0 829.0 12.3%

% of Cust. in < $ 1mm Rev. bucket % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% of Cust. in $ 1mm - < $ 5mm Rev. bucket % 30.1% 29.4% 30.2% 30.0% 26.6% N/A 53.1% 54.6% 50.4% 50.8% 48.2% N/A





% of Cust. in > $ 100mm Rev. bucket % 1.9% 1.9% 1.9% 2.0% 1.9% N/A 2.7% 2.7% 3.4% 3.7% 4.5% N/A

Others / Unclassified % 42.5% 43.9% 43.7% 44.3% 48.9% N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A

Empl. to Cust. Ratio x 216.13x 196.35x 180.23x 185.46x 177.70x N/A 457.06x 432.91x 420.82x 404.12x 426.83x N/A

Lead Conversion Ratio % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Repeat Customer Ratio % 97.8% 97.8% 97.7% 97.8% 97.5% N/A N/A N/A N/A N/A N/A N/A

Distribution Profile

No. of Business Locations Count 115.0 136.0 152.0 155.0 199.0 14.7% N/A N/A N/A N/A N/A N/A

% North America % 22.6% 24.3% 23.0% 20.6% 27.1% N/A N/A N/A N/A N/A N/A N/A

% South America % 0.9% 1.5% 2.6% 3.2% 3.0% N/A N/A N/A N/A N/A N/A N/A

% Europe % 22.6% 29.4% 29.6% 30.3% 27.6% N/A N/A N/A N/A N/A N/A N/A

% Middle East & Africa % 0.9% 2.2% 2.0% 1.9% 2.0% N/A N/A N/A N/A N/A N/A N/A

% Asia Pacific % 53.0% 42.6% 42.8% 43.9% 40.2% N/A N/A N/A N/A N/A N/A N/A


Page | 28




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

48.05 54.46 60.7 61.26 65.64

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1


Mar-2016

CAGR %

48.05 54.46 60.7 61.26 65.64% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A

Business Locations by Type

% Delivery Centres % 57.4% 58.1% 55.9% 59.4% 53.3% N/A N/A N/A N/A N/A N/A N/A

% Sales Centres % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Research and Development Centres % 7.0% 5.9% 5.3% 5.2% 4.0% N/A N/A N/A N/A N/A N/A N/A

% Others % 35.6% 36.0% 38.8% 35.5% 42.7% N/A N/A N/A N/A N/A N/A N/A

Intellectual Property Profile

No. of Patents filed for the period Count N/A N/A N/A N/A N/A N/A 460.0 425.0 443.0 509.0 565.0 5.3%

% of Patents Approved during the period % N/A N/A N/A N/A N/A N/A 2.0% 2.1% 7.4% 18.1% 60.4% N/A

Total Patents held till date Count N/A N/A N/A N/A N/A N/A 72.0 81.0 114.0 206.0 547.0 66.0%

Receivables Profile

% Receivables Overdue > 6 months to Tot. Receivables % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 10.2% 9.9% 7.9% 7.8% 7.2% N/A

% Receivables Overdue < 6 months to Tot. Receivables % 27.5% 26.0% 23.6% 24.5% N/A N/A 56.8% 56.0% 75.4% 78.3% 62.4% N/A

% Doubtful Receivables to Tot. Receivables % 1.4% 1.3% 2.6% 3.8% 2.6% N/A 0.9% 0.8% 1.3% 1.8% 1.8% N/A

Total Receivables USD Million 1,224 1,301 1,376 1,586 1,726 9.0% 2,866 3,165 3,663 3,961 4,275 10.5%

Receivables to Sales (annualised) % 17.4% 17.6% 16.7% 18.2% 18.2% N/A 28.2% 27.4% 27.2% 25.6% 25.8% N/A


Page | 29




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

48.05 54.46 60.7 61.26 65.64

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1


Mar-2016

CAGR %

48.05 54.46 60.7 61.26 65.64Operating Expenses By Items

% Payroll and Related Benefits % of Cash 80.1% 78.6% 78.9% 78.0% 75.9% N/A 73.5% 72.9% 73.4% 74.4% 72.6% N/A

% Fees Paid for Outsourced Services % of Cash 3.4% 5.1% 5.3% 5.7% 7.8% N/A 7.0% 8.4% 8.7% 8.9% 10.2% N/A

% Other Cash Opex % of Cash 0.2% 0.2% 1.4% 0.9% 0.6% N/A 2.0% 2.4% 2.4% 2.0% 2.2% N/A

% Selling, General & Admin Exp. % of Cash 16.2% 16.1% 14.4% 15.4% 15.7% N/A 17.4% 16.3% 15.5% 14.7% 15.0% N/A

% Depreciation and Amortization % of Opex 3.9% 3.7% 3.5% 2.6% 2.7% N/A 2.6% 2.4% 2.3% 2.5% 2.4% N/A

% Non-Cash Exp. % of Opex 0.5% 0.4% 0.5% 0.5% (0.1)% N/A 0.1% 0.1% 0.2% 0.2% 0.2% N/A

Tot. Opex USD Million 4,982 5,494 6,271 6,442 7,098 9.2% 7,359 8,453 9,555 11,748 12,189 13.4%

Avg. Opex per Month USD Million 415.2 457.8 522.6 536.9 591.5 9.2% 613.2 704.4 796.3 979.0 1,016 13.4%

Tot. Cash Opex USD Million 4,764 5,271 6,022 6,241 6,910 9.8% 7,162 8,244 9,318 11,425 11,871 13.5%

Avg. Cash Opex per Month USD Million 397.0 439.2 501.8 520.1 575.9 9.8% 596.9 687.0 776.5 952.1 989.3 13.5%

Empl. Expenses to Rev. % 54.4% 55.9% 57.5% 55.9% 55.1% N/A 51.8% 52.0% 50.7% 55.0% 52.1% N/A

Avg. Empl. Expenses per Empl. USD'000 25.4 26.4 29.6 27.6 27.0 1.5% 22.1 21.8 22.8 26.6 24.4 2.5%

Cash to Empl. Expenses (Annualised) x 1.12x 0.97x 0.90x 1.02x 0.95x N/A 0.23x 0.21x 0.35x 0.36x 0.12x N/A

SGA Expense to Rev. % 11.0% 11.4% 10.5% 11.1% 11.4% N/A 12.3% 11.6% 10.7% 10.9% 10.7% N/A

Tot. Opex to Rev. % 71.0% 74.1% 75.9% 74.0% 74.6% N/A 72.3% 73.1% 70.9% 76.0% 73.6% N/A

Operating Cash Expenses By Industry Segment

% Banking & Financial Services Industries % of Cash 34.7% 33.1% 32.5% 32.6% 28.7% N/A 43.1% 43.1% 42.9% 40.8% 40.6% N/A

% Telecom, Media & Entertainment % of Cash 21.4% 20.4% 18.7% 19.7% 18.9% N/A 12.7% 12.0% 11.8% 11.6% 10.9% N/A

% Retail & Consumer Packaged Goods % of Cash 22.8% 17.6% 17.4% 16.3% 16.7% N/A 12.2% 13.3% 13.8% 13.6% 14.1% N/A

% Manufacturing % of Cash 21.1% 22.9% 24.1% 24.4% 24.1% N/A 7.8% 8.3% 8.5% 9.8% 10.0% N/A

% Other Industries % of Cash 0.0% 6.0% 7.3% 7.0% 11.7% N/A 24.3% 23.3% 23.0% 24.4% 24.3% N/A

% Government % of Cash 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A

Operating Cash Expenses by Service Line

% Application Development, Testing & Maintenance % of Cash N/A N/A N/A N/A N/A N/A 44.7% 42.8% 41.6% 40.2% 39.8% N/A

% Enterprise Solutions & Business Intelligence % of Cash N/A N/A N/A N/A N/A N/A 15.6% 15.2% 15.5% 18.9% 17.5% N/A

% IT Infrastructure Services % of Cash N/A N/A N/A N/A N/A N/A 10.1% 11.5% 11.9% 13.8% 15.0% N/A

% Business Process Outsourcing and Management % of Cash N/A N/A N/A N/A N/A N/A 15.6% 17.1% 16.7% 16.2% 16.1% N/A

% Assurance Services, Products and Others % of Cash N/A N/A N/A N/A N/A N/A 14.0% 13.4% 14.3% 10.9% 11.6% N/A

Avg. Operating Cash Expenses

Avg. Cash Opex per Cust. USD'000 6,864 6,605 6,766 6,570 6,328 -2.0% 13,721 12,922 13,050 14,444 14,320 1.1%

Avg. Cash Opex per Empl. USD'000 31.8 33.6 37.5 35.4 35.6 2.9% 30.0 29.8 31.0 35.7 33.6 2.8%

Average Operating Expense per Employee

Payroll and Related Benefits USD'000 25.4 26.4 29.6 27.6 27.0 1.5% 22.1 21.8 22.8 26.6 24.4 2.5%

Fees Paid for Outsourced Services USD'000 1.08 1.71 2.00 2.01 2.77 26.6% 2.11 2.50 2.71 3.18 3.42 12.9%

Other Cash Operating Expenses USD'000 0.07 0.08 0.53 0.33 0.23 33.2% 0.60 0.71 0.75 0.71 0.73 5.0%


Page | 30




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

48.05 54.46 60.7 61.26 65.64

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1


Mar-2016

CAGR %

48.05 54.46 60.7 61.26 65.64Selling, General & Admin Expenses USD'000 5.16 5.40 5.40 5.47 5.59 2.0% 5.24 4.87 4.80 5.27 5.02 -1.0%

Depreciation & Amortization USD'000 1.29 1.29 1.35 0.94 0.99 -6.3% 0.80 0.72 0.74 0.92 0.84 1.2%

Other Non Cash Expense USD'000 0.17 0.14 0.20 0.20 (0.03) N/A 0.02 0.04 0.05 0.09 0.06 27.9%

Avg. OPEX per Empl. USD'000 33.2 35.1 39.1 36.6 36.6 2.4% 30.8 30.6 31.8 36.8 34.4 2.8%

Capex

Tot. Capex USD Million 269.7 339.2 417.3 436.4 362.4 7.7% 413.8 500.2 586.0 532.3 306.0 -7.3%

% Capex to Rev. % 3.8% 4.6% 5.0% 5.0% 3.8% N/A 4.1% 4.3% 4.4% 3.4% 1.8% N/A

% R & D Capex to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 0.1% 0.0% 0.0% 0.0% 0.1% N/A

% Other Capex to Tot. Capex % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 99.9% 100.0% 100.0% 100.0% 99.9% N/A


Page | 31




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

48.05 54.46 60.7 61.26 65.64

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1


Mar-2016

CAGR %

48.05 54.46 60.7 61.26 65.64Revenue by Geography

% North America % of Rev. 63.8% 62.2% 60.7% 61.5% 62.7% N/A 53.3% 53.8% 53.0% 51.9% 53.3% N/A

% South America % of Rev. N/A N/A N/A N/A N/A N/A 3.1% 2.2% 2.3% 2.1% 2.0% N/A

% Europe % of Rev. 21.9% 23.1% 24.4% 24.1% 23.0% N/A 25.3% 26.7% 28.6% 28.2% 26.8% N/A

% Middle East & Africa % of Rev. N/A N/A N/A N/A N/A N/A 2.1% 2.1% 2.1% 2.0% 2.3% N/A

% Asia Pacific % of Rev. N/A N/A N/A N/A N/A N/A 16.2% 15.2% 13.9% 15.8% 15.7% N/A

% Others/Unclassified % of Rev. 14.2% 14.6% 14.9% 14.4% 14.3% N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A

Tot. Rev. USD Million 7,021 7,410 8,259 8,704 9,513 7.9% 10,176 11,567 13,477 15,451 16,552 12.9%

Avg. Rev. per Month USD Million 585.1 617.5 688.2 725.3 792.8 7.9% 848.0 963.9 1,123 1,288 1,379 12.9%

OOI - Technology Consulting USD Million 0.00 0.11 0.31 2.58 4.71 N/A 0.00 0.00 0.00 0.00 0.00 N/A

Revenue by Industry Segment

% Banking & Financial Services Industries % of Rev. 35.1% 33.9% 33.5% 33.2% 33.0% N/A 43.1% 43.1% 42.9% 40.8% 40.6% N/A

% Telecom, Media & Entertainment % of Rev. 21.4% 20.2% 19.3% 19.8% 19.3% N/A 12.7% 12.0% 11.8% 11.6% 10.9% N/A

% Retail & Consumer Packaged Goods % of Rev. 22.9% 18.0% 17.5% 16.8% 16.7% N/A 12.2% 13.3% 13.8% 13.6% 14.1% N/A

% Manufacturing % of Rev. 20.6% 22.0% 22.9% 23.4% 23.3% N/A 7.8% 8.3% 8.5% 9.8% 10.0% N/A

% Other Industries % of Rev. 0.0% 5.9% 6.8% 6.8% 7.7% N/A 24.3% 23.3% 23.0% 24.4% 24.3% N/A

% Government % of Rev. 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A

Revenue by Service Line

% Application Development, Testing & Maintenance % of Rev. 46.3% 45.2% 43.8% 43.7% 42.7% N/A 44.7% 42.8% 41.6% 40.2% 39.8% N/A

% Enterprise Solutions & Business Intelligence % of Rev. 34.6% 34.7% 36.5% 35.9% 36.2% N/A 15.6% 15.2% 15.5% 18.9% 17.5% N/A

% IT Infrastructure Services % of Rev. 6.0% 6.9% 7.1% 8.0% 8.5% N/A 10.1% 11.5% 11.9% 13.8% 15.0% N/A

% Business Process Outsourcing and Management % of Rev. 4.6% 5.0% 5.2% 5.3% 4.9% N/A 15.6% 17.1% 16.7% 16.2% 16.1% N/A

% Assurance Services, Products and Others % of Rev. 8.5% 8.2% 7.4% 7.1% 7.7% N/A 14.0% 13.4% 14.3% 10.9% 11.6% N/A

Revenue by Nature of Contract

% Time and Material Basis % of Rev. 59.0% 57.9% 57.3% 56.1% 55.2% N/A 52.6% 52.8% 48.0% 48.0% 48.0% N/A

% Fixed Price Basis % of Rev. 41.0% 42.1% 42.7% 43.9% 44.8% N/A 47.4% 47.2% 52.0% 52.0% 52.0% N/A

Revenue by Location of Service Delivery

% Remote Delivery Centre % of Rev. 49.2% 49.0% 48.0% 48.8% 48.8% N/A 55.0% 54.6% 53.3% 51.8% 51.8% N/A

% Onsite Delivery % of Rev. 50.8% 51.0% 52.0% 51.2% 51.2% N/A 45.0% 45.4% 46.7% 48.2% 48.2% N/A

Avg. Revenue Performance

Avg. Rev. per Cust. USD'000 10,117 9,286 9,279 9,162 8,711 -3.7% 19,495 18,130 18,875 19,533 19,967 0.6%

Avg. Rev. per Empl. USD'000 46.8 47.3 51.5 49.4 49.0 1.2% 42.6 41.9 44.8 48.3 46.8 2.3%

Avg. Bill Rate per Hour USD'000 0.03 0.03 0.03 0.03 0.03 -1.4% 0.03 0.03 0.03 0.03 0.03 1.0%

Avg. OOI Technology Consulting per Empl. USD'000 0.00 0.00 0.00 0.00 0.00 N/A 0.00 0.00 0.00 0.00 0.00 N/A

Tot. Productivity Ratio x 1.41x 1.35x 1.32x 1.35x 1.34x N/A 1.38x 1.37x 1.41x 1.32x 1.36x N/A

EBITDA Margin by Industry Segment


Page | 32




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

48.05 54.46 60.7 61.26 65.64

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1


Mar-2016

CAGR %

48.05 54.46 60.7 61.26 65.64Banking & Financial Services Industries % 32.8% 30.5% 29.2% 29.7% 37.0% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A

Telecom, Media & Entertainment % 32.4% 28.1% 29.4% 28.5% 28.9% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A

Retail & Consumer Packaged Goods % 32.5% 30.6% 27.2% 30.4% 27.3% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A

Manufacturing % 30.3% 26.1% 23.3% 25.2% 24.9% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A

% Other Industries % N/A 27.1% 22.2% 26.2% (10.0)% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A

EBITDA Comparison

Avg. EBITDA per Cust. USD'000 3,216 2,654 2,477 2,558 2,393 -7.1% 5,764 5,192 5,803 5,052 5,622 -0.6%

Avg. EBITDA per Empl. USD'000 14.9 13.5 13.7 13.8 13.5 -2.5% 12.6 12.0 13.8 12.5 13.2 1.1%

Tot. EBITDA USD Million 2,232 2,118 2,205 2,430 2,613 4.0% 3,009 3,313 4,144 3,996 4,660 11.6%

Tot. EBITDA Margin % of Rev. 31.8% 28.6% 26.7% 27.9% 27.5% N/A 29.6% 28.6% 30.8% 25.9% 28.2% N/A


Page | 33



FX

My Company

20142013 2015 Mar-20162012

Trailing 12 Months CAGR %

48.05 54.46 60.7 61.26 65.64

PreviousFinancial Year-3



PreviousFinancial Year

20132012 2014 2015


Mar-2016


48.05 60.754.46 61.26 65.64





Risk Grading Ratios

Net Profit Margin % 24.7% 23.4% 21.3% 23.2% 21.9% N/A 21.5% 22.4% 23.6% 21.2% 22.4% N/A

Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A 784.10x 236.38x 227.71x 142.40x 481.68x N/A

Leverage = Total Liabilities/TNW x 0.23x 0.23x 0.29x 0.33x 0.32x N/A 0.43x 0.37x 0.36x 0.44x 0.37x N/A

Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A N/A 61.17x 101.19x 72.12x 172.99x N/A

Activity = Sales/Total Assets (Annualized) % 88.0% 87.1% 88.0% 80.4% 83.1% N/A 118.3% 120.7% 121.8% 128.5% 121.6% N/A

Activity = Net Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6% N/A 0.0% 28.8% 29.9% 15.7% 32.8% N/A

Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x N/A 2.06x 2.33x 2.72x 1.72x 0.89x N/A

Size = Tangible Net Worth (TNW) USD Million 6,276 6,549 6,953 7,685 8,118 6.6% 5,452 6,502 7,807 8,081 9,745 15.6%

Growth Ratios

Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6% N/A 0.0% 28.8% 29.9% 15.7% 32.8% N/A

Net Income Growth % 0.0% 13.2% 13.0% 16.1% 28.4% N/A 0.0% 33.8% 37.3% 3.8% 26.1% N/A

Total Assets Growth % 0.0% 20.8% 23.0% 16.4% 31.9% N/A 0.0% 26.2% 28.7% 9.7% 33.1% N/A

Total Tangible Assets Growth % 0.0% 18.4% 24.2% 14.6% 29.2% N/A 0.0% 28.9% 33.7% 10.5% 35.4% N/A

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 21.7% 20.4% 18.7% 18.7% 18.2% N/A 25.5% 27.0% 28.8% 27.2% 27.3% N/A

Return on Equity = Net Profit/TNW (Annualized) % 27.6% 26.4% 25.2% 26.3% 25.7% N/A 40.2% 39.8% 40.8% 40.5% 38.1% N/A

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A 417.41x 121.10x 122.23x 75.95x 238.69x N/A

EBIT/Interest Expenses x N/A N/A N/A N/A N/A N/A 627.33x 374.06x 660.45x 253.41x 1,598.37x N/A

EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A 444.88x 128.31x 128.72x 81.13x 253.36x N/A

EBITDA/Interest Expenses x N/A N/A N/A N/A N/A N/A 668.62x 396.33x 695.47x 270.67x 1,696.60x N/A

CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A 61.17x 101.19x 72.12x 172.99x N/A

CADS/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A 188.95x 546.72x 240.62x 1,158.41x N/A

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD Million 4,862 5,003 5,114 5,181 5,266 2.0% 2,638 3,624 4,485 4,652 6,260 24.1%

Quick Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x N/A 2.22x 2.69x 2.74x 2.40x 2.87x N/A

Current Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x N/A 2.22x 2.69x 2.74x 2.40x 2.87x N/A

Liquid Assets/Total Assets % 53.7% 47.1% 45.6% 45.8% 43.5% N/A 14.1% 13.0% 21.5% 25.2% 7.6% N/A

Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A N/A 519.95x 66.83x 85.15x 76.23x 60.06x N/A

Liquid Assets/Total Current Assets % 68.0% 61.8% 60.2% 64.3% 63.2% N/A 25.2% 21.6% 33.7% 38.0% 10.8% N/A

Liquid Assets/Adjusted Current Liabilities x 19.12x 14.38x 7.93x 7.86x 6.42x N/A 1.38x 1.10x 1.74x 1.48x 0.88x N/A

Leverage Ratios

Total Liabilities/Tangible Net Worth x 0.23x 0.23x 0.29x 0.33x 0.32x N/A 0.43x 0.37x 0.36x 0.44x 0.37x N/A

Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x N/A 0.00x 0.01x 0.00x 0.00x 0.00x N/A

Activity Ratios


Page | 34



FX

My Company

20142013 2015 Mar-20162012


48.05 54.46 60.7 61.26 65.64





20132012 2014 2015


Mar-2016


48.05 60.754.46 61.26 65.64





Trade Receivable Turnover Period (Annualized) days 83.9 78.1 75.3 81.2 78.7 N/A 102.8 89.8 88.1 89.7 87.9 N/A

Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A 0.25 0.21 0.15 0.10 0.10 N/A

Trade Payables Turnover Period (Annualized) days 0.44 1.57 2.10 1.77 2.52 N/A 44.8 40.5 41.6 50.6 51.2 N/A

Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A 0.13 0.12 0.07 0.06 0.05 N/A

Trade Payables Turnover Period over Sales (Annualized) days 83.9 86.1 81.3 86.0 83.9 N/A 102.8 99.9 99.2 93.6 94.3 N/A

Trade Receivable/Sales (Annualized) % 23.0% 23.6% 22.3% 23.6% 23.0% N/A 28.2% 27.4% 27.2% 25.6% 25.8% N/A

COGS/Sales % 56.8% 61.0% 62.8% 60.4% 61.1% N/A 54.1% 53.9% 52.6% 57.6% 56.0% N/A

Cash SG&A/Sales % 14.1% 13.0% 12.1% 12.9% 13.0% N/A 16.8% 17.5% 16.6% 17.0% 16.0% N/A

End Of The ReportProperty of Televisory Global Pte. Ltd. All Rights Reserved.

Page | 35

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