Balance Sheet of Aztecsoft ------------------- in Rs. Cr.

-------------------
Mar
Mar '06 Mar '07 Mar '08 Mar '09
'05

12
12 mths 12 mths 12 mths 12 mths
mths

Sources Of Funds
Total Share Capital 12.93 13.21 13.49 13.50 13.68
Equity Share Capital 12.93 13.21 13.49 13.50 13.68
Share Application Money 0.00 0.00 0.01 0.05 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 109.87 129.93 144.50 160.13 168.35
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 122.80 143.14 158.00 173.68 182.03
Secured Loans 0.08 0.06 0.03 0.00 0.00
Unsecured Loans 0.00 0.00 0.00 0.00 0.00
Total Debt 0.08 0.06 0.03 0.00 0.00
Total Liabilities 122.88 143.20 158.03 173.68 182.03
Mar
Mar '06 Mar '07 Mar '08 Mar '09
'05

12
12 mths 12 mths 12 mths 12 mths
mths

Application Of Funds
Gross Block 29.05 44.57 64.72 98.81 98.60
Less: Accum. Depreciation 16.35 23.09 36.33 46.51 54.47
Net Block 12.70 21.48 28.39 52.30 44.13
Capital Work in Progress 3.65 1.48 15.60 1.25 8.76
Investments 101.80 101.70 68.83 76.14 105.47
Inventories 0.00 0.00 0.00 0.00 0.00
Sundry Debtors 18.13 28.37 53.31 61.62 57.40
Cash and Bank Balance 4.39 5.25 6.96 12.42 11.21
Total Current Assets 22.52 33.62 60.27 74.04 68.61
Loans and Advances 10.91 18.65 25.82 21.09 22.88
Fixed Deposits 0.03 0.07 4.18 0.53 0.51
Total CA, Loans & Advances 33.46 52.34 90.27 95.66 92.00
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 26.40 29.13 35.77 45.86 63.49
Provisions 2.33 4.66 9.28 5.82 4.85
Total CL & Provisions 28.73 33.79 45.05 51.68 68.34
Net Current Assets 4.73 18.55 45.22 43.98 23.66
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 122.88 143.21 158.04 173.67 182.02

Contingent Liabilities 11.30 22.18 40.92 31.00 16.25

Book Value (Rs) 28.49 32.50 35.14 38.59 39.91

Profit & Loss account of Aztecsoft ------------------- in Rs. Cr. -------------------

Mar
Mar '06 Mar '07 Mar '08 Mar '09
'05

12
12 mths 12 mths 12 mths 12 mths
mths

Income
Sales Turnover 82.34 128.61 241.44 225.52 273.78
Excise Duty 0.00 0.00 0.00 0.00 0.00
Net Sales 82.34 128.61 241.44 225.52 273.78
Other Income 2.44 0.26 3.92 5.10 -52.22
Stock Adjustments 0.00 0.00 0.00 0.00 0.00
Total Income 84.78 128.87 245.36 230.62 221.56
Expenditure
Raw Materials 0.00 0.00 0.00 0.00 0.00
Power & Fuel Cost 0.97 2.36 4.26 4.85 3.70
Employee Cost 3.53 59.01 126.08 116.70 114.90
Other Manufacturing Expenses 44.66 5.45 15.29 34.71 46.46
Selling and Admin Expenses 14.47 28.71 34.37 32.50 26.44
Miscellaneous Expenses 2.57 6.57 12.09 10.26 7.67
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 66.20 102.10 192.09 199.02 199.17
Mar
Mar '06 Mar '07 Mar '08 Mar '09
'05

12
12 mths 12 mths 12 mths 12 mths
mths

Operating Profit 16.14 26.51 49.35 26.50 74.61

PBDIT 18.58 26.77 53.27 31.60 22.39
Interest 0.06 0.07 0.15 0.10 0.09
PBDT 18.52 26.70 53.12 31.50 22.30
Depreciation 3.77 6.74 11.12 13.14 14.44
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 14.75 19.96 42.00 18.36 7.86
Extra-ordinary items 0.00 0.00 0.26 0.00 0.00
PBT (Post Extra-ord Items) 14.75 19.96 42.26 18.36 7.86
Tax 0.05 -0.34 4.29 1.34 0.23
Reported Net Profit 14.70 20.30 37.97 17.04 7.64
Total Value Addition 66.19 102.10 192.09 199.01 199.17
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 1.29 2.64 4.05 1.35 0.00
Corporate Dividend Tax 0.18 0.37 0.69 0.23 0.00
Per share data (annualised)
Shares in issue (lakhs) 431.02 440.40 449.65 449.94 456.08
Earning Per Share (Rs) 3.41 4.61 8.45 3.79 1.67
Equity Dividend (%) 10.00 20.00 30.00 10.00 0.00
Book Value (Rs) 28.49 32.50 35.14 38.59 39.91

Cash Flow of Aztecsoft ------------------- in Rs. Cr. -------------------

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 14.76 19.96 42.26 18.37 7.86

Net Cash From Operating Activities 8.31 11.96 36.97 30.92 37.38
Net Cash (used in)/from
-4.38 -12.58 -35.08 -24.60 -39.14
Investing Activities
Net Cash (used in)/from Financing Activities -0.10 1.55 0.81 -4.53 0.52
Net (decrease)/increase In Cash and Cash
3.66 0.89 2.86 1.81 -1.23
Equivalents
Opening Cash & Cash Equivalents 0.76 4.42 8.28 11.14 12.95
Closing Cash & Cash Equivalents 4.42 5.31 11.14 12.95 11.72
Key Financial Ratios of Aztecsoft ------------------- in Rs. Cr. -------------------

Mar
Mar '06 Mar '07 Mar '08 Mar '09
'05

Investment Valuation Ratios

Face Value 3.00 3.00 3.00 3.00 3.00
Dividend Per Share 0.30 0.60 0.90 0.30 --
Operating Profit Per Share (Rs) 3.75 6.02 10.97 5.89 16.36
Net Operating Profit Per Share (Rs) 19.10 29.20 53.70 50.12 60.03
Free Reserves Per Share (Rs) 25.49 29.50 32.14 35.59 36.91
Bonus in Equity Capital 35.89 35.13 34.41 34.38 33.92
Profitability Ratios
Operating Profit Margin(%) 19.61 20.61 20.43 11.75 --
Profit Before Interest And Tax Margin(%) 14.81 15.26 15.68 5.82 --
Gross Profit Margin(%) 20.77 21.12 21.19 5.92 --
Cash Profit Margin(%) 22.10 20.88 20.13 12.65 --
Adjusted Cash Margin(%) 20.65 21.33 19.38 12.65 28.40
Net Profit Margin(%) 17.59 15.68 15.57 7.42 2.74
Adjusted Net Profit Margin(%) 16.13 16.12 14.82 7.42 --
Return On Capital Employed(%) 11.06 14.39 25.66 9.97 --
Return On Net Worth(%) 11.97 14.18 24.04 9.81 --
Adjusted Return on Net Worth(%) 10.98 14.58 22.87 9.15 35.54
Return on Assets Excluding Revaluations 9.70 11.47 35.14 38.59 39.91
Return on Assets Including Revaluations 9.70 11.47 35.14 38.59 39.91
Return on Long Term Funds(%) 11.06 14.39 25.67 9.98 35.72
Liquidity And Solvency Ratios
Current Ratio 1.16 1.55 2.00 1.85 1.35
Quick Ratio 1.15 1.51 1.96 1.78 1.28
Debt Equity Ratio -- -- -- -- --
Long Term Debt Equity Ratio -- -- -- -- --
Debt Coverage Ratios
Interest Cover 978.35 2,823.03 8,451.38 8,252.43 --
Total Debt to Owners Fund 0.00 0.00 0.00 -- --
Financial Charges Coverage Ratio 291.00 377.76 356.18 314.12 850.78
Financial Charges Coverage Ratio Post Tax 310.45 374.52 339.32 312.11 237.30
Management Efficiency Ratios
Inventory Turnover Ratio -- -- -- -- --
Debtors Turnover Ratio 5.66 5.53 5.91 3.92 4.60
Investments Turnover Ratio -- -- -- -- --
Fixed Assets Turnover Ratio 10.65 8.41 8.83 -- --
Total Assets Turnover Ratio 0.69 0.93 1.60 1.37 --
Asset Turnover Ratio 3.27 3.24 4.21 2.52 3.16
Average Raw Material Holding -- -- -- -- --
Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital 20.67 51.87 67.41 70.21 31.11
Profit & Loss Account Ratios
Material Cost Composition -- -- -- -- --
Imported Composition of Raw Materials
-- -- -- -- --
Consumed
Selling Distribution Cost Composition 10.99 9.00 1.15 0.89 0.26
Expenses as Composition of Total Sales 99.71 98.40 89.06 89.97 86.41
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 10.02 14.84 12.46 9.30 --
Dividend Payout Ratio Cash Profit 7.98 11.14 9.64 5.25 --
Earning Retention Ratio 89.07 85.57 86.90 90.04 100.00
Cash Earning Retention Ratio 91.46 89.10 89.98 94.55 100.00
AdjustedCash Flow Times 0.00 0.00 0.00 -- --

Mar
Mar '06 Mar '07 Mar '08 Mar '09
'05

Earnings Per Share 3.41 4.61 8.45 3.79 1.67

Book Value 28.49 32.50 35.14 38.59 39.91

Competition
Last Price Market Cap. Sales Net Profit Total Assets
(Rs. cr.) Turnover
TCS 1,015.40 198,736.22 23,044.45 5,618.51 15,152.36
Infosys 2,963.80 170,132.40 21,140.00 5,803.00 22,036.00
Wipro 400.85 98,288.42 23,177.60 4,898.00 23,222.40
HCL Tech 377.00 25,751.74 5,078.76 1,056.58 6,333.25
Oracle Financ 2,146.10 18,003.95 2,212.62 695.71 4,178.07
Mphasis 560.80 11,770.82 3,405.02 836.87 2,151.30
Tech Mahindra 679.45 8,542.05 4,483.76 742.85 5,001.60
Mahindra Satyam 69.65 8,194.19 5,100.50 -71.20 7,381.31
Patni Computer 467.65 6,079.72 1,751.33 542.73 3,204.71
 368.60
Financial Tech 1,008.90 4,648.86 356.36