FUNDAMENTAL ANALYSIS OF SELECTED COMPANICES IN IT INDUSTRY INTRODUCTION OF THE STUDY: The National Stock Exchange of India Ltd.

(NSE), set up in the year 1993, is today the largest stock exchange in India and a preferred exchange for trading in equity, debt and derivatives instruments by investors. NSE has set up a sophisticated electronic trading, clearing and settlement platform and its infrastructure serves as a role model for the securities industry. The standards set by NSE in terms of market practices; products and technology have become industry benchmarks and are being replicated by many other market

participants. It provides a screen-based automated trading system with a high degree of transparency and equal access to investors irrespective of geographical location. The high level of information dissemination through the on-line system has helped in integrating retail investors across the nation. The exchange has a network in more than 350 cities and its trading members are connected to the central servers of the exchange in Mumbai through a sophisticated

telecommunication network comprising of over 2500 VSATs. NSE has around 850 trading members and provides trading in over 1000 equity shares and 2500 debt securities. Besides this, NSE provides trading in various derivative products such as index futures, index options, stock futures, stock options and interest rate futures.

At NSE, it has always been our endeavor to continuously upgrade the skills and proficiency of the Indian investor. Since, financially literate investors are the backbone of the securities market, knowledge and awareness about the securities market is of the foremost concern to us, starting with the most basic of information being made available as the first step. This booklet has therefore been prepared for those of you who are keen to acquire some basic but key information about the stock markets as an initial step towards becoming a more informed investor. We hope this booklet will act as a means of satisfying some of your initial queries on the stock markets. BSE Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich heritage. Popularly known as "BSE", it was established as "The Native Share & Stock Brokers Association" in 1875. It is the first stock exchange in the country to obtain permanent recognition in 1956 from the Government of India under the Securities Contracts

(Regulation) Act, 1956.The Exchange's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized and its index, SENSEX, is tracked worldwide. Earlier an Association of Persons (AOP), the Exchange is now a demutualised and corporatised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI).

With demutualisation, the trading rights and ownership rights have been de-linked effectively addressing concerns regarding perceived and real conflicts of interest. The Exchange is professionally managed under the overall direction of the Board of Directors. The Board comprises eminent professionals, representatives of Trading Members and the Managing Director of the Exchange. The Board is inclusive and is designed to benefit from the participation of market intermediaries. In terms of organization structure, the Board formulates larger policy issues and exercises over-all control. The committees constituted by the Board are broad-based. The Managing Director and a management team of professionals manage the day-to-day operations of the Exchange. The Exchange has a nation-wide reach with a presence in 417 cities and towns of India. The systems and processes of the Exchange are designed to safeguard market integrity and enhance transparency in operations. During the year 2004-2005, the trading volumes on the Exchange showed robust growth. The Exchange provides an efficient and transparent market for trading in equity, debt instruments and derivatives. The BSE's On Line Trading System (BOLT) is a proprietary system of the Exchange and is BS 7799-2-2002 certified. The surveillance and clearing & settlement functions of the Exchange are ISO 9001:2000 certified.

CONCEPTUAL FRAMEWORK Fundamental Analysis: Fundamental analysis is the method of analyzing companies based on factors that affect their intrinsic value. As with the analysis of fixed income securities, equities may be analyzed on an expected future cash flow, or benefit, to the shareholder basis. When reading the financial papers one often encounters the term "intrinsic value". This concept is what is considered to be the corner stone of fundamental analysis. How does an investor determine if a stock is undervalued, overvalued, or trading at fair market value? With fundamental analysis, applying the concept of intrinsic value may do this. If all the information regarding a corporation's future anticipated growth, sales figures, cost of operations, and industry structure, among other things, are available and examined, then the resulting analysis is said to provide the intrinsic value of the stock. There are two sides to this method: the quantitative and the qualitative. The quantitative side involves looking at factors that can be measured numerically, such as the company's assets, liabilities, cash flow, revenue and price-to-earnings ratio. The limitation of quantitative analysis, however, is that it does not capture the company's aspects or risks immeasurable by a number - things like the value of an executive or the risks a company faces with legal issues.

The analysis of these things is the other side of fundamental analysis: the qualitative side or non-number side. Although relatively more difficult to analyze, the qualitative factors are an important part of a company. Since a number does not measure them, they more represent an either negative or positive force affecting the company. But some of these qualitative factors will have more of an effect, and determining the extent of these effects is what is so challenging. To start, identify a set of qualitative factors and then decide which of these factors add value to the company, and which of these factors decrease value. Then determine their relative importance. The qualities you analyze can be categorized as having a positive effect, negative effect or minimal effect. The best way to incorporate qualitative analysis into your evaluation of a company is to do it once you have done the quantitative analysis. The conclusion you come to on the qualitative side can put your quantitative analysis into better perspective. If when looking at the company numbers you saw good reason to buy the company, but then found many negative qualities, you may want to think twice about buying. Negative qualities might include potential litigations, poor R and D prospects or a board full of insiders. The conclusions of your qualitative analysis either reconfirm or raise questions about the conclusions of your quantitative analysis. Fundamental analysis is not

as simple as looking at numbers and computing ratios; it is also important to look at influences and qualities that do not have a number value. Fundamental Analysis Tools: These are the most popular tools of fundamental analysis. They focus on earnings, growth, and value in the market. Earnings per Share EPS Price to Earnings Ratio P/E Projected Earning Growth PEG Price to Sales P/S Price to Book P/B Dividend Payout Ratio Dividend Yield Book Value Return on Equity No single number from this list is a magic bullet that will give you a buy or sell recommendation by itself, however as you begin developing a picture of what you want in a stock, these numbers will become benchmarks to measure the worth of potential investments. Strengths of Fundamental Analysis: Long-term Trends Fundamental analysis is good for long-term investments based on long-term trends, very long-term. The ability to identify and predict long-term economic, demographic, technological or consumer trends

can benefit patient investors who pick the right industry groups or companies.

Value Spotting Sound fundamental analysis will help identify companies that

represent a good value. Some of the most legendary investors think long-term and value. Graham and Dodd, Warren Buffet and John Neff are seen as the champions of value investing. Fundamental analysis can help uncover companies with valuable assets, a strong balance sheet, stable earnings, and staying power. Business Acumen One of the most obvious, but less tangible, rewards of fundamental analysis is the development of a thorough understanding of the business. After such painstaking research and analysis, an investor will be familiar with the key revenue and profit drivers behind a company. Earnings and earnings expectations can be potent drivers of equity prices. Even some technicians will agree to that. A good understanding can help investors avoid companies that are prone to shortfalls and identify those that continue to deliver. In addition to understanding the business, fundamental analysis allows investors to develop an

understanding of the key value drivers and companies within an industry. Its industry group heavily influences a stocks price. By studying these groups, investors can better position themselves to identify opportunities that are high-risk (tech), low-risk (utilities), growth oriented (computer), value driven (oil), non-cyclical (consumer staples), cyclical (transportation) or income-oriented (high yield).

Knowing Who's Who Stocks move as a group. By understanding a company's business, investors can better position themselves to categorize stocks within their relevant industry group. Business can change rapidly and with it the revenue mix of a company. This happened to many of the pure Internet retailers, which were not really Internet companies, but plain retailers. Knowing a company's business and being able to place it in a group can make a huge difference in relative valuations. Weaknesses of Fundamental Analysis: Time Constraints Fundamental analysis may offer excellent insights, but it can be extraordinarily time-consuming. Time-consuming models often

produce valuations that are contradictory to the current price prevailing on Wall Street. When this happens, the analyst basically claims that the whole street has got it wrong. This is not to say that there are not misunderstood companies out there, but it is quite brash to imply that the market price, and hence Wall Street, is wrong. Industry/Company Specific Valuation techniques vary depending on the industry group and specifics of each company. For this reason, a different technique and model is required for different industries and different companies. This can get quite time-consuming, which can limit the amount of research that can be performed. A subscription-based model may work great for

an Internet Service Provider (ISP), but is not likely to be the best model to value an oil company. Subjectivity Fair value is based on assumptions. Any changes to growth or multiplier assumptions can greatly alter the ultimate valuation. Fundamental analysts are generally aware of this and use sensitivity analysis to present a base-case valuation, a best-case valuation and a worst-case valuation. However, even on a worst-case valuation, most models are almost always bullish, the only question is how much so. Analyst Bias The majority of the information that goes into the analysis comes from the company itself. Companies employ investor relations managers specifically to handle the analyst community and release information. As Mark Twain said, "there are lies, damn lies, and statistics." When it comes to massaging the data or spinning the announcement, CFOs and investor relations managers are professionals. Only buy-side analysts tend to venture past the company statistics. Buy-side analysts work for mutual funds and money managers. They read the reports written by the sell-side analysts who work for the big brokers (Angel, Merrill Lynch, India Bulls, Karvy, Motilal Oswal, Marwadi to name a few). These brokers are also involved in underwriting and investment banking for the companies. Even though there are restrictions in place to prevent a conflict of interest, brokers have an ongoing relationship

with the company under analysis. When reading these reports, it is important to take into consideration any biases a sell-side analyst may have. The buy-side analyst, on the other hand, is analyzing the company purely from an investment standpoint for a portfolio manager. If there is a relationship with the company, it is usually on different terms. In some cases this may be as a large shareholder. Definition of Fair Value When market valuations extend beyond historical norms, there is pressure to adjust growth and multiplier assumptions to compensate. It used to be that free cash flow or earnings were used with a multiplier to arrive at a fair value. In 1999, the S&P 500 typically sold for 28 times free cash flow. However, because so many companies were and are losing money, it has become popular to value a business as a multiple of its revenues. This would seem to be OK, except that the multiple was higher than the PE of many stocks! Some companies were considered bargains at 30 times revenues. Conclusions Fundamental analysis can be valuable, but it should be approached with caution. If you are reading research written by a sell-side analyst, it is important to be familiar with the analyst behind the report. We all have personal biases, and every analyst has some sort of bias. There is nothing

wrong with this, and the research can still be of great value. Learn what the ratings mean and the track record of an analyst before jumping off the deep end. Corporate statements and press releases offer good information, but they should be read with a healthy degree of skepticism to separate the facts from the spin. Press releases don't happen by accident, they are an important PR tool for companies. Investors should become skilled readers to weed out the important information and ignore the hype. Definitions of analysis tools: EPS The EPS is arrived by dividing the net profit by the expanded equity. The expansion in equity may be due to various reasons, which are indicated by putting the following marks after the price: Rights, Bonus. Conversion, Public issue, Foreign issue, Miscellaneous issues, Cumbonus, Ex-bonus, Cum-rights and Ex-rights. P/E Ratio The P/E ratio reflects the price currently being paid by the market for each rupee of currently reported EPS. It measures investors

expectations and market appraisal of the performance of the firm.

P/E ratio = _market price of share EPS Book Value The book value per share is arrived at by dividing the sum of equity and reserves (excluding revaluation reserves) by the number of equity shares. Dividend Yield It is closely related to EPS. While the EPS is based on book value per share, the yield is expressed in terms of the market value per share. The dividend yield is calculated by dividing the cash dividends per share (DPS) by the market value per share, (not price actually paid by investors). Dividend yield = dividend per share * 100

Market price per share Return on Equity It reflects the rate of return, which a firm is able to generate on equity. Return on equity = net income after tax *100 Equity *Equity refers to equity share capital and reserves & surplus.

Research methodology:

IT INDUSTRY PROFILE

Information Technology (IT) industry in India is one of the fastest growing industries. Indian IT industry has built up valuable brand equity for itself in the global markets. IT industry in India comprises of software industry and information technology enabled services (ITES), which also includes business process outsourcing (BPO) industry. India is considered as a pioneer in software development and a favorite destination for IT-enabled services. The origin of IT industry in India can be traced to 1974, when the mainframe manufacturer, Burroughs, asked its India sales agent, Tata Consultancy Services (TCS), to export programmers for installing system software for a U.S. client. The IT industry originated under unfavorable conditions. Local markets were absent and government policy toward private enterprise was hostile. The industry was begun by Bombay-based conglomerates which entered the business by supplying programmers to global IT firms located overseas. During that time Indian economy was state-controlled and the state remained hostile to the software industry through the 1970s. Import tariffs were high (135% on hardware and 100% on software) and software was not considered an "industry", so that exporters were ineligible for bank finance. Government policy towards IT sector changed when Rajiv Gandhi became Prime Minister in 1984. His New

Computer Policy (NCP-1984) consisted of a package of reduced import tariffs on hardware and software (reduced to 60%), recognition of software exports as a "delicensed industry", i.e., henceforth eligible for bank finance and freed from license-permit raj, permission for foreign firms to set up wholly-owned, export-dedicated units and a project to set up a chain of software parks that would offer infrastructure at below-market costs. These policies laid the foundation for the development of a world-class IT industry in India. Today, Indian IT companies such as Tata Consultancy Services (TCS), Wipro, Infosys, HCL et al are renowned in the global market for their IT prowess. Some of the major factors which played a key role in India's emergence as key global IT player are: Indian Education System The Indian education system places strong emphasis on mathematics and science, resulting in a large number of science and engineering graduates. Mastery over quantitative concepts coupled with English proficiency has resulted in a skill set that has enabled India to reap the benefits of the current international demand for IT. High Quality Human Resource Indian programmers are known for their strong technical and analytical skills and their willingness to accommodate clients. India also has one of the largest pools of English-speaking professionals. Competitive Costs

The cost of software development and other services in India is very competitive as compared to the West. Infrastructure Scenario Indian IT industry has also gained immensely from the availability of a robust infrastructure (telecom, power and roads) in the country. In the last few years Indian IT industry has seen tremendous growth. Destinations such as Bangalore, Hyderabad and Gurgaon have evolved into global IT hubs. Several IT parks have come up at Bangalore, Hyderabad, Chennai, Pune, Gurgaon etc. These parks offer Silicon Valley type infrastructure. In the light of all the factors that have added to the strength of Indian IT industry, it seems that Indian success story is all set to continue. Worldwide spending on IT-ITES witnessed steady growth in 2005, on the back of healthier spending across key markets of the US and Western Europe, and strong growth in emerging markets. Outsourcing continued to be the primary growth engine with global delivery forming an integral part of the strategies adopted by customers as well as service providers. The year 2005 also witnessed the coming of age of the Indian IT multinationals, with the traditionally India-centric, indigenous players beginning to build noticeable presence in other locations - through cross border acquisitions, onshore contract wins and organic growth in other low-cost locations. This was complemented by global majors

continuing to significantly ramp-up their offshore delivery capabilities -predominantly in India, vindicating the success of the global delivery model and highlighting India's increasingly important role in the new world IT order. In addition to the growth in scale, the portfolio of services sourced globally continued to expand into higher-value, more complex

activities- further reinforcing the growing maturity of the global delivery model. The Information Technology (IT) sector is amongst the fastest growing in the country. IT professionals work in all major markets around the world. Indian technology products and solutions are accepted globally. The first year of the new millennium has been a year of turbulence, tragedy, terrorism and slow-down in the world economy. The Indian IT software and services industry has weathered this storm well. It is indeed creditable that the IT software and services industry in India has reasonably continued its robust growth of about 28 per cent during the year 2001-02. The software industry has emerged as one of the fastest growing sectors in the economy with a compound annual growth rate (CAGR) exceeding 50 per cent over the last five years and with turnover of US$ 10.25 billion and exports of US$ 7.8 billion during 2001-02. Software exports have registered a CAGR of about 60 per cent. The IT software and services industry accounted for about 2% of Indias GDP

during 2001-02 and 18 per cent of total exports. It is expected that by the year 2008, IT software and services industry will account for 7 per cent of Indias GDP and 35 per cent of total exports. The Asscom McKinsey Report 2002, released in June 2002, has reiterated that despite recent slowdown, the Indian IT services (ITS) and IT enabled services (ITES) industry is poised to meet its long-term exports potential of US$ 57 billion. The IT enabled services sector has witnessed explosive growth the last two years. As a result, IT enabled services exports is likely to reach US$ 21-24 billion by 2008. A large number of Indian software companies have acquired international quality certification. Out of top 400 companies, more than 250 have already acquired ISO 9000 certification As Stated by Kiran Karnik (Chairman NASSCOM) 2005 was a year of steady growth with gradually increasing optimism for the global IT-ITES sector. Increasing outsourcing adoption and maturing global service delivery were the key drivers of growth. Worldwide spending on information technology (IT) and IT-enabled business services (together referred to as IT-ITES) grew by nearly seven per cent in 2005, on the back of healthier spending across key markets of the US and Western Europe, and strong growth in emerging markets. Outsourcing continued to be the primary growth engine with global service delivery forming an integral part of the strategies adopted by customers as well as service providers.

The year 2005 also witnessed the coming of age of the Indian IT multinationals with the traditionally India-centric, indigenous players beginning to build noticeable global presence through cross border acquisitions and organic growth in other low cost locations. This was complemented by global majors continuing to significantly ramp-up their offshore delivery capabilities predominantly in India, vindicating the success of the global delivery model and highlighting Indias increasingly important role in the new world IT order. In addition to the growth in scale, the portfolio of services sourced globally continued to expand into higher-value, more complex activities, further reinforcing the increasing maturity of the global delivery model. The Indian IT-ITES sector continues to record strong growth; estimated to grow by 28 per cent over FY 2004-05. Service exports growth estimated at 32 per cent. The Indian IT-ITES sector continues to chart remarkable double-digit growth and is expected to exceed USD 36 billion in annual revenue in FY 2005-061, an increase of nearly 28 per cent in this current fiscal. 1 The fiscal year for the Indian economy follows a twelve month-cycle spanning AprilMarch. Hence all the figures reported for the current Indian fiscal year (FY 2005-06) pertain to the industrys performance during AprilDecember 2005 that have been used to arrive at the year end estimates governments vie for investments by IT companies by providing incentives and a conducive business environment.

Talent continues to be a challenge, a problem resulting from the success of the industry and Indias accelerating economic growth. The issue is not so much about overall quantity, but of quality. NASSCOMs work is focused on increasing the supply of persons with the appropriate skill sets and the right quality. This report documents these issues in some detail, as also the action that is underway. In addition, as always, it provides a perspective on broader aspects of the IT industry and includes a considerable amount of statistical detail about the industry. The NASSCOM research team, headed by Sunil Mehta, and comprising Gaurav Singh, Nirmala Balakrishnan, Diksha Nerurkar and Mukta Anand, has taken great pains and very

considerable efforts to put together this report. I hope readers will find it interesting and useful. We would welcome feedback and comments. Here we will talk about why India has emerged as a preferred offshore outsourcing destination for leading global companies. The goal of this section is to provide inputs on the kind of companies that are present in India and the benefits they are deriving from making India their first investment choice.

COMPANIES PROFILES Tata Consultancy Services Ltd Tata Consultancy Services Ltd is an information technology (IT) company. The company offers a range of IT services, outsourcing and business solutions. They also offer IT infrastructure services, business process outsourcing services, engineering and industrial services, global consulting and asset leveraged solutions. Their segments include banking, financial services and insurance; manufacturing; retail and distribution, and telecom. The company is a part of Tata Group, one of India's most respected business conglomerates and most respected brands. They are headquartered in Mumbai. They are having 142 offices in 42 countries as well as 105 delivery centers in 20 countries. The company shares are listed on the National Stock Exchange and Bombay Stock Exchange of India. Tata Consultancy Services Ltd was incorporated in the year 1968. Tata Sons Ltd established the company as division to service their electronic data processing (EDP) requirements and provide management consulting services.

In the year 1971, they started their first international assignment. The company pioneered the global delivery model for IT services with their first offshore client in 1974. In the year 1981, the company set up India's first IT R&D division, the Tata Research Design and

Development Centre at Pune. In the year 1985, they set up their first client-dedicated offshore development center for Compaq (then Tandem). In the year 1989, they delivered an electronic depository and trading system called SECOM for SIS SegaInterSettle, Switzerland. In the year 1997, the company opened their new corporate training facility at Trivandrum. In the year 1998, they started virtualization of business. In the year 1999, they got SEI-CMM Level 5 certification for their Qwest, HP, SEEPZ & Sholinganallur centres. Also, in the year 20000, they got SEI-CMM Level 5 certification for their Calcutta, Bangalore, Lucknow, Hyderabad, GEDC, Ambattur and Ahmedabad centres. In the year 2001, the company completed the acquisition of public sector unit, CMC Ltd. In the year 2002, they expanded their geography into new growth markets like China/ Uruguay. The company saw outsourcing opportunity in E-Commerce and related solutions and set up its E-Business division with ten people. By 2004, E-Business was contributing half a billion USD to the company. During the year 200405, the company acquired WTI Advanced Technology Ltd and TCS Business Transformation Solutions Ltd (Previously, Phoenix Global Solutions (India) Ltd), subsequently these two companies became the subsidiaries of the company. In August 9, 2004, the company became a publicly listed company. During the year 2005-06, the company acquired three companies Comicrom S A, Chile, Financial Network Services (Holdings) Pty Ltd, Australia (FNS) and Swedish Indian IT

Resources AB (SITAR). The company made strategic alliances with Diligenta Ltd for Life Insurance business. Also, they entered into a Joint Venture Agreement with the State Bank of India. The new company was formulated and named C-Edge Technologies Ltd (C-Edge) for providing advanced technology solutions and world-class domain consulting for the banking and financial services sector. During the year, the company ventured into a new area for an Indian IT Services Company.

In April 2005, Tata Infotech Ltd with their three wholly owned subsidiaries, namely Airline Financial Support Services (India) Ltd, Aviation Software Development Consultancy India Ltd and TCS Business Transformation Solutions Ltd were amalgamated with the company. During the year 2006-07, the company in partnership with the Government of Madhya Pradesh formed a company, namely MP Online Ltd, for offering a wide range of computer enabled services in the State of Madhya Pradesh. The company through their wholly owned subsidiaries Tata Consultancy Services Asia Pacific Pte Ltd and Tata Consultancy Services Malaysia Sdn Bhd, subscribed to 100% share capital of PT Tata Consultancy Services, Indonesia, a company formed for providing consulting and IT related services in Indonesia Tata Consultancy Services Netherlands B V, a wholly owned subsidiary acquired 75% equity interest in Switzerland based TKS - Teknosoft S A,

for a consideration of Rs 368.06 crore. TCS FNS Pty Ltd, another subsidiary acquired 100% equity interest in an Australian based company, TCS Management Pty Ltd, for a total consideration of Rs 15.75 crore. Also, TCS FNS Pty Ltd subscribed to 100% share capital of Financial Network Services Beijing Co Ltd to provide consulting and IT related services in China. The company, through their wholly owned subsidiaries Tata Consultancy Services BPO Chile S A and TCS Inversiones Chile Limitada, subscribed to 100 % share capital Tata solution Center S A, to provide BPO services in Ecuador.

During the year 2007-08, the company opened a centre in Cincinnati, USA, and a large centre in India at Hyderabad and laid the foundation for a large centre in Pune. They launched a major brand building initiative in order to articulate and propagate its new brand positioning. Also, they signed a new multi-year contract with Chrysler LLC for providing a comprehensive portfolio of IT services. TKS Services S.A., Quartz Software Technology S.A. and Tata Consultancy Services Financial Solutions Limited merged with Tata Consultancy Services Switzerland Limited with effect from April 1, 2007. In May 25, 2007, the company through their wholly owned subsidiary, Tata Consultancy Services Do Brasil Desenvolvimento De Servicos Ltda, acquired 100% equity interest in a Brazil based Company, GT Participacoes S.A. Also, Tata Consultancy Services Do Brazil Desenvolvimento De Servicos Ltda

and GT Participacoes S.A. have merged with Tata Consultancy Services Do Brazil Ltda with effect from July 1, 2007. In June 21, 2007, the company subscribed to 100% share capital of Tata Consultancy Services Morocco SARL AU, a company formed for providing a range of computer enabled services in Morocco. In July 13, 2007, the company through their wholly owned subsidiary, Tata America International Corporation, acquired 100% voting power in TCS Financial

Management LLC. In October 23, 2007, the company subscribed to 60% of the share capital of Tata Consultancy Services (Africa) (Pty) Limited, a Company formed for providing IT services and investing in companies in South Africa. In January 24, 2008, the company sold their shareholding interest in their associate Conscripti (Pty) Ltd, for Rs 3.83 crore. In March 2008, the company opened their North America Delivery Center called TCS Seven Hills Park. During the year 2008-09, the company acquired Citigroup Inc.'s (Citi) 96.26% interest in TCS eServe Ltd (formerly known as Citigroup Global Services Limited), the India-based captive BPO, for a total consideration of USD 504.54 million. In addition, Citi signed an agreement with the company to provide process outsourcing services to Citi and their affiliates for an aggregate amount of USD 2.5 billion over a period of 9.5 years. During the year, the company through their subsidiary, Tata Consultancy Services Asia Pacific Pte Ltd, subscribed to 100% share capital of Tata Consultancy Services (Thailand) Ltd and Tata Consultancy Services

(Philippines) Inc. In June 2008, the company got $11.5 million transformational deal to design, install and integrate a tax

administration system for the Uganda Revenue Authority (URA). In July 29, 2008, the company won the highest incremental improvement award and moved to the Industry Leader position in the Tata Business Excellence Model ('TBEM') at the JRD QV Awards ceremony. In October 22, 2008, the Tata Infotech Deutschland GmbH has merged with Tata Consultancy Services Deutschland GmbH. The merged entity is a wholly owned subsidiary of the company.

In December 11, 2008, the company subscribed to 50% share capital of National Power Exchange Ltd, established to promote trading of electrical power in India. In June 5, 2009, the company, through their wholly owned subsidiary, Tata Consultancy Services Canada Inc, acquired 100% interest in ERI Holdings Corp. In January 1, 2010, the company, through their wholly owned subsidiary, TCS Iberoamerica S.A., subscribed to 100% interest of TCS Uruguay S.A. In January 1, 2010, they purchased 100% interest of MGDC S.C., Mexico, through their wholly owned subsidiaries, TCS Uruguay S.A. and TCS Argentina S.A. In June 2010, the company signed a multi-year outsourcing contract with Telenor Norway. In June 30, 2010, Syscrom S.A., Chile merged with Tata Consultancy Services BPO Chile SA, a wholly owned subsidiary of TCS Inversiones Chile Limitada. Also, Custodia De

documentos Interes Limitada, Chile merged with Tata Consultancy Services BPO Chile SA, a wholly owned subsidiary of TCS Inversiones Chil Limitada.

During the year 2010-11, the company set up five subsidiaries namely, MahaOnline Limited, Diligenta 2 Limited, MS CJV Investments

Corporation, Retail FullServe Limited and CMC eBiz Inc. Also, Financial Network Services (H.K.) Limited was liquidated and de-registered during the year. The Company entered into an agreement with the Government of Maharashtra pursuant to which a new subsidiary company, MahaOnline Ltd (MahaOnline) was setup on July 28, 2010 with equity participation from TCS and Government of Maharashtra. MahaOnline provides online internet-based citizen services to the residents in Maharashtra. This citizen service portal is integrated with DigiGov, a state-of-the-art e-Governance solution developed by TCS. In August 31, 2010, Diligenta Limited, a majority owned subsidiary, acquired the entire share capital of Unisys Insurance Services Limited (UISL), which provides life and pensions services to its clients in the UK. On this acquisition UISL was renamed as Diligenta 2 Limited. In October 4, 2010, Tata America International Corporation - a wholly owned subsidiary, acquired 100% share capital of MS CJV Investments Corporation. Consequently, the group holding in Tata Consultancy Services (China) Co., Ltd. has increased from 65.94% to 74.63%. In

October 8, 2010, the Company acquired 100% equity share capital of SUPERVALU Services India Pvt Ltd from SUPERVALU Inc., one of the largest grocery retailers in North America. In December 2010, the company launched their new business process outsourcing (BPO) center in the Philippines. The company won a contract for establishing and managing the State Data Centre for the state of Uttar Pradesh. In February 2011, they signed five year contract with du, the integrated telecom service provider in the United Arab Emirates. Also, they launched iON - a fully integrated information technology solution for Small and Medium Business (SMB). iON provides on-demand business solutions using scalable cloud computing technology. It has been developed to deliver IT in the third generation service model to SMBs. In August 2011, the company and the Singapore Management University (SMU) announced the establishment of the TCS-SMU City Lab to be located at SMU. The collaboration agreement signed states the two organizations are partnering to create a new research facility to develop industry standards and IT frameworks for the emerging intelligent city (iCity) model of urban development.

In December 2011, Call Genie Inc. announced that it has entered into a five year reseller agreement with Tata Consultancy Services (TCS) the IT services, consulting and business solutions firm, whereby TCS will resell the full suite of Call Genie and UpSnap Mobile products

worldwide. In February 2012, the company signed a multi-year, multimillion euro contract with Europcar. After a rigorous evaluation process, Europcar Information Services (EIS), the company's IT subsidiary, selected TCS to manage strategic IT Services development for its French operations. Also, the company and Mitsubishi Corporation announced a new joint venture, Nippon TCS Solution Center Ltd, for the Japanese market. Nippon TCS Solution Center will offer a full service suite of IT, BPO and Infrastructure services to Japanese corporations. TCS Japan will have 60% stake with Mitsubishi Corporation having a 40% stake. The joint venture will also establish a nearshore delivery center in Japan.

Infosys Ltd Company Profile

Infosys Ltd is a global technology services firm that defines, designs and delivers information technology (IT)-enabled business solutions to their clients. The company provides end-to-end business solutions that leverage technology for their clients, including technical consulting, design, development, product engineering, maintenance, systems integration, package-enabled consulting, and implementation and infrastructure management services. The company also provides software products to the banking industry. They have developed finacle, a universal banking solution to large and medium size banks across India and overseas. Infosys BPO is a majority owned subsidiary. Through Infosys BPO, the company as provides business process

management

services,

such

offsite

customer

relationship

management, finance and accounting, and administration and sales order processing. The company is having marketing and technical alliance with FileNet, IBM, Intel, Microsoft, Oracle and System Application Products. Infosys Ltd is a public limited and India's second largest software exporter company was incorporated in the year 1981 as Infosys Consultants Pvt Ltd by Mr.N.R.Narayana Murthy at

Karnataka. The company was started by seven people with the investment of USD 250. The company became a public limited

company in the year 1992. The company was the first Indian company to be listed on the NASDAQ at the year 1999.

Infosys also forms a part of the NASDAQ-100 index. Continuously in the year 2001, 2002 and 2003, the company wins the National award for excellence in corporate governance conferred by the Government of India. In April 2002, Infosys BPO Ltd was incorporated in India to address opportunities in business process management. In the year 2004, the company acquired 100% equity in Expert Information Services Pty Ltd, Australia for USD 24.3 million. The acquired company was renamed as Infosys Technologies (Australia) Pty Ltd. In October 2, 2004, they set up a wholly owned subsidiary in People's Republic of China named Infosys Technologies (China) Co Ltd. In the year 2005, the company established Infosys Consulting Inc, a wholly owned subsidiary in Texas, US to add high-end consulting capabilities to their Global Delivery Model. The company was selected as 'Best Outsourcing Partner' by the readers of Waters, a publication covering the needs of chief information officers in the capital market firms.

In the year 2007, the company increased the stake value in Progeon to 98.9% after acquiring shares from Citicorp International Financial Company. Infosys had taken over Philips' finance and administration business process outsourcing (BPO) centers spread across India,

Poland and Thailand for USD 28 million. Infosys Technologies has 47% of core business assets stagnating. The company scanning the markets of Europe and Japan for acquisitions in the price bands of USD 200 USD 300 million to energies their non-linear business strategy as well as to expand its geographic reach. Infosys set up various Special Economic Zone that for the company has an additional tax benefit. They set up another Special Economic Zone unit in Chandigarh which will be eligible for 100 % deduction of profit from exports tax calculation for the first five years followed by 50% deduction for next five years. Infosys has been pursuing their expansion plans over the past few years. The future enhancement of the company is to emerge the developing economies changing the business landscape with help of accessible talent pools and the adoption of non-linear growth model, it is a long term strategy. Infosys Technologies Ltd has partnered with ACDI/VOCA for promotes broad-based economic growth and to develop information and communication technology-enabled application to improve efficiencies in the agro supply chain in India.

In the year 2008, the company established their first Latin American subsidiary, namely Infosys Technologies S de R L de C V in Mexico to improve proximity to their North American clients. They also opened a development center and office for the region in Monterrey, Mexico. As of April 2008, the company acquired Internet Protocol (IP) from an

Australian company to add more functionality to finacle. The IP, that provides a comprehensive set of financial tools to company's existing product line. In July 2008, the company launched ShoppingTrip360 to help retailers and consumer packaged goods (CPG) companies achieve visibility into in-store activity. ShoppingTrip360 is a platform that enables a suite of managed-information services to create a 360degree view of real time in store shopper and shelf activity. The company was ranked among the top 50 most respected companies in the world by Reputation Institute's Global Reputation Pulse 2009. They have been voted the 'Most Admired Indian Company' in The Wall Street Journal Asia 200 for 10 years in a row since 2000. The company was also listed in the Most Admired Knowledge Enterprises (MAKE) 2008 study and Forbes' Asian Fabulous 50 for the fourth consecutive year. In March 2009, the company incorporated a wholly owned subsidiary in Sweden, namely Infosys Technologies (Sweden) AB. In November 2009, the company opened their second Latin America IT Development Center in Mexico offering global, near-shore, and Latin American clients a full range of information technology (I.T.) services including Business and I.T. Consulting, Business Process Outsourcing (BPO), Packaged Solutions Implementation and Infrastructure Management. In November 12, 2009, the company and NVIDIA Corp. entered into a partnership to develop Nvidia Cuda to compute unified device architecture and technology-enabled software solutions. Also, the

company signed a contract with Georgia-Pacific LLC (Georgia-Pacific), a forest and consumer products company, to implement its Supply Chain Visibility and Collaboration Suite.

In December 2009, the company has set up a wholly owned unit in the U.S. to tap the multibillion dollar opportunities from government projects. The subsidiary, called Infosys Technologies Inc, will be headquartered in Dallas, Texas, where the company has most of their operations. In December 14, 2009, the company launched Flypp, an application platform which will empower mobile service providers to delight digital consumers through a host of ready-to-use experiential applications across the universe of devices and in December 15, 2009, they launched Finacle Advizor, an integrated platform which helps banks to deliver products and services through a fully assisted selfservice channel using existing Internet banking capabilities. Also, the company incorporated a wholly owned Brazilian subsidiary, namely Infosys Technologia Do Brasil Ltda. During the year 2009-10, Infosys Consulting Inc incorporated a wholly-owned subsidiary, Infosys

Consulting India Ltd and invested Rs 1 crore in the subsidiary. SETLabs' IP Cell filed 31 patent applications in the United States Patent and Trademark Office (USPTO) and Indian Patent Office. In December 2009, Infosys BPO acquired 100% voting interests in McCamish Systems LLC (McCamish), a business process solutions provider based at Atlanta,

US.

The

business

acquisition

was

conducted

by

entering

into

Membership Interest Purchase Agreement for a cash consideration of Rs 173 crore and a contingent consideration of Rs 67 crore.

In March 2010, the company launched Finacle Treasyry-in-a-Box, a rapid implementation framework for an integrated front, middle and back office treasury system. During the year 2010-11, the company formally launched their new corporate strategy, Building Tomorrow's Enterprise to showcase our plan for leading the services industry into the new era as the next generation global consulting and services company. Infosys Labs' IP Cell filed 91 patent applications in the United States Patent and Trademark Office (USPTO) and the Indian Patent Office. In February 2011, the company incorporated a wholly-owned subsidiary, Infosys (Shanghai) Company Ltd. Also, they inaugurated their first Software Development Block (I) at their Technopark Campus II (SEZ) in Thiruvanthapuram, Kerala. A 1,800 seater Software Development Block (II) is also currently under construction at their Technopark Campus II (SEZ) in Thiruvanthapuram, Kerala. The name of the company was changed from Infosys Technologies Ltd to Infosys Ltd with effect from June 16, 2011. In November 2011, Atlas Copco AB entered into an agreement with the company to handle parts of its financial processes, such as accounting to reporting and processing of supplier invoices. The project will affect approximately 230 positions

within Atlas Copco, and of these Infosys will offer employment to around 70 staff working in the Czech Republic. The transition of services to Infosys is planned to begin on November 16, 2011.

In December 2011, the company signed a multi-year Transformation and Business IT services contract with Syngenta AG. In a landmark contract that will provide consistency and predictability of service delivery, Infosys will consolidate Syngenta's Global Business IT services landscape under a single shared services engagement. In February 2012, Bharti Airtel choose the company as its partner for Airtel Money, mobile wallet service by a mobile operator. Under this partnership, Infosys WalletEdge, the mobile commerce platform will enable the ubiquitous mobile wallet service to support cashless payments and settlements needs of diverse customer segments.

Wipro Ltd Company Profile Wipro Ltd is a leading India based provider of IT Services, including Business Process Outsourcing (BPO) services, globally. The company provides comprehensive IT Solutions and Services, including Systems Integration, Information Systems Outsourcing, IT Enabled Services, Package Implementation, Software Application development and

maintenance, and Research and Development Services to corporations globally. They also provide Consumer Products, Lighting, Furniture, Eco Energy, Water treatment and Hydraulic business. The company is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. In the Indian market, they are a leader in providing IT Solutions and Services for the corporate segment in India, offering System Integration, Network Integration, Software Solutions and IT Services. In the Asia Pacific and Middle East markets, they provide IT Solutions and Services for global corporations. The company is headquartered in Bangalore, India. The company provides the

integrated business, technology and process solution on a global delivery platform to customers across Americas, Europe, Middle East and Asia Pacific, they offer business value to clients through process excellence and service delivery innovation such as Information Technology services, Product Engineering services, Technology

Infrastructure services, Business Process Outsourcing services and consulting services. Wipro Ltd was incorporated in the year 1945 at

Karnataka by Azim H Premji who is promoter and chairman of the company. The company started as a edible oil producer and then transformed themselves in into leading player in Fast Moving Consumer Goods and IT services & Products business. During the year 1994-95, the company secured ISO 9001 certification for their five manufacturing and development facilities.

In February 2001, the company became the first software technology and services company in India with to be certified for ISO:14001

certification

for complying

the international

standards for

Environmental Management System (EMS) in three major software development and technology centers in Bangalore. Wipro Technologies won the 'Banker Technology Award' for the year 2004 Instituted by the Financial Times in the 'Risk Management Award' category. During the year 2005-06, the company acquired mPower Software Services Inc, a Princeton, New Jersey, US headquartered company with a development center in Chennai and MPACT Technology Services Pvt Ltd, based in Chennai, for an all cash consideration of USD 28 million. Also, they acquired New Logic Technologies AG, an Austrian firm which is mainly engaged in the semiconductor IP business and the Engineering Design Services business including the Analog Mixed Signal Business for an all cash consideration of Euro 26 million. The company received the BEST award from American society for training & development (ASTD) for

three consecutive years 2004, 2005 and 2006. During the year 200607, the company acquired US based Quantech Global Services LLC and the India based Quantech Global Services Ltd for a cash consideration of approximately USD 3 million. They acquired US based CMango Inc and India based CMango India Pvt Ltd for cash consideration of USD 20 Million. They also acquired Finland based Saraware Oy Middle East and SAARC operations of 3D Networks and Planet PSG during the year. In their Consumer Care and Lighting business, the company acquired North-West Switches business from North- West Switchgear Ltd, a company in the business of switches, sockets, MCBs etc. for an upfront cash consideration of Rs 1,022 million. In the Infrastructure

Engineering business, they acquired Hydrauto Group AB for a cash consideration of USD 31 million. The company in partnership with Motorola and formed a joint venture namely WMNETSERV Ltd for delivering world-class managed Services to telecom operators in the area of network operations.

During the year 2007-08, as per scheme of amalgamation, Wipro Infrastructure Engineering Ltd, Wipro Healthcare IT Ltd, Quantech Global Services Ltd mPact Technology Services Pvt Ltd, mPower Software Services (India) Pvt Ltd and cMango India Pvt Ltd were amalgamated with the company with effect from April 1, 2007. The company in association with DAR Al-Riyadh Holding Co Ltd formed a

joint venture namely Wipro Arabia Ltd, for providing application development, implementation and maintenance services, systems integration and data storage services in the Kingdom of Saudi Arabia. During the year, the company acquired 100% shareholding in Unza Holdings Ltd, a Singapore based Fast Moving Consumer Goods company together with their subsidiaries for an all cash consideration of approximately USD 246 million. They acquired US-based provider of IT infrastructure management, enterprise application and business process outsourcing services, for an acquisition price of about USD 600 million. They also acquired OKI Techno Centre Singapore Pte Ltd (now called as Wipro Techno Centre Singapore Pte Ltd) in an all cash deal of USD 2.5 million. During the year 2008-09, the company invested an aggregate of USD 432 million as equity, in their direct subsidiaries Wipro Cyprus Pvt Ltd, Wipro Holdings (Mauritius) Ltd, Wipro Inc and Wipro Technology Services Ltd. They also re-structured a few of their overseas subsidiaries and merged them with their holding company in the US. In January 2009, the company acquired Wipro Technology Services Ltd (formerly called as Citi Technology Services Ltd) for USD 127 million.

During the year 2009-10, Wipro Networks Pte Ltd, Singapore and WMNETSERV Ltd, Cyprus were amalgamated with the company with effect from April 1, 2009. In August 2009, the company entered into

partnership with Lavasa Corporation Ltd for planning, implementing and managing Information and Communication Technology services across Lavasa City. In October 2009, the company signed an agreement with Delhi International Airport Pvt Ltd and formed a joint venture company namely Wipro Airport IT Services Ltd. Also, Wipro GE Healthcare Pvt Ltd, the joint venture between the company and GE Healthcare, transformed their business by integrating several existing stand-alone business units and manufacturing plants of GE Healthcare in India under Wipro GE Healthcare Entity. In November 2009, the company signed an agreement to acquire the 'Yardley' Brand business in Asia, Middle East, Australia and certain African markets from UK based Lornamead Group. In March 2010, they won a turnkey project from the Financial Intelligence Unit - India, Ministry of Finance, Government of India. As part of the project, the company will implement FiNnet (Financial Intelligence Network) for FIU-IND.

In April 2010, the company signed a partnership agreement with Philips to offer Blu-ray middleware and solution development services around Philips' developed Blu-ray technology. In May 2010, the company and Oracle Corporation launched a co developed solution, a Process Integration Pack (PIP) for the High Technology industry. This solution is part of Wipro's offerings that provide a comprehensive solution footprint for the High Technology industry. They entered into a

co-innovation

agreement with SAP AG to develop and deliver

sustainability management and energy management solutions to enterprise customers globally. In June 2010, the company's Business Process Outsourcing division partnered with Microsoft Corporation for providing global Legal Process Outsourcing (LPO) for Microsofts Intellectual Property (IP) portfolio. The company launched Wipro Hospitality Management Solution at HITEC 2010, the conference for the Hospitality and Leisure industry. In July 2010, the company in association with Lavasa Corporation Ltd and Cisco Systems Inc signed definitive agreements for Cisco to participate in MyCity Technologies Ltd to provide information and communications technology services in the new development of Lavasa City. In August 2010, the company entered into a five year agreement with ArcelorMittal, the steel company, to consolidate and migrate their messaging systems to the Microsoft Exchange 2010 messaging platform. In September 2010, the company signed five year strategic partnership with Central Bank of India for providing core banking solution for seven sponsored regional rural banks. The company will deliver business-IT alignment by deploying and implementing the core banking solution and the identified delivery channels seamlessly. They will also set up a 24 hour centralized helpdesk facility for the project covering applications, data center, networks, security and end user systems.

During the year 2010-11, the company re-structured a few of their subsidiaries including overseas subsidiaries through merger/ other legal process. Wipro Yardley consumer care Pvt Ltd, a subsidiary company got merged with Wipro Ltd with effect from April 1, 2010, being the appointed date. In December 2010, the company signed a contract with Vodafone Essar. As a part of this strategic engagement, the company will support Vodafone Essar with its fixed line telecom services for enterprise business customers. Wipro will provide a wide range of services including network design and build, integration with existing IT OSS/ BSS applications and managed services if the setup over three years. In addition, Wipro will also build an Enterprise Network Operation Center to manage the operations of Vodafone Essar's enterprise customers. In January 2011, the company and Callidus Software Inc entered into a partnership to drive sales performance management across organizations in the Asia-Pacific region. In May 2011, the company signed an agreement to acquire majority stake of Brazil based Hydraulic Cylinder manufacturer R.K.M. EQUIPAMENTOS HIDRAULICOS LTDA. In June 10, 2011, the company acquired the Commercial Business Services Business Unit of Science Applications International Corporation (SAIC).

HCL Infosystems Ltd Company Profile HCL Infosystems Ltd is India's premier information enabler and country's leading ICT system integrator and distribution company. The company is among the leading players in all the segments comprising the domestic IT products, solutions and related services, which include PCs, Servers, Imaging, Voice & video solutions, Networking Products, TV and FM Broadcasting solutions, Communication solutions, System Integration, ICT education & training, Digital lifestyle Solutions and Peripherals. They offer value-added services in the key areas such as system integration, networking consultancy and a wide range of support services. HCL Infosystems Ltd was incorporated in the year 1986 as HCL Ltd. In May 1986, the company took over Hindustan Computers, Hindustan Reprographics, Hindustan Instruments and Indian Computer Software Company. During the year 1987-88, HCL Employees Investment Co Ltd and HCL Finance & Investment Ltd became the subsidiaries of the company. In April 1991, the computer entered into a joint venture agreement with Hewlett-Packard Company of USA to align the computer operations of both companies in India.

During the year 1991-92, Hewlett-Packard Company acquired 26% equity stake in the company. Simultaneously, the name of the company changed from HCL Ltd to HCL Hewlett-Packard Ltd. During the year 1993-94, the company launched the entire range of HP

peripherals with tremendous success. They set up two Software Technology Park units, one in Chennai, Tamilnadu and the other in Noida, Uttar Pradesh for software development and exports during the year 1994-95. Also, they commissioned their second state-of-the-art manufacturing facility at Sedrapet in Pondicherry during the year 199697. During the year 1997-98, the company acquired the business of HCL Infosolutions Ltd, HCL Peripherals Ltd and the Customer Support activities of HCL Automation Ltd. During the year 1999-2000, the company formed their internet subsidiary namely HCL Infinet Ltd. Also, they bagged some prestigious orders for high-end systems from organizations such as Sahara India, Western Air Command, ICICI, Mumbai Stock Exchange, NIC, C-DOT, Lucent Technologies, ST Microelectronics, EHPT, Southern Railways, Maharashtra Mantralaya, Karnataka Electricity Board, Kerala Treasuries, Karnataka Treasuries, EDCIL, Canara Bank and Dena Bank. During the year 2000-01, the company bagged a major networking order from Indian Overseas Bank involving implementation of Wide Area Network in 11 cities covering 200 branches. The software service business including the overseas operations was de-merged to HCL Technologies Limited from the appointed date of January 1, 2003. The Technical Help Desk business of the wholly owned subsidiary company namely, HCL Infinet Ltd was transferred to HCL Technologies BPO Ltd from January 1, 2003. Also,

the office automation & telecommunication business of the company was transferred to HCL Infinet Ltd from January 1, 2003.

During

the

year 2002-03, and hardware

the company bagged large orders in Enterprise

System from

Integration

business

Vidyavahini, Canara Bank, SBI, AP Transco, NIC, DACNET, Ministry of Defence, Dept. of Posts, Sahara India Parivar, Hindustan Aeronautics, Asian Paints, Sun Pharma, BSNL, ITI & Indian Overseas Bank. They launched new products in enterprise security area namely HCL Infowall & HCL SecuMon during the year. Also, in the Peripherals business, they launched a slew of new models & new products that included CRT monitors & TFT LCD monitors, Multilingual keyboards, Ethernet Switches, Structured cabling components and Touch screen enabled information kiosks. During the year 2003-04, the company launched some new products, which include Beanstalk with media center, Infiniti Indic PC, Infiniti Corporate PC, Infiniti Orbital PC and Beanstalk NEO. The company also launched next generation Xeon processor based Infiniti Global Line server 2700 series. During the year, the company's Infrastructure Services (ISS) wing has bagged good business from Banks, Utility Services providers, PSUs, FMCG for IT security services and consultancy for Network design, roll out and management, Wide Area Network, Facility Management Services and Data Center

Solutions. Also, they bagged orders from Tata Teleservices, Federal

Bank, Central Depositary services for Infiniti Storage products. During the year 2004-05, the company introduced new products, which include Konica Minolta printers, LCD TVs and Audio Visual System Integration (AVSI) solutions. They launched Toshiba LCD TV's, Ericsson range of solutions for Business conferencing, Broadband and Mini Link Radio. They also launched end-to-end solutions for IP telephony and Global IP VPN services. In the consumer PC front, the company launched several new models, which include 'EzeeBee Pride' During the year, the company commissioned and handover the country's largest Internet backbone network to Bharat Sanchar Nigam Ltd. Also, they executed and handed over the School computerization project from the 'Department of School Education', Government of Punjab. The networking business of the wholly owned subsidiary company, HCL Infinet Ltd was de-merged and transferred to Microcomp Ltd and the remaining Office Automation and Telecommunication business of HCL Infinet Ltd was amalgamated with the company with effect form April 1, 2006.

During the year 2005-06, the company in association with Nokia, announced a long-term distribution strategy for developing the rapidly growing Indian mobile phones market. Also, the company was awarded the 'Department of Electronics & Telecommunications (DET) Corporate Award' for Performance Excellence in the field of Computer & Tele-

Communication System. During the year 2006-07, Microcomp Ltd and Stelmac Engineering Pvt Ltd became the wholly owned subsidiaries of the company and the name of the Microcomp Ltd was changed to HCL Infinet Ltd. Stelmac Engineering Pvt Ltd was amalgamated with the company with effect from January 30, 2008. In May 2008, the company acquired the entire share capital of Natural Technologies Pvt Ltd, a company engaged in the business of providing banking software products & solutions, for a consideration of Rs 8.39 crore. The company is in the process of implementing the IT Infrastructure part of the Pan Africa project, which will connect 53 African countries into one network, providing electronic and knowledge connectivity to the African countries. In July 2008, the company made a tie up with Echelon Corporation of USA, to bring Echelon's Networked Energy Services advanced metering system to India.

International Business Machines Corporation (IBM), company profile International Business Machines Corporation (IBM), incorporated on June 16, 1911, is an information technology (IT) company. IBM operates in five segments: Global Technology Services (GTS), Global Business Services (GBS), Software, Systems and Technology and Global Financing. GTS primarily provides IT infrastructure services and business process services. GBS provides professional services and application management services. Software consists primarily of middleware and operating systems software. Systems and Technology provides clients with business solutions requiring advanced computing power and storage capabilities. Global Financing invests in financing assets, leverages with debt and manages the associated risks. In May 2012, the Company acquired Varicent Software Incorporated. In May 2012, the Company acquired Vivisimo. In June 2012, the Company acquired Tealeaf Technology, Inc. On August 1, 2012, Toshiba Tec Corporation acquired the retail store solution business from IBM. In September 2012, it acquired Butterfly Software Ltd. In October 2012, it acquired Texas Memory Systems. In October 2012, the Company announced the opening of three new branch offices in ASEAN, which are located in the cities of Ipoh and Malacca in Malaysia and Bandung in Indonesia, and announced the opening of three new branches across Brazil. In December 2012, the Company acquired Kenexa.

In April 2011, the Company acquired TRIRIGA, Inc. In October 2011, the Company acquired i2. In October 2011, the Company acquired Algorithmics. In October 2011, it acquired Q1 Labs Inc. In November 2011, the Company opened in Romania its European site for developing and testing IBM switch and networking hardware and software. In December 2011, the Company completed the acquisition of Curam Software Ltd. In January 9, 2012, the Company acquired Platform Computing. In January 11, 2012, the Company acquired Green Hat. In February 1, 2012, the Company acquired Emptoris Inc. In February 15, 2012, the Company acquired DemandTec Inc. In February 10, 2012, the Company completed the acquisition of Worklight. In March 2012, the Company opened a new branch office in Ludhiana, Punjab, India. Global Technology Services (GTS) GTCs services include Strategic Outsourcing Services, Global Process Services, Integrated Technology Services, Maintenance and GTS Services Delivery. Its Strategic outsourcing Services include IT outsourcing services. IBM integrates its service management,

technology and industry applications with new technologies, such as cloud computing, analytics and virtualization. Global Process Services ranges from standardized processing platforms and business process outsourcing, through transformational offerings, that deliver business results to clients through the change and/or operation of the client's

business processes, applications and infrastructure, formerly business transformation outsourcing. Integrated Technology Services is a project-based portfolio of services. Maintenance is a line of support services from product maintenance through solution support to maintain the availability of clients' IT infrastructures. IBM's GTS Services Delivery is responsible for the worldwide delivery of IBM's technology- and process-based services. Global Business Services (GBS) IBMs services in this segment include Consulting and Systems Integration, and Application Management Services. Consulting and Systems Integration delivers value to clients through consulting services for Strategy and Transformation; Application Innovation Services; Enterprise Applications and Business Services Analytics is engaged and in

Optimization.

Application

Management

application development, management, maintenance and support services for packaged software, as well as custom and applications. Value is delivered through advanced capabilities in areas, such as applications testing and modernization, cloud application security. Software Middleware software enables clients to integrate systems, processes and applications across a standard software platform. IBM middleware is designed on open standards, making it easier to integrate disparate business applications, developed by different methods and

implemented at different times. The sale of OTC software includes one year of subscription and support. Clients can also purchase ongoing subscription and support after the first year, which includes

unspecified product upgrades and technical support. WebSphere Software delivers capabilities that enable clients to integrate and manage business processes across their organizations. With a services-oriented architecture (SOA), businesses can link together their fragmented data and business processes to extract value from their existing technology. Smarter Commerce software enables interaction between companies, their customers and suppliers throughout the business cycle. Information Management Software enables clients to integrate, manage and use their information. Solutions include advanced database management, enterprise content management, information integration, data warehousing, performance management business analytics and intelligence. Tivoli Software helps clients manage their technology and business assets. With solutions for identity management, data security, storage management, cloud computing, enterprise mobility and the ability to provide automation and provisioning of the datacenter, Tivoli helps build the infrastructure needed to make systems from transportation to water, energy and telecommunications. Lotus Software enables businesses to connect people and processes. Rational Software supports software development for both IT, as well

as

complex

and

embedded

system

solutions products.

with

suite

of

Collaborative

Lifecycle

Management

Security

Systems

Software provides clients with a single security intelligence platform. Operating Systems software manages the fundamental processes that make computers run. Systems and Technology Systems and Technology provides semiconductor technology, products and packaging solutions for IBM's own advanced technology needs and for external clients. Systems are a range of general purpose and integrated systems designed and optimized for specific business, public and scientific computing needs. These systems, System z, Power Systems and System x, are typically the core technology in data centers that provide required infrastructure for business and

institutions. Also, these systems form the foundation for IBM's integrated offerings, such as IBM Smart Analytics, IBM Netezza, IBM SmartCloud Entry and IBM BladeCenter for Cloud. IBM servers use both IBM and non-IBM microprocessor technology and operating systems. All IBM servers run Linux, a key open-source operating system. Storage includes data storage products and solutions that allow clients to retain and manage volumes of digital information. These solutions address critical client requirements for information retention and archiving, security, compliance and storage optimization, including data de-duplication, availability and virtualization. The portfolio

consists of a range of disk and tape storage systems and software, including the ultra-scalable disk storage system XIV. Retail Store Solutions are provider of solutions that include hardware, software and services for the retail industry, including point-of-sale and self-service systems and peripherals. Microelectronics include semiconductor design and manufacturing primarily for use in IBM systems and storage products as well as delivering semiconductors and related services to external clients. Global Financing Global Financing facilitates clients' acquisition of IBM systems, software and services. Global Financing include Client Financing, Commercial Financing and Remanufacturing and Remarketing. Client Financing includes lease and loan financing to end users and internal clients for terms generally between one and seven years. Commercial Financing includes short-term inventory and accounts receivable financing to dealers and remarketers of IT products. Remanufacturing and Remarketing includes as equipment is returned at the conclusion of a lease transaction, these assets are refurbished and sold or leased to new or existing clients both externally and internally. Externally remarketed equipment revenue represents sales or leases to clients and resellers. Internally remarketed equipment revenue primarily represents used equipment that is sold or leased internally to Systems and Technology and Global Services. Systems and Technology may

also sell the equipment that it purchases from Global Financing to external clients. The Company competes with Accenture, Computer Sciences

Corporation, Fujitsu, Hewlett-Packard Company (HP), CA, Inc., Microsoft Corporation and Oracle Corporation (Oracle), Cisco Systems, Inc. (Cisco), Dell, Inc. (Dell), EMC Corporation and General Electric Company.

FINDINGS: FUNDAMENTAL ANALYSIS OF INFOSYS

Infosys EPS (rs.) P/E ratio Dividend Book value (rs.)

2011 112.22 12.35 60 426.73

2012 147.50 13.95 47 518.71

FUNDAMENTAL ANALYSIS OF WIPRO

WIPRO EPS (rs.) P/E ratio (rs.) Dividend (rs.) Book value (rs.)

2011 17.74 16.96 6 86.86

2012 19.05 18.45 4 99.04

FUNDAMENTAL ANALYSIS OF TCS TCS EPS (rs.) P/E ratio (rs.) Dividend (rs.) Book value (rs.) 2011 38.62 15.63 14 99.53 2012 55.97 20.14 25 126.49

FUNDAMENTAL ANALYSIS OF HCL INFOSYSTEMS HCL INFOSYSTEMS EPS (rs.) P/E ratio (rs.) Dividend (rs.) Book value (rs.) 2011 7.95 22.36 8 87.36 2012 2.15 24.7 3 86.02