ANNUAL REPORT

2015-2016
1
3
 For over three decades now, our clients have
relied on us to architect, design and deliver
modern technology solutions that have improved
the lives of millions of citizens and customers.
All this is creating a positive business impact.
With digital solutions constituting circa 48% of
our business, we are emerging as one of the
Enterprise Digital Transformation Leaders.

Not surprisingly, our next milestone is to make

100% of our business digital!

MASTEK HAS BEEN A As you know, we specialise in building,

maintaining and managing bespoke digital
TRUSTED PARTNER FOR solutions for clients in Government, Health,
Retail and Financial Services.
AGILE, DIGITAL
TRANSFORMATION Our clients rely on us to enable strategic,
future-critical applications where the
challenges are not well-defined. These
are generally areas where they aim to stay
ahead of traditional competitors and the
nimbler e-commerce upstarts, through
innovative, highly differentiated
approaches.

Which is why, our applications tend to have

dynamically evolving requirements that are
difficult to pin down and specify clearly. They
also tend to be complex, and sometimes very
large, requiring multiple points of integration
with the clients enterprise applications
landscape.

Some clients may want to delight their digitally

savvy citizens and customers who expect to
be served through a channel of choice web,
smartphone, voice call, chat or video, at a time
of day/day of week convenient to them. While
others may be enabling straight- through
processing, bringing new efficiencies and higher
levels of quality to internal operations, they may
want to mine data in real time to generate
new customer insights. By their very nature,
these areas need specialised, bespoke
applications and not off-the-shelf packages.
These are the applications that fall within our
sweet spot.

5
 WHAT HELPS US TO BE
THE ORGANIZATION OF
CHOICE FOR COMPANIES
LOOKING TO FACE THE
CHALLENGES OF DIGITAL
TRANSFORMATION?

7
9
Sudhakar Ram
Managing Director & Group CEO
Managing Director Non-Executive Chairman
& Group CEO and Independent Director

11
 Map showing location of the venue of 34th Annual General Meeting of
Mastek Limited to be held on Monday, 25th July, 2016

VENUE
Ahmedabad Management Association,
H.T. Parekh Hall, AMA Complex, ATRA,
Dr. Vikram Sarabhai Marg, Ahmedabad 380015.
 MASTEK LIMITED
Regd. Ofce: 804/805, President House, Opp. C. N. Vidyalaya, Near Ambawadi Circle, Ambawadi, Ahmedabad - 380 006
CIN: L74140GJI982PLC005215; Website: www.mastek.com; Phone: +91-79-2656-4337; Fax: +91-22-6695 1331; E mail: investor_grievances@mastek.com
NOTICE TO MEMBERS
NOTICE is hereby given that the Thirty Fourth Annual General Meeting of
MASTEK LIMITED will be held on Monday, July 25, 2016 at Ahmedabad
Management Association, H.T. Parekh Hall, AMA Complex, ATRA.
Dr. Vikram Sarabhai Marg, Ahmedabad 380015 at 11.00 a.m. to transact
the following business:
ORDINARY BUSINESS:
1. To receive, consider and adopt the Prot and Loss Account for the
year ended March 31, 2016, the Balance Sheet as on that date
together with reports of the Directors and the Auditors thereon and
the Consolidated Financial statements for the year ended March
31, 2016 along with the Auditors Report thereon.
2. To conrm the rst Interim Dividend of ` 1.50 and the second
Interim Dividend of ` 1/-, in aggregate ` 2.50 per Equity Share of
` 5/- each, as dividend for the year 2015-16.
3. To appoint a Director in place of Mr. Ashank Desai (DIN 00017767),
and being eligible, offers himself for re-appointment.
4. To ratify the appointment of M/s. Price Waterhouse Chartered
Accountants LLP, (Firm Registration No. 012754N), as Auditors of
the Company under Section 139 of the Companies Act, 2013.
SPECIAL BUSINESS:
5. To consider and if thought t, to pass with or without modication(s),
the following resolution as a Special Resolution:
RESOLVED THAT pursuant to the provisions of section 5 and 14
of Companies Act, 2013 (the Act), Schedule I made thereunder,
read with the Companies (Incorporation) Rules, 2014 and all other
applicable provisions, if any, of the Act (including any statutory
modication(s) or re-enactment thereof for the time being in
force), the new set of regulations contained in the Articles of
Association and submitted to this meeting be and are hereby
approved and adopted in substitution, and to the entire exclusion,
of the regulations contained in the existing Articles of Association
of the Company.
RESOLVED FURTHER THAT for the purpose of giving full effect
to this resolution, the Board be and is hereby authorized on behalf
of the Company to do all such acts, deeds, matters and things
as it may, in its absolute discretion, deem necessary, expedient,
proper or desirable and to settle all questions, difculties or doubts
that may arise in this regard at any stage without requiring the
Board to secure any further consent or approval of the Members of
the Company to the end and intent that they shall be deemed to
have given their approval thereto expressly by the authority of this
resolution.
RESOLVED FURTHER THAT the Board of Directors or the Key
Managerial Personnel of the company be and are hereby severally
authorized to do all such acts, deeds and things as may be required
to give effect to the above resolution(s).
NOTES:
1. A MEMBER ENTITLED TO VOTE AT THE MEETING IS
ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE
INSTEAD OF HIMSELF/HERSELF AND SUCH A PROXY NEED
NOT BE A MEMBER OF THE COMPANY.
Proxies, in order to be effective, must be deposited at the
Registered Ofce of the Company not less than forty eight hours
before the commencement of the Meeting.
2. The relative Explanatory Statement, pursuant to Section 102 of
the Companies Act, 2013 in respect of Special Business to be
transacted at the Annual General Meeting is annexed hereto.
3. The Register of Members and Share Transfer Books of the Company
will remain closed from July 18, 2016 to July 25, 2016 (both
days inclusive).
4. The Board of Directors of the Company has declared and paid
First Interim Dividend @30% i.e. ` 1.50 per Equity Share of
` 5/- each and Second Interim Dividend @20% i.e. ` 1/- per
13
Equity Share of ` 5/- each for the year 2015-16. The Board of
Directors of the Company did not recommend any further dividend
for the year 2015-16.
5. a. With effect from April 04, 2016 all the share tranfers and
related operations, so far handled by Sharepro Services India
Pvt. Ltd., have been transferred to Karvy Computershare
Pvt. Ltd.
b. Members are requested to immediately notify any change
in their address and E-mail IDs to the Registrar and Share
Transfer Agent of the Company at the following address:
Karvy Computershare Private Limited
Karvy Selenium Tower-B,
Plot No. 31 & 32, Financial District, Nanakramguda,
Serilingampally Mandal, Hyderabad - 500 032.
Phone: Tel: +91 40 6716 1500 Fax: +91 40 2331 1968
E-Mail: einward.ris@karvy.com
6. The Unclaimed Final Dividend for the nancial year ended June 30,
2008 & Interim dividend for the nancial year 2008-09 has been
transferred to the Investor Education and Protection Fund (IEPF)
as per provisions under section 205C of the Companies Act, 1956.
7. Members who have not yet en-cashed their Final Dividend warrants
for the nancial year ended June 30, 2009 and thereafter are
requested to make their claims to the Company/Registrar and
Share Transfer Agent.
8. Members are requested to bring the duly lled admission slips
along with their copy of the Annual Report at the time of attending
the Meeting. Please note that Annual Report copies shall not be
available/distributed at the AGM Hall.
9. Members are requested to join the Company in supporting the
Green Initiative taken by Ministry of Corporate Affairs (MCA) to
effect electronic delivery of documents including Annual Report and
other documents to the members at the e-mail address registered
for the said purpose. We request the members to register their
e-mail address with their Depository Participant or with Karvy
Computershare Private Limited, Registrar and Share Transfer Agent
of the Company, for sending various notices, Annual Report and
other documents through Electronic Mode.
10. Members may note that Annual Report for 2015-16 including Notice
of the Thirty fourth Annual General Meeting will also be available
on the Companys website www.mastek.com for their download.
11. Pursuant to Section 108 of the Companies Act, 2013, Rule 20 of
the Companies (Management and Administration) Rules, 2014,
as amended and Regulation 44 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company is
pleased to provide the facility to Members to exercise their right to
vote on the resolutions proposed to be passed at AGM by electronic
means. The Members, whose names appear in the Register of
Members / list of Benecial Owners as on Monday, July 18, 2016,
i.e. the date prior to the commencement of book closure, are
entitled to vote on the Resolutions set forth in this Notice. The
members may cast their votes on electronic voting system from
place other than the venue of the meeting (remote e-voting). The
remote e-voting period will commence at 9.00 a.m. on Thursday,
July 21, 2016 and will end at 5.00 p.m. on Sunday, July 24,
2016. In addition, the facility for voting through electronic voting
system shall also be made available at the AGM and the Members
attending the AGM who have not cast their vote by remote e-voting
shall be eligible to vote at the AGM. The Company has appointed
Mr. Abhishek Bhate, Practising Company Secretary, to act as the
Scrutinizer, to scrutinize the entire e-voting process in a fair and
transparent manner. The Members desiring to vote through remote
e-voting are requested to refer to the detailed procedure given
hereinafter.
PROCEDURE FOR REMOTE E-VOTING
I. The Company has entered into an arrangement with M/s. Karvy
Computershare Private Limited for facilitating remote e-voting for
ANNUAL REPORT 2015-2016
NOTICE &RQWG

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ANNEXURE TO THE NOTICE

EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013 IS
GIVEN BELOW.
ITEM NO. 5
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 REGISTRATION / UPDATING OF EMAIL IDs & BANK DETAILS

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MASTEK LIMITED

BANKERS

ICICI Bank Limited

Standard Chartered Bank

COMPANY SECRETARY

Dinesh Kalani

AUDITORS

Price Waterhouse Chartered Accountants, LLP

REGISTERED OFFICE

804 / 805, President House, Opp C N Vidyalaya,

Near Ambawadi Circle, Ahmedabad 380006

Gujarat, India

Tel : +91-79-2656-4337; Fax: +91-22-6695 1331

E-mail : investor_grievances@mastek.com

Website: www.mastek.com

REGISTRAR AND SHARE TRANSFER AGENT

Karvy Computershare Private Limited

Karvy Selenium Tower-B,

Plot No. 31 & 32, Financial District,

Nanakramguda, Serilingampally Mandal,

Hyderabad - 500 032.

Phone: Tel: +91 40 6716 1500 Fax: +91 40 2331 1968

E-Mail: einward.ris@karvy.com

CORPORATE IDENTIFICATION NUMBER (CIN)

L74140GJI982PLC005215

17 ANNUAL REPORT 2015-2016

PERFORMANCE ANALYSIS OF MASTEK GROUP

GROUP TOTAL REVENUE & NET PROFIT

(` Cr)

18
52

1 34
14
1030
934
745 693
544

2011-12 2012-13 2013-14 2014-15 2015-16

(9 months)
Income Net Profit

BOOK VALUE PER SHARE

(`)

265.60
252.80
216.30
198.71

138.86

2011-12 2012-13 2013-14 2014-15 2015-16

(9 months)

GEOGRAPHICAL SPREAD OF REVENUE

(` Cr)

57 50 71 80 21

324 308 419 405

506

352 325 432 528

2011-12 2012-13 2013-14 2014-15 2015-16

(9 months)
Europe North America Rest of the World

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of Mastek Limited into Majesco Limited effective April 01, 2014.


PERFORMANCE ANALYSIS OF MASTEK GROUP (Contd.)

GROUP EMPLOYEES STRENGTH (NUMBERS)

3,352
3,214 3,123
3,083

1,298

2011-12 2012-13 2013-14 2014-15 2015-16

(9 months)

CURRENT INVESTMENTS AND

CASH & BANK BALANCES
(` Cr)

214

171
159
138
120

2011-12 2012-13 2013-14 2014-15 2015-16

(9 months)

RETURN ON NETWORTH (%)

9.2

6.0

4.3

3.0

0.1
2011-12 2012-13 2013-14 2014-15 2015-16
(9 months)

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of Mastek Limited into Majesco Limited effective April 01, 2014.

 ANNUAL REPORT 2015-2016

TABLE OF CONTENTS

3DJH1R

FROM THE MANAGING DIRECTOR AND GROUP CEOs DESK ......................................................................................... 

ROUTE MAP ....................................................................................................................................................................... 

NOTICE.............................................................................................................................................................................. 

MASTEK GROUP

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MASTEK LIMITED

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CORPORATE GOVERNANCE REPORT ............................................................................................................................... 

CORPORATE SOCIAL RESPONSIBILITY .......................................................................................................................... 

PEOPLE PRACTICES .......................................................................................................................................................... 

SUSTAINABILITY REPORT ............................................................................................................................................... 

PROXY FORM / ATTENDANCE SLIP


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Shareholders funds
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2.9 Derivative instruments and hedge accounting
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
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2.11 Revenue recognition

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2.13 Leases

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2.14 Earnings per share

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2.15 Income Taxes

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0$7FUHGLWDVVHWLVZULWWHQGRZQWRWKHH[WHQWWKHUHLVQRORQJHUFRQYLQFLQJHYLGHQFHWRWKHHIIHFWWKDWWKH&RPSDQ\ZLOOSD\QRUPDOLQFRPH
WD[GXULQJWKHVSHFLHGSHULRG

  &XUUHQW WD[ DVVHWV DQG OLDELOLWLHV DUH RIIVHW ZKHQ WKHUH LV D OHJDOO\ HQIRUFHDEOH ULJKW WR VHW RII WKH UHFRJQLVHG DPRXQW DQG WKHUH LV DQ
LQWHQWLRQWRVHWWOHWKHDVVHWDQGOLDELOLW\RQDQHWEDVLV

  'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHRIIVHWZKHQWKHUHLVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIDVVHWVDJDLQVWOLDELOLWLHVUHSUHVHQWLQJWKH
FXUUHQWWD[DQGZKHUHWKHGHIHUUHGWD[DVVHWVDQGOLDELOLWLHVUHODWHWRWD[HVRQLQFRPHOHYLHGE\WKHVDPHJRYHUQLQJWD[DWLRQODZV


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

2.16 Segment Reporting

  7KHDFFRXQWLQJSROLFLHVDGRSWHGIRUVHJPHQWUHSRUWLQJDUHLQFRQIRUPLW\ZLWKWKHDFFRXQWLQJSROLFLHVDGRSWHGIRUWKH*URXS5HYHQXHDQG
H[SHQVHVKDYHEHHQLGHQWLHGWRVHJPHQWVRQWKHEDVLVRIWKHLUUHODWLRQVKLSWRWKHRSHUDWLQJDFWLYLWLHVRIWKHVHJPHQW([SHQVHVQHWRI
LQFRPHZKLFKUHODWHWRWKH*URXSDVDZKROHDQGDUHQRWDOORFDEOHWRVHJPHQWVRQDUHDVRQDEOHEDVLVKDYHEHHQLQFOXGHGXQGHU&RPPRQ
XQDOORFDEOHFKDUJHVQHW  

2.17 Accounting for Employee Stock Options

  6WRFN RSWLRQV JUDQWHG WR HPSOR\HHV RI 0DVWHN /LPLWHG DQG LWV VXEVLGLDULHV XQGHU WKH VWRFN RSWLRQ VFKHPHV HVWDEOLVKHG DIWHU -XQH 
DUHDFFRXQWHGDVSHUWKHWUHDWPHQWSUHVFULEHGE\WKH*XLGDQFH1RWHRQ(PSOR\HH6KDUHEDVHG3D\PHQWVLVVXHGE\WKH,QVWLWXWHRI
&KDUWHUHG$FFRXQWVRI,QGLDDVUHTXLUHGE\WKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQHWV5HJXODWLRQV
7KHLQWULQVLFYDOXHRIWKHRSWLRQEHLQJH[FHVVRIPDUNHWYDOXHRIWKHXQGHUO\LQJVKDUHLPPHGLDWHO\SULRUWRGDWHRIJUDQWRYHULWVH[HUFLVH
SULFH LV UHFRJQLVHG DV GHIHUUHG HPSOR\HH FRPSHQVDWLRQ ZLWK D FUHGLW WR VKDUH RSWLRQV RXWVWDQGLQJ DFFRXQW 7KH ([SHQVH RQ GHIHUUHG
HPSOR\HHFRPSHQVDWLRQLVFKDUJHGWR6WDWHPHQWRI3URWDQG/RVVRQVWUDLJKWOLQHEDVLVRYHUWKHYHVWLQJSHULRGRIWKHRSWLRQ7KHRSWLRQV
WKDWODSVHDUHUHYHUVHGE\DFUHGLWWR([SHQVHRQ(PSOR\HH6WRFN2SWLRQ6FKHPHHTXDOWRWKHDPRUWLVHGSRUWLRQRIYDOXHRIODSVHGSRUWLRQ
DQGDGHELWWRVKDUHRSWLRQVRXWVWDQGLQJDFFRXQWHTXDOWRWKHXQDPRUWLVHGSRUWLRQ

2.18 Provisions and Contingent Liabilities

  3URYLVLRQVDUHUHFRJQLVHGZKHQWKH*URXSKDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWVIRUZKLFKLWLVSUREDEOHWKDWDQRXWRZRI
UHVRXUFHVHPERG\LQJHFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWHRIWKHDPRXQWFDQEHPDGH$
GLVFORVXUHIRUDFRQWLQJHQWOLDELOLW\LVPDGHZKHUHWKHUHLVDSRVVLEOHREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVDQGWKHH[LVWHQFHRIZKLFKZLOO
EHFRQUPHGRQO\E\WKHRFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVQRWZKROO\ZLWKLQWKHFRQWURORIWKH*URXS
RUDSUHVHQWREOLJDWLRQWKDWDULVHVIURPWKHSDVWHYHQWVZKHUHLWLVHLWKHUQRWSUREDEOHWKDWDQRXWRZRIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOH
WKHREOLJDWLRQRUDUHOLDEOHHVWLPDWHRIWKHDPRXQWFDQQRWEHPDGH3URYLVLRQVDUHUHYLHZHGUHJXODUO\DQGDUHDGMXVWHGZKHUHQHFHVVDU\WR
UHHFWWKHFXUUHQWEHVWHVWLPDWHVRIWKHREOLJDWLRQ:KHUHWKH*URXSH[SHFWVDSURYLVLRQWREHUHLPEXUVHGWKHUHLPEXUVHPHQWLVUHFRJQLVHG
DVDVHSDUDWHDVVHWRQO\ZKHQVXFKUHLPEXUVHPHQWLVYLUWXDOO\FHUWDLQ

  &DVKDQG&DVK(TXLYDOHQWV             

  &DVKDQGFDVKHTXLYDOHQWVLQFOXGHFDVKLQKDQGGHPDQGGHSRVLWVZLWKEDQNVDQGRWKHUVKRUWWHUPKLJKO\OLTXLGLQYHVWPHQWVZLWKRULJLQDO
PDWXULWLHVRIWKUHHPRQWKVRUOHVV

3 Share capital

As at $VDW
March 31, 2016 0DUFK
$XWKRULVHG
0DUFKHTXLW\VKDUHVRI`HDFK 2,000.00 
0DUFKSUHIHUHQFHVKDUHVRI`HDFK 2,000.00 
4,000.00 
,VVXHGVXEVFULEHGDQGIXOO\SDLGXS
0DUFKHTXLW\VKDUHVRI`HDFKIXOO\SDLG 1,149.86 
7RWDO 1,149.86 

(a) Reconciliation of the number of shares

As at $VDW
March 31, 2016 0DUFK
No. of shares Amount 1RRIVKDUHV $PRXQW
(TXLW\6KDUHV
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 22,546,672 1,127.33  
$GG$GGLWLRQRQDFFRXQWRIH[HUFLVHRI 450,602 22.53  
HPSOR\HHVWRFNRSWLRQSODQV
>5HIHUQRWHF@
%DODQFHDVDWWKHHQGRIWKH\HDU 22,997,274 1,149.86  

31 ANNUAL REPORT 2015-2016

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

(b) Rights, preferences and restrictions attached to shares

7KH&RPSDQ\KDVRQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKVKDUHKROGHULVHOLJLEOHIRURQHYRWHSHUVKDUHKHOG
7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
H[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQWKHHTXLW\VKDUHKROGHUVDUHHOLJLEOHWRUHFHLYHWKHUHPDLQLQJDVVHWVRIWKH
&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLQSURSRUWLRQWRWKHLUVKDUHKROGLQJ

(c) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
As at $VDW
March 31, 2016 0DUFK
(TXLW\6KDUHVRI`HDFKKHOGE\ No. of shares % of holding 1RRIVKDUHV RIKROGLQJ
$VKDQN'HVDL 3,099,552 13.48%  
6XGKDNDU5DP 2,791,680 12.14%  
.HWDQ0HKWD 2,519,100 10.95%  
)LGHOLW\3XULWD7UXVW)LGHOLW\/RZ3ULFHG 1,275,000 5.54%  
5DGKDNULVKQDQ6XQGDU 1,445,800 6.29%  

(d) Shares reserved for issue under options

As at $VDW
March 31, 2016 0DUFK
 1XPEHURIVKDUHVWREHLVVXHGXQGHUWKHHPSOR\HHVWRFNRSWLRQSODQV 2,739,627 
 >5HIHUQRWHDIRUGHWDLOVRIVKDUHVWREHLVVXHGXQGHUWKH(PSOR\HH6WRFN2SWLRQ6FKHPH@

(e) Shares bought back (during 5 years immediately preceding March 31, 2016)
March 0DUFK 0DUFK 0DUFK -XQH
31, 2016    
(TXLW\VKDUHVERXJKWEDFN -    

4 Reserves and surplus

As at $VDW
March 31, 2016 0DUFK
Capital reserve
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 21.44 
%DODQFHDVDWWKHHQGRIWKH\HDU 21.44 

Capital redemption reserve account 1,538.87 

Securities premium account

%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 545.16 
$GG7UDQVIHUUHGIURP(PSOR\HHVWRFNRSWLRQVRXWVWDQGLQJDFFRXQWRQDFFRXQWRIH[HUFLVHRIVKDUHV 6.40 
XQGHUWKHHPSOR\HHVWRFNRSWLRQSODQV
$GG$GGLWLRQRQDFFRXQWRIH[HUFLVHRIVKDUHVXQGHUWKHHPSOR\HHVWRFNRSWLRQSODQV 529.54 
%DODQFHDVDWWKHHQGRIWKH\HDU 1,081.10 

Employee stock options outstanding account

%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 131.75 
$GG$GGLWLRQRQDFFRXQWRIHPSOR\HHVWRFNRSWLRQSODQV 33.38 
/HVV7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (84.07) 
/HVV 7UDQVIHUUHG WR 6HFXULWLHV SUHPLXP DFFRXQW RQ DFFRXQW RI H[HUFLVH RI VKDUHV XQGHU WKH (6.40) 
HPSOR\HHVWRFNRSWLRQSODQV
%DODQFHDVDWWKHHQGRIWKH\HDU>5HIHUQRWHI@ 74.66 


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

4 Reserves and surplus (Contd.)

As at $VDW
March 31, 2016 0DUFK
General reserve
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 2,777.83 
/HVV$GMXVWPHQWVSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (2,415.67) 
$GG7UDQVIHUIURPVXUSOXVLQVWDWHPHQWRISURWDQGORVVGXULQJWKH\HDU - 
%DODQFHDVDWWKHHQGRIWKH\HDU 362.16 

Hedging reserve account 1,880.91 

%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU (594.64) 
$GG&KDQJHVLQWKHIDLUYDOXHRIWKHHIIHFWLYHFDVKRZKHGJHV (187.96) 
/HVV7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH 1,098.31 
%DODQFHDVDWWKHHQGRIWKH\HDU5HIHUQRWH

Foreign currency translation reserve 8,643.45 

%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU (8,570.76) 
/HVV0RYHPHQWRQDFFRXQWRIGHPHUJHU 1,828.47 
$GG0RYHPHQWGXULQJWKH\HDU 1,901.16 
%DODQFHDVDWWKHHQGRIWKH\HDU

6XUSOXVLQVWDWHPHQWRISURWDQGORVV
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 42,918.78 
/HVV$GMXVWPHQWVSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (18,940.12) 
3URWIRUWKH\HDU 1,374.46 
/HVV $SSURSULDWLRQV
 ,QWHULPGLYLGHQG`SHUVKDUH3UHYLRXV\HDU`SHUVKDUH (577.08) 
 3URSRVHGQDOGLYLGHQG3UHYLRXV\HDU`SHUVKDUH - 
 'LYLGHQGGLVWULEXWLRQWD[QHW (70.66) 
 7UDQVIHUWRJHQHUDOUHVHUYH - 
%DODQFHDVDWWKHHQGRIWKH\HDU 24,705.38 

Total 30,783.08 

 'LYLGHQG'LVWULEXWLRQ7D[''7QHWSHUWDLQLQJWRWKHFXUUHQW\HDUFRPSULVHVWKH''7OLDELOLW\RI`SUHYLRXV\HDU`RQLQWHULP

GLYLGHQGDQGDFUHGLWRI`SUHYLRXV\HDU`LQUHVSHFWRIWD[SDLGXV%%'RIWKH,QGLDQ,QFRPH7D[$FWE\WKH&RPSDQ\
RQGLYLGHQGUHFHLYHGIURPDIRUHLJQVXEVLGLDU\GXULQJWKH\HDU        

 /RQJWHUPERUURZLQJV

As at $VDW
March 31, 2016 0DUFK
6HFXUHG
7HUPORDQIURPEDQN - 
/RQJWHUPPDWXULWLHVRIQDQFHOHDVHREOLJDWLRQV>5HIHUQRWHDEHORZDQGQRWHLL@ 17.79 

Total 17.79 

1RWH
1DWXUHRIVHFXULW\ 7HUPVRIUHSD\PHQW
D )LQDQFH OHDVH REOLJDWLRQV DUH VHFXUHG E\ 0RQWKO\SD\PHQWRI(TXDWHG0RQWKO\,QVWDOPHQWVEHJLQQLQJIURPWKH
K\SRWKHFDWLRQRIDVVHWVXQGHUO\LQJWKHOHDVHV PRQWKVXEVHTXHQWWRWDNLQJWKHOHDVH

33 ANNUAL REPORT 2015-2016

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

6 Other long-term liabilities

As at $VDW
March 31, 2016 0DUFK
6HFXULW\DQGRWKHUGHSRVLWV 97.07 
&RQWLQJHQWFRQVLGHUDWLRQSD\DEOHRQEXVLQHVVDFTXLVLWLRQ - 
7RWDO 97.07 

7 Long-term provisions

As at $VDW
March 31, 2016 0DUFK
3URYLVLRQIRUHPSOR\HHEHQHWV
 3URYLVLRQIRUOHDYHHQFDVKPHQW 467.71 
2WKHU3URYLVLRQV
 3URYLVLRQIRUFRVWRYHUUXQRQFRQWUDFWV 25.35 
7RWDO 493.06 

 0RYHPHQWLQORQJWHUPRWKHUSURYLVLRQVUHSUHVHQWVDQDGGLWLRQDOSURYLVLRQIRUFRVWRYHUUXQRQFRQWUDFWVPDGHGXULQJWKH\HDU5HIHUQRWH

 6KRUWWHUPERUURZLQJV

As at $VDW
March 31, 2016 0DUFK
6HFXUHG
:RUNLQJFDSLWDOORDQIURPEDQN - 
7RWDO - 

9 Trade payables

As at $VDW
March 31, 2016 0DUFK
7UDGHSD\DEOHV 949.08 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 0.78 
7RWDO 949.86 

10 Other current liabilities

As at $VDW
March 31, 2016 0DUFK
&XUUHQWPDWXULWLHVRIQDQFHOHDVHREOLJDWLRQVLQUHVSHFWRIYHKLFOHV>5HIHUQRWHLL@ 30.23 
8QHDUQHGUHYHQXH 1,745.29 
$GYDQFHVUHFHLYHGIURPFXVWRPHUV - 
8QSDLGGLYLGHQGV>5HIHUQRWHDEHORZ@ 38.62 
6HFXULW\DQGRWKHUGHSRVLWV 0.48 
2WKHUSD\DEOHV
 (PSOR\HHEHQHWVSD\DEOH 1,381.20 
 $FFUXHGH[SHQVHV 2,444.73 
 &RQWLQJHQWFRQVLGHUDWLRQSD\DEOHRQEXVLQHVVDFTXLVLWLRQ - 
 &DSLWDOFUHGLWRUV 24.59 
 6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH 3,087.39 
8,752.53 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 0.03 

Total 8,752.56 

D 7KHUH LV QR DPRXQW GXH IRU SD\PHQW WR ,QYHVWRU (GXFDWLRQ DQG 3URWHFWLRQ )XQG XQGHU
6HFWLRQ&RIWKH&RPSDQLHV$FWDVDWWKH\HDUHQG
  6HFWLRQRI&RPSDQLHV$FWZKLFKFRUUHVSRQGVWRVHFWLRQ&RI&RPSDQLHV
$FWKDVQRW\HWEHHQHQIRUFHG 


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

11 Short-term provisions

As at $VDW
March 31, 2016 0DUFK
3URYLVLRQIRUHPSOR\HHEHQHWV
 3URYLVLRQIRUOHDYHHQFDVKPHQW 550.62 
2WKHU3URYLVLRQV
 3URYLVLRQIRUFRVWRYHUUXQRQFRQWUDFWV - 
 3URYLVLRQIRUWD[HVQHWRIDGYDQFHWD[ - 
 3URYLVLRQIRUSURSRVHGQDOGLYLGHQG3UHYLRXV\HDU`SHUVKDUHRQHTXLW\VKDUHVRIIDFH - 
YDOXHRI`HDFK
 3URYLVLRQIRUGLYLGHQGGLVWULEXWLRQWD[RQSURSRVHGQDOGLYLGHQGRQHTXLW\VKDUHV - 
7RWDO 550.62 
 0RYHPHQWLQ3URYLVLRQIRUFRVWRYHUUXQRQFRQWUDFWVUHSUHVHQWVWKHDPRXQWWUDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH

12 Fixed assets

(i) Tangible assets

Gross Block (at cost) Depreciation Net Block

$VDW$SULO $GGLWLRQV 7UDQVIHURQ )RUHLJQ 'HGXFWLRQV As at Mar $VDW$SULO )RUWKH\HDU 7UDQVIHURQ )RUHLJQ 'HGXFWLRQV As at Mar As at Mar $VDW0DUFK
 'HPHUJHU ([FKDQJH 31, 2016  'HPHUJHU ([FKDQJH 31, 2016 31, 2016 
5HIHUQRWH 7UDQVODWLRQ 5HIHUQRWH 7UDQVODWLRQ
 $GMXVWPHQWV  $GMXVWPHQWV
D2ZQDVVHWV
%XLOGLQJV      4,748.91      1,708.23 3,040.68 
&RPSXWHUV      2,545.46      2,194.17 351.29 
3ODQWDQGHTXLSPHQW    3.13  2,720.58      2,562.87 157.71 
)XUQLWXUHDQG[WXUHV      4,457.81      4,073.19 384.62 
9HKLFOHV      245.97      131.00 114.97 
2IFHHTXLSPHQW      1,591.20      1,466.93 124.27 
7RWDO      16,309.93      12,136.39 4,173.54 
6KDUHRI-RLQW9HQWXUH      7.31      7.31 - 
Total ( A ) 24,211.14 937.30 (8,069.19) 13.51 (775.52) 16,317.24 18,174.20 989.86 (6,283.37) 9.67 (746.66) 12,143.70 4,173.54 6,036.94

E/HDVHGDVVHWV

/HDVHKROGODQG            226.00 159.74 
/HDVHKROG            334.23 - 
LPSURYHPHQWV
9HKLFOHV            78.79 18.51 
Total ( B ) 1,197.48 11.51 (245.60) - (146.12) 817.27 651.71 109.13 (12.09) - (109.73) 639.02 178.25 545.77

Total ( A + B ) 25,408.62 948.81 (8,314.79) 13.51 (921.64) 17,134.51 18,825.91 1,098.99 (6,295.46) 9.67 (856.39) 12,782.72 4,351.79 6,582.71

(ii) Intangible assets

*URVV%ORFNDWFRVW $PRUWLVDWLRQ 1HW%ORFN

$VDW$SULO $GGLWLRQV 7UDQVIHURQ )RUHLJQ 'HGXFWLRQV As at Mar $VDW$SULO )RUWKH\HDU 7UDQVIHURQ )RUHLJQ 'HGXFWLRQV As at Mar As at Mar $VDW0DUFK
 'HPHUJHU ([FKDQJH 31, 2016  'HPHUJHU ([FKDQJH 31, 2016 31, 2016 
5HIHUQRWH 7UDQVODWLRQ 5HIHUQRWH 7UDQVODWLRQ
 $GMXVWPHQWV  $GMXVWPHQWV
*RRGZLOO      1,889.94      - 1,889.94 
&RPSXWHUVRIWZDUH      3,759.55      3,426.94 332.61 
7RWDO      5,649.49      3,426.94 2,222.55 
6KDUHRI-RLQW9HQWXUH      2.61      2.61 - 
Total 28,071.96 2,407.07 (23,831.32) (28.06) (967.55) 5,652.10 6,767.64 768.42 (3,171.52) 32.56 (967.55) 3,429.55 2,222.55 21,304.31

1RWHV

D 2ZQEXLOGLQJVLQFOXGHVXEVFULSWLRQWRZDUGVVKDUHFDSLWDORI&RRSHUDWLYHVRFLHWLHVDPRXQWLQJWR5XSHHV7ZR+XQGUHGDQG)LIW\RQO\3UHYLRXV\HDU
5XSHHV7ZR+XQGUHGDQG)LIW\RQO\

 ANNUAL REPORT 2015-2016

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

12 Fixed assets for previous year ended March 31, 2015

(i) Tangible assets

Gross Block (at cost) Depreciation Net Block

$VDW$SULO $GGLWLRQV 'LVSRVDOV )RUHLJQ $VDW0DUFK $VDW$SULO )RUWKH\HDU 'LVSRVDOV )RUHLJQ $VDW0DUFK $VDW0DUFK $VDW0DUFK
 H[FKDQJH   H[FKDQJH   
WUDQVODWLRQ WUDQVODWLRQ
DGMXVWPHQWV DGMXVWPHQWV
D2ZQDVVHWV
%XLOGLQJV            
&RPSXWHUV            
3ODQWDQGHTXLSPHQW            
)XUQLWXUHDQG[WXUHV            
9HKLFOHV            
2IFHHTXLSPHQW            
7RWDO            
6KDUHRI-RLQW9HQWXUH           
Total ( A ) 23,239.89 1,406.00 (466.59) 31.84 24,211.14 16,652.34 1,916.52 (423.54) 28.88 18,174.20 6,036.94 6,587.55
3UHYLRXV\HDU           

E/HDVHGDVVHWV
/HDVHKROGODQG            
/HDVHKROGLPSURYHPHQWV            
9HKLFOHV            
Total ( B ) 1,228.37 0.42 (31.63) 0.32 1,197.48 564.17 112.21 (24.99) 0.32 651.71 545.77 664.20
3UHYLRXV\HDU           
Total ( A + B ) 24,468.26 1,406.42 (498.22) 32.16 25,408.62 17,216.51 2,028.73 (448.53) 29.20 18,825.91 6,582.71 7,251.75
3UHYLRXV\HDU           

(ii) Intangible assets

*URVV%ORFNDWFRVW $PRUWLVDWLRQ 1HW%ORFN

$VDW$SULO $GGLWLRQV 'LVSRVDOV )RUHLJQ $VDW0DUFK $VDW$SULO )RUWKH\HDU 'LVSRVDOV )RUHLJQ $VDW0DUFK $VDW0DUFK $VDW0DUFK
 H[FKDQJH   H[FKDQJH   
WUDQVODWLRQ WUDQVODWLRQ
DGMXVWPHQWV DGMXVWPHQWV
*RRGZLOO            
&RPSXWHUVRIWZDUH            
7RWDO            
6KDUHRI-RLQW9HQWXUH            

Total 23,900.72 3,410.05 - 761.19 28,071.96 5,070.54 1,690.78 - 6.32 6,767.64 21,304.31 18,830.18

1RWHV

D 2ZQEXLOGLQJVLQFOXGHVXEVFULSWLRQWRZDUGVVKDUHFDSLWDORI&RRSHUDWLYHVRFLHWLHVDPRXQWLQJWR5XSHHV7ZR+XQGUHGDQG)LIW\RQO\3UHYLRXV\HDU
5XSHHV7ZR+XQGUHGDQG)LIW\RQO\

13 Non-current investments

As at $VDW
March 31, 2016 0DUFK
$ ,QYHVWPHQWSURSHUW\DWFRVWOHVVDFFXPXODWHGGHSUHFLDWLRQ
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As at $VDW
March 31, 2016 0DUFK
% 7UDGHLQYHVWPHQWV4XRWHGDWFRVW
 ,QYHVWPHQWLQ0DMHVFR86$ 1,877.31 
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14 Deferred tax assets

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March 31, 2016 0DUFK
'HIHUUHGWD[DVVHWVLQUHVSHFWRI
 3URYLVLRQIRUGRXEWIXOGHEWV 51.34 
 'HSUHFLDWLRQDQGDPRUWLVDWLRQ 878.56 
 3URYLVLRQIRUJUDWXLW\DQGOHDYHHQFDVKPHQW 352.42 
 2WKHUWLPLQJGLIIHUHQFHV 162.49 
7RWDO 1,444.81 

15 Long-term loans and advances

As at $VDW
March 31, 2016 0DUFK
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
 &DSLWDODGYDQFHV 71.51 
 6HFXULW\GHSRVLWV 102.26 
 3UHSDLGH[SHQVHV 2.25 
 2WKHUORDQVDQGDGYDQFHV
  2WKHUDGYDQFHV 57.80 
  $GYDQFHLQFRPHWD[QHWRISURYLVLRQIRUWD[ 2,286.75 
  0$7FUHGLWHQWLWOHPHQW>5HIHUQRWHD@ 2,436.59 
  $GYDQFHVWRHPSOR\HHV 0.78 
4,957.94 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 6.03 
7RWDO 4,963.97 

16 Other non-current assets

As at $VDW
March 31, 2016 0DUFK
0DUNWRPDUNHWJDLQVUHFHLYDEOHRQRXWVWDQGLQJGHULYDWLYHFRQWUDFWV5HIHUQRWH 256.92 

 ANNUAL REPORT 2015-2016

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

17 Current investments

As at $VDW
March 31, 2016 0DUFK
$WFRVWRUPDUNHWYDOXHZKLFKHYHULVOHVV
 ,QYHVWPHQWLQPXWXDOIXQGVTXRWHG
  %DURGD3LRQHHU/LTXLG)XQG3ODQ$*URZWK 640.64 
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  XQLWV3UHYLRXV\HDU1LOXQLWV
  ,&,&,3UXGHQWLDO0RQH\0DUNHW)XQG5HJXODU*URZWK 150.00 
  XQLWV3UHYLRXV\HDU1LOXQLWV
  .RWDN)ORDWHU6KRUW7HUP)XQG*URZWK 200.00 
  XQLWV3UHYLRXV\HDU1LOXQLWV
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  XQLWV3UHYLRXV\HDU1LOXQLWV
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  XQLWV3UHYLRXV\HDU1LOXQLWV
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  ,&,&,3UXGHQWLDO8OWUD6KRUW7HUP3ODQ*URZWKWR 450.00 
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$JJUHJDWHDPRXQWRITXRWHGLQYHVWPHQWV 3,114.11 

0DUNHWYDOXHRITXRWHGLQYHVWPHQWV 3,137.98 

18 Trade receivables

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March 31, 2016 0DUFK
8QVHFXUHGFRQVLGHUHGJRRG
 2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\ZHUHGXHIRUSD\PHQW - 
 2WKHUV 9,713.19 
8QVHFXUHGFRQVLGHUHGGRXEWIXO
 2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\ZHUHGXHIRUSD\PHQW 148.34 
 2WKHUV - 
 /HVV3URYLVLRQIRUGRXEWIXOGHEWV (148.34) 

7RWDO 9,713.19 


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19 Cash and bank balances

As at $VDW
March 31, 2016 0DUFK
&DVKDQGFDVKHTXLYDOHQWV
 &DVKRQKDQG 4.01 
 %DQNEDODQFHV
  ,QFXUUHQWDFFRXQWV 2,749.09 
  )L[HGGHSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 3,969.60 
6,722.70 
 6KDUHRIMRLQWYHQWXUH5HIHUQRWH 14.21 
6,736.91 
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 )L[HGGHSRVLWVZLWKRULJLQDOPDWXULW\PRUHWKDQPRQWKVEXWOHVVWKDQPRQWKV 2,095.00 
 8QSDLGGLYLGHQGDFFRXQW 38.62 
2,133.62 
7RWDO 8,870.53 

20 Short-term loans and advances

As at $VDW
March 31, 2016 0DUFK
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
2WKHUORDQVDQGDGYDQFHV
 6HFXULW\GHSRVLWV
  &RQVLGHUHGJRRG 23.92 
  &RQVLGHUHGGRXEWIXO - 
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 6XUSOXVFRQWULEXWLRQWRHPSOR\HHEHQHWSODQJUDWXLW\>5HIHUQRWHELLL@ 29.23 
 3UHSDLGH[SHQVHV 204.71 
 6HUYLFHWD[FUHGLWUHFHLYDEOH 1,008.07 
 $GYDQFHVWRVXSSOLHUV
  &RQVLGHUHGJRRG 144.57 
  &RQVLGHUHGGRXEWIXO - 
  /HVV3URYLVLRQIRUGRXEWIXODGYDQFHV - 
 $GYDQFHVWRHPSOR\HHV 162.01 
1,572.51 
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7RWDO 1,573.84 

21 Other current assets

As at $VDW
March 31, 2016 0DUFK
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
 ,QWHUHVWDFFUXHGRQ[HGGHSRVLWV 88.62 
 ,QWHUHVWDFFUXHGRQLQFRPHWD[UHIXQGV 54.02 
 0DUJLQPRQH\GHSRVLW 1.65 
 $FFUXHGUHYHQXH 3,139.27 
 5HLPEXUVDEOHH[SHQVHVUHFHLYDEOH
  &RQVLGHUHGJRRG 266.23 
  &RQVLGHUHGGRXEWIXO - 
  /HVV3URYLVLRQIRUGRXEWIXOUHFHLYDEOH - 
 0DUNWRPDUNHWJDLQVUHFHLYDEOHRQRXWVWDQGLQJGHULYDWLYHFRQWUDFWV5HIHUQRWH 841.39 
7RWDO 4,391.18 

 ANNUAL REPORT 2015-2016

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` /DNKVXQOHVVRWKHUZLVHVWDWHG

22 Contingent Liabilities

As at $VDW
March 31, 2016 0DUFK
&ODLPVDJDLQVW*URXSQRWDFNQRZOHGJHGDVGHEWV
D 6DOHVWD[PDWWHU 238.23 
E 6WDPSGXW\PDWWHU 231.20 
L 7KH*URXSGRHVQRWH[SHFWDQ\FDVKRXWRZVRUDQ\UHLPEXUVHPHQWVLQUHVSHFWRIWKHDERYH
FRQWLQJHQWOLDELOLWLHV
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23 Capital and Other Commitments

As at $VDW
March 31, 2016 0DUFK
&DSLWDOFRPPLWPHQWV
(VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQWQRWSURYLGHGIRU 295.24 

24 Revenue from Operations

Year ended <HDUHQGHG
March 31, 2016 0DUFK
,QIRUPDWLRQWHFKQRORJ\VHUYLFHV 52,526.65 
2WKHURSHUDWLQJUHYHQXH
5HLPEXUVHPHQWRIH[SHQVHVIURPFXVWRPHUV 143.77 
5HVDOHRIVRIWZDUHDQGKDUGZDUH - 
'RXEWIXOGHEWVUHFRYHUHG 22.81 
7RWDO 52,693.23 
25 Other income

Year ended <HDUHQGHG

March 31, 2016 0DUFK
,QWHUHVWLQFRPH2Q[HGGHSRVLWV 204.21 
  2Q,QFRPHWD[UHIXQGV 39.64 
 2QRWKHUV 11.55 
3URWRQVDOHRIFXUUHQWLQYHVWPHQWV 428.07 
5HQWDOLQFRPH>5HIHUQRWHL@ 161.26 
3URWRQVDOHRIWDQJLEOHDVVHWVQHW 13.45 
1HWJDLQRQIRUHLJQFXUUHQF\WUDQVDFWLRQVDQGWUDQVODWLRQ 126.92 
0LVFHOODQHRXVLQFRPH 702.81 
1,687.91 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 50.91 
7RWDO 1,738.82 
 (PSOR\HHEHQHWVH[SHQVHV 

Year ended <HDUHQGHG

March 31, 2016 0DUFK
6DODULHVZDJHVDQGSHUIRUPDQFHLQFHQWLYHV 25,126.14 
*UDWXLW\>5HIHUQRWHELY@ 92.81 
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV>5HIHUQRWHD@ 480.14 
(PSOR\HHVWRFNFRPSHQVDWLRQH[SHQVHV>5HIHUQRWHE@ 15.38 
6WDIIZHOIDUHH[SHQVH 2,161.59 
27,876.06 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 236.44 
7RWDO 28,112.50 


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
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27 Finance costs

Year ended <HDUHQGHG

March 31, 2016 0DUFK
,QWHUHVWIHHVRQZRUNLQJFDSLWDOIDFLOLW\ - 
,QWHUHVWRQWHUPORDQ - 
,QWHUHVWRQQDQFHOHDVH 15.56 
%DQNFKDUJHV 33.79 
2WKHUQDQFHFKDUJHV 0.45 
49.80 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 0.51 
7RWDO 50.31 
28 Depreciation and amortization expenses

Year ended <HDUHQGHG

March 31, 2016 0DUFK
'HSUHFLDWLRQRQWDQJLEOHDVVHWV 1,093.32 
$PRUWL]DWLRQRQLQWDQJLEOHDVVHWV 767.58 
'HSUHFLDWLRQRQLQYHVWPHQWSURSHUW\ - 
/HVV5HLPEXUVHPHQWRIFRPPRQFRVWUHFHLYHGIURP0DMHVFR/LPLWHGDQG0DMHVFR6RIWZDUHDQG (262.10) 
6ROXWLRQV,QGLD3ULYDWH/LPLWHG
1,598.80 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 6.51 
7RWDO 1,605.31 
29 Other expenses

Year ended <HDUHQGHG

March 31, 2016 0DUFK
5HFUXLWPHQWDQGWUDLQLQJH[SHQVHV 740.57 
7UDYHOOLQJDQGFRQYH\DQFH 2,145.93 
&RPPXQLFDWLRQFKDUJHV 374.04 
(OHFWULFLW\ 408.00 
&RQVXOWDQF\DQGVXEFRQWUDFWLQJFKDUJHV 11,439.52 
3XUFKDVHRIKDUGZDUHDQGVRIWZDUH - 
5DWHVDQGWD[HV 170.57 
5HSDLUVWREXLOGLQJV 379.48 
5HSDLUVRWKHUV 1,114.39 
,QVXUDQFH 147.40 
3ULQWLQJDQGVWDWLRQHU\ 61.16 
3URIHVVLRQDOIHHV 3,172.18 
5HQW>5HIHUQRWHL@ 379.96 
$GYHUWLVHPHQWDQGSXEOLFLW\ 159.42 
1HWORVVRQIRUHLJQFXUUHQF\WUDQVDFWLRQVDQGWUDQVODWLRQ - 
5HYHUVDO3URYLVLRQIRUGRXEWIXOGHEWVDQGORDQVDQGDGYDQFHVQHW (227.57) 
%DGGHEWZULWWHQRII 380.49 
+LUH&KDUJHV 84.29 
5HYHUVDORISURYLVLRQIRUFXVWRPHUFODLPV - 
3URYLVLRQIRUFRVWRYHUUXQRQFRQWUDFWVQHW 9.58 
([SHQGLWXUHWRZDUGVFRUSRUDWHVRFLDOUHVSRQVLELOLW\&65DFWLYLWLHV 85.36 
5HYHUVDORIDFFUXHGUHYHQXH 86.47 
0LVFHOODQHRXVH[SHQVHV 770.63 
21,881.87 
6KDUHRIMRLQWYHQWXUH5HIHUQRWH 878.91 
7RWDO 22,760.78 

 ANNUAL REPORT 2015-2016

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
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30 Exceptional Items, net

Year ended <HDUHQGHG

March 31, 2016 0DUFK
5HVWUXFWXULQJH[SHQVHV6DODULHVZDJHVDQGSHUIRUPDQFHLQFHQWLYHV 120.88 
'HPHUJHUH[SHQVHV
3URIHVVLRQDOIHHV 65.30 
6DODULHVZDJHVDQGSHUIRUPDQFHLQFHQWLYHV - 
2WKHUV 118.97 
,PSDLUPHQWRIJRRGZLOO - 
3URWRQVDOHRILQYHVWPHQWVLQVXEVLGLDULHV5HIHUQRWH (50.87) 
7RWDO 254.28 

31 Earnings Per Share (EPS)

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March 31, 2016 0DUFK
7KHFRPSRQHQWVRIEDVLFDQGGLOXWHGHDUQLQJVSHUVKDUHIRUWRWDORSHUDWLRQVDUHDVIROORZV
D 1HWLQFRPHDWWULEXWDEOHWRHTXLW\VKDUHKROGHUV 1,374.46 
E :HLJKWHGDYHUDJHQXPEHURIRXWVWDQGLQJHTXLW\VKDUHV
&RQVLGHUHGIRUEDVLF(36 22,831,685 
$GG(IIHFWRIGLOXWLYHSRWHQWLDOHTXLW\VKDUHVDULVLQJIURPRXWVWDQGLQJVWRFNRSWLRQV 1,607,892 
&RQVLGHUHGIRUGLOXWHG(36 24,439,577 
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%DVLF ` 6.02 `
'LOXWHG ` 5.62 `
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32 Leases

(i) Operating leases

As at $VDW
Lease Payments March 31, 2016 0DUFK
D )XWXUHPLQLPXPOHDVHSD\PHQWVXQGHUQRQFDQFHOODEOHRSHUDWLQJOHDVHVLQUHVSHFWRI
SURSHUWLHV
'XHZLWKLQRQH\HDU 146.13 
'XHODWHUWKDQ\HDUEXWQRWODWHUWKDQ\HDUV 60.44 
7RWDOPLQLPXPOHDVHSD\PHQWV 206.57 

Year ended <HDUHQGHG

March 31, 2016 0DUFK
E 2SHUDWLQJOHDVHUHQWDOVUHFRJQLVHGLQWKHVWDWHPHQWRISURWDQGORVV5HIHUQRWH 379.96 
F 'HVFULSWLRQRIVLJQLFDQWRSHUDWLQJOHDVHDUUDQJHPHQWV
7KH*URXSKDVJLYHQUHIXQGDEOHLQWHUHVWIUHHVHFXULW\GHSRVLWVXQGHUWKHOHDVHDJUHHPHQWV
$OODJUHHPHQWVFRQWDLQSURYLVLRQIRUUHQHZDODWWKHRSWLRQRIHLWKHUSDUWLHV
As at $VDW
Lease Income March 31, 2016 0DUFK
D )XWXUHPLQLPXPOHDVHLQFRPHXQGHUQRQFDQFHOODEOHRSHUDWLQJOHDVHVLQUHVSHFWRI
SURSHUWLHV
'XHZLWKLQRQH\HDU 168.00 
'XHODWHUWKDQ\HDUEXWQRWODWHUWKDQ\HDUV 196.00 
7RWDOPLQLPXPOHDVHSD\PHQWV 364.00 

Year ended <HDUHQGHG

March 31, 2016 0DUFK
E 2SHUDWLQJOHDVHLQFRPHUHFRJQLVHGLQWKH6WDWHPHQWRI3URWDQG/RVV5HIHUQRWH 161.26 
F 'HVFULSWLRQRIVLJQLFDQWRSHUDWLQJOHDVHDUUDQJHPHQWV
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
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(ii) Finance leases

As at $VDW
March 31, 2016 0DUFK
7RWDOPLQLPXPQDQFHOHDVHSD\PHQWVRXWVWDQGLQJLQUHVSHFWRIYHKLFOHV
'XHZLWKLQRQH\HDU 35.96 
'XHODWHUWKDQ\HDUEXWQRWODWHUWKDQ\HDUV 19.58 
7RWDOPLQLPXPOHDVHSD\PHQWV 55.54 
/HVV,QWHUHVWQRWGXH (7.52) 
3UHVHQWYDOXHRIQHWPLQLPXPOHDVHVSD\PHQWV 48.02 

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/RQJWHUPERUURZLQJV5HIHUQRWH 17.79 
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48.02 
33 Share in Joint Venture

 7KH&RPSDQ\KDVWKHIROORZLQJLQYHVWPHQWLQDMRLQWO\FRQWUROOHGHQWLW\ 

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/HJDO3UDFWLFH7HFKQRORJLHV/LPLWHG 8. 40% 

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As at $VDW
March 31, 2016 0DUFK
(a) ASSETS
7DQJLEOHDVVHWV - 
,QWDQJLEOHDVVHWV - 
&DSLWDOZRUNLQSURJUHVV - 
/RQJWHUPORDQVDQGDGYDQFHV 6.03 
&DVKDQGEDQNEDODQFHV 14.21 
6KRUWWHUPORDQVDQGDGYDQFHV 1.33 

(b) LIABILITIES
6KDUHKROGHUVIXQGV (4,442.80) 
/RQJWHUPERUURZLQJV 4,463.56 
7UDGHSD\DEOHV 0.78 
2WKHUFXUUHQWOLDELOLWLHV 0.03 

(c) STATEMENT OF PROFIT AND LOSS

2WKHULQFRPH (50.91) 
(PSOR\HHEHQHWVH[SHQVHV 236.44 
)LQDQFHFRVWV 0.51 
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV 6.51 
2WKHUH[SHQVHV 3,464.74 
 $VDW0DUFKERWKWKHMRLQWYHQWXUHSDUWQHUVKDYHHQWHUHGLQWRDGHHGRIWHUPLQDWLRQWRWHUPLQDWHWKHMRLQWYHQWXUHDJUHHPHQWZLWK
HIIHFWIURPWKHGDWHRIWKLVGHHG%RWKWKHMRLQWYHQWXUHSDUWQHUVKDYHDJUHHGWRVWULNHRIIWKHMRLQWYHQWXUHFRPSDQ\QDPHZLWKLQPRQWKVRIWKH
WHUPLQDWLRQGDWH     

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
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 (PSOR\HHEHQHWSODQV  

Year ended <HDUHQGHG

March 31, 2016 0DUFK
D 'HQHGFRQWULEXWLRQSODQV
7KH*URXSKDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQ6WDWHPHQWRI3URWDQG/RVVIRUWKH
\HDU
&RQWULEXWLRQWRSURYLGHQWIXQG 344.85 
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VWDWHLQVXUDQFHFRUSRUDWLRQ 0.45 
&RQWULEXWLRQWR0DKDUDVKWUDODERXUZHOIDUHIXQG 0.50 
6XSHUDQQXDWLRQFRQWULEXWLRQ 9.93 
&RQWULEXWLRQWRSODQVLQIRUHLJQMXULVGLFWLRQV 124.41 
7RWDO5HIHUQRWH 480.14 

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$VSHUWKHLQGHSHQGHQWDFWXDULDOYDOXDWLRQFDUULHGRXWDVDW0DUFK
As at $VDW
March 31, 2016 0DUFK
L &KDQJHLQGHQHGEHQHWREOLJDWLRQV'%2
3URMHFWHGEHQHWREOLJDWLRQRSHQLQJ 3,661.62 
6HUYLFHFRVW 259.49 
,QWHUHVWFRVW 174.34 
$FWXDULDOJDLQORVV (166.62) 
%HQHWVSDLG (200.91) 
7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (1,963.71) 
3URMHFWHGEHQHWREOLJDWLRQFORVLQJ 1,764.21 

LL &KDQJHLQIDLUYDOXHRIDVVHWV
)DLUYDOXHRISODQDVVHWVRSHQLQJ 3,783.62 
([SHFWHGUHWXUQRQSODQDVVHWV 205.57 
(PSOR\HUVFRQWULEXWLRQ 0.04 
%HQHWSDLG (200.91) 
$FWXDULDOORVVJDLQ (31.17) 
7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (1,963.71) 
)DLUYDOXHRISODQDVVHWVFORVLQJ 1,793.44 

LLL $PRXQWUHFRJQL]HGLQWKH%DODQFH6KHHW
3UHVHQWYDOXHRIREOLJDWLRQV 1,764.21 
/HVV)DLUYDOXHRISODQDVVHWV (1,793.44) 
1HWDVVHWVUHFRJQL]HG (29.23) 

5HFRJQLVHGXQGHU
6KRUWWHUPORDQVDQGDGYDQFHV5HIHUQRWH (29.23) 
7RWDO (29.23) 

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March 31, 2016 0DUFK
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
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Basic Earning per share (EPS)
1XPEHURIVKDUHV 22,831,685 
%DVLF(36DVUHSRUWHG` ` 6.02 `
3URIRUPD%DVLF(36` ` 5.69 `

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1XPEHURIVKDUHV 24,439,577 
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3URIRUPD'LOXWHG(36` ` 5.32 `
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Weighted Average
remaining
Weighted Average Contractual Life
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As at March 31, 2016
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0 - 150 2,189,302 60.21 6.21
151- 250 550,325 182.52 8.79
Total 2,739,627 84.78 6.73

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
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36 Income Taxes

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37 Derivative Financial Instruments

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15. HOW CAN THE SHARES BE DE-MATERIALIZED AND WHO ARE THE DEPOSITORY PARTICIPANTS (DP)?

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16. HOW DOES ONE INFORM THE COMPANY TO SEND THE ANNUAL REPORT, OR ANY OTHER CORRESPONDENCE TO BE SENT IN
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FREQUENTLY ASKED QUESTIONS (FAQs) 2016 (Contd.)

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DIRECTORS REPORT
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operating revenue of ` 52,693 lakhs for the year ended
Dear Shareholders, March 31, 2016 as compared to ` 101,258 lakhs for the
year ended March 31, 2015. The Group registered a net
The Board of Directors has pleasure to forward the following Report for the
SURW RI ` 1,374 lakhs in the year ended March 31, 2016
year ended March 31, 2016.
as compared to ` 1,773 lakhs in the year ended March 31,
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Other operating revenue  1,062.11 North - - 40,494.7 40.0
Total Operating Revenue  101,258.39 America
Other Income  1,711.34 Others   7,975.0 7.9
(India/ Asia
Total Revenue  102,969.73
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Expenses  95,695.96
Total   1,01,258.4 100
Depreciation and amortization  3,733.43
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Finance costs  147.10
Exceptional items  1,166.12 Post demerger, the Insurance Products and Services
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Expenses  58,769.70
Insurance - - 45,716 45.1
Depreciation and amortization  2,702.38
expenses Government   29,902 29.6

Finance costs  27.43 Financial   11,297 11.2

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Exceptional Items gain / (loss),  494.95
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IT & Other   14,343 14.0
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Balance carried to Balance Sheet  36,037.15 cleared resources

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de-merger related expenses of ` 254 lakhs. intelligence (BI) and analytics market is forecast to reach $16.9
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JV in UK region of ` 1,071.5 lakhs. According to Gartner, Software market in India is expected to
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income of ` 37,867 lakhs for the year ended March 31,
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implementations and new consumption models.
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(renamed as Majesco Limited Majesco). Post demerger
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and all the shareholders of Mastek as on June 15,2015 were
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and BPM industry is expected to grow at 10-12% in FY17 in
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experience management. This is happening as the natural result
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amounts of new data. Along with that, new tools, techniques, and
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opportunity, the report says.
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industry goal for the last decade, the report says. Adoption will kick
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it in context with existing structured data.
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Worldwide IT spending is forecast to total $3.54 trillion in 2016,
marginal increase of 0.6% over CY2015 spending of $3.52
trillion impacted mainly due to currency volatility. In 2015 U.S.
multinationals faced currency headwinds however, in 2016 experts
expect to go away these headwinds and they expect an additional
5% growth.
Spending in the IT services is expected to return to growth in
2016, following a decline of 4.5% in 2015. IT services spending is
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is due to accelerating momentum in cloud infrastructure adoption
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growth rate in 2015.
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organizations plan to invest money. A net of 46% of IT organizations
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applications and 37% plan to spend more on cloud infrastructure.
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scale and procure the infrastructure and software that they need
when they need it, it also means that the channel is ultimately
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particularly prominent in the UK, with the country spending 33%
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18%.
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outlook for UK IT spending over the medium term in the Q1CY2016
update, with spending growth expected to outperform most
other developed European markets with a CAGR of 3.4% over
2016-2019. The stronger economic environment is a key
differentiator with other Western European markets, while the
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advanced software and services vendors. Market development
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app economy, cloud computing and digitization.
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as a standalone company. During this period, the management
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verticals - Government, Retail and Financial Services.
The key highlight during the year was acquisition of IndigoBlue,
a leading UK consultancy specialising in Agile programme and
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segment within UK.
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it might make some acquisitions in this area where it wants to
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focusing on digital solutions, deal momentum is going up and
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The Board of Directors approved payment of First Interim Dividend
of `  SHU (TXLW\ VKDUH DQG ZDV SDLG RQ )HEUXDU\  
The Board of Directors also approved payment of Second Interim
Dividend of ` 1/- per Equity share and was paid on March 29,
2016. Having declared two Interim Dividends, your Board has not
recommended payment of Final Dividend for the year ended March
31, 2016.
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tansferred to General Reserves.
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provisions of Section 186 of the Companies Act 2013 are given in
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Agile consulting and programme management expertise with  L
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these synergistic offerings provide a compelling proposition across
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to-end transformational service/solution delivery to new as well as
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Pursuant to section 92(3) of the Companies Act, 2013 (the
Act) and rule 12(1) of the Companies (Management and
Administration) Rules, 2014, extract of Annual Return is
Annexed as $QQH[XUH.
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company has successfully completed the acquisition and now it is
fully integrated with Mastek. The company will continue to invest in
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in large and complex transformation programs which will help its
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The Board of Directors met 9 (Nine) times during the
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and the attendance of the Directors thereat are provided in
the Corporate Governance Report, appearing elsewhere as
a separate section in this Annual Report.
customers to leverage digital opportunities in agile manner.
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UK election, now it is in place and the UK Government is ready to
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these verticals going forward next year.
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company has added new logos this year. A few small pilot programs
with large Retailers were seen and company expects them to start
growing over a period of time.
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During the year, the Company allotted 4,50,602 Equity
Shares of face value of ` 5/- each for a total nominal value
of `WRWKHHOLJLEOHHPSOR\HHVRIWKH&RPSDQ\
who exercised their vested Employee Stock Options. These
Equity Shares rank pari passu in all respects with the
existing Equity Shares of the Company.
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share capital of your Company stood at ` 11,49,86,370/-
comprising 2,29,97,274 Equity shares of ` 5/- each.
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RIEXVLQHVVZLWKFXVWRPHUVOLNH,3)ZKRDUHLQWKHPLFUROHQGLQJ Mastek has an Audit Committee that currently comprises of
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66
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Executive Promoter Director. The Chairman of the Audit
Committee is an Independent Director. The Independent
Directors are accomplished professionals from the corporate
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the meetings on invitation. The Company Secretary is the
Secretary of the Committee.
During the year ended March 31, 2016 the Committee
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corporate-governance.
The employees of the company are made aware of the said policy
at the time of joining the Company.
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Mastek, either directly or through its clients was also recipient of
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z Mastek ranked 71st in the Leader category in the The
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The International Association of Outsourcing Professional
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(IOAP);
Mr. S. Sandilya Chairman 5
Mr. Ashank Desai 0HPEHU 6 z Mastek U.K., named as one of the top 41 fastest growing
Ms. Priti Rao 0HPEHU 6 Indian companies in the UK;
Mr. Venkatesh Chakravarty 0HPEHU 2 z 0DVWHNFKRVHQE\7(670DJD]LQHDVRQHRIWKHOHDGLQJ
Resigned w.e.f. June 19, 2015 software testing providers 2014.
Mr. Atul Kanagat
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Mr. Sudhakar Ram 0HPEHU
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The other details of the Audit Committee are given in the
Corporate Governance Report, appearing elsewhere as a
separate section in this Annual report.
During the year all the recommendations of the Audit
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make the following statements in terms of Section 134(3)(c) of the
Companies Act, 2013:
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relating to material departures, if any;
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and applied consistently and judgments and estimates have
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Directors or Key Managerial Personnel etc., which may have
true and fair view of the state of affairs of the company as
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All the Related Party Transactions are presented to the year ended on that date;
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maintenance of adequate accounting records in accordance
which are foreseen and are repetitive in nature. A statement
with the provisions of the Companies Act, 2013 for
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safeguarding the assets of the company and for preventing
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and detecting fraud and other irregularities;
specifying the nature, value and terms and conditions of
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link:www.mastek.com/Related-Party-Transactions-Policy.
Detailed explanation on transactions with related parties
given in $QQH[XUH.
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effectively; and
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Blower Policy / Vigil mechanism policy and the same is placed on
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that such systems were adequate and operating effectively.
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At the 32nd Annual General Meeting (AGM) held on July 23,
2014, M/s. Price Waterhouse, Chartered Accountants, LLP, were
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appointed as the Statutory Auditors of the Company for a period of
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the third year.
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the Auditors Report are self-explanatory and does not contain any
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Independent Directors on the Board of your Company as at March
31, 2016.
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Independent Directors of the Company.

In terms of Section 204 of the Act and Rules made thereunder, Dr. Rajendra Sisodia (Independent Director), resigned from the
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Due to the De-merger of the Insurance Products and Services
report of the Secretarial Auditors is enclosed as $QQH[XUH  to
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this report. The report is self-explanatory and does not contain any
Directorship of Mastek Ltd:
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Dr. Arun Maheshwari, Indepenendent Director - effective June 01,
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Mr. Radhakrishnan Sundar, Executive Director - effective June 01,
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most vital resource is world-class talent. Mastek Group continually
undertakes measures to attract and retain such high quality talent.
As on March 31, 2016 Mastek Group had a total Head count of
1298. The Directors wish to place on record their appreciation for
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year under review.
Information as per Section 197 of the Companies Act, 2013 and
the rules thereunder forms part of this report. However, as per
the provisions of Section 136 (1) of the Companies Act, 2013 the
report and accounts, excluding the Statement of Particulars are
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a copy of the Statement of Particulars may write to the Company
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The other disclosure required under Section 197(12) of the
Companies Act, 2013 read with the Rule 5 of the Perquisites
(Appointment and Remuneration of Managerial Personnel) Rules,
2014 is annexed as $QQH[XUH and forms on report of this part.
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in the ESOP Scheme and all the ESOP Schemes are in compliance
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In terms of the requirement of the Act, the Company has developed
and implemented the Risk Management Policy and the Audit
Committee, Governance Committee of the Board quarterly reviews
the risks and remedial measures taken.
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meeting at regular intervals. The various risks are categorized as
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from time to time.
68
2015;
Mr. Ketan Mehta, Non-Executive Director - effective June 01, 2015;
and
Mr. Venkatesh Chakravarty, Independent Director - effective June
19, 2015.
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going concern status and companys operations.
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commensurate with the size, scale and complexity of its operations.
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the prevention and detection of frauds and errors, the accuracy and
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the Accounting Standards and the Act. These are in accordance
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policies, if required, are made in consultation with the Auditors and
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A separate exercise was carried out to evaluate the performance
of individual Directors including the Chairman of the Board, who
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and Outcomes including independence of judgment, safeguarding
the interest of the Company and its minority shareholders, etc. The
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for certifying adherence to various accounting policies, accounting
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hygiene and accuracy of provisions and other estimates.
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Company will adopt IND AS with effect from April 01, 2017, with
the comparatives for the periods ending March 31, 2016. Conservation of Energy: As a software Company, energy
costs constitute a small portion of the total cost and there is
The implementation of IND AS is a major change process for which
not much scope for energy conservation.
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reappointment.
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The Shareholders at the Extra Ordinary General Meeting held on
March 05, 2015 had approved the appointment of Mr. S. Sandilya, (i) the efforts made towards technology
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2013 the following changes took place in the KMPs during the year (a) the details of technology $SSOLFDEOH
imported;
under review:
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Mr. Farid Kazani, Group CFO and Finance Directors services were F ZKHWKHU WKH WHFKQRORJ\ EHHQ
transferred to Majesco Limited as a result of the De-merger on IXOO\DEVRUEHG
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place, and the reasons thereof;
Company Secretary retired during the year effective from August
31, 2015 and Mr. Dinesh Kalani was appointed as Company (iv) the expenditure incurred on Research
and Development
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In compliance with Companies Act, 2013 and Listing Regulations, is as follows
the performance evaluation of the Board as a whole and of the ` in Lakhs
individual Directors was carried out during the year under review.
3DUWLFXODUV <HDU(QGHG Year Ended
With the help of an Expert, a structured questionnaire was 0DUFK March 31, 2015
prepared after taking into consideration inputs received from the
Exchange used  28,896.99
Directors, covering various aspects of the Boards functioning, such
Exchange Earned  63,172.14
as adequacy of the composition of the Board and its Committees,

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The Company has complied with Corporate Governance
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Agreement and SEBI Listing Regulations. A separate section on
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forms an integral part of this report.
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In compliance with the provisions of Section 135 of the Companies
Act, 2013 the Board of Directors of the Company have already
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year.
z Oversee the progress of the initiatives rolled out
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initiatives.
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committee met four times during the year and a detailed report
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Policy. The contents of the policy are as follows:-
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1. Promoting education, enhancing skills of children, and
development of children and women working in red-light
areas. We are also involved in special education and
employment-enhancing vocation skills especially among
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enhancement projects.
2. Eradicating hunger, poverty and malnutrition, promoting
preventive health care and sanitation and making safe
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3. Promoting gender equality and empowering women:
Activities include setting up homes / hostels for women
and orphans, old age homes and other such facilities for
senior citizens, day care centres, and measures to reduce
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groups.
4. Protection and up gradation of environmental conditions:
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welfare, agro-forestry, conservation of natural resources
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5. Any other projects with the approval of the Board.
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years
z Any income arising there from
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The Chairperson of the Committee is Ms. Priti Rao, an
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Ram and Mr. Ashank Desai. The Company Secretary is the
Secretary of the Committee. Dr. Rajendra Sisodia ceased to
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During the year ended March 31, 2016 the Board approved
Donations of ` 94.36 Lakhs. Of this, a sum of ` 74.51 Lakhs
was spent on Projects approved under Section 135 of the
Companies Act, 2013 on CSR activity and ` 19.85 lakhs
was towards the salary and other Administrative Expenses
of Mastek Foundation, relating to CSR activities of the
Company.
As per provision of Section 135 of the Companies Act, 2013,
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spent on CSR activities during the year 2015-16 was ` 94.03
Lakhs. The amount of `ODNKVZDVDUULYHGDWEDVHG
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and of the continuing operations of the company for 2014-
15, since the Companys Insurance Products and Services
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The Company has spent ` 85.36 lakhs (including ` 19.85
lakhs was towards the salary and other Administrative
Expenses of Mastek Foundation) on various projects
approved under Section 135 of the Companies Act, 2013.
The shortfall is due to the following reasons:
a) ` 6.00 lakhs donation made to a very well-known
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135, since the relief work was done outside India.
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Mastek may pool its resources and CSR spending with other
home - Suraksha under Aasara Trust at Neral,
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Maharashtra, since the milestone of the project was
qualify as CSR spending.
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 75$16)(5 2) $028176 72 ,19(6725 ('8&$7,21 $1' sexual harassment of women at workplace and for prevention and
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reported.
Your Company has transferred a sum of ` 11,41,859/- during
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Your Directors place on record their appreciation for employees at
with section 205C of the Companies Act, 1956. The said amount
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represents unclaimed Dividends which were lying with the company
your Company.
for a period of 7 (seven) years from their respective due dates of
initial payment.  <RXU'LUHFWRUVDOVRWKDQNWKHFOLHQWVYHQGRUVEDQNHUVVKDUHKROGHUV
and advisers of the Company for their continued support.
Pursuant to the provisions of the Investor Education Protection
Fund (Uploading of information regarding unpaid and unclaimed Your Directors also thank the Central and State Governments, and
amounts lying with companies) Rules, 2012, the Company has other statutory authorities for their continued support.
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and unclaimed amounts lying with the Company, as on the date
of last AGM (i.e. August 17, 2015), with the Ministry of Corporate
Affairs.
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$1'5('5(66$/$&7 Managing Director & Group CEO Non- Executive Chairman and
Independent Director
Your Company has zero tolerance towards any action on the
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maintain the dignity of every women employee working in the 3ODFH 0XPEDL
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some residual work requiring legal completion.

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Financial year 2016-17.

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Mastek (UK) Limited

IndigoBlue Consulting Limited (w.e.f May 01, 2015)
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Majesco (Formerly - Majesco Mastek ) (upto March 31, 2015)
Majesco UK Limited (upto March 31, 2015)
Majesco Software and Solutions India Private Limited (upto March 31, 2015)
Majesco Sdn. Bhd. (Formerly - Mastek MSC Sdn. Bhd.) (upto March 31, 2015)
Majesco (Thailand) Co. Ltd. (Formerly - Mastek MSC (Thailand) Co. Ltd.) (upto March 31, 2015)
Majesco Software and Solutions Inc. (Formerly - Majesco Mastek Insurance Software and Solutions Inc.) (upto March 31, 2015)
Majesco Canada Limited (Formerly - MajescoMastek Canada Limited) (upto March 31, 2015)
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holding companys reporting period Holding Company which is March 31
Reporting currency GBP GBP USD
Exchange rate on the last date of the Financial Year in the case of 95.47 95.47 -
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Share Capital ` Lakhs 855.37 9.47 -
Reserves & Surplus ` Lakhs 13,059.29 292.36 -
Total Assets ` Lakhs 23,166.66 1,640.55 -
7RWDO/LDELOLWLHV ` Lakhs 9,243.19 1,338.72 -
Investments ` Lakhs 6,309.60 NIL -
Turnover ` Lakhs 44,023.47 5,944.76 -
3URW/RVVEHIRUH7D[DWLRQ ` Lakhs (2,811.73) 38.87 -
Provision for Taxation ` Lakhs - (10.82) -
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1. Latest audited Balance Sheet Date /HJDO3UDFWLFH7HFKQRORJLHV/WG8.LVD-RLQW9HQWXUHEHWZHHQ7KH/DZ6RFLHW\8.DQG
Mastek (UK) Ltd. The Joint Venture was incorporated on May 14, 2014 under the laws
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company on the year end Mastek UK Limited.

Amount of Investment in Associates/Joint Venture 7KH YDOXH RI ,QYHVWPHQW PDGH LQ /HJDO SUDFWLFH 7HFKQRORJLHV /WG E\ 0DVWHN 8. /WG
Extend of Holding % till March 31, 2016 was ` 4,873.91 lakhs, following the decision that Legal Practice
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Investment was impaired.

Holding Percentage (40%)

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4. Reason why the associate/joint venture is not RIWKH%RDUGRI/HJDO3UDFWLFH7HFKQRORJLHV/WGDUHDSSRLQWHGE\0DVWHN8./WG
consolidated $OVRWKHUHDUHVWUDWHJLFRSHUDWLQJDQGQDQFLDOGHFLVLRQVZKLFKQHHGFRQVHQWIURPERWK
the parties.
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audited Balance Sheet per Accounting Standard 27.
6. Loss for the period April 01, 2015 to March 31, 2016: (` 4,168.62) lakhs
i. Considered in Consolidation ` 1,071.68 lakhs
ii. Not Considered in Consolidation ` 1,607.52 lakhs
Other information:

1. Names of associates or joint ventures which are yet to commence operations - NIL
 1DPHVRIDVVRFLDWHVRUMRLQWYHQWXUHVZKLFKKDYHEHHQOLTXLGDWHGRUVROGGXULQJWKH\HDU
 7KHIROORZLQJVXEVLGLDULHVVWHSGRZQVXEVLGLDULHVRI0DVWHN/LPLWHGZHUHKLYHGRIIWR0DMHVFR/LPLWHGDVDSDUWRI'HPHUJHUXQGHUWKHVFKHPH
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April 1, 2014.
Majesco UK Ltd It is a provider of Information Technology Services for Life & Annuity Insurers in the UK market.
Majesco, USA It is a provider of Consultancy services and Information Technology Services for Life & Annuity Insurers in the US market.
Majesco Software & Solutions Inc, USA- It is a provider of technology solutions for Property & Casualty insurers primarily in North America markets.
Majesco Canada Limited, Canada It is a provider of Technology Solutions for Life & Annuity and Property & Casualty Insurers and Financial
Services in the Canada market.
Majesco Sdn Bhd. Malaysia It is a provider of Information Technology Services for Life & Annuity Insurers and Financial Services providers in the
Malaysia market.
Majesco (Thailand) Co. Ltd, Thailand It is a provider of Information Technology Services for Life & Annuity Insurers in the Thailand market
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Annuity Insurers in the Indian Market.
Majesco Software & Solutions India Pvt Ltd - It is a provider of Information Technology Services for insurers in the US, Canada, UK, Malaysia,
Thailand and Singapore Markets.

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Date : April 19, 2016

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1. CIN L74140GJ1982PLC005215
2. Registration Date May 14, 1982
3. Name of the Company MASTEK LIMITED
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details $KPHGDEDG7HO1R
6. Whether listed company Yes
7. Name, Address and contact details of Registrar Sharepro Services (India) Pvt. Ltd. Karvy Computershare Private Limited
& Transfer Agents (RTA) Samhita Warehousing Complex, Karvy Selenium, Tower B,
13AB, Gala No. 52, 3ORW1R*DFKLERZOL
Near Sakinaka Telephone Exchange, Financial District, Nanakramguda,
Off Andheri Kurla Road, Serilingampally Mandal,
$QGKHUL(DVW0XPEDL +\GHUDEDG
Phone: Tel: 6772 0300 7HO
Fax: 28591568 )D[
E-mail Id: saritam@shareproservices.com E-mail: einward.ris@karvy.com
(upto April 03, 2016) (w.e.f. April 04, 2016)
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1. Computer Programming, Consultancy and Related Activities 62011 100%

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a. Individual/ HUF 11,506,660 NIL 11,506,660 51.03 11,506,660 NIL 11,506,660 50.03 NIL
  E &HQWUDO*RYW NIL NIL NIL NIL NIL NIL NIL NIL NIL
c. State Govt. (s) NIL NIL NIL NIL NIL NIL NIL NIL NIL
d. Bodies Corp NIL NIL NIL NIL NIL NIL NIL NIL NIL
e. Banks / FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
f. Any Other. NIL NIL NIL NIL NIL NIL NIL NIL NIL
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  E 2WKHU,QGLYLGXDOV NIL NIL NIL NIL NIL NIL NIL NIL NIL
c. Bodies Corp. NIL NIL NIL NIL NIL NIL NIL NIL NIL
d. Banks / FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
e. Any Other. NIL NIL NIL NIL NIL NIL NIL NIL NIL
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a. Mutual Funds 401,378 1,200 40,2578 1.79 70,400 1,200 71,600 0.31 1.48
  E %DQNV), 20,033 NIL 20,033 0.09 36,207 NIL 36,207 0.16 0.07
c. Central Govt NIL NIL NIL NIL NIL NIL NIL NIL NIL
d. State Govt (s) NIL NIL NIL NIL NIL NIL NIL NIL NIL
e. Venture Capital Funds NIL NIL NIL NIL NIL NIL NIL NIL NIL
f. Insurance Companies 112,1532 NIL 112,1532 4.97 112,1532 NIL 112,1532 4.88 0.09
g. FIIs 287,7852 1,600 287,9452 12.77 2,167,689 1,600 2,169,289 9.43 3.34
h. Foreign Venture Capital NIL NIL NIL NIL NIL NIL NIL NIL NIL
Funds
i. Others (specify) NIL NIL NIL NIL NIL NIL NIL NIL NIL
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a. Bodies Corporate
i. Indian 1,595,899 2,800 1,598,699 7.09 1,181,030 2,400 1,183,430 5.15 1.94
ii. Overseas 200 NIL 200 0.00 NIL 200 200 NIL 0.00
  E ,QGLYLGXDOV
i. Individual 375,0611 259,958 4,010,569 17.79 5,460,811 201,495 5,662,306 24.62 6.83
shareholders holding
nominal share capital
upto ` 2 lakh
ii. Individual 631,486 51,944 683,430 3.03 589,006 NIL 589,006 2.56 0.47
shareholders holding
nominal share capital
in excess of ` 2 lakh
c. Others NIL NIL NIL NIL NIL NIL NIL NIL NIL
i. Non Resident 297,836 11,273 309,109 1.37 603,187 13,273 616,460 2.68 1.31
Individuals
ii. Foreign National 14,410 NIL 14,410 0.06 20,685 NIL 20,685 0.09 0.03
iii. NBFCs registered NIL NIL NIL NIL 15,799 NIL 15799 0.07 0.07
with RBI
iv. Trust NIL NIL NIL NIL 4100 NIL 4100 0.02 0.02
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1. Ashank Desai 3,099,552 13.99 NIL 3,099,552 13.82 NIL 0.17
2. Sudhakar Ram 2,791,680 12.60 NIL 2,791,680 12.45 NIL 0.15
3. Ketan Mehta 2,519,100 11.37 NIL 2,519,100 11.23 NIL 0.07
4. Radhakrishnan Sundar 1,445,800 6.52 NIL 1,445,800 6.45 NIL 0.03
5. Rupa Mehta 480,800 2.17 NIL 480,800 2.14 NIL 0.03
6. Usha Sundar 460,000 2.08 NIL 460,000 2.05 NIL 0.01
7. Girija Ram 163,600 0.74 NIL 163,600 0.73 NIL 0.01
8. Padma Desai 155,200 0.70 NIL 155,200 0.69 NIL 0.01
9. Samvitha Ram 103,328 0.47 NIL 103,328 0.46 NIL 0.01
10. Avanthi Desai 81,600 0.37 NIL 81,600 0.36 NIL 0.01
11. Chinmay Ashank Desai 71,600 0.32 NIL 71,600 0.32 NIL NIL

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12. Varun Sundar 64,000 0.29 NIL 64,000 0.29 NIL NIL
13. Shankar Sundar 64,000 0.29 NIL 64,000 0.29 NIL NIL
14. Tanay Mehta 6,400 0.00 NIL 6,400 0.00 NIL NIL
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during the year due to allotment of shares on exercise of vested ESOPs.

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1. Fidelity Puritan Trust-Fidelity
Low-Priced Stock Fund
$WWKHEHJLQQLQJRIWKH\HDU 1,650,000 7.32%
Changes during the year 15/01/2016 Sale (32,364) 0.29% 1,617,636 7.03%
22/01/2016 Sale (67,636) 0.30% 1,550,000 6.73%
29/01/2016 Sale (60,409) 0.26% 1,489,591 6.47%
05/02/2016 Sale (47,783) 0.21% 1,441,808 6.26%
12/02/2016 Sale (28,912) 0.12% 1,412,896 6.14%
19/02/2016 Sale (42,896) 0.19% 1,370,000 5.95%
31/03/2016 Sale (95,000) 0.41% 1,275,000 5.54%
At the end of the year 1,275,000 5.54%
2. Life Insurance Corporation of
India P & GS Fund
$WWKHEHJLQQLQJRIWKH\HDU 589,781 2.62%
Changes during the year - NA - - 589,781 2.62%
At the end of the year 589,781 2.62%
3. Life Insurance Corporation
of India
$WWKHEHJLQQLQJRIWKH\HDU 518,435 2.30%
Changes during the year - NA - - 518,435 2.30%
At the end of the year 518,435 2.30%
4. Fidelity Northstar Fund
$WWKHEHJLQQLQJRIWKH\HDU 400,000 1.77%
Changes during the year 19/02/2016 Sale (50,000) 0.25% 350,000 1.52%
26/02/2016 Sale (25,000) 0.11% 325,000 1.41%
At the end of the year 325,000 1.41%
5. Sun Super Pooled
Superannuation Trust
$WWKHEHJLQQLQJRIWKH\HDU 210,645 0.93%
Changes during the year 10/04/2015 Sale (210,645) 0.93% - -
At the end of the year - -
6. DSP Blackrock
Technology.com Fund
$WWKHEHJLQQLQJRIWKH\HDU 157,278 0.70%
Changes during the year 10/07/2015 Sale (76,027) 0.35% 81,251 0.35%
17/07/2015 Sale (81,251) 0.35% - -
At the end of the year - -

76
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7. Natixis International
Funds (Lux) I A/C Natixis
International Funds (Lux) I -
IDFC India Equities Fund
$WWKHEHJLQQLQJRIWKH\HDU 156,202 0.69%
Changes during the year 24/04/2015 Sale (156,202) 0.69% - -
At the end of the year - -
8. Sundaram Mutual Fund A/C
Sundaram Smile Fund
$WWKHEHJLQQLQJRIWKH\HDU 110,000 0.49%
Changes during the year 10/04/2015 Sale (68,655) 0.31% 41,345 0.18%
17/04/2015 Sale (41,345) 0.18% - -
19/06/2015 Purchase 211,909 0.92% 211,909 0.92%
26/06/2015 Purchase 121,398 0.53% 333,307 1.45%
30/06/2015 Purchase 353,804 1.54% 687,111 2.99%
10/07/2015 Purchase 1,165 0.00% 688,276 2.99%
28/08/2015 Purchase 10,000 0.05% 698,276 3.04%
09/10/2015 Purchase 25,000 0.11% 723,276 3.15%
16/10/2015 Sale (723,276) 3.15% - -
At the end of the year - -
9. 6WLFKWLQJ3HQVLRQIXQGV$ES
$WWKHEHJLQQLQJRIWKH\HDU 106,380 0.47%
Changes during the year 01/05/2015 Sale (58,438) 0.26% 47,942 0.21%
15/05/2015 Sale (47,942) 0.21% - -
At the end of the year - -
10. Goldman Sachs (Singapore)
Pte
$WWKHEHJLQQLQJRIWKH\HDU 105,941 0.47%
Changes during the year 10/04/2015 Sale (785) 0.01% 105,156 0.46%
12/06/2015 Purchase 696 0.00% 105,852 0.46%
19/06/2015 Purchase 24,913 0.11% 130,765 0.57%
10/07/2015 Sale (2,167) 0.01% 128,598 0.56%
17/07/2015 Purchase 653 0.00% 129,251 0.56%
31/07/2015 Purchase 26,281 0.11% 155,532 0.68%
07/08/2015 Sale (678) 0.00% 154,854 0.67%
14/08/2015 Sale (31,162) 0.14% 123,692 0.54%
21/08/2015 Sale (66,693) 0.29% 56,999 0.25%
28/08/2015 Purchase 20,954 0.09% 77,953 0.34%
04/09/2015 Purchase 26,430 0.11% 104,383 0.45%
04/12/2015 Purchase 1,734 0.01% 106,117 0.46%
25/12/2015 Purchase 32,777 0.14% 138,894 0.60%
31/12/2015 Purchase 30,721 0.13% 169,615 0.74%
08/01/2016 Purchase 3,918 0.02% 173,533 0.75%

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15/01/2016 Sale (40,469) 0.18% 133,064 0.58%
22/01/2016 Sale (25,363) 0.11% 107,701 0.47%
19/02/2016 Sale (11,046) 0.05% 96,655 0.42%
26/02/2016 Sale (17,016) 0.07% 79,639 0.35%
04/03/2016 Sale (47,907) 0.21% 31,732 0.14%
11/03/2016 Sale (31,227) 0.14% 505 0.00%
18/03/2016 Purchase 45,205 0.20% 45,710 0.20%
At the end of the year 45,710 0.20%
11. D. Sathyamoorthi
$WWKHEHJLQQLQJRIWKH\HDU 100,000 0.44%
Changes during the year 05/06/2015 Sale (11,000) 0.05% 89,000 0.39%
26/06/2015 Sale (89,000) 0.39% - -
19/02/2016 Purchase 100,000 0.43% 100,000 0.43%
At the end of the year 100,000 0.43%
12. Arun Kumar Maheshwari
$WWKHEHJLQQLQJRIWKH\HDU 89,584 0.40%
Changes during the year 01/05/2015 Purchase 61,701 0.26% 151,285 0.66%
19/06/2015 Purchase 72,660 0.32% 223,945 0.97%
18/09/2015 Purchase 2,943 0.01% 226,888 0.99%
25/09/2015 Purchase 3,112 0.01% 230,000 1.00%
At the end of the year 230,000 1.00%
13. Shalini Desai
$WWKHEHJLQQLQJRIWKH\HDU 80,000 0.35%
Changes during the year - NA - - 80,000 0.35%
At the end of the year 80,000 0.35%
14. Merrill Lynch Capital Markets
Espana S A S V
$WWKHEHJLQQLQJRIWKH\HDU 13,047 0.06%
Changes during the year 22/05/2015 Sale (13,047) 0.06% - -
23/10/2015 Purchase 1,427 0.01% 1,427 0.01%
06/11/2015 Sale (1,427) 0.01% - -
04/03/2016 Purchase 163,000 0.71% 163,000 0.71%
11/03/2016 Purchase 656 0.00% 163,656 0.71%
31/03/2016 Purchase 110,344 0.48% 274,000 1.19%
At the end of the year 274,000 1.19%
15. Premier Investment Fund
Limited
$WWKHEHJLQQLQJRIWKH\HDU - -
Changes during the year 19/06/2015 Purchase 56,000 0.24% 56,000 0.24%
26/06/2015 Purchase 17,250 0.08% 73,250 0.32%
30/06/2015 Purchase 106,544 0.46% 179,794 0.78%
10/07/2015 Purchase 19,200 0.09% 198,994 0.87%
17/07/2015 Purchase 33,900 0.14% 232,894 1.01%
30/09/2015 Purchase 1,500 0.01% 234,394 1.02%
16/10/2015 Sale (1,500) 0.01% 232,894 1.01%
At the end of the year 232,894 1.00%

78
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16. B. N. Nagamani
$WWKHEHJLQQLQJRIWKH\HDU - -
Changes during the year 27/11/2015 Purchase 99,990 0.43% 99,990 0.43%
04/12/2015 Purchase 10 0.00% 100,000 0.43%
At the end of the year 100,000 0.43%
17. Farid Lalji Kazani
$WWKHEHJLQQLQJRIWKH\HDU - -
Changes during the year 15/05/2015 Purchase 35,000 0.15% 35,000 0.15%
05/06/2015 Purchase 124,273 0.54% 159,273 0.69%
12/06/2015 Sale (84,315) 0.36% 74,958 0.33%
26/02/2016 Purchase 39 0.00% 74,997 0.33%
04/03/2016 Purchase 6,461 0.02% 81,458 0.35%
18/03/2016 Purchase 6,250 0.03% 87,708 0.38%
At the end of the year 87,708 0.38%
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1. Mr. Sudhakar Ram 2,791,680 12.60 2,791,680 12.14
2. Mr. Radhakrishnan Sundar 1,445,800 6.52 1,445,800 6.29
(Resigned as Executive Director w.e.f. June 01, 2015)
3. Mr. Ashank Desai 3,099,552 13.75 3,099,552 13.48
4. Mr. Ketan Mehta 2,519,100 11.17 2,519,100 10.95
(Resigned as Non-Executive Director w.e.f. June 01, 2015)
5. Mr. S. Sandilya 19,500 0.09 26,000 0.11
6. Mr. Atul Kanagat NIL NIL NIL NIL
7. Ms. Priti Rao 7,400 0.03 29,600 0.13
8. Mr. Arun kumar Maheshwari 89,584 0.40 NA NA
(Resigned as an Independent Director
w.e.f. June 01, 2015)
9. Dr. Rajendra Sisodia 26,994 0.12 NA NA
(Resigned as an Independent Director
w.e.f. April 17, 2015)
10. Mr. Venkatesh Chakravarty NIL NIL NA NA
(Resigned as an Independent Director
w.e.f. June 19, 2015)
11. Mr. Farid Kazani 35,000 0.16 NA NA
(Resigned as Group CFO and Finance Director
w.e.f. May 31, 2015)
12. Mr. Bhagwant Bhargawe - - NA NA
(Retired as a Company Secretary
w.e.f. August 31, 2015)
13. Jamshed Jussawallla NA NA 485 0.002
(Appointed as an Group CFO and Finance Director
w.e.f. June 01, 2015)
14. Dinesh Kalani NA NA - -
Appointed as a (Company Secretary
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i) Principal Amount 13,521,892 NIL NIL 13,521,892

LL ,QWHUHVWGXHEXWQRWSDLG NIL NIL NIL NIL

LLL ,QWHUHVWDFFUXHGEXWQRWGXH NIL NIL NIL NIL

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- Reduction 5,874,277 NIL NIL 5,874,277

Net Change 8,720,266 NIL NIL 8,720,266

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i) Principal Amount 4,801,626 NIL NIL 4,801,626

LL ,QWHUHVWGXHEXWQRWSDLG NIL NIL NIL NIL

LLL ,QWHUHVWDFFUXHGEXWQRWGXH NIL NIL NIL NIL

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1. Gross salary ` ` `

(a) Salary as per provisions contained in section 11,750,000 400,000 12,150,000

17(1) of the Income-tax Act, 1961

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1961

F 3URWVLQOLHXRIVDODU\XQGHUVHFWLRQ - - -
Income-tax Act, 1961.

2. Stock Option - - -

3. Sweat Equity - - -

4. - Commission - - -

DVRISURW

- others, specify

5. Others, please specify

Provident Fund & Other Fund 750,000 48,000 798,000

Performance Bonus NIL NIL NIL

Total 12,546,017 454,600 13,000,617

Ceiling as per the Act 12,000,000 - -

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Fee for Attending Board 830,000 30,000 NIL NIL 730,000 NIL 2,420,000
meetings and Audit
Committee Meetings

Commission 900,000 - - - 900,000 - 1,800,000

Others - - - - - - -

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Fee for Attending Board meetings and Audit 830,000 NIL 830,000
Committee meetings

Commission - - -

2WKHUV3HUTXLVLWHV%HQHWV 134,499 - 134,499

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1. Gross salary ` ` `

(a) Salary as per provisions contained in 1,549,636 1,516,930 3,066,566

section 17(1) of the Income-tax Act,
1961.

E 9DOXH RI SHUTXLVLWHV XV  ,QFRPH 6,600 NIL 6,600

tax Act, 1961

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17(3) Income-tax Act, 1961.

2 Stock Option 26,424,140 114,135 26,538,455

3 Sweat Equity - - -

4 Commission - - -

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5 Others, please specify - - -

&RQWULEXWLRQWR3URYLGHQW)XQG 60,000 45,870 105,870

Performance Bonus NIL NIL NIL

Total 28,040,376 1,677,115 29,792,491

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1. Gross salary ` ` `

(a) Salary as per provisions contained in 4,246,715 1,540,490 5,787,205

section 17(1) of the Income-tax Act,
1961.

E 9DOXHRISHUTXLVLWHVXV,QFRPH 33,000 NIL 33,000

tax Act, 1961

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17(3) Income-tax Act, 1961.

2. Stock Option - - -

3. Sweat Equity - - -

4. Commission - - -
DVRISURW
- others, specify

5. Others, please specify - - -

&RQWULEXWLRQWR3URYLGHQW)XQG 140,882 60,984 201,866

Performance Bonus - - -

Total 4,420,597 1,601,474 6,022,071

9,, 3(1$/7,(6381,6+0(17&203281',1*2)2))(1&(6There were no penalties, punishments or compounding of offences during the

year ended March 31, 2016.

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(a) Name(s) of the related party and nature of relationship:

Mastek Ltd has entered into Contracts with the following companies:

Mastek (UK) Ltd

Majesco Ltd

Majesco Software and Solution India Pvt Ltd (MSSIPL)

Cashless Technologies India Pvt Ltd

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(2) Leave & License Agreements

(c) Duration of the contracts / arrangements/transactions IT & related services contracts are for a duration of one year and are
automatically renewed annually.
Leave & License Agreements are entered into for a period of 11 months to 5 years.

(d) Salient terms of the contracts or arrangements or transactions including the value, if any:

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- IT & related services with Mastek UK Limited 16.07.2015

- IT & related services with Majesco Ltd and MSSIPL 01.06.2015

- IT & related services with MSSIPL 01.06.2015

- Leave & License Agreement with MSSIPL

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(f) Amount paid as advances, if any: NIL

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Managing Director & Group CEO Non- Executive Chairman and Independent Director

Date : April 19, 2016

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Mastek Limited
CIN: L74140GJ1982PLC005215

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conducts/statutory compliances and expressing our opinion thereon:

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to the reporting made hereinafter:

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(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 (SCRA) and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

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to Mastek Limited in India;

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(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999/
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period)
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations 1993 regarding Companies Act
dealing with the company.
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a. The Information Technology Act, 2000;

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c. Policy relating to Software Technology Parks of India and its regulations;
d. The Trade Marks Act, 1999;
e. Indian Stamp Act, 1999;
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g. Registration Act, 1908;
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i. Income Tax Act and other Indirect Tax laws
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l. Electricity Act, 2003

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BSE Limited and National Stock Exchange of India Limited.

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We further report that

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Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance
with the provisions of the Act.

Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent in advance and
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participation at the meeting.

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There are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure
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We further report that during the year under review, the Company had following major events:

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Company) and slump sale of the offshore insurance operations to Majesco Software and Solutions India Private Limited.

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a) Insurance vertical which is Intellectual property centric, domain intensive and largely caters to the US insurance market, with some
customers in other countries like Canada, Malaysia, Thailand and UK.

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Majesco Ltd in the ratio of 33:67.

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The Board of Directors approved payment of two interim dividends during the year and the required formalities were complied with.

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Name of Company Secretary in practice / Firm:
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Date : April 19, 2016 C P No.:3373

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1. The ratio of the remuneration of each director to 1DPHRIWKH'LUHFWRU 5DWLR
the median remuneration of the employees of the
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Mr. Sudhakar Ram 21.59X
Mr. Radhakrishnan Sundar NA
(Resigned as Executive Director w.e.f. June 01, 2015)
Mr. Ashank Desai 0.23*X
Mr. S. Sandilya 1.59X
Mr. Atul Kanagat -
Ms. Priti Rao 1.59X
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1. The median remuneration of employees of the Company was
` 5,81,157.62
2. For this purpose, Sitting Fees paid to the Directors have not
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2. The percentage increase in remuneration of each 1DPHRIWKH'LUHFWRU 3HUFHQWDJH
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Mr. Sudhakar Ram 5.1%
Mr. Radhakrishnan Sundar NA
(Resigned as Executive Director w.e.f. June 01, 2015)
Mr. Ashank Desai 42.7%
Mr. Ketan Mehta NA
(Resigned as Non-Executive Director w.e.f. June 01, 2015)
Mr. S. Sandilya* -
Mr. Atul Kanagat NA
Ms. Priti Rao* -
Mr. Arunkumar Maheshwari NA
(Resigned as an Independent Director w.e.f. June 01, 2015)
Dr. Rajendra Sisodia NA
(Resigned as an Independent Director w.e.f. April 17, 2015)
Mr. Venkatesh Chakravarty NA
(Resigned as an Independent Director w.e.f. June 19, 2015)
Mr. Farid Kazani NA
(Resigned as Group CFO and Finance Director w.e.f. May 31,
2015)
Mr. Bhagwant Bhargawe NA
(Retired as a Company Secretary w.e.f. August 31, 2015)
Jamshed Jussawallla (Appointed as CFO w.e.f. June 01, 2015) NA
'LQHVK.DODQL$SSRLQWHGDV&RPSDQ\6HFUHWDU\ZHI6HSWHPEHU NA
01, 2015)
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**Commission of ` 9 lacs is for the year 2015-16 vs. NIL for 2014-15.
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remuneration.
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3. The percentage increase in the median remuneration Percentage of increase in the median remuneration of employees in the Financial
RIHPSOR\HHVLQWKHQDQFLDO\HDU Year March 31, 2016 (12.5%)
4. 7KHQXPEHURISHUPDQHQWHPSOR\HHVRQWKHUROOVRI 1102
company
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increase in remuneration and company performance: marking the salaries of the employees with peer companies, achievement of Company
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78% in 2015-16 vis a vis 2014-15.

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6. Comparison of the remuneration of the Key 7KHUHPXQHUDWLRQSDLGWR0U6XGKDNDU5DPZDVEDVHGRQWKH(PSOR\PHQW$JUHHPHQW

Managerial Personnel (KMP) against the performance HQWHUHGLQWRE\WKH&RPSDQ\ZLWKKLP)XUWKHUWKHYDULDWLRQLQUHPXQHUDWLRQRI.H\
of the company 0DQDJHULDO 3HUVRQQHO  ZDV DUULYHG DW E\ WKH &RPSDQ\ EDVHG RQ LQGXVWU\ EHQFK
marks and the achievement of individual and Company Targets vis a vis the Plan. The
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vis a vis 2014-15
7. Variations in the market capitalization of the $VRQ0DUFK $VRQ0DUFK &KDQJH
Company, price earnings ratio as at the closing date  
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Market Capitalization of 3,29,43,59,500 9,61,84,10,275 'HFUHDVHGE\
year and percentage increase over decrease in the
the Company 48.98%*
market quotations of the shares of the company
in comparison to the rate at which the company Price Earning ratio 24.45 13.42
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companies; *There is variation in the Market cap and PE ratio due to De-merger happened during
the year.
The Company had come out with a Follow-on Offering in 1996. It had issued shares
of ` 10/- each at a premium of ` 180 per share. Adjusting for Stock-split and Bonus
Issues, the price works out to ` 23.75 per share. The closing price of the Company
share as on March 31, 2016 was ` 143.25 on NSE. Thus the percentage increase
works out to 603.16%.
8. Average percentage increase already made in the Average percentage increase made in the salaries of the Employees other than the
salaries of employees other than the managerial Managerial personnel in the Financial Year 2016 was (24.9%) vis a vis increase of
SHUVRQQHOLQWKHODVWQDQFLDO\HDUDQGLWVFRPSDULVRQ 4.8% in the salaries of Managerial Personnel.
with the percentage increase in the managerial
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there are any exceptional circumstances for increase
in the managerial remuneration.
9. Comparison of the each remuneration of the Key 3DUWLFXODUV 5HPXQHUDWLRQ RI5HYHQXH RI3URWIRU)<
Managerial Personnel against the performance of the IRU)< IRU)< 
company; Mr. Sudhakar Ram 12,546,017 0.32% 9.39%
Mr. Radhakrishnan Sundar NA NA NA
Executive Director upto
May 31, 2015
Mr. Bhagwant Bhargawe NA NA NA
Retired as Company
Secretary w.e.f. August
31, 2015
Mr. Farid Kazani NA NA NA
Resigned as a Group CFO
and Finance Director
w.e.f. May 31, 2015
Dinesh Kalani NA NA NA
Appointed as a Company
Secretary w.e.f.
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Jamshed Jussawalla NA NA NA
Appointed as CFO w.e.f.
June 01, 2015
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11. The ratio of the remuneration of the highest paid 1RWDSSOLFDEOH
director to that of the employees who are not
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highest paid director during the year.
12. $IUPDWLRQ WKDW WKH UHPXQHUDWLRQ LV DV SHU WKH Yes, the remuneration is as per the remuneration policy of the company
remuneration policy of the Company

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Managing Director & Group CEO Non- Executive Chairman and Independent Director

Date : April 19, 2016

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1 Date of Shareholders August 09, 2007
Approval
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approved under the
scheme
3 Vesting Requirements 7KH UVW YHVWLQJ RI WKH
stock options shall happen
only on completion of
one year from the date of
grant. Maximum vesting
period is four years from
the date of Grant
4 Exercise Price or Pricing Market Price
Formula
5 Maximum Term of Options 11 years from the date of
Granted Grant
6 Source of Shares Primary
7 Variation in terms of During the year ended
Options June 30, 2011, the
Company has extended
the vesting period from
two years to seven
years. The company has
entered into the scheme
of arrrangement in the
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this arrangement, the
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revised for the options
outstanding on the date of
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88
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March 20, 2009
1,500,000
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stock options shall happen
only on completion of
one year from the date of
grant. Maximum vesting
period is four years from
the date of Grant
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Compensation Committee
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the face value of the share
from time to time or may
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11 years from the date of
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this arrangement, the
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revised for the options
outstanding on the date of
arrangement
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2,000,000
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stock options shall happen
only on completion of
one year from the date of
grant. Maximum vesting
period is four years from
the date of Grant
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Compensation Committee
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the face value of the share
from time to time or may
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11 years from the date of
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split into Mastek Ltd. &
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this arrangement, the
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revised for the options
outstanding on the date of
arrangement
3ODQ9,,
July 17, 2013
2,500,000
stock options shall happen
only on completion of
one year from the date of
grant. Maximum vesting
period is four years from
the date of Grant
The exercise price as may
EH GHWHUPLQHG E\ WKH
Compensation Committee
DQG VXFK SULFH PD\ EH
the face value of the share
from time to time or may
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11 years from the date of
Grant
Primary
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split into Mastek Ltd. &
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this arrangement, the
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revised for the options
outstanding on the date of
arrangement
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For the year 2015-16** 371,025 308,939 1,315,439 897,373 2,892,776

Weighted Average Exercise Price** 288.07 213.89 122.45 170.01

For the year 2014-15* 411,707 673,514 1,892,300 - 2,977,521

Weighted Average Exercise Price* 285.23 249.29 127.30 -

2 Options Granted during the year

April 01, 2015 - March 31, 2016** - - 353,275 223,850 577,125

Weighted Average Exercise Price** - - 188 174.21

April 01, 2014 - March 31, 2015* - - 326,957 1,069,373 1,396,330

Weighted Average Exercise Price* - - 59.81 171.45

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As on March 31, 2016** 276,117 143,825 456,443 157,219 1,033,604

Weighted Average Exercise Price** 105.36 64.93 45.39 61.71

As on March 31, 2015* 371,025 276,025 358,783 - 1,005,833

Weighted Average Exercise Price* 288.07 224.33 123.59 -

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April 01, 2015 - March 31, 2016** 19,162 116,864 252,576 62,000 450,602

Weighted Average Exercise Price** 146.37 208.01 89.67 87.83

April 01, 2014 - March 31, 2015* 15,118 91,575 279,299 - 385,992

Weighted Average Exercise Price* 192.68 217.21 118.43 - -

5 7RWDOQXPEHURIVKDUHVDULVLQJGXULQJWKH\HDUDVD
result of exercise of options

April 01, 2015 - March 31, 2016** 19,162 116,864 252,576 62,000 450,602

April 01, 2014 - March 31, 2015* 15,118 91,575 279,299 - 385,992

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April 01, 2015 - March 31, 2016** 75,496 - - - 75,496

Weighted Average Exercise Price** 111 - - - -

April 01, 2014 - March 31, 2015* - - - - -

Weighted Average Exercise Price* - - - - -

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April 01, 2015 - March 31, 2016** 250 48,250 73,826 81,850 204,176

Weighted Average Exercise Price** 117 215.87 105 89.48 -

April 01, 2014 - March 31, 2015* 25,564 273,000 624,519 172,000 1,095,083

Weighted Average Exercise Price* 298.78 300.11 106.15 179.00 -

8 0RQH\ UHDOLVHG E\ H[HUFLVH RI RSWLRQV GXULQJ WKH

year

April 01, 2015 - March 31, 2016 2,646,159 22,344,089 21,624,438 5,445,404 52,060,090

April 01, 2014 - March 31, 2015 2,912,956 19,890,760 33,076,467 - 55,880,183

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9 Options outstanding at the outstanding of the year

As on March 31, 2016** 276,117 143,825 1,342,312 977,373 2,739,627

Weighted Average Exercise Price** 105.36 64.93 80.69 87.49 -

As on March 31, 2015* 371,025 308,939 1,315,439 897,373 2,892,776

Weighted Average Exercise Price* 288.07 213.89 122.45 170.01 -

10 /RDQ UHSDLG E\ WKH WUXVW GXULQJ WKH \HDU IURP WKH NA NA NA NA NA
exercise price received

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(i) Senior managerial personnel 3ODQ,9 3ODQ9 3ODQ9, 3ODQ9,,

Ravindra K. Kadam - - 10,000 -

Sanjeev Vishnupant Jagtap - - 10,000 -

Jamshed Burjor Jussawalla - - 5,000 -

Sanjay T. Mudnaney - - 5,000 -

Hiren Ramesh Shah - - 15,000 -

R. Venkatraman - - 15,000 -

Prahlad Koti - - 20,000 -

Anant Thakrar - - 10,000 -

Benjamin Charles Davison - - 20,000 -

5RE6WDQJHU - - 5,000 -

Andy Hicketts - - 10,000 -

Nigel Anthony M. Heller - - 10,000 -

Anthony Flack - - - 5,000

Jason Smith - - - 10,000

5REHUW6PLWK - - - 20,000

William Yoxall - - - 10,000

(ii) Employees who were granted, during any one year, 1RHPSOR\HHVKDYHEHHQJUDQWHGPRUHWKDQRIWKHWRWDORSWLRQVJUDQWHGGXULQJWKH
options amounting to 5% or more of the options year
granted during the year

(iii) ,GHQWLHG HPSOR\HHV ZKR ZHUH JUDQWHG RSWLRQ

during any one year, equal or exceeding 1% of the
NIL
issued capital (excluding outstanding warrants and
conversions) of the Company at the time of grant

' Diluted Earnings Per Share pursuant to issue

of shares on exercise of options calculated in 5.47
accordance with Accounting Standard (AS) 20

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( Where the company has calculated the employee
compensation cost using the intrinsic value of the
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compensation cost so computed and the employee
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April 01, 2015 - March 31, 2016
The Company has adopted the intrinsic
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Note on Accounting for Employee Share
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of Chartered Accountants of India for
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granted.
April 01, 2014 - March 31, 2015
The Company has adopted the intrinsic
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Note on Accounting for Employee Share
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of Chartered Accountants of India for
measuring the cost of stock options
granted.

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compensation cost for employees stock compensation cost for employees stock
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value at the date of grant in accordance value at the date of grant in accordance
with Black Scholes model. with Black Scholes model.
` In Lacs ` In Lacs
3URWDVUHSRUWHG 1,336.70 7,438.75
Add - Intrinsic Value Cost - 13.39
Less - Fair Value Cost 398.83 90.18
3URWDVDGMXVWHG 937.87 7,361.96
Earning per share (Basic) as reported 5.85 33.33
Earning per share (Basic) adjusted 5.47 31.75
Earning per share (Diluted) as reported 5.47 31.75
Earning per share (Diluted) adjusted 3.84 31.43

) For stock options exercised during the period the weighted average share price on the date of exercise (`)*
3ODQ,9 3ODQ9 3ODQ9, 3ODQ9,,
April 01, 2015 - March 31, 2016** 205.39 389.96 289.40 217.83
April 01, 2014 - March 31, 2015* 409.39 301.84 260.69 0.00

* For stock options outstanding at the end of the

period, the range of exercise prices and weighted
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3ODQ,9 3ODQ9 3ODQ9, 3ODQ9,,
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5-150 3.49 4.46 6.69 7.72
1XPEHURI2SWLRQV2XWVWDQGLQJ 276,117 143,825 1,010,737 758,623
151-250 - - 8.79 8.79
1XPEHURI2SWLRQV2XWVWDQGLQJ - - 331,575 218750
251-350 - - - -
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351-450 - - - -
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1XPEHURI2SWLRQV2XWVWDQGLQJ 31,250 123,339 1,215,439 46,373
151-250 - 4.00 8.07 8.65
1XPEHURI2SWLRQV2XWVWDQGLQJ - 117,600 30,000.00 851,000
251-350 1.73 3.20 9.07 -
1XPEHURI2SWLRQV2XWVWDQGLQJ 339,775 48,000 70,000.00 -
351-450 - 4.41 - -
1XPEHURI2SWLRQV2XWVWDQGLQJ - 20,000 - -

91 $118$/5(3257
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+ Weighted average exercise price of Options granted

$SULO0DUFK
during the year whose
(a) Exercise price equals market price Nil Nil Nil Nil
E ([HUFLVHSULFHLVJUHDWHUWKDQPDUNHWSULFH Nil Nil 188.00 174.21
(c) Exercise price is less than market price Nil Nil Nil Nil
Weighted average fair value of Options granted
$SULO0DUFK
during the year whose
(a) Exercise price equals market price Nil Nil Nil Nil
E ([HUFLVHSULFHLVJUHDWHUWKDQPDUNHWSULFH Nil Nil 94.78 85.93
(c) Exercise price is less than market price Nil Nil Nil Nil
Weighted average exercise price of Options granted
$SULO0DUFK
during the year whose
(a) Exercise price equals market price Nil Nil Nil Nil
E ([HUFLVHSULFHLVJUHDWHUWKDQPDUNHWSULFH Nil Nil 261.00 179.00
(c) Exercise price is less than market price Nil Nil 5.00 5.00
Weighted average fair value of Options granted
$SULO0DUFK
during the year whose
(a) Exercise price equals market price Nil Nil Nil Nil
E ([HUFLVHSULFHLVJUHDWHUWKDQPDUNHWSULFH Nil Nil 128.89 82.76
(c) Exercise price is less than market price Nil Nil 151.72 150.38

, Method and Assumptions used to estimate the fair value of options granted during the year
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Scholes Option Pricing model. The assumptions $SULO0DUFK
used in the model are as follows
Weighted Average Weighted Average Weighted Average Weighted Average
Assumptions Assumptions Assumptions Assumptions
Stock Price (`) Nil Nil 187.05 173.56
Volatility Nil Nil 48.37% 48.89%
Risk free Rate Nil Nil 7.90% 7.56%
Exercise Price (`) Nil Nil 188.00 174.21
Time To Maturity (In Years) Nil Nil 6.00 5.87
Dividend yield Nil Nil 1.34% 1.44%
$SULO0DUFK
3ODQ,9 3ODQ9 3ODQ9, 3ODQ9,,
Weighted Average Weighted Average Weighted Average Weighted Average
Assumptions Assumptions Assumptions Assumptions
Stock Price (`) Nil Nil 197.08 178.35
Volatility Nil Nil 47.75% 47.81%
Risk free Rate Nil Nil 8.69% 8.75%
Exercise Price (`) Nil Nil 59.81 171.45
Time To Maturity (In Years) Nil Nil 6.00 6.00
Dividend yield Nil Nil 2.34% 2.52%

92
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1XPEHURI2SWLRQV 353,275
Stock Price (`) 187.05
Volatility 48.37%
Risk free Rate 7.90%
Exercise Price (`) 188.00
Time To Maturity (in years) 600.27%
Dividend yield 1.34%

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1XPEHURI2SWLRQV 212,350 11,500

Stock Price (`) 173.35 177.50

Volatility 48.72% 52.15%

Risk free Rate 7.56% 7.51%

Exercise Price (`) 174.00 178.00

Time To Maturity (in years) 600.27% 350.62%

Dividend yield 1.44% 1.41%

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Managing Director & Group CEO Non- Executive Chairman and Independent Director

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Date : April 19, 2016

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link to the CSR policy and projects or programmes.
 7KH&65SROLF\LVEHLQJGHYHORSHGIRUWKHRUJDQLVDWLRQWRFRPSO\ZLWKWKHSURYLVLRQVRIVHFWLRQRIWKH&RPSDQLHV$FWDQG&RPSDQLHV
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2. The Composition of the CSR Committee:
a. Ms. Priti Rao (Independent Director)
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c. Mr. Sudhakar Ram (Managing Director & Group CEO)
 $YHUDJHQHWSURWRIWKHFRPSDQ\IRUODVWWKUHHQDQFLDO\HDUV` 4701.72 Lakhs
 3UHVFULEHG&65([SHQGLWXUHWZRSHUFHQW2IWKHDPRXQWDVLQLWHPDERYH` 94.03 Lakhs
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During the year ended March 31, 2016 the Board approved Donations of ` 94.36 Lakhs. Of this, a sum of ` 74.51 Lakhs was spent on Projects
approved under Section 135 of the Companies Act 2013 on CSR activity and ` 19.85 lakhs was towards the salary and other Administrative
Expenses of Mastek Foundation, relating to CSR activities of the Company.
 $VSHUSURYLVLRQRI6HFWLRQRIWKH&RPSDQLHV$FWWKH&RPSDQ\KDVWRVSHQGLQHYHU\QDQFLDO\HDUDWOHDVWRIWKHDYHUDJHQHW
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 %DVHGRQWKH$YHUDJHQHWSURWRIWKH&RPSDQ\IRUWKUHHLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDUVWKHDPRXQWWREHVSHQWRQ&65DFWLYLWLHVGXULQJ
the year 2015-16 was ` 94.03 Lakhs. The amount of `ODNKVZDVDUULYHGDWEDVHGRQWKHQHWSURWRIWKH&RPSDQ\IRU
DQGWKHFRQWLQXLQJRSHUDWLRQVRIWKHFRPSDQ\IRUVLQFHWKH&RPSDQ\VLQVXUDQFHSURGXFWVDQGVHUYLFHVEXVLQHVVZDVGHPHUJHGHIIHFWLYH
April 01, 2014. The Company has spent ` 85.36 lakhs (including ` 19.85 lakhs was towards the salary and other Administrative Expenses of Mastek
Foundation) on various projects approved under Section 135 of the Companies Act, 2013.
D 0DQQHULQZKLFKWKHDPRXQWZDVVSHQWGXULQJWKHQDQFLDO\HDULVGHWDLOHGEHORZ

Sr 3URMHFWV$FWLYLWLHV 6HFWRU /RFDWLRQV $PRXQW $PRXQW &XPXODWLYH $PRXQW

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1. 6XSSRUWLQJ SUHVFKRRO HVWDEOLVKPHQW Education 7XUEKH1DYL 13.45 13.45 13.45
and one learning centres for 600 migrant 0XPEDL'DKLVDU
children, Supporting learning centres for 0XPEDL
slum dwelling children, Supporting 90 Kharghar-Navi
children residing in Ashalaya orphanage; 0XPEDL$OLEDXJ
Supporting 55 children in residential home. Maharashtra
2. 6XSSRUWLQJ 7ULEDO KRVSLWDO UHDFKLQJ RXW Health Melgahat 15.73 15.73 15.73
to 6000 patients, awareness generation Care and Amravati District,
for health workers, farmers, and villagers Eradicating Wada District
on health and sanitation, Supporting the Malnutrition Maharashtra,
Thalassemia Prevention program, Kitchen 0XPEDL&KLUDQJ
gardening projects for 170 families at the Assam.
foothills of Assam.
3. 6XSSRUWLQJ RI HVWDEOLVKPHQW 6XUDNVKD  D Women Neral Raigad 20.00 17.00 17.00
open shelter home for 19 girls. Empowerment district.
4. Providing speciality surgeries to street Animal welfare Thane, 5.13 5.13 5.13
DQLPDOV'RQDWLRQRIDPEXODQFH Maharashtra,
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6. Supporting training and education for Special Badlapur and 7.70 7.70 7.70
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supporting training of physically differently
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7. Supporting vocational training programme Vocational 0XPEDL&KHQQDL 6.50 6.50 6.50
RI  \RXWK LQ 0XPEDL 6XSSRUWLQJ PRELOH training
training of orthopedically handicapped
students
Total 71.51

* Donations are given to Mastek Foundation, who gets the project implemented through the following agencies:

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Maharashtra, Kherwadi Social Welfare Agency Maharashtra, Help Youth Trust Chennai, The Action Northeast Trust Assam, Plant and Animal Society,
'RPELYDOL7RXFKLQJ/LYHV'DKLVDU0XPEDL626&KLOGUHQV9LOODJH$OLEDXJ0DKDUDVKWUD

 ,QFDVHWKHFRPSDQ\KDVIDLOHGWRVSHQGWKHWZRSHUFHQWRIWKHDYHUDJHQHWSURWRIWKHODVWWKUHHQDQFLDO\HDUVRUDQ\SDUWWKHUHRIWKHFRPSDQ\
shall provide the reasons for not spending the amount in its Board report.

The shortfall is due to the following reasons:

a) `ODNKVGRQDWLRQPDGHWRDYHU\ZHOONQRZQQRQSURWRUJDQL]DWLRQ*RRQMORFDWHGLQ0XPEDLIRUYLFWLPVRIHDUWKTXDNHLQ1HSDO
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 E `ODNKVZDVXQVSHQWRQHVWDEOLVKPHQWRIVKHOWHUKRPH6XUDNVKDXQGHU$DVDUD7UXVWDW1HUDO0DKDUDVKWUDVLQFHWKHPLOHVWRQHRI
WKHSURMHFWZDVQRWDFKLHYHGE\0DUFK

 $UHVSRQVLELOLW\VWDWHPHQWRIWKH&65&RPPLWWHHWKDWWKHLPSOHPHQWDWLRQDQGPRQLWRULQJRI&653ROLF\LVLQFRPSOLDQFHZLWK&65REMHFWLYHVDQG
Policy of the Company.

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EHHQGRQHNHHSLQJLQPLQGWKH&652EMHFWLYHVRIWKH&RPSDQ\

3ULWL5DR $VKDQN'HVDL 6XGKDNDU5DP

Chairperson 0HPEHU 0HPEHU

Date : April 19, 2016

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MASTEK LIMITED
INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF MASTEK LIMITED
INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF Mastek Limited
Report on the Standalone Financial Statements
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of Mastek Limited (the Company), which comprise the Balance
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Cash Flow Statement for the year then ended, and a summary
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information.
Managements Responsibility for the Standalone Financial
Statements
2. The Companys Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (the Act) with
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the accounting principles generally accepted in India, including
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read with Rule 7 of the Companies (Accounts) Rules, 2014 and
Accounting Standard 30, Financial Instruments: Recognition and
Measurement issued by the Institute of Chartered Accountants of
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standard referred to in Section 133 of the Act read with Rule 7 of
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance
Opinion
8. In our opinion and to the best of our information and according
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statements give the information required by the Act in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
DIIDLUVRIWKH&RPSDQ\DVDW0DUFKDQGLWVSURWDQGLWV
FDVKRZVIRUWKH\HDUHQGHGRQWKDWGDWH
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditors Report) Order, 2016,
issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act (hereinafter referred to as the
Order), and on the basis of such checks of the books and records
of the Company as we considered appropriate and according to the
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Order.
10. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and
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were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from
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with the provisions of the Act for safeguarding of the assets of
the Cash Flow Statement dealt with by this Report are in
the Company and for preventing and detecting frauds and other
agreement with the books of account.
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of
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for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the
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are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
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Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from
the directors as on March 31, 2016 taken on record by the
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on March 31, 2016 from being appointed as a director in
terms of Section 164 (2) of the Act.
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4. We have taken into account the provisions of the Act and the Rules
made thereunder including the accounting standards and matters
which are required to be included in the audit report.
5. We conducted our audit in accordance with the Standards on
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the operating effectiveness of such controls, refer to our
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(g) With respect to the other matters to be included in
the Auditors Report in accordance with Rule 11 of the
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applicable authoritative pronouncements issued by the Institute
of Chartered Accountants of India. Those Standards and
pronouncements require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance
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material misstatement.
6. An audit involves performing procedures to obtain audit evidence
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statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material
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to fraud or error. In making those risk assessments, the auditor
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a true and fair view, in order to design audit procedures that
are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the
Companys Directors, as well as evaluating the overall presentation
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and appropriate to provide a basis for our audit opinion on the
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97
Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our knowledge and belief and according
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i. The Company has disclosed the impact, if any,
of pending litigations as at March 31, 2016 on
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statements Refer Notes 21 and 34;
ii. The Company has made provision as at March
31, 2016, as required under the applicable law or
accounting standards, for material foreseeable
losses, if any, on long-term contracts including
derivative contracts Refer Note 7;
iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company during the
year ended March 31, 2016.
)RU3ULFH:DWHUKRXVH&KDUWHUHG$FFRXQWDQWV//3
Firm Registration Number: 012754N/N500016
Pradip Kanakia
Mumbai Partner
April 19, 2016 Membership Number 39985
ANNUAL REPORT 2015-2016
ANNEXURE A TO INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS OF MASTEK LIMITED
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for the year ended March 31, 2016

Report on the Internal Financial Controls under Clause (i) of Sub- &RPSDQ\V LQWHUQDO QDQFLDO FRQWUROV V\VWHP RYHU QDQFLDO
section 3 of Section 143 of the Act reporting.

 :H KDYH DXGLWHG WKH LQWHUQDO QDQFLDO FRQWUROV RYHU QDQFLDO Meaning of Internal Financial Controls Over Financial Reporting
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of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
2. The Companys management is responsible for establishing and
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RYHU QDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG E\ WKH &RPSDQ\
considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered
Accountants of India (ICAI). These responsibilities include the
design, implementation and maintenance of adequate internal
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RUGHUO\DQGHIFLHQWFRQGXFWRILWVEXVLQHVVLQFOXGLQJDGKHUHQFHWR
companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness
of the accounting records, and the timely preparation of reliable
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Auditors Responsibility
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audit. We conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial
Reporting (the Guidance Note) and the Standards on Auditing
deemed to be prescribed under section 143(10) of the Act to the
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by the ICAI. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate
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and maintained and if such controls operated effectively in all
material respects.
4. Our audit involves performing procedures to obtain audit evidence
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QDQFLDO UHSRUWLQJ DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV 2XU DXGLW
RI LQWHUQDO QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ LQFOXGHG
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effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgement, including
the assessment of the risks of material misstatement of the
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and appropriate to provide a basis for our audit opinion on the
98
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process designed to provide reasonable assurance regarding the
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procedures that (1) pertain to the maintenance of records that, in
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dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
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of the company are being made only in accordance with
authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the
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statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
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management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections
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reporting to future periods are subject to the risk that the internal
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because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an
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DQG VXFK LQWHUQDO QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ ZHUH
operating effectively as at March 31, 2016, based on the internal
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considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
)RU3ULFH:DWHUKRXVH&KDUWHUHG$FFRXQWDQWV//3
Firm Registration Number: 012754N/N500016
Chartered Accountants
Pradip Kanakia
Mumbai Partner
April 19, 2016 Membership Number 39985
ANNEXURE B TO INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS OF MASTEK LIMITED
5HIHUUHGWRLQSDUDJUDSKRIWKH,QGHSHQGHQW$XGLWRUV5HSRUWRIHYHQGDWHWRWKHPHPEHUVRI0DVWHN/LPLWHGRQWKHVWDQGDORQHQDQFLDOVWDWHPHQWV
as of and for the year ended March 31, 2016.

i. (a) The Company is maintaining proper records showing full v. The Company has not accepted any deposits from the public within
particulars, including quantitative details and situation, of the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules
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7 YL
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RSLQLRQWKHIUHTXHQF\RIYHULFDWLRQLVUHDVRQDEOH
7KH&HQWUDO*RYHUQPHQWRI,QGLDKDVQRWVSHFLHGWKHPDLQWHQDQFH
of cost records under sub- section (1) of Section 148 of the Act for
any of the products of the Company.
YLL 
(c) The title deeds of immovable properties, as disclosed in Note
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are held in the name of the Company.
ii. The Company is in the business of rendering services, and
consequently, does not hold any inventory. Therefore, the
provisions of Clause 3(ii) of the said Order are not applicable to the
Company.
iii. The Company has not granted any loans, secured or unsecured,
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D $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQG
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the Company is generally regular in depositing undisputed
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though there has been a slight delay in a few cases, and
is regular in depositing undisputed statutory dues, including
SURYLGHQWIXQGHPSOR\HHVVWDWHLQVXUDQFHVDOHVWD[GXW\RI
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dues, as applicable, with the appropriate authorities.
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covered in the register maintained under Section 189 of the Act.
Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c)
of the said Order are not applicable to the Company.
iv. The Company has not granted any loans or made any investments,
or provided any guarantees or security to the parties covered under
Section 185 and 186. Therefore, the provisions of Clause 3(iv) of
the said Order are not applicable to the Company.
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DQG WKH UHFRUGV RI WKH &RPSDQ\ H[DPLQHG E\ XV WKHUH
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which have not been deposited on account of any dispute.
7KH SDUWLFXODUV RI GXHV RI VDOHV WD[ YDOXH DGGHG WD[ DQG
Stamp duty as at March 31, 2016 which have not been
deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount in `/DNKV
Period to which Forum where the dispute is
the amount pending
relates
The Maharashtra Value Demand of VAT on provision 152.34 (including F.Y. 09-10 -RLQW &RPPLVVLRQHU RI 6DOHV7D[
$GGHG7D[$FW of software services interest of 57.14) (Appeals), Mumbai
including interest
7KH&HQWUDO6DOHV7D[$FW Demand of CST on provision 21.43 (including interest F. Y. 09-10 -RLQW &RPPLVVLRQHU RI 6DOHV7D[
1956 of software services of 8.04) (Appeals), Mumbai
including interest
The Maharashtra Value Demand of VAT on provision 9.73 (including interest F.Y. 06-07 -RLQW &RPPLVVLRQHU RI 6DOHV7D[
$GGHG7D[$FW of software services of 6.13) (Appeals), Mumbai
including interest
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1956 of software services of 30.82) (Appeals), Mumbai
including interest
The Gujarat Stamp Act, Demand of Stamp Duty on 173.40 F.Y. 14-15 Chief Controlling Revenue
1958 Demerger Authority, Gujarat

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viii. As the Company does not have any loans or borrowings from any the Act. The details of such related party transactions have been
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debentures as at the balance sheet date, the provisions of Clause
3(viii) of the Order are not applicable to the Company.
L[ 7KH&RPSDQ\KDVQRWUDLVHGDQ\PRQH\VE\ZD\RILQLWLDOSXEOLF
offer, further public offer (including debt instruments) and term
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under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
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ORDQV$FFRUGLQJO\WKHSURYLVLRQVRI&ODXVHL[RIWKH2UGHUDUH placement of shares or fully or partly convertible debentures during
not applicable to the Company.
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the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
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of the Order are not applicable to the Company.
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with its directors or persons connected with him. Accordingly, the
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or employees, noticed or reported during the year, nor have we
been informed of any such case by the Management.
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Company.
[YL 7KH&RPSDQ\LVQRWUHTXLUHGWREHUHJLVWHUHGXQGHU6HFWLRQ,$
of the Reserve Bank of India Act, 1934. Accordingly, the provisions
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in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act. )RU3ULFH:DWHUKRXVH&KDUWHUHG$FFRXQWDQWV//3
[LL $VWKH&RPSDQ\LVQRWD1LGKL&RPSDQ\DQGWKH1LGKL5XOHV Firm Registration Number: 012754N/N500016
DUHQRWDSSOLFDEOHWRLWWKHSURYLVLRQVRI&ODXVH[LLRIWKH2UGHU
are not applicable to the Company.
Pradip Kanakia
[LLL 7KH &RPSDQ\ KDV HQWHUHG LQWR WUDQVDFWLRQV ZLWK UHODWHG SDUWLHV Mumbai Partner
in compliance with the provisions of Sections 177 and 188 of April 19, 2016 Membership Number 39985

99 ANNUAL REPORT 2015-2016

BALANCE SHEET AS AT MARCH 31, 2016
(All amounts in ` Lakhs, unless otherwise stated)

As at As at
Note March 31, 2016 March 31, 2015
EQUITY AND LIABILITIES
Shareholders funds
Share capital 3 1,149.86 1,127.33
Reserves and surplus 4 18,639.24 42,655.58
19,789.10 43,782.91
Non-current liabilities
/RQJWHUPERUURZLQJV 5 17.79 85.66
Other long-term liabilities 6 97.07 -
/RQJWHUPSURYLVLRQV 7 493.06 1,206.12
Current liabilities
Trade payables 8 382.26 604.30
Other current liabilities 9 3,221.86 4,675.56
Short-term provisions 10 550.62 1,062.44
Total 24,551.76 51,416.99
ASSETS
Non-current assets
)L[HGDVVHWV
Tangible assets 11 (i) 4,252.66 6,141.71
Intangible assets 11 (ii) 343.20 785.54
Capital work-in-progress 13.70 131.10
Non-current investments 12 215.81 15,227.45
'HIHUUHGWD[DVVHWV 13 1,453.12 1,926.43
/RQJWHUPORDQVDQGDGYDQFHV 14 4,407.51 4,840.09
Other non-current assets 15 256.92 309.58
Current assets
Current investments 16 3,114.11 5,121.20
Trade receivables 17 5,225.00 7,464.04
Cash and bank balances 18 3,543.19 4,978.89
Short-term loans and advances 19 378.10 1,106.04
Other current assets 20 1,348.44 3,384.92
Total 24,551.76 51,416.99
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV 2
Contingent liabilities, capital and other commitments 21, 22

7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV
In terms of our report of even date

)RU3ULFH:DWHUKRXVH&KDUWHUHG$FFRXQWDQWV//3 For and on behalf of the Board

Firm Registration Number: 012754N/N500016

Pradip Kanakia Sudhakar Ram

Partner Managing Director & Group CEO
Membership Number: 39985
S. Sandilya
1RQ([HFXWLYH&KDLUPDQDQG,QGHSHQGHQW'LUHFWRU

Mumbai, April 19, 2016 Jamshed Jussawalla

&KLHI)LQDQFLDO2IFHU

Dinesh Kalani
Company Secretary

Mumbai, April 19, 2016

100
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2016
(All amounts in ` Lakhs, unless otherwise stated)

Year ended Year ended

Note March 31, 2016 March 31, 2015

Revenue from operations 23 37,866.77 66,511.97

Other income 24 1,647.49 2,305.40

Total Revenue 39,514.26 68,817.37

([SHQVHV
(PSOR\HHEHQHWVH[SHQVHV 25 21,495.74 37,684.24
Finance costs 26 23.68 27.43
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVHV 27 1,488.51 2,702.38
2WKHUH[SHQVHV 28 14,137.99 21,085.46
Total Expenses 37,145.92 61,499.51

3URWEHIRUHH[FHSWLRQDOLWHPDQGWD[ 2,368.34 7,317.86

([FHSWLRQDOLWHPVORVVJDLQQHW 29 300.20 (494.95)

3URWEHIRUHWD[ 2,068.14 7,812.81

3URWIURPFRQWLQXLQJRSHUDWLRQVEHIRUHWD[ 2,068.14 5,905.95

7D[H[SHQVHIURPFRQWLQXLQJRSHUDWLRQV
 &XUUHQWWD[ 655.31 1,340.94
 'HIHUUHGWD[FKDUJHFUHGLW 95.82 (86.69)
 ,QFRPHWD[UHIXQGZULWHEDFNIRUHDUOLHU\HDUV (19.56) (1,527.60)
3URWIURPFRQWLQXLQJRSHUDWLRQVDIWHUWD[ 1,336.57 6,179.30

3URWIURPGLVFRQWLQXLQJRSHUDWLRQVEHIRUHWD[ 44 - 1,906.86

7D[H[SHQVHIURPGLVFRQWLQXLQJRSHUDWLRQV - 647.41

3URWIURPGLVFRQWLQXLQJRSHUDWLRQVDIWHUWD[ - 1,259.45

3URWIRUWKH\HDU 1,336.57 7,438.75

Earnings per equity share 30

Basic (Face value of ` 5 each) ` 5.85 ` 33.33
Diluted (Face value of ` 5 each) ` 5.47 ` 31.75
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV 2

7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV
In terms of our report of even date

)RU3ULFH:DWHUKRXVH&KDUWHUHG$FFRXQWDQWV//3 For and on behalf of the Board

Firm Registration Number: 012754N/N500016

Pradip Kanakia Sudhakar Ram

Partner Managing Director & Group CEO
Membership Number: 39985
S. Sandilya
1RQ([HFXWLYH&KDLUPDQDQG,QGHSHQGHQW'LUHFWRU

Mumbai, April 19, 2016 Jamshed Jussawalla

&KLHI)LQDQFLDO2IFHU

Dinesh Kalani
Company Secretary

Mumbai, April 19, 2016

101 ANNUAL REPORT 2015-2016

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2016
(All amounts in ` Lakhs, unless otherwise stated)

Year ended Year ended

March 31, 2016 March 31, 2015
&DVKRZVIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHH[FHSWLRQDOLWHPDQGWD[LQFOXGLQJGLVFRQWLQXLQJRSHUDWLRQV 2,368.34 7,317.86
Adjustments for :
Interest income (212.80) (537.57)
Reversal of accrued revenue 86.47 79.83
(PSOR\HHVWRFNFRPSHQVDWLRQH[SHQVHV - 13.39
,QWHUHVWRQQDQFHOHDVH 15.56 21.63
Depreciation and amortization 1,750.61 2,702.38
(Reversal) / Provision for doubtful debts and loans and advances, net (206.42) 220.30
Bad debts written off 380.49 10.79
Provision / (Reversal) of cost overrun on contracts, net 9.58 (1.92)
Dividend from subsidiary (239.59) (820.88)
3URWRQVDOHRI[HGDVVHWQHW (13.45) (14.85)
3URWRQVDOHRIFXUUHQWLQYHVWPHQWV (428.07) (789.18)
Rental income (161.26) (44.32)
2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV 3,349.46 8,157.46
Increase in trade receivables (210.70) (4,326.35)
Decrease / (Increase) in loans and advances and other current and non current assets 2,076.95 (2,394.20)
(Decrease) in trade payables, other liabilities and provisions (801.78) (223.88)
Cash generated from operations 4,413.93 1,213.03
,QFRPHWD[HVUHIXQGVSDLGUHFHLYHGQHW (146.28) 280.11
1HWFDVKJHQHUDWHGIURPRSHUDWLQJDFWLYLWLHVEHIRUHH[FHSWLRQDOLWHPV 4,267.65 1,493.14
$PRXQWSDLGIRUUHVWUXFWXULQJH[SHQVHV (120.88) (199.59)
$PRXQWSDLGIRUGHPHUJHUH[SHQVHV (184.27) (344.45)
Net cash generated from operating activities 3,962.50 949.10
&DVKRZVIURPLQYHVWLQJDFWLYLWLHV
Proceeds from sale of tangible assets 78.70 60.88
Purchase of tangible and intangible assets, net of capital work-in-progress capitalised (1,188.43) (1,985.46)
Interest received 350.20 583.03
Dividend from subsidiary 239.59 820.88
Investment in subsidiaries - (3,029.79)
Rental income 161.26 44.32
Realisation / (Investment) of bank deposits having original maturity over three months 1,755.00 (3,850.00)
Sale proceeds of current investments, net 2,435.16 3,807.98
1HWFDVKJHQHUDWHGIURPXVHGLQLQYHVWLQJDFWLYLWLHVEHIRUHH[FHSWLRQDOLWHPV 3,831.48 (3,548.16)
Proceeds from sale of investments in subsidiaries 180.49 2,482.41
Net cash generated from / (used in) investing activities 4,011.97 (1,065.75)
&DVKRZVIURPQDQFLQJDFWLYLWLHV
Proceeds from issue of shares under the employee stock option schemes 552.07 558.80
5HSD\PHQWRIQDQFHOHDVHREOLJDWLRQ (57.02) (45.74)
'LYLGHQGVSDLGLQFOXGLQJGLYLGHQGGLVWULEXWLRQWD[ (920.39) (973.90)
,QWHUHVWSDLGRQQDQFHOHDVH (15.56) (21.63)
1HWFDVKXVHGLQQDQFLQJDFWLYLWLHV (440.90) (482.47)
Net increase / (decrease) in cash and cash equivalents during the year 7,533.57 (599.12)
Cash and cash equivalents at the beginning of the year 1,087.52 1,686.64
Cash and cash equivalents transferred pursuant to a scheme of arrangement (Refer note 44) (7,211.52) -
Cash and cash equivalents at the end of the year 1,409.57 1,087.52
Notes :
1. 7KHDERYHFDVKRZVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKH,QGLUHFW0HWKRGDVVHWRXWLQWKH$FFRXQWLQJ6WDQGDUGRQ&DVK)ORZ6WDWHPHQW
issued by the Institute of Chartered Accountants of India.
2. 7KHDERYHFDVKRZVWDWHPHQWUHHFWVFDVKRZPRYHPHQWVDIWHUFRQVLGHULQJWKHLPSDFWRIGHPHUJHUSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW
under which certain assets and liabilities of the Company were transferred to the demerged company (Refer note 44).
3. Cash and cash equivalents - Refer notes 2.17 and note 18
4. Figures in brackets indicate cash outgo.
5. 3UHYLRXV\HDUJXUHVKDYHEHHQUHJURXSHGRUUHFODVVLHGZKHUHYHUQHFHVVDU\
In terms of our report of even date

)RU3ULFH:DWHUKRXVH&KDUWHUHG$FFRXQWDQWV//3 For and on behalf of the Board

Firm Registration Number: 012754N/N500016

Pradip Kanakia Sudhakar Ram

Partner Managing Director & Group CEO
Membership Number: 39985
S. Sandilya
1RQ([HFXWLYH&KDLUPDQDQG,QGHSHQGHQW'LUHFWRU
Mumbai, April 19, 2016 Jamshed Jussawalla
&KLHI)LQDQFLDO2IFHU

Dinesh Kalani
Company Secretary
Mumbai, April 19, 2016

102
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016
(All amounts in ` Lakhs, unless otherwise stated)

1 General information :

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6WRFN([FKDQJH16(7KH&RPSDQ\LVDSURYLGHURIYertically-focused enterprise technology solutions.
The Companys offering portfolio includes business and technology services comprising IT Consulting, Application Development, Systems
Integration, Application Management Outsourcing, Testing, Data Warehousing and Business Intelligence, Application Security, CRM services and
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development centres at Mumbai, Pune, Chennai and Mahape.
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2.1 Basis of preparation
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cost convention on accrual basis. Pursuant to Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules,
2014, till the standards of accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation
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DSSO\&RQVHTXHQWO\WKHVHQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGWRFRPSO\LQDOOPDWHULDODVSHFWVZLWKWKHDFFRXQWLQJVWDQGDUGVQRWLHG
under Section 211(3C) [Companies (Accounting Standards) Rules, 2006, as amended] and other relevant provisions of the Companies Act,
2013.
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in the Schedule III to the Companies Act, 2013. Based on the nature of services and the time between the acquisition of assets / inputs for
processing and their realisation in cash and cash equivalents, the Group has ascertained its normal operating cycle as 12 months for the
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2.2 Use of estimates
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makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date
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those estimates.
2.3 Tangible assets and depreciation
Tangible assets are stated at cost of acquisition less accumulated depreciation and accumulated impairment losses, if any. Direct costs are
FDSLWDOL]HGXQWLOWKHDVVHWVDUHUHDG\IRUXVHDQGLQFOXGHLQZDUGIUHLJKWGXWLHVWD[HVDQGH[SHQVHVLQFLGHQWDOWRDFTXLVLWLRQDQGLQVWDOODWLRQ
6XEVHTXHQWH[SHQGLWXUHVUHODWHGWRDQLWHPRIWDQJLEOHDVVHWDUHDGGHGWRLWVERRNYDOXHRQO\LIWKH\LQFUHDVHWKHIXWXUHEHQHWVIURPWKH
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Depreciation on tangible assets is provided on the straight line method, on a pro rata basis, over the estimated useful lives of assets which
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not undergone a change on account of transition to the Companies Act, 2013.
Assets 8VHIXO/LIH
Buildings 25 - 30 years
Computers 2 years
Plant and equipment 5 years
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Vehicles 5 years
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2.4 Intangible assets and amortization
Intangible assets are stated at cost of acquisition less accumulated amortization and accumulated impairment losses, if any. Intangible
assets are amortized on a straight line method over their estimated useful lives as follows:
Assets 8VHIXO/LIH
Goodwill 3 years
Computer software 1 - 5 years
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Company.

103 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

2.5 Impairment of assets

At each Balance Sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication
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WKHHQGRIWKHLWVXVHIXOOLIH,IWKHFDUU\LQJDPRXQWRIWKHDVVHWH[FHHGVLWVUHFRYHUDEOHDPRXQWDQLPSDLUPHQWORVVLVUHFRJQLVHGLQWKH
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or many have decreased.
2.6 Investments
Investments that are readily realisable and are intended to be held for not more than one year from the date on which such investments
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carried at cost or fair value, whichever is lower. Non-current investments are carried at cost. However, provision for other than temporary
decline in value is made to recognise a decline, other than temporary, in the value of non-current investments, such reduction being
determined and made for each investment individually.
Investment property: Investment in buildings that are not intended to be occupied substantially for use by, or in the operations of, the
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accumulated impairment losses, if any. Refer note 2.3 for depreciation rate used for buildings.
2.7 Foreign currency transactions and translation
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translated at the rate prevailing on the Balance Sheet date whereas non-monetary assets and liabilities are translated at the rate prevailing
on the date of the transaction. Gains and losses resulting from the settlement of foreign currency monetary items and from the translation
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  ,QFDVHRIIRUZDUGH[FKDQJHFRQWUDFWVZKLFKDUHRSHQRQWKHEDODQFHVKHHWGDWHDQGDUHEDFNHGE\UHFHLYDEOHVWKHSUHPLXPRUGLVFRXQW
DULVLQJDWWKHLQFHSWLRQRIVXFKDIRUZDUGH[FKDQJHFRQWUDFWLVDPRUWL]HGDVH[SHQVHRULQFRPHRYHUWKHOLIHRIWKHFRQWUDFW7KHH[FKDQJH
GLIIHUHQFHRQVXFKFRQWUDFWVLVFRPSXWHGE\PXOWLSO\LQJWKHIRUHLJQFXUUHQF\DPRXQWRIWKHIRUZDUGH[FKDQJHFRQWUDFWE\WKHGLIIHUHQFH
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where the transaction is settled during the reporting period, and b) the same foreign currency amount translated at the latter of the date
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2.8 Derivative instruments and hedge accounting
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FRPPLWPHQWDQGIRUHFDVWHGWUDQVDFWLRQV7KH&RPSDQ\GHVLJQDWHVWKHVHKHGJLQJLQVWUXPHQWVDVFDVKRZKHGJHV
The use of hedging instruments is governed by the policies of the Company which are approved by its Board of Directors.
Hedging instruments are initially measured at fair value, and are remeasured at subsequent reporting dates. Changes in the fair value of
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accounting. At that time for forecasted transactions, any cumulative gain or loss on the hedging instrument recognised in shareholders
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JDLQRUORVVUHFRJQLVHGLQKHGJLQJUHVHUYHLVWUDQVIHUUHGWRWKH6WDWHPHQWRI3URWDQG/RVVIRUWKH\HDU
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insurance, labour welfare fund and superannuation fund in India which are administered through Government of India and/
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  E 'HQHGEHQHWSODQV
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7KHJUDWXLW\VFKHPHRIWKH&RPSDQ\LVDGPLQLVWHUHGWKURXJK/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD/,&/LDELOLW\IRUGHQHG
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actuary. The actuarial valuation method used by independent actuary for measuring the liability is the projected unit credit
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104
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

   F 2WKHUORQJWHUPHPSOR\HHEHQHWV
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encashment vests equivalent to salary payable for number of days of accumulated leave balance subject to an upper limit as
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date, carried out by an independent actuary. The actuarial valuation method used by independent actuary for measuring the
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DQG/RVVDVLQFRPHRUH[SHQVH

  LL 6KRUWWHUPHPSOR\HHEHQHWV

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LVUHFRJQLVHGLQWKH\HDUGXULQJZKLFKWKHHPSOR\HHUHQGHUHGWKHVHUYLFHV7KHVHEHQHWVFRPSULVHFRPSHQVDWHGDEVHQFHVVXFK
as paid annual leave and performance incentives.

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to settle the obligations.

2.10 Revenue recognition

The Company derives revenues primarily from information technology services. Revenue is recognised in accordance with the terms of the
contracts with customers as the service is performed by the proportionate completion method and when it is reasonably certain that the
ultimate collection will be made. Revenues on time and material contracts are recognised when services are rendered and related costs are
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contract costs incurred for work performed up to the reporting date bear to the estimated total contract costs. The cumulative impact of
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estimated losses on such contracts are made during the period in which a loss becomes probable and can be reasonably estimated. When
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uncertainty and the amount of revenue originally recorded is not adjusted.

Revenues from maintenance contracts are recognised on a straight line basis over the period of the contract.

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rewards of ownership are transferred to the buyer and the ultimate collection is reasonably certain.

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2.11 Other income

Dividend income from subsidiaries and on other investments is recognised when the right to receive payment is established. Interest
income is recognised on time proportion basis taking into account the amount outstanding and the applicable rate of interest. Rental income
is recognised on a straight line basis over the term of the lease as per the terms of the base contract.

2.12 Leases
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OHDVHVLQWHUPVRISURYLVLRQVRI$FFRXQWLQJ6WDQGDUG$6/HDVHVDUHFDSLWDOLVHG7KHDVVHWVDFTXLUHGXQGHUQDQFHOHDVHVDUH
capitalised at the lower of the fair value at the inception of the lease and the present value of minimum lease payments and a liability is
created for an equivalent amount. Such assets are disclosed as leased assets under tangible assets and are depreciated in accordance with
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the lease term. Assets given under operating leases are capitalised in the Balance Sheet under tangible assets and are depreciated as per
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2.13 Earnings per share

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weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by adjusting the number
of shares used for basic EPS with the weighted average number of shares that could have been issued on the conversion of all dilutive
potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued
at a later date. The diluted potential equity shares have been adjusted for the proceeds receivable had the shares been actually issued at
fair value i.e. average market value of outstanding shares. The number of shares and potentially dilutive shares are adjusted for share splits
and bonus shares, as appropriate. In calculating diluted earnings per share, the effects of anti dilutive potential equity shares are ignored.
Potential equity shares are anti-dilutive when there conversion to equity shares would increase earnings per share or decrease loss per
share.

105 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

2.14 Income Taxes

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WD[DWLRQDXWKRULWLHVRQWKHWD[DEOHSURWVDIWHUFRQVLGHULQJWD[DOORZDQFHVDQGH[HPSWLRQVDQGXVLQJDSSOLFDEOHWD[UDWHVDQGODZV'HIHUUHG
WD[LVUHFRJQLVHGRQWLPLQJGLIIHUHQFHVEHWZHHQWKHDFFRXQWLQJLQFRPHDQGWKHWD[DEOHLQFRPHIRUWKH\HDUDQGTXDQWLHGXVLQJWKHWD[
UDWHVDQGWD[ODZVHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDVRQWKH%DODQFH6KHHWGDWH'HIHUUHGWD[DVVHWVDUHUHFRJQLVHGDQGFDUULHGIRUZDUG
WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\WKDWVXIFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWV
FDQEHUHDOLVHG'HIHUUHGWD[DVVHWVLQUHVSHFWRIXQDEVRUEHGGHSUHFLDWLRQRUFDUU\IRUZDUGORVVHVDUHUHFRJQLVHGRQO\WRWKHH[WHQWWKHUH
LVYLUWXDOFHUWDLQW\VXSSRUWHGE\FRQYLQFLQJHYLGHQFHWKDWVXIFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[
DVVHWVFDQEHUHDOLVHG7KHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWVLVUHYLHZHGDWHDFKEDODQFHVKHHWGDWHIRUDQ\ZULWHGRZQRUUHYHUVDODV
considered appropriate.

  0LQLPXP$OWHUQDWLYH7D[0$7FUHGLWLVUHFRJQLVHGDVDQDVVHWVRQO\ZKHQDQGWRWKHH[WHQWWKHLULVFRQYLQFLQJHYLGHQFHWKDWWKH&RPSDQ\

ZLOOSD\QRUPDOLQFRPHWD[GXULQJWKHVSHFLHGSHULRG6XFKDVVHWLVUHYLHZHGDWHDFKEDODQFHVKHHWGDWHDQGWKHFDUU\LQJDPRXQWRIWKH
0$7FUHGLWDVVHWLVZULWWHQGRZQWRWKHH[WHQWWKHLULVQRORQJHUFRQYLQFLQJHYLGHQFHWRWKHHIIHFWWKDWWKH&RPSDQ\ZLOOSD\QRUPDOLQFRPH
WD[GXULQJWKHVSHFLHGSHULRG

  &XUUHQW WD[ DVVHWV DQG OLDELOLWLHV DUH RIIVHW ZKHQ WKHUH LV D OHJDOO\ HQIRUFHDEOH ULJKW WR VHW RII WKH UHFRJQLVHG DPRXQW DQG WKHUH LV DQ
intention to settle the asset and liability on a net basis.

  'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHRIIVHWZKHQWKHUHLVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIDVVHWVDJDLQVWOLDELOLWLHVUHSUHVHQWLQJWKH
FXUUHQWWD[DQGZKHUHWKHGHIHUUHGWD[DVVHWVDQGOLDELOLWLHVUHODWHWRWD[HVRQLQFRPHOHYLHGE\WKHVDPHJRYHUQLQJWD[DWLRQODZV

2.15 Accounting for Employee Stock Options

  6WRFN RSWLRQV JUDQWHG WR HPSOR\HHV RI 0DVWHN /LPLWHG DQG LWV VXEVLGLDULHV XQGHU WKH VWRFN RSWLRQ VFKHPHV HVWDEOLVKHG DIWHU -XQH 
1999 are accounted as per the treatment prescribed by the Guidance Note on Employee Share-based Payments issued by the Institute of
&KDUWHUHG$FFRXQWDQWVRI,QGLDDVUHTXLUHGE\WKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQHWV5HJXODWLRQV
7KHLQWULQVLFYDOXHRIWKHRSWLRQEHLQJH[FHVVRIPDUNHWYDOXHRIWKHXQGHUO\LQJVKDUHLPPHGLDWHO\SULRUWRGDWHRIJUDQWRYHULWV
H[HUFLVH SULFH LV UHFRJQLVHG DV GHIHUUHG HPSOR\HH FRPSHQVDWLRQ ZLWK D FUHGLW WR VKDUH RSWLRQV RXWVWDQGLQJ DFFRXQW 7KH ([SHQVH RQ
GHIHUUHGHPSOR\HHFRPSHQVDWLRQLVFKDUJHGWR6WDWHPHQWRI3URWDQG/RVVRQVWUDLJKWOLQHEDVLVRYHUWKHYHVWLQJSHULRGRIWKHRSWLRQ
7KHRSWLRQVWKDWODSVHDUHUHYHUVHGE\DFUHGLWWR([SHQVHRQ(PSOR\HH6WRFN2SWLRQ6FKHPHHTXDOWRWKHDPRUWL]HGSRUWLRQRIYDOXHRI
lapsed portion and a debit to share options outstanding account equal to the un-amortised portion.

2.16 Provisions and Contingent Liabilities

  3URYLVLRQVDUHUHFRJQLVHGZKHQWKH&RPSDQ\KDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWVIRUZKLFKLWLVSUREDEOHWKDWDQRXWRZ
RIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWHRIWKHDPRXQWFDQEHPDGH$
GLVFORVXUHIRUDFRQWLQJHQWOLDELOLW\LVPDGHZKHUHWKHUHLVDSRVVLEOHREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVDQGWKHH[LVWHQFHRIZKLFKZLOO
EHFRQUPHGRQO\E\WKHRFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVQRWZKROO\ZLWKLQWKHFRQWURORIWKH&RPSDQ\
RUDSUHVHQWREOLJDWLRQWKDWDULVHVIURPWKHSDVWHYHQWVZKHUHLWLVHLWKHUQRWSUREDEOHWKDWDQRXWRZRIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOH
the obligation or a reliable estimate of the amount cannot be made. Provisions are reviewed regularly and are adjusted where necessary
WRUHHFWWKHFXUUHQWEHVWHVWLPDWHVRIWKHREOLJDWLRQ:KHUHWKH&RPSDQ\H[SHFWVDSURYLVLRQWREHUHLPEXUVHGWKHUHLPEXUVHPHQWLV
recognized as a separate asset, only when such reimbursement is virtually certain.

2.17 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, demand deposits with banks and other short term highly liquid investments with original
maturities of three months or less.

3 Share capital As at As at
March 31, 2016 March 31, 2015

Authorised:
40,000,000 (March 31, 2015: 40,000,000) equity shares of ` 5/- each 2,000.00 2,000.00
2,000,000 (March 31, 2015: 2,000,000) preference shares of ` 100/- each 2,000.00 2,000.00
Total 4,000.00 4,000.00
Issued, subscribed and fully paid up :
22,997,274 (March 31, 2015 : 22,546,672) equity shares of ` 5/- each fully paid 1,149.86 1,127.33
Total 1,149.86 1,127.33

(a) Reconciliation of the number of shares As at March 31, 2016 As at March 31, 2015
No. of shares Amount No. of shares Amount
Equity Shares
Balance as at the beginning of the year 22,546,672 1,127.33 22,160,680 1,108.03
 $GG$GGLWLRQRQDFFRXQWRIH[HUFLVHRIHPSOR\HH 450,602 22.53 385,992 19.30
stock option plans [Refer note 32 (c)]
Balance as at the end of the year 22,997,274 1,149.86 22,546,672 1,127.33

106
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

(b) Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of ` 5 per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,
H[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQWKHHTXLW\VKDUHKROGHUVDUHHOLJLEOHWRUHFHLYHWKHUHPDLQLQJDVVHWVRIWKH
Company after distribution of all preferential amounts, in proportion to their shareholding.

(c) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
As at March 31, 2016 As at March 31, 2015
No. of shares % of holding No. of shares % of holding
Equity Shares of ` 5 each held by:
Ashank Desai 3,099,552 13.48% 3,099,552 13.75%
Sudhakar Ram 2,791,680 12.14% 2,791,680 12.38%
 .HWDQ0HKWD 2,519,100 10.95% 2,519,100 11.17%
 )LGHOLW\3XULWD7UXVW)LGHOLW\/RZ3ULFHG 1,275,000 5.54% 1,650,000 7.32%
Radhakrishnan Sundar 1,445,800 6.29% 1,445,800 6.41%
(d) Shares reserved for issue under options

As at As at
March 31, 2016 March 31, 2015

Number of shares to be issued under the Employee Stock Option Plans 2,739,627 2,892,776

[Refer note 32(a) for details of shares to be issued under the Employee Stock Option Scheme.]

(e) Shares bought back (during 5 years immediately preceding March 31, 2016)

March March March March June

31, 2016 31, 2015 31, 2014 31, 2013 30, 2012
Equity Shares bought back - - 2,484,007 2,388,000 -

4. Reserves and surplus

As at As at
March 31, 2016 March 31, 2015
Capital reserve
Balance as at the beginning of the year 106.07 106.07
/HVV$GMXVWPHQWVSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (106.07) -
Balance as at the end of the year - 106.07

Capital redemption reserve account

Balance as at the beginning of the year 1,538.87 1,538.87
Balance as at the end of the year 1,538.87 1,538.87

Securities premium account

Balance as at the beginning of the year 545.16 5.66
$GG$GGLWLRQRQDFFRXQWRIH[HUFLVHRIVKDUHVXQGHUWKHHPSOR\HHVWRFNRSWLRQSODQV 529.54 539.50
$GG7UDQVIHUUHGIURP(PSOR\HHVWRFNRSWLRQVRXWVWDQGLQJDFFRXQWRQDFFRXQWRIH[HUFLVHRIVKDUHV 6.40 -
under the employee stock option plans
Balance as at the end of the year 1,081.10 545.16

107 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

As at As at
March 31, 2016 March 31, 2015
Employee stock options outstanding account
Balance as at the beginning of the year 131.75 -
Addition on account of employee stock option plans 33.38 131.75
/HVV7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (84.07) -
/HVV 7UDQVIHUUHG WR 6HFXULWLHV SUHPLXP DFFRXQW RQ DFFRXQW RI H[HUFLVH RI VKDUHV XQGHU WKH (6.40) -
employee stock option plans
Balance as at the end of the year [Refer note 32(f)] 74.66 131.75

General reserve
Balance as at the beginning of the year 2,415.67 2,235.67
/HVV$GMXVWPHQWVSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (2,415.67) -
$GG7UDQVIHUIURPVXUSOXVLQVWDWHPHQWRISURWDQGORVVGXULQJWKH\HDU - 180.00
Balance as at the end of the year - 2,415.67

Hedging reserve account

Balance as at the beginning of the year 1,880.91 31.20
$GG&KDQJHVLQWKHIDLUYDOXHRIWKHHIIHFWLYHFDVKRZKHGJHV (594.64) 1,849.71
/HVV7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (187.96) -
Balance as at the end of the year (Refer note 35) 1,098.31 1,880.91

6XUSOXVLQVWDWHPHQWRISURWDQGORVV
Balance as at the beginning of the year 36,037.15 29,311.97
/HVV$GMXVWPHQWVSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (21,879.69) -
3URWIRUWKH\HDU 1,336.57 7,438.75
/HVV$SSURSULDWLRQV
Interim dividend ` 2.50/- per share (Previous year ` 1.50/- per share) (577.07) (336.64)
 3URSRVHGQDOGLYLGHQG3UHYLRXV\HDU` 1/- per share) - (227.30)
 'LYLGHQGGLVWULEXWLRQWD[QHW (70.66) 30.37
Transfer to general reserve during the year - (180.00)
Balance as at the end of the year 14,846.30 36,037.15
Total 18,639.24 42,655.58

'LYLGHQG'LVWULEXWLRQ7D[''7QHWSHUWDLQLQJWRWKHFXUUHQW\HDUFRPSULVHVWKH''7OLDELOLW\RI` 117.48 (previous year ` 73.20) on interim

GLYLGHQGSURSRVHGQDOGLYLGHQGDQGDFUHGLWRI` 46.82 (previous year `LQUHVSHFWRIWD[SDLGXV%%'RIWKH,QGLDQ,QFRPH7D[
Act, 1961 by the Company on dividend received from a foreign subsidiary during the year.

5. Long-term borrowings

As at As at
March 31, 2016 March 31, 2015
Secured :
/RQJWHUPPDWXULWLHVRIQDQFHOHDVHREOLJDWLRQVLQUHVSHFWRIYHKLFOHV>5HIHUQRWHLL@ 17.79 85.66

(a) Nature of security and terms of repayment for secured borrowings

Nature of Security Terms of Repayment
Finance lease obligations are secured by Monthly payment of Equated monthly
hypothecation of assets underlying the instalments beginning from the month
leases. subsequent to taking the lease.

108
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

6. Other long-term liabilities

As at As at
March 31, 2016 March 31, 2015

Security and other deposits 97.07 -

7. Long-term provisions

As at As at
March 31, 2016 March 31, 2015

3URYLVLRQIRUHPSOR\HHEHQHWV

Provision for leave encashment [Refer note 31(c)] 467.71 1,190.36

Other provisions

 3URYLVLRQIRUFRVWRYHUUXQRQFRQWUDFWV 25.35 15.76

Total 493.06 1,206.12

 0RYHPHQWLQ/RQJWHUPRWKHUSURYLVLRQVUHSUHVHQWVDQDGGLWLRQDOSURYLVLRQIRUFRVWRYHUUXQRQFRQWUDFWVPDGHGXULQJWKH\HDU5HIHUQRWH

8. Trade payables

As at As at
March 31, 2016 March 31, 2015

Trade payables (Refer note 38) 382.26 604.30

9. Other current liabilities

As at As at
March 31, 2016 March 31, 2015
&XUUHQWPDWXULWLHVRIQDQFHOHDVHREOLJDWLRQVLQUHVSHFWRIYHKLFOHV>5HIHUQRWHLL@ 30.23 49.56
8QHDUQHGUHYHQXH 286.06 232.86
8QSDLGGLYLGHQGV>5HIHUQRWHDEHORZ@ 38.62 41.37
Security and other deposits 0.48 1.58
Other payables
(PSOR\HHEHQHWVSD\DEOH 669.88 1,501.23
$FFUXHGH[SHQVHV 1,779.47 2,194.46
Capital creditors 24.59 149.83
6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH 392.53 504.67
Total 3,221.86 4,675.56

(a) There is no amount due for payment to Investor Education and Protection Fund under Section 205C of the Companies Act, 1956 as at the
\HDUHQG

  6HFWLRQRI&RPSDQLHV$FWZKLFKFRUUHVSRQGVWRVHFWLRQ&RI&RPSDQLHV$FWKDVQRW\HWEHHQHQIRUFHG

10. Short-term provisions

As at As at
March 31, 2016 March 31, 2015
3URYLVLRQIRUHPSOR\HHEHQHWV
Provision for leave encashment [Refer note 31(c)] 550.62 789.78
Others
3URYLVLRQIRUSURSRVHGQDOGLYLGHQG3UHYLRXV\HDU` 1.00/- per share) on equity shares of - 225.47
face value of ` 5/- each
3URYLVLRQIRUGLYLGHQGGLVWULEXWLRQWD[RQSURSRVHGQDOGLYLGHQGRQHTXLW\VKDUHV - 47.19
Total 550.62 1,062.44

109 ANNUAL REPORT 2015-2016

 11. Fixed assets

110
(i) Tangible assets
Gross Block (at cost) Depreciation Net Block
As at April 1, Additions Transfer on Deductions As at Mar As at April 1, For the year Transfer on Deductions As at Mar As at Mar As at March
2015 Demerger 31, 2016 2015 Demerger 31, 2016 31, 2016 31, 2015
(Refer note (Refer note
44) 44)
a. Own assets :
Buildings 5,891.77 - (1,142.86) - 4,748.91 1,921.27 109.29 (322.32) - 1,708.24 3,040.67 3,970.50
Computers 3,262.58 257.65 (881.46) (362.87) 2,275.90 2,568.67 524.83 (767.66) (348.72) 1,977.12 298.78 693.91
Plant and equipment 4,310.22 34.72 (1,551.80) (160.88) 2,632.26 4,062.38 106.76 (1,510.78) (156.98) 2,501.38 130.88 247.84
 )XUQLWXUHDQG[WXUHV 5,965.16 331.00 (1,910.50) (56.54) 4,329.12 5,565.98 132.96 (1,675.55) (56.29) 3,967.10 362.02 399.18
Vehicles 344.72 43.95 (113.27) (29.43) 245.97 256.48 19.82 (95.00) (25.67) 155.63 90.34 88.24
 2IFHHTXLSPHQW 1,952.92 183.15 (498.40) (47.65) 1,590.02 1,790.96 49.47 (334.01) (40.85) 1,465.57 124.45 161.96
Total ( A ) 21,727.37 850.47 (6,098.29) (657.37) 15,822.18 16,165.74 943.13 (4,705.32) (628.51) 11,775.04 4,047.14 5,561.63

E /HDVHGDVVHWV
 /HDVHKROGODQG 558.45 - (172.71) - 385.74 166.47 59.53 - - 226.00 159.74 391.98
 /HDVHKROGLPSURYHPHQWV 400.42 - - (66.19) 334.23 398.56 1.86 - (66.19) 334.23 - 1.86
Vehicles 237.87 11.51 (72.13) (79.93) 97.32 51.63 47.74 (4.29) (43.54) 51.54 45.78 186.24
Total ( B ) 1,196.74 11.51 (244.84) (146.12) 817.29 616.66 109.13 (4.29) (109.73) 611.77 205.52 580.08
Total ( A + B ) 22,924.11 861.98 (6,343.13) (803.49) 16,639.47 16,782.40 1,052.26 (4,709.61) (738.24) 12,386.81 4,252.66 6,141.71
(ii) Intangible assets
(All amounts in ` Lakhs, unless otherwise stated)

Gross Block (at cost) Depreciation Net Block

As at April 1, Additions Transfer on Deductions As at Mar As at April 1, For the year Transfer on Deductions As at Mar As at Mar As at March
2015 Demerger 31, 2016 2015 Demerger 31, 2016 31, 2016 31, 2015
(Refer note (Refer note
44) 44)
Goodwill 130.32 - (130.32) - - 130.32 - (130.32) - - - -
Computer software 4,739.30 454.55 (1,502.22) - 3,691.63 3,953.76 698.35 (1,303.68) - 3,348.43 343.20 785.54
Total 4,869.62 454.55 (1,632.54) - 3,691.63 4,084.08 698.35 (1,434.00) - 3,348.43 343.20 785.54
Notes:
(a) Own buildings include subscription towards share capital of Co-operative societies amounting to Rupees Two Hundred and Fifty only (Previous year Rupees Two Hundred and Fifty only).
11 Fixed assets for previous year ended March 31, 2015
(i) Tangible assets
Gross Block (at cost) Depreciation Net Block
As at April 1, Additions Transfer on Deductions As at March As at April 1, For the year Transfer on Deductions As at March As at March As at March
2014 Demerger 31, 2015 2014 Demerger 31, 2015 31, 2015 31, 2014
(Refer note (Refer note
44) 44)
a. Own assets :
Buildings 5,891.77 - - - 5,891.77 1,771.11 150.16 - - 1,921.27 3,970.50 4,120.66
Computers 2,572.44 690.60 - (0.46) 3,262.58 1,952.32 616.55 - (0.20) 2,568.67 693.91 620.12
Plant and equipment 4,280.75 107.37 - (77.90) 4,310.22 3,881.37 258.89 - (77.88) 4,062.38 247.84 399.38
 )XUQLWXUHDQG[WXUHV 5,819.74 147.67 - (2.25) 5,965.16 5,248.58 319.65 - (2.25) 5,565.98 399.18 571.16
Vehicles 407.46 58.50 - (121.24) 344.72 242.99 96.02 - (82.53) 256.48 88.24 164.47
 2IFHHTXLSPHQW 1,905.86 49.94 - (2.88) 1,952.92 1,725.71 67.73 - (2.48) 1,790.96 161.96 180.15
Total (A) 20,878.02 1,054.08 - (204.73) 21,727.37 14,822.08 1,509.00 - (165.34) 16,165.74 5,561.63 6,055.94

E /HDVHGDVVHWV
 /HDVHKROGODQG 558.45 - - 558.45 105.10 61.37 - - 166.47 391.98 453.35
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)

 /HDVHKROGLPSURYHPHQWV 400.42 - - - 400.42 391.06 7.50 - - 398.56 1.86 9.36

Vehicles 262.12 7.38 - (31.63) 237.87 60.62 16.00 - (24.99) 51.63 186.24 201.50
Total ( B ) 1,220.99 7.38 - (31.63) 1,196.74 556.78 84.87 - (24.99) 616.66 580.08 664.21
Total ( A + B ) 22,099.01 1,061.46 - (236.36) 22,924.11 15,378.86 1,593.87 - (190.33) 16,782.40 6,141.71 6,720.15
(ii) Intangible assets
Gross Block (at cost) Depreciation Net Block
As at April 1, Additions Transfer on Deductions As at March As at April 1, For the year Transfer on Deductions As at March As at March As at March
2014 Demerger 31, 2015 2014 Demerger 31, 2015 31, 2015 31, 2014
(Refer note (Refer note
44) 44)
Goodwill 130.32 - - - 130.32 130.32 - - 130.32 - -
Computer software 3,920.23 819.07 - - 4,739.30 2,859.17 1,094.59 - - 3,953.76 785.54 1,061.06
Total 4,050.55 819.07 - - 4,869.62 2,989.49 1,094.59 - - 4,084.08 785.54 1,061.06
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

12. Non-current investments

As at As at
March 31, 2016 March 31, 2015
(A) Investment property (at cost less accumulated depreciation)
Gross block
Opening 389.41 389.41
/HVV7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (387.62) -
Closing 1.79 389.41
/HVV$FFXPXODWHGGHSUHFLDWLRQ
Opening 148.57 134.65
Depreciation for the year - 13.92
/HVV7UDQVIHUUHGSXUVXDQWWRDVFKHPHRIDUUDQJHPHQW5HIHUQRWH (146.78) -
Closing 1.79 148.57

Net block - 240.84

(B) Trade investments

,QYHVWPHQWLQVXEVLGLDULHVIXOO\SDLGHTXLW\VKDUHV8QTXRWHGDWFRVW
0DMHVFR86$
1LO3UHYLRXV\HDU(TXLW\6KDUHVRI86HDFKIXOO\SDLGXS - 14,590.26
(Refer notes 42 and 44)
0DVWHN$VLD3DFLF3WH/WG6LQJDSRUH5HIHUQRWH
1LO3UHYLRXV\HDU(TXLW\6KDUHVRI86HDFKIXOO\SDLGXS
(net of provision for other than temporary decline in value ` 542.44 in the previous year) - 175.54
0DVWHN8./WG8.
200,000 (Previous year - 200,000) Equity Shares of 1 each, fully paid up 215.81 215.81
0LQHHOGV&RPSXWHUV/LPLWHG,QGLD5HIHUQRWHVDQG - 5.00
Nil (Previous year - 50,000) Equity Shares of ` 10 each, fully paid up
Total 215.81 14,986.61
Total ( A + B ) 215.81 15,227.45
Aggregate amount of investment property - 240.84
Aggregate amount of unquoted investments 215.81 14,986.61
Aggregate provision for other than temporary decline in value of unquoted investments - (542.44)

13. Deferred tax assets

As at As at
March 31, 2016 March 31, 2015

'HIHUUHGWD[DVVHWVLQUHVSHFWRI

Depreciation 886.87 1,053.29

Provision for gratuity and leave encashment 352.42 631.58

Provision for doubtful debts and advances 51.34 134.62

Other timing differences 162.49 106.94

Total 1,453.12 1,926.43

111 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

14. Long-term loans and advances

As at As at
March 31, 2016 March 31, 2015
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
Capital advances 71.51 25.48
Security deposits 108.71 139.62
3UHSDLGH[SHQVHV 2.25 12.94
Other loans and advances
$GYDQFHLQFRPHWD[QHWRISURYLVLRQIRUWD[ 1,729.87 1,961.68
MAT credit entitlement [Refer note 34(a)] 2,436.59 2,694.26
Advances to employees 0.78 6.11
Other advances 57.80 -
Total 4,407.51 4,840.09
15. Other non-current assets

As at As at
March 31, 2016 March 31, 2015
Mark-to-market gains receivable on outstanding derivative contracts (Refer note 35) 256.92 309.58
16. Current investments

As at As at
March 31, 2016 March 31, 2015
At cost or market value, whichever is less:
Investment in Mutual Funds (quoted):
%DURGD3LRQHHU/LTXLG)XQG3ODQ$*URZWK 640.64
(37,027 units, Previous year - Nil units)
%LUOD6XQ/LIH&DVK3OXV)XQG*URZWK 596.47
(246,814 units, Previous year - Nil units)
ICICI Prudential Money Market Fund - Regular - Growth 150.00
(71,787 units, Previous year - Nil units)
.RWDN)ORDWHU6KRUW7HUP)XQG*URZWK 200.00
(8,064 units, Previous year - Nil units)
Franklin India TMA - Super IP - Growth 203.10
(9,282 units, Previous year - Nil units)
.RWDN7UHDVXU\$GYDQWDJH)XQG5HJ*URZWK 423.90
(1,764,200 units, Previous year - Nil units)
6XQGDUDP8OWUD6KRUW7HUP5HJ*URZWKWR 450.00
(2,186,228 units, Previous year - Nil units)
,&,&,3UXGHQWLDO8OWUD6KRUW7HUP3ODQ*URZWKWR 450.00
(2,988,941 units, Previous year - Nil units)
HDFC Cash Management Fund - Savings Plan - Growth - 450.00
(Nil units, Previous year - 4,500,000 units)
87,%DQNLQJ 368)XQG5HJXODU3ODQ*URZWK - 500.00
(Nil units, Previous year - 5,000,000 units)
87,)L[HG7HUP,QFRPH)XQG6HULHV;,;,;GD\V*URZWK - 1,301.20
(Nil units, Previous year - 13,011,960 units)
%LUOD6XQ/LIH)L[HG7HUP3ODQ6HULHV/&GD\V5HJXODU*URZWK - 370.00
(Nil units, Previous year - 3,700,000 units)
HDFC FMP 376D May 2014 (1) - Series 31 - Regular - Growth - 500.00
(Nil units, Previous year - 5,000,000 units)
ICICI Prudential FMP series 74 - (368 days) Plan Y Regular Plan Cumulative - 500.00
(Nil units, Previous year - 5,000,000 units)
HDFC FMP 370D April 2014 (1) - Series 31 - Regular - Growth - 1,500.00
(Nil units, Previous year - 15,000,000 units)
Total 3,114.11 5,121.20

Aggregate amount of quoted investments 3,114.11 5,121.20

Market value of quoted investments 3,137.98 5,453.71

112
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

17. Trade receivables

As at As at
March 31, 2016 March 31, 2015
8QVHFXUHGFRQVLGHUHGJRRG
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\ZHUHGXHIRUSD\PHQW - 58.70
Others 5,225.00 7,405.34
8QVHFXUHGFRQVLGHUHGGRXEWIXO
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\ZHUHGXHIRUSD\PHQW 148.34 345.46
Others - 50.60
/HVV3URYLVLRQIRUGRXEWIXOGHEWV (148.34) (396.06)
Total 5,225.00 7,464.04
18. Cash and bank balances

As at As at
March 31, 2016 March 31, 2015
Cash and cash equivalents
Cash on hand 3.49 2.00
Bank balances
In current accounts 428.31 400.07
)L[HGGHSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 977.77 685.45
1,409.57 1,087.52
Other bank balances
)L[HGGHSRVLWVZLWKRULJLQDOPDWXULW\PRUHWKDQPRQWKVEXWOHVVWKDQPRQWKV 2,095.00 3,850.00
8QSDLGGLYLGHQGDFFRXQW 38.62 41.37
2,133.62 3,891.37
Total 3,543.19 4,978.89
19. Short-term loans and advances

As at As at
March 31, 2016 March 31, 2015
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
2WKHU/RDQVDQG$GYDQFHV
Security deposits 14.38 19.45
6XUSOXVFRQWULEXWLRQWRHPSOR\HHEHQHWSODQJUDWXLW\>5HIHUQRWHELLL@ 29.23 122.00
3UHSDLGH[SHQVHV 91.44 771.75
6HUYLFHWD[FUHGLWUHFHLYDEOH 55.50 150.90
Advances to suppliers
Considered good 144.57 2.65
Considered doubtful - 7.26
/HVV3URYLVLRQIRUGRXEWIXODGYDQFHV - (7.26)
Advances to employees 42.98 39.29
Total 378.10 1,106.04
20. Other current assets

As at As at
March 31, 2016 March 31, 2015
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
,QWHUHVWDFFUXHGRQ[HGGHSRVLWV 88.62 157.33
,QWHUHVWDFFUXHGRQLQFRPHWD[UHIXQGV 54.02 122.71
Margin money deposit 1.65 1.65
Accrued revenue 225.59 814.18
5HLPEXUVDEOHH[SHQVHVUHFHLYDEOH 137.17 717.72
Mark-to-market gains receivable on outstanding derivative contracts (Refer note 35) 841.39 1,571.33
Total 1,348.44 3,384.92

113 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

21. Contingent liabilities

As at As at
March 31, 2016 March 31, 2015
Corporate performance guarantees given by the Company on behalf of the following subsidiaries:
(a) 0DMHVFR&DQDGD/LPLWHG)RUPHUO\0DMHVFR0DVWHN&DQDGD/LPLWHG - 7,354.88
(b) 0DMHVFR7KDLODQG&R/WG>)RUPHUO\0DVWHN06&7KDLODQG&R/WG@ - 1,562.50
(c) 0DVWHN8./LPLWHG 2,500.30 8,386.12
Corporate guarantees given by the Company on behalf of the following subsidiary:
(a) 0DMHVFR86$IRULWVWHUPORDQ - 1,875.00
Standby letter of credit given by the Company on behalf of following subsidiary:
(a) 0DMHVFR86$IRULWV/LQHRIFUHGLWIRUZRUNLQJFDSLWDOORDQIURP%DQN - 918.75
Claims against Company not acknowledged as debts
(a) 6DOHVWD[PDWWHU 238.23 173.77
(b) Stamp Duty matter 231.20 -

 L 7KH&RPSDQ\GRHVQRWH[SHFWDQ\FDVKRXWRZVRUDQ\UHLPEXUVHPHQWVLQUHVSHFWRIWKHDERYHFRQWLQJHQWOLDELOLWLHV

 LL ,WLVQRWSUDFWLFDEOHIRUWKH&RPSDQ\WRHVWLPDWHWKHWLPLQJRIFDVKRXWRZVLIDQ\LQUHVSHFWRIWKHDERYHSHQGLQJRFFXUUHQFHRIWKH
default event or resolution of respective proceedings.

22. Capital and other commitments

As at As at
March 31, 2016 March 31, 2015
Capital commitments
(VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQWQRWSURYLGHGIRU 295.24 84.87

23. Revenue from operations

Year ended Year ended
March 31, 2016 March 31, 2015
Information technology services 37,843.96 66,048.24
Other operating revenue
5HLPEXUVHPHQWRIH[SHQVHVIURPFXVWRPHUV - 43.21
Secondment fees - 335.22
Resale of software and hardware - 49.85
Doubtful debts recovered 22.81 35.45
Total 37,866.77 66,511.97

24. Other income

Year ended Year ended
March 31, 2016 March 31, 2015
Interest income
2Q[HGGHSRVLWV 161.61 212.98
2QLQFRPHWD[UHIXQGV 39.64 310.58
On others 11.55 14.01
Dividend income from subsidiary 239.59 820.88
3URWRQVDOHRIWDQJLEOHDVVHWVQHW 13.45 14.85
3URWRQVDOHRIFXUUHQWLQYHVWPHQWV 428.07 789.18
Rental income [Refer note 33(i)] 161.26 44.32
Net gain on foreign currency transactions and translation 128.00 -
Miscellaneous income 464.32 98.60
Total 1,647.49 2,305.40

114
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

25. (PSOR\HHEHQHWVH[SHQVHV
Year ended Year ended
March 31, 2016 March 31, 2015
Salaries, wages and performance incentives 20,711.60 35,336.74
Gratuity [Refer note 31(b)(iv)] 92.81 773.07
Contribution to provident and other funds [Refer note 31(a)] 396.39 995.18
(PSOR\HHVWRFNFRPSHQVDWLRQH[SHQVHV - 13.39
6WDIIZHOIDUHH[SHQVH 294.94 565.86
Total 21,495.74 37,684.24

26. Finance costs

Year ended Year ended
March 31, 2016 March 31, 2015
,QWHUHVWRQQDQFHOHDVH 15.56 21.63
Bank charges 7.67 5.80
2WKHUQDQFHFKDUJHV 0.45 -
Total 23.68 27.43

27. Depreciation and amortization expenses

Year ended Year ended
March 31, 2016 March 31, 2015
Depreciation on tangible assets 1,052.26 1,593.87
Amortization on intangible assets 698.35 1,094.59
Depreciation on investment property - 13.92
/HVV 5HLPEXUVHPHQW RI FRPPRQ FRVW UHFHLYHG IURP 0DMHVFR /LPLWHG DQG 0DMHVFR VRIWZDUH DQG (262.10)
6ROXWLRQV,QGLD3ULYDWH/LPLWHG
Total 1,488.51 2,702.38

28. Other expenses

Year ended Year ended
March 31, 2016 March 31, 2015
Hire charges 84.29 249.92
5HFUXLWPHQWDQGWUDLQLQJH[SHQVHV 105.28 250.00
Travelling and conveyance 1,549.39 2,069.37
Communication charges 175.95 278.39
Electricity 401.25 736.80
Consultancy and sub-contracting charges 9,002.92 13,868.18
Purchase of hardware and software - 343.75
5DWHVDQGWD[HV 113.74 307.44
Repairs to buildings 314.94 453.10
Repairs : others 818.92 964.58
Insurance 69.47 95.47
Printing and stationery 35.95 73.17
Professional fees (Refer note (a) below) 665.98 481.80
Rent [Refer note 33(i)] 213.38 127.40
Advertisement and publicity 80.05 171.24
([SHQGLWXUHWRZDUGVFRUSRUDWHVRFLDOUHVSRQVLELOLW\&65DFWLYLWLHV 85.36 84.94
Net loss on foreign currency transactions and translation - 47.44

115 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

28. Other expenses (contd.)

Year ended Year ended
March 31, 2016 March 31, 2015
(Reversal) / Provision for doubtful debts and loans and advances, net (206.42) 220.30
Bad debt written off 380.49 10.79
Provision / (Reversal) for cost overrun on contracts, net 9.58 (1.92)
Reversal of accrued revenue 86.47 79.83
0LVFHOODQHRXVH[SHQVHV 151.00 173.47
Total 14,137.99 21,085.46

(a) Professional fees include payment to auditors :

Year ended Year ended
March 31, 2016 March 31, 2015
i. As auditor
Statutory audit 25.00 46.00
/LPLWHGUHYLHZ 15.00 24.00
Other services 8.30 9.50
ii. )RUUHLPEXUVHPHQWRIH[SHQVHV 3.02 4.40

(b) 2WKHUH[SHQVHVVKRZQDERYHDUHQHWRIUHLPEXUVDEOHH[SHQVHVUHFRYHUHGIURPVXEVLGLDULHVXQGHUDSSURSULDWHOLQHLWHPV

29. Exceptional Items, net

Year ended Year ended
March 31, 2016 March 31, 2015
3URWRQVDOHRILQYHVWPHQWVLQVXEVLGLDULHV5HIHUQRWHVDQG (4.95) (1,038.99)
5HVWUXFWXULQJH[SHQVHV6DODULHVZDJHVDQGSHUIRUPDQFHLQFHQWLYHV 120.88 199.59
'HPHUJHUH[SHQVHV
Professional fees 65.30 270.29
Salaries, wages and performance incentives - 65.00
Others 118.97 9.16
300.20 (494.95)

30. Earnings Per Share (EPS)

Year ended Year ended
March 31, 2016 March 31, 2015
The components of basic and diluted earnings per share for total operations are as follows:
(a) 1HWSURWDWWULEXWDEOHWRHTXLW\VKDUHKROGHUV 1,336.57 7,438.75
(b) Weighted average number of outstanding equity shares
Considered for basic EPS 22,831,685 22,320,332
Add : Effect of dilutive potential equity shares arising from outstanding stock options 1,607,892 1,106,757
Considered for diluted EPS 24,439,577 23,427,089
(c) Earnings per share in `
Basic ` 5.85 ` 33.33
Diluted ` 5.47 ` 31.75
(Face value per share ` 5/- each)

116
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

31. (PSOR\HHEHQHWV
7KHGLVFORVXUHVUHTXLUHGDVSHUWKHUHYLVHG$FFRXQWLQJ6WDQGDUG$6(PSOR\HH%HQHWVUHYLVHGDUHDVXQGHU
Year ended Year ended
March 31, 2016 March 31, 2015
(a) 'HQHGFRQWULEXWLRQSODQV
7KH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQ6WDWHPHQWRI3URWDQG/RVVIRUWKH
year:
Contribution to provident fund 344.85 906.50
&RQWULEXWLRQWR(PSOR\HHV
6WDWH,QVXUDQFH&RUSRUDWLRQ 0.45 5.26
&RQWULEXWLRQWR0DKDUDVKWUD/DERXU:HOIDUH)XQG 0.50 1.37
Superannuation contribution 9.93 34.93
Contribution plans (branch outside India) 40.66 47.12
Total (Refer note 25) 396.39 995.18

(b) 'HQHGEHQHWSODQ*UDWXLW\

As per the independent actuarial valuation carried out as at March 31, 2016
As at As at
March 31, 2016 March 31, 2015
(i) &KDQJHLQGHQHGEHQHWREOLJDWLRQV'%2
3URMHFWHGEHQHWREOLJDWLRQRSHQLQJ 3,661.62 2,883.96
Service cost 259.49 383.95
Interest cost 174.34 292.96
Actuarial (gain) / loss (166.62) 337.41
%HQHWVSDLG (200.91) (236.66)
Transferred pursuant to a scheme of arrangement (Refer note 44) (1,963.71) -
3URMHFWHGEHQHWREOLJDWLRQFORVLQJ 1,764.21 3,661.62

(ii) Change in fair value of assets:

Fair value of plan assets - opening 3,783.62 2,156.78
([SHFWHGUHWXUQRQSODQDVVHWV 205.57 211.10
Employers contribution 0.04 1,622.25
Transferred pursuant to a scheme of arrangement (Refer note 44) (1,963.71) -
%HQHWSDLG (200.91) (236.66)
Actuarial gain (31.17) 30.15
Fair value of plan assets - closing 1,793.44 3,783.62

(iii) Amount recognized in the Balance Sheet

Present value of obligations 1,764.21 3,661.62
/HVV)DLUYDOXHRISODQDVVHWV (1,793.44) (3,783.62)
Net assets recognized (29.23) (122.00)

Recognised under:
Short-term loans and advances (Refer note 19) (29.23) (122.00)
Total (29.23) (122.00)

117 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

Year ended Year ended

March 31, 2016 March 31, 2015
(iv) Net gratuity cost for the year
Service cost 259.49 383.95
Interest cost 174.34 292.96
([SHFWHGUHWXUQRQSODQDVVHWV (205.57) (211.10)
Net actuarial (gain) / loss recognized in the current year (135.45) 307.26
Net gratuity cost (Refer note 25) 92.81 773.07

(v) Asset information

/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD 100% 100%

(vi) Assumptions used in accounting for the gratuity plan:

Discount rate (p.a.) 8.00% 7.95%
Return on Plan Assets (p.a.) 8.85% 8.85%
Salary escalation rate (p.a.) 10.00% 10.00%
Retirement age 60 years 60 years
The estimates of salary escalation, considered in actuarial valuation, takes into account
LQDWLRQVHQLRULW\SURPRWLRQVDQGRWKHUUHOHYDQWIDFWRUVVXFKDVGHPDQGDQGVXSSO\
in the employment market.
(vii) ([SHFWHG&RQWULEXWLRQWRWKHIXQGLQWKHQH[W\HDU
Year ended Year ended
March 31, 2016 March 31, 2015
Gratuity 200.00 600.00

(viii) Amounts recognised in current year and previous four years:

March 31, 2016 March 31, 2015 March 31, 2014 March 31, 2013 June 30, 2012
'HQHGEHQHWREOLJDWLRQ 1,764.21 3,661.62 2,883.96 2,968.23 2,493.54
Plan assets 1,793.44 3,783.62 2,156.78 1,302.88 876.95
6XUSOXV'HFLW 29.23 122.00 (727.18) (1,665.35) (1,616.59)
([SHULHQFHDGMXVWPHQWV
On plan liabilities (157.05) (166.77) (145.51) (9.25) (143.20)
On plan assets (31.17) 30.15 66.76 2.74 (18.40)

As at As at
March 31, 2016 March 31, 2015
(c) 3URYLVLRQIRU/HDYHHQFDVKPHQW
Opening balance 1,980.14 1,812.96
Charge during the year 546.99 955.08
Transferred pursuant to a scheme of arrangement (Refer note 44) (872.92) -
Amount paid during the year (635.89) (787.90)
&ORVLQJEDODQFH>'LVFORVHGXQGHU/RQJWHUPSURYLVLRQV5HIHUQRWHDQG6KRUW 1,018.32 1,980.14
term provisions (Refer note 10)]

118
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

32. Employee Stock Option Scheme

(a) Nature and extent of employee share-based payment plans that existed during the year:
i. Plan IV
"The Shareholders of the Company through Postal Ballot on August 9, 2007 approved the allocation of 1,000,000 stock options to the
eligible employees of the Company and its subsidiaries.

The Company subsequently established a new scheme in 2007 for granting 1,000,000 stock options to the employees referred to above,
HDFK RSWLRQ UHSUHVHQWLQJ RQH HTXLW\ VKDUH RI WKH &RPSDQ\ 7KH H[HUFLVH SULFH LV DV JRYHUQHG E\ WKH JXLGHOLQHV LVVXHG E\ 6(%, 7KH
scheme is governed by the Employee Stock Option Scheme and Employee Stock Purchase Guidelines issued in 1999 by SEBI and as
DPHQGHGIURPWLPHWRWLPH7KHUVWYHVWLQJRIWKHVWRFNRSWLRQVVKDOOKDSSHQRQO\RQFRPSOHWLRQRIRQH\HDUIURPWKHGDWHRIJUDQWDQG
WKHRSWLRQVDUHH[HUFLVDEOHZLWKLQWZR\HDUVIURPWKHGDWHRIYHVWLQJ'XULQJWKH\HDUHQGHG-XQHWKH&RPSDQ\KDVH[WHQGHG
WKHYHVWLQJSHULRGIURPWZR\HDUVWRVHYHQ\HDUV$VSHUWKH6(%,JXLGHOLQHVWKHH[FHVVRIPDUNHWSULFHRIWKHXQGHUO\LQJHTXLW\VKDUHVDV
RIWKHGDWHRIWKHJUDQWRIWKHRSWLRQVRYHUWKHH[HUFLVHSULFHRIWKHRSWLRQLVWREHUHFRJQL]HGDQGDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHU
the vesting period. No options have been granted under the scheme at below market price and consequently, there is no compensation
cost in the current year. "
(No of Options)
Year ended Year ended
March 31, 2016 March 31, 2015
Opening Balance 371,025 411,707
Granted during the year - -
([HUFLVHGGXULQJWKH\HDU (19,162) (15,118)
Cancelled during the year (75,746) (25,564)
%DODQFHXQH[HUFLVHGRSWLRQV 276,117 371,025

ii. Plan V
The Company introduced a new scheme in 2008 for granting 1,500,000 stock options to the employees, each option representing one
HTXLW\VKDUHRIWKH&RPSDQ\7KHH[HUFLVHSULFHDVPD\EHGHWHUPLQHGE\WKH1RPLQDWLRQ 5HPXQHUDWLRQ&RPPLWWHH&RPPLWWHH
and such price may be the face value of the share from time to time or may be the Market Price or any price as may be decided by the
Committee and will be governed by the guidelines issued by SEBI. The scheme is governed by the Employee Stock Option Scheme and
(PSOR\HH6WRFN3XUFKDVH*XLGHOLQHVLVVXHGLQE\6(%,DQGDVDPHQGHGIURPWLPHWRWLPH7KHUVWYHVWLQJRIWKHVWRFNRSWLRQVVKDOO
KDSSHQRQO\RQFRPSOHWLRQRIRQH\HDUIURPWKHGDWHRIJUDQWDQGWKHRSWLRQVDUHH[HUFLVDEOHZLWKLQVHYHQ\HDUVIURPWKHGDWHRIYHVWLQJ
$VSHUWKH6(%,JXLGHOLQHVWKHH[FHVVRIPDUNHWSULFHRIWKHXQGHUO\LQJHTXLW\VKDUHVDVRIWKHGDWHRIWKHJUDQWRIWKHRSWLRQVRYHUWKH
H[HUFLVHSULFHRIWKHRSWLRQLVWREHUHFRJQL]HGDQGDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUWKHYHVWLQJSHULRG
(No of Options)
Year ended Year ended
March 31, 2016 March 31, 2015
Opening Balance 308,939 673,514
Granted during the year - -
([HUFLVHGGXULQJWKH\HDU (116,864) (91,575)
Cancelled during the year (48,250) (273,000)
%DODQFHXQH[HUFLVHGRSWLRQV 143,825 308,939

iii. Plan VI
The Company introduced a new scheme in 2010 for granting 2,000,000 stock options to the employees, each option representing one
HTXLW\VKDUHRIWKH&RPSDQ\7KHH[HUFLVHSULFHDVPD\EHGHWHUPLQHGE\WKH&RPPLWWHHDQGVXFKSULFHPD\EHWKHIDFHYDOXHRIWKH
share from time to time or may be the Market Price or any price as may be decided by the Committee and will be governed by the
guidelines issued by SEBI. The scheme is governed by the Employee Stock Option Scheme and Employee Stock Purchase Guidelines
LVVXHGLQE\6(%,DQGDVDPHQGHGIURPWLPHWRWLPH7KHUVWYHVWLQJRIWKHVWRFNRSWLRQVVKDOOKDSSHQRQO\RQFRPSOHWLRQRIRQH
\HDUIURPWKHGDWHRIJUDQWDQGWKHRSWLRQVDUHH[HUFLVDEOHZLWKLQVHYHQ\HDUVIURPWKHGDWHRIYHVWLQJ$VSHUWKH6(%,JXLGHOLQHVWKH
H[FHVVRIPDUNHWSULFHRIWKHXQGHUO\LQJHTXLW\VKDUHVDVRIWKHGDWHRIWKHJUDQWRIWKHRSWLRQVRYHUWKHH[HUFLVHSULFHRIWKHRSWLRQLVWR
be recognized and amortized on a straight line basis over the vesting period.

119 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

(No of Options)
Year ended Year ended
March 31, 2016 March 31, 2015
Opening Balance 1,315,439 1,892,300
Granted during the year 353,275 326,957
([HUFLVHGGXULQJWKH\HDU (252,576) (279,299)
Cancelled during the year (73,826) (624,519)
%DODQFHXQH[HUFLVHGRSWLRQV 1,342,312 1,315,439

iv. Plan VII

The Company introduced a new scheme in 2013 for granting 2,500,000 stock options to its employees, employees of its subsidiaries and
LWV,QGHSHQGHQW'LUHFWRUVHDFKRSWLRQJLYLQJDULJKWWRDSSO\IRURQHHTXLW\VKDUHRIWKH&RPSDQ\RQLWVYHVWLQJ7KHH[HUFLVHSULFHDV
may be determined by the Committee and such price may be the face value of the share from time to time or may be the Market Price
or any price as may be decided by the Committee and will be governed by the guidelines issued by SEBI. The scheme is governed by
the Employee Stock Option Scheme and Employee Stock Purchase Guidelines issued in 1999 by SEBI and as amended from time to time.
7KHUVWYHVWLQJRIWKHVWRFNRSWLRQVVKDOOKDSSHQRQO\RQFRPSOHWLRQRIRQH\HDUIURPWKHGDWHRIJUDQWDQGWKHRSWLRQVDUHH[HUFLVDEOH
ZLWKLQVHYHQ\HDUVIURPWKHGDWHRIYHVWLQJ$VSHUWKH6(%,JXLGHOLQHVWKHH[FHVVRIPDUNHWSULFHRIWKHXQGHUO\LQJHTXLW\VKDUHVDVRI
WKHGDWHRIWKHJUDQWRIWKHRSWLRQVRYHUWKHH[HUFLVHSULFHRIWKHRSWLRQLVWREHUHFRJQL]HGDQGDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHU
the vesting period.
(No of Options)
Year ended Year ended
March 31, 2016 March 31, 2015
Opening Balance 897,373 -
Granted during the year 223,850 1,069,373
([HUFLVHGGXULQJWKH\HDU (62,000) -
Cancelled during the year (81,850) (172,000)
%DODQFHXQH[HUFLVHGRSWLRQV 977,373 897,373

(b) The Company has adopted the intrinsic value method as permitted by the SEBI Guidance Note on Accounting for Employee Share
Based Payment issued by the Institute of Chartered Accountants of India for measuring the cost of stock options granted.

7KH&RPSDQ\
VQHWSURWDQGHDUQLQJVSHUVKDUHZRXOGKDYHEHHQDVXQGHUKDGWKHFRPSHQVDWLRQFRVWIRUHPSOR\HHVVWRFNRSWLRQVEHHQ
recognised based on the fair value at the date of grant in accordance with Black Scholes model.
Year ended Year ended
March 31, 2016 March 31, 2015
3URWDIWHUWD[DWLRQ 1,336.57 7,438.75
/HVV(PSOR\HHVWRFNFRPSHQVDWLRQH[SHQVHVEDVHGRQIDLUYDOXH (398.70) (90.18)
$GG(PSOR\HHVWRFNFRPSHQVDWLRQH[SHQVHVEDVHGRQLQWULQVLFYDOXH - 13.39
3URWDIWHUWD[DWLRQDVSHU)DLUYDOXHPHWKRG 937.87 7,361.96

Basic Earning per share (EPS)

Number of shares 22,831,685 22,320,332
Basic EPS as reported (`) ` 5.85 ` 33.33
Proforma Basic EPS (`) ` 4.11 ` 32.98

Diluted Earning per share (EPS)

Number of shares 24,439,577 23,427,089
Diluted EPS as reported (`) ` 5.47 ` 31.75
Proforma Diluted EPS (`) ` 3.84 ` 31.43

120
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

(c) 6WRFNRSWLRQVH[HUFLVHGGXULQJWKH\HDU
Year ended Year ended
March 31, 2016 March 31, 2015
1RRIRSWLRQVH[HUFLVHGGXULQJWKH\HDU 450,602 385,992
:HLJKWHGDYHUDJHVKDUHSULFHDWWKHGDWHRIH[HUFLVH`) 123.94 144.77

(d) )RUVWRFNRSWLRQVRXWVWDQGLQJDWWKHHQGRIWKH\HDUWKHUDQJHRIH[HUFLVHSULFHVDQGZHLJKWHGDYHUDJHUHPDLQLQJFRQWUDFWXDOOLIH9HVWLQJ

SHULRGH[HUFLVHSHULRG
Weighted Average
remaining
Weighted Average Contractual Life
Options Outstanding Exercise Price (`) (years)
As at March 31, 2016
Range of Exercise Price (`)
0 - 150 2,189,302 60.21 6.21
151- 250 550,325 182.52 8.79
Total 2,739,627 84.78 6.73

As at March 31, 2015

5DQJHRI([HUFLVH3ULFH`)
0 - 150 1,416,401 111.51 7.19
151- 250 998,600 186.23 8.09
250 - 350 457,775 295.24 3.01
Above 350 20,000 376.00 4.41
Total 2,892,776 168.21 6.82

(e) Information on stock options granted during the year :

Year ended Year ended
March 31, 2016 March 31, 2015

No. of options granted during the year 577,125 1,396,330

Option Pricing model used 0DUNHWSULFHDVGHQHGE\6(%,
Discounted price as per the scheme
Weighted average share price (`) 181.82 182.74
([HUFLVH3ULFH`) 182.65 145.31
([SHFWHGYRODWLOLW\ 48.57% 47.80%
2SWLRQOLIH9HVWLQJSHULRG([HUFLVHSHULRG<HDUV 5.95 6.00
Dividend yield (%) 1.38% 2.48%
Risk free interest rate (%) 7.77% 8.74%

The risk free interest rates are determined based on the zero-coupon yield curve for government securities. The volatility is determined
EDVHGRQDQQXDOL]HGVWDQGDUGGHYLDWLRQRIVWRFNSULFHRQ16(RYHUWKHWLPHWRPDWXULW\RIWKHRSWLRQ7KHH[SHFWHGGLYLGHQG\LHOGLVEDVHG
on the average dividend yields for preceding seven years.

(f) (IIHFWRIVKDUHEDVHGSD\PHQWSODQRQWKH%DODQFH6KHHWDQG6WDWHPHQWRI3URWDQG/RVV
Year ended Year ended
March 31, 2016 March 31, 2015
([SHQVHDULVLQJIURPHPSOR\HHVKDUHEDVHGSD\PHQWSODQ - 13.39
Employee stock options outstanding account (Refer note 4) 74.66 131.75

121 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

33. Leases
(i) Operating leases
As at As at
March 31, 2016 March 31, 2015
Lease Payments
(a) Future minimum lease payments under non-cancellable operating leases (in respect of
properties):
Due within one year 55.79 28.18
Due later than 1 year but not later than 5 years 58.52 16.44
Total minimum lease payments 114.31 44.62

Year ended Year ended

March 31, 2016 March 31, 2015
(b) 2SHUDWLQJOHDVHUHQWDOVUHFRJQLVHGLQWKH6WDWHPHQWRI3URWDQG/RVV5HIHUQRWH 213.38 127.40

(c) 'HVFULSWLRQRIVLJQLFDQWRSHUDWLQJOHDVHDUUDQJHPHQWV
The Company has given refundable interest free security deposits under the lease
agreements.
All agreements contain provision for renewal at the option of either party.
All agreements provide for restriction on sub lease.
As at As at
March 31, 2016 March 31, 2015
Lease Income
(a) Future minimum lease income under non-cancellable operating leases (in respect of
properties):
Due within one year 168.00 -
Due later than 1 year but not later than 5 years 196.00 -
Total minimum lease payments 364.00 -

Year ended Year ended

March 31, 2016 March 31, 2015
(b) 2SHUDWLQJOHDVHLQFRPHUHFRJQLVHGLQWKH6WDWHPHQWRI3URWDQG/RVV5HIHUQRWH 161.26 44.32

(c) 'HVFULSWLRQRIVLJQLFDQWRSHUDWLQJOHDVHDUUDQJHPHQWV
The Company has taken refundable interest free security deposits under the lease
agreements.

(ii) Finance leases

As at As at
March 31, 2016 March 31, 2015
7RWDOPLQLPXPQDQFHOHDVHSD\PHQWVRXWVWDQGLQJLQUHVSHFWRIYHKLFOHV
Due within one year 35.96 66.42
Due later than 1 year but not later than 5 years 19.58 96.62
Total minimum lease payments 55.54 163.04
/HVV,QWHUHVWQRWGXH (7.52) (27.82)
Present value of net minimum lease payments 48.02 135.22

Disclosed under:
/RQJWHUPERUURZLQJV5HIHUQRWH 17.79 85.66
Other current liabilities (Refer note 9) 30.23 49.56
48.02 135.22

122
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

34. Income Taxes

D ,QDFFRUGDQFHZLWKWKH,QGLDQ,QFRPH7D[$FWWKH&RPSDQ\KDVFDOFXODWHGLWVWD[OLDELOLW\DIWHUFRQVLGHULQJ0LQLPXP$OWHUQDWH7D[0$7
3D\PHQWVXQGHU0$7FDQEHFDUULHGIRUZDUGDQGVHWRIIDJDLQVWIXWXUHWD[OLDELOLW\IRUDSHULRGRIWHQ\HDUV$FFRUGLQJO\DVXPRI` 2,436.59
(Previous year `KDVEHHQFDUULHGIRUZDUGDQGVKRZQXQGHU
/RQJWHUPORDQVDQGDGYDQFHV
5HIHUQRWH

E 7KH &RPSDQ\ KDG UHFHLYHG WD[ GHPDQGV DJJUHJDWLQJ WR ` 2,835.05 (including interest of ` 853.09) primarily on account of
transfer pricing issues for the assessment years 2006-07 to 2011-12. For the assessment year 2006-07 and assessment year 2007-
 WKH VHFRQG DSSHOODWH DXWKRULW\ WKH ,QFRPH 7D[ $SSHOODWH 7ULEXQDO KDV DOORZHG WKHVH LVVXHV LQ IDYRXU RI WKH FRPSDQ\ DQG WKH
LQFRPH WD[ DXWKRULWLHV KDYH OHG DQ DSSHDO ZLWK WKH +RQRXUDEOH +LJK &RXUW )RU WKH DVVHVVPHQW \HDUV  WR  WKH UVW
DSSHOODWH DXWKRULW\ WKH &RPPLVVLRQHU RI ,QFRPH WD[ $SSHDOV KDV DOORZHG PRVW RI WKHVH LVVXHV LQ IDYRXU RI WKH FRPSDQ\ DQG
WKH LQFRPH WD[ DXWKRULWLHV KDYH OHG DQ DSSHDO ZLWK WKH VHFRQG DSSHOODWH DXWKRULW\ WKH ,QFRPH 7D[ $SSHOODWH 7ULEXQDO )RU WKH
DVVHVVPHQW \HDUV  WKH PDWWHU LV SHQGLQJ EHIRUH WKH UVW DSSHOODWH DXWKRULW\ WKH &RPPLVVLRQHU RI ,QFRPH WD[ $SSHDOV

Considering the facts, materiality and favourable order of the second appellate authority for assessment years 2006-07 and 2007-08 and
WKHUVWDSSHOODWHDXWKRULW\IRUWRWKHPDQDJHPHQWEHOLHYHVWKDWWKHQDORXWFRPHRIPDMRULW\RIWKHDERYHGLVSXWHVIRU
WKHUHPDLQLQJ\HDUVVKRXOGEHLQIDYRXURIWKH&RPSDQ\DQGWKHUHVKRXOGQRWEHDQ\PDWHULDOLPSDFWRQWKHQDQFLDOVWDWHPHQWV

35. Derivative Financial Instruments

The Company, in accordance with its risk management policies and procedures, enters into foreign currency forward contracts to hedge against
IRUHLJQFXUUHQF\ H[SRVXUHV UHODWLQJWR KLJKO\SUREDEOHIRUHFDVW WUDQVDFWLRQV 7KH &RPSDQ\ GRHV QRW HQWHU LQWR DQ\ GHULYDWLYH LQVWUXPHQWV IRU
trading or speculative purposes. The counter party is generally a bank. These contracts are for a period between one day and two years. The
FRPSDQ\KDVQRXQKHGJHGH[SRVXUHLQUHVSHFWRIUHFHLYDEOHVRUSD\DEOHVGHQRPLQDWHGLQIRULHJQFXUUHQF\

7KHIROORZLQJ

VHOO

IRUHLJQH[FKDQJHIRUZDUGFRQWUDFWVDUHRXWVWDQGLQJDVDW

As at As at
March 31, 2016 March 31, 2015

Foreign Currency (FC) No. of Amount of Amount of No. of Amount of Amount of

Contracts Forward Forward Contracts Forward Forward
contracts contracts contracts contracts
(FC in Lakhs) (` in Lakhs) )&LQ/DNKV (`LQ/DNKV

a 86' - - - 50 229.80 15,460.96

b GBP 53 138.55 15,060.84 52 158.40 17,066.17

Mark-to-Market (gains) / losses As at As at

March 31, 2016 March 31, 2015
Mark-to-Market losses provided for - -
Mark-to-Market gains reported in hedging reserve account (Refer note 4) (1,098.31) (1,880.91)
Mark-to-Market gains, net (1,098.31) (1,880.91)

&ODVVLHGDV2WKHUQRQFXUUHQWDVVHWV5HIHUQRWH (256.92) (309.58)

&ODVVLHGDV2WKHUFXUUHQWDVVHWV5HIHUQRWH (841.39) (1,571.33)

36. Related Party Disclosures

$ (QWHUSULVHVZKHUHFRQWUROH[LVWV
0DVWHN8./LPLWHG
,QGLJR%OXH&RQVXOWLQJ/LPLWHGZHI0D\
Digility Inc. (w.e.f Nov 17, 2015)
0DVWHN$VLD3DFLF3WH/WGXSWR2FW
0DMHVFR86$XSWR0DUFK
0DMHVFR8./LPLWHGXSWR0DUFK
0DMHVFR6RIWZDUHDQG6ROXWLRQV,QGLD3ULYDWH/LPLWHGXSWR0DUFK
Majesco Sdn. Bhd. (up to March 31, 2015) +
0DMHVFR7KDLODQG&R/WGXSWR0DUFK
Majesco Software and Solutions Inc. (up to March 31, 2015) +
0DMHVFR&DQDGD/LPLWHGXSWR0DUFK

123 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

36. Related Party Disclosures (contd.)

0DMHVFR/LPLWHGXSWR0DUFK

6ROGGXULQJWKH\HDU
+ Demerged
% -RLQW9HQWXUH/HJDO3UDFWLFH7HFKQRORJLHV/LPLWHGIURP0D\WR0DUFK

C. Other related parties with whom the Company had transactions during the year
.H\0DQDJHPHQW3HUVRQQHO.03
Sudhakar Ram
Jamshed Jussawalla (from June 1, 2015)
Hiren Shah (from April 1, 2015)
Vinay Rajadhyaksha (up to August 13, 2014)
Stefan Van Overtveldt (up to April 30, 2014)
.DOSDQD-DLVKDQNDUXSWR0DUFK

(QWHUSULVHZKHUH.03KDVFRQWURO &DVKOHVV7HFKQRORJLHV,QGLD3ULYDWH/LPLWHGZHI)HEUXDU\

5DGKDNULVKQDQ6XQGDUDQG)DULG.D]DQLZKRZHUH.03XQWLOODVW\HDUKDYHPRYHGWR0DMHVFR/LPLWHGSRVWWKHGHPHUJHUGHVFULEHGLQQRWH
DQGWKHUHIRUHDUHQRORQJHU.03LQ0DVWHN/LPLWHGLQWKHFXUUHQW\HDU
Disclosure of transactions between the Company and related parties and the status of outstanding balances as on March 31, 2016, including
names of the related parties comprising more than 10% of the total transactions / balances of the same type, are given below:
c The Company has entered into transactions with the following related parties:
Year ended Year ended
March 31, 2016 March 31, 2015
i. Information Technology Services
0DVWHN8./LPLWHG 34,719.30 43,093.75
Majesco Software and Solutions Inc. - 15,481.99
Others - 2,828.08

ii. Other Operating Revenue - Secondment fees

0DMHVFR7KDLODQG&R/WG - 7.53
Majesco Software and Solutions Inc. - 138.86
0DMHVFR86$ - 77.98
Majesco Sdn. Bhd. - 65.59
Others - 52.79

iii. Dividend from subsidiary

0DVWHN8./LPLWHG 239.59 820.88

iv. Other income - Miscellaneous income

0DMHVFR86$ - 12.71
0LQHHOGV&RPSXWHUV/LPLWHG - 1.80
Others - 0.28

v. 5HLPEXUVDEOHH[SHQVHVUHFRYHUHGRQHPSOR\HHVWRFNRSWLRQVFKHPHV
0DVWHN8./LPLWHG 15.38 71.23
Majesco Software and Solutions Inc. - 40.29
0DMHVFR8./LPLWHG - 6.84

124
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

As at As at
March 31, 2016 March 31, 2015
vi. Other income - Rental Income
&DVKOHVV7HFKQRORJLHV,QGLD3ULYDWH/LPLWHG 0.24 -

vii. 2WKHUUHLPEXUVDEOHH[SHQVHVUHFRYHUHGIURP
0DVWHN8./LPLWHG 1,763.68 1,177.71
Majesco Software and Solutions Inc. - 167.45
0DMHVFR86$ - 133.06
Others - 48.48

viii. Total remuneration to key management personnel

Sudhakar Ram 125.46 119.40
Radhakrishnan Sundar - 27.28
Jamshed Jussawalla 45.97 -
Vinay Rajadhyakhsha - 212.59
Stefan Van Overtveldt - 227.05
)DULG.D]DQL - 178.89
.DOSDQD-DLVKDQNDU - 112.91
Hiren Shah 42.81 -

L[ (PSOR\HHVWRFNRSWLRQH[HUFLVHSULFHSDLGE\
Vinay Rajadhyakhsha - 108.00
)DULG.D]DQL - 68.40
.DOSDQD-DLVKDQNDU - 46.15
Hiren Shah 3.62 -
(b) Balances :
As at As at
March 31, 2016 March 31, 2015
i. Trade Receivables
0DVWHN8./LPLWHG 4,347.03 3,944.65
Majesco Software and Solutions Inc. - 1,264.21
0DMHVFR8./LPLWHG - 638.74
Others - 201.59
ii. 5HLPEXUVDEOHH[SHQVHVUHFHLYDEOHSD\DEOH
0DVWHN8./LPLWHG (142.61) 682.41
Majesco Software and Solutions Inc. - 30.12
Others - 1.36

iii. Corporate guarantees issued / Standby letter of credit given on behalf of subsidiaries
0DMHVFR86$ - 2,793.75

iv. Purchase of Equity shares in subsidiaries

0DMHVFR86$ - 3,024.79
0LQHHOGV&RPSXWHUV/LPLWHG - 5.00

v. Proceeds from sale of shares in subsidiaries

0DMHVFR&DQDGD/LPLWHGVROGWR0DMHVFR86$ - 439.47
0DMHVFR6GQ%KGVROGWR0DMHVFR86$ - 2,042.94

125 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

37 . Segment reporting

 7KH&RPSDQ\KDVSUHVHQWHGGDWDUHODWLQJWRLWVVHJPHQWVLQLWVFRQVROLGDWHGQDQFLDOVWDWHPHQWVZKLFKDUHSUHVHQWHGLQWKHVDPHDQQXDOUHSRUW
DV0DVWHN/LPLWHG,QWHUPVRISURYLVLRQVRI$FFRXQWLQJ6WDQGDUG$66HJPHQW5HSRUWLQJQRGLVFORVXUHVUHODWHGWRVHJPHQWVDUHWKHUHIRUH
SUHVHQWHGLQWKHVHVWDQGDORQHQDQFLDOVWDWHPHQWV

38. Micro, Small and Medium Enterprises

 'LVFORVXUHRISD\DEOHWRYHQGRUVDVGHQHGXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVH'HYHORSPHQW$FWLVEDVHGRQWKHLQIRUPDWLRQ
available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on
requests made by the company. There are no overdue principal amounts / interest payable amounts for delayed payments to such vendors at the
Balance Sheet date. There are no delays in payment made to such suppliers during the year or for any earlier years and accordingly there is no
interest paid or outstanding interest in this regard in respect of payments made during the year or on balance brought forward from previous year.

39. Other disclosures

a. The Company is engaged in the development of computer software and other software related services. Considering the nature of business,
certain details required under the revised schedule VI are not applicable, to the Company.

b. Value of Imports on C.I.F. basis

Year ended Year ended
March 31, 2016 March 31, 2015
Capital goods 258.16 742.69

c. ([SHQGLWXUHLQIRUHLJQFXUUHQF\,QFOXGLQJH[SHQGLWXUHLQFXUUHGE\WKH&RPSDQ\VRYHUVHDVEUDQFK
Year ended Year ended
March 31, 2016 March 31, 2015
Salaries, wages and performance incentives 12,141.28 12,276.78
Travelling and conveyance 855.53 938.43
Consultancy charges 8,491.19 12,974.92
Professional fees 62.93 23.21
Advertisement and publicity 0.03 3.91
Communication charges 51.37 56.12
Electricity 13.67 6.20
Insurance 7.60 8.96
Printing & stationery 11.36 16.89
5DWHVDQGWD[HV 36.27 63.88
5HFUXLWPHQWDQGWUDLQLQJH[SHQVH 64.07 101.40
Rent 151.69 66.45
Repairs to buildings 73.05 66.67
Repairs : others 411.06 107.83
Purchase of hardware and software - 298.49
Bank charges 1.18 0.17
Directors sitting fees - 1.00
6WDIIZHOIDUHH[SHQVHV 60.54 967.41
0LVFHOODQHRXVH[SHQVHV 31.24 175.58

d. (DUQLQJVLQIRUHLJQH[FKDQJH
Year ended Year ended
March 31, 2016 March 31, 2015
Income from information technology services 35,245.48 61,998.01
Other operating revenue - secondment fees - 335.22
Dividend from subsidiaries 239.59 820.88
Others 5.68 18.03

126
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

 $FTXLVLWLRQRI0DMHVFR/LPLWHG)RUPHUO\0LQHHOGV&RPSXWHUV/LPLWHG,QGLD

During the previous year, the Company had purchased 10,000 equity shares (including 6 equity shares purchased jointly with other shareholders)
of face value of `HDFKRI0DMHVFR/LPLWHGIRUDWRWDOFRQVLGHUDWLRQRI` 1. Further, the Company had subscribed to 40,000 additional equity
VKDUHV RI 0DMHVFR /LPLWHG RI ` 10/- each for a total consideration of `  7KXV WKH WRWDO VKDUHKROGLQJ RI WKH &RPSDQ\ LQ 0DMHVFR /LPLWHG DW
March 31, 2015 amounted to 50,000 equity shares of ` 10/- each for a total consideration of ` 5 [Refer note 12(b)]. Pursuant to the Scheme of
$UUDQJHPHQW0DMHVFR/LPLWHGLVQRORQJHUDVXEVLGLDU\RIWKH&RPSDQ\5HIHUQRWH

41. Sale of Investment in Majesco Canada Limited, Canada (formerly MajescoMastek Canada Limited, Canada)

 'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\VROGLWVHQWLUHKROGLQJRIHTXLW\VKDUHVRI0DMHVFR&DQDGD/LPLWHG&DQDGD0&$1DZKROO\

RZQHGVXEVLGLDU\WR0DMHVFR86$IRUDWRWDOFRQVLGHUDWLRQRI` 439.47. This sale resulted in a gain of ` 439.47, as the carrying value of MCAN
in the books of Mastek was reduced to nil, considering the provision for other than temporary decline in value made in earlier year. The Gain had
EHHQLQFOXGHGXQGHUWKHKHDGLQJH[FHSWLRQDOLWHPVLQWKH6WDWHPHQWRI3URWDQG/RVV5HIHUQRWH

42. Purchase of Investment in Majesco, USA (formerly MajescoMastek, USA)

 'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\KDGSXUFKDVHGHTXLW\VKDUHVRI0DMHVFR86$IURP0DVWHN8./LPLWHGIRUDWRWDOFRQVLGHUDWLRQ
of `86'.7KHLQYHVWPHQWLQ0DMHVFR86$LVWUDQVIHUUHGSXUVXDQWWRD6FKHPHRI$UUDQJHPHQW5HIHUQRWH

43. Sale of Investment in Majesco Sdn. Bhd., Malaysia (formerly Mastek MSC Sdn. Bhd., Malaysia)

During the previous year, the Company sold its entire holding of 11,262,000 equity shares of Majesco Sdn. Bhd., Malaysia ("MSC") (a wholly owned
VXEVLGLDU\WR0DMHVFR86$DZKROO\RZQHGVXEVLGLDU\IRUDWRWDOFRQVLGHUDWLRQRI` 2,042.94. This sale resulted in a gain of ` 599.52 to the
&RPSDQ\ZKLFKKDGEHHQLQFOXGHGXQGHUWKHKHDGLQJH[FHSWLRQDOLWHPVLQWKH6WDWHPHQWRI3URWDQG/RVV5HIHUQRWH

44. Pursuant to the Scheme of Arrangement (the Scheme) under Sections 391 to 394 read with Sections 100 to 103 and other applicable provisions
RIWKH&RPSDQLHV$FWDQGRWKHUDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FWWKH%RDUGRI'LUHFWRUVRI0DVWHN/LPLWHGWKH&RPSDQ\
or Mastek), in its meeting held on September 15, 2014, had approved the demerger of the Insurance Products and Services business of the
&RPSDQ\LQWR0DMHVFR/LPLWHG)RUPHUO\NQRZQDV0LQHHOGV&RPSXWHUV/LPLWHG0DMHVFR,QGLDIROORZHGE\WUDQVIHUE\0DMHVFR,QGLDRIWKH
RIIVKRUHLQVXUDQFHRSHUDWLRQVEXVLQHVVLQ,QGLDWR0DMHVFR6RIWZDUHDQG6ROXWLRQV,QGLD3ULYDWH/LPLWHG066,3/DZKROO\RZQHGVXEVLGLDU\RI
0DMHVFR6RIWZDUHDQG6ROXWLRQV,QF86$066867KH$SSRLQWHGGDWHRIWKH6FKHPHZDV$SULODQGWKHDSSRLQWHGGDWHIRUWKHRIIVKRUH
insurance operations business transfer was November 1, 2014. The Company obtained the necessary approval for the scheme under Clause 24 (f)
RIWKH/LVWLQJ$JUHHPHQWVZLWK%6(DQG16(IURP6(%,RQ'HFHPEHU7KH6FKHPHKDVDOVREHHQDSSURYHGE\WKH+RQEOH+LJK&RXUWRI
%RPED\DQG+RQEOH+LJK&RXUWRI*XMDUDWDQGRQOLQJZLWKWKH5HJLVWUDURI&RPSDQLHV52&WKHVDLGVFKHPHEHFDPHHIIHFWLYHIURP-XQH
$VVSHFLHGLQWKH6FKHPH0DVWHNVKDUHKROGHUVKDYHEHHQLVVXHGRQHHTXLW\VKDUHLQ0DMHVFR,QGLDIRUHYHU\VKDUHKHOGLQ0DVWHNZKLOH
UHWDLQLQJWKHLUH[LVWLQJ0DVWHNVKDUH0DMHVFR,QGLDVKDUHVZHUHOLVWHGRQ$XJXVWRQWKH%6(DQG16(EHLQJH[FKDQJHVZKHUH0DVWHN
is currently listed.

 $VWKH&RPSDQ\
V%RDUGKDGDSSURYHGWKHGHPHUJHUVFKHPHRIWKH,QVXUDQFH3URGXFWVDQG6HUYLFHVEXVLQHVVWKH7UDQVIHUUHG8QGHUWDNLQJRI
WKH&RPSDQ\DQGDQDQQRXQFHPHQWWKHUHRIKDGEHHQPDGHWKH&RPSDQ\LQWKHSUHYLRXVQDQFLDO\HDUKDGWUHDWHGWKH7UDQVIHUUHG8QGHUWDNLQJ
as a discontinuing operation with effect from the proposed appointed date of the scheme i.e April 1, 2014.

The demerger has resulted in transfer of the assets, liabilities, Employee stock options outstanding account and Hedging reserve account relevant
WR WKH 7UDQVIHUUHG 8QGHUWDNLQJ LQFOXGLQJ WKH &RPSDQ\
V LQYHVWPHQW LQ 0DMHVFR 86$ WR 0DMHVFR ,QGLD WKH XOWLPDWH KROGLQJ FRPSDQ\ RI WKH
7UDQVIHUUHG8QGHUWDNLQJDQGKDVDFFRUGLQJO\EHHQJLYHQHIIHFWWRLQWKHVH)LQDQFLDOV6WDWHPHQWV$VSUHVFULEHGLQWKH6FKHPHWKHERRNYDOXHRI
the above net assets aggregating to ` 24,401.43 have been debited to: Capital reserve ` 106.07, to General Reserve ` 2,415.67 and to Surplus in
3URWDQG/RVV$FFRXQW` 21,879.69, (Refer note 4).

 7KHGHWDLOVRIFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVDWWULEXWDEOHWRWKH7UDQVIHUUHG8QGHUWDNLQJDWWKHEDODQFHVKHHWGDWHDUHDVEHORZ
As at As at
March 31, 2016 March 31, 2015
Total assets - 27,127.16
Total liabilities - 1,987.83
Net assets - 25,139.33

7KHUHYHQXHH[SHQVHVSUHWD[SURWDQGWKHWD[H[SHQVHLQUHVSHFWRIRUGLQDU\DFWLYLWLHVDWWULEXWDEOHWRWKH7UDQVIHUUHG8QGHUWDNLQJDUHDVEHORZ
Year ended Year ended
March 31, 2016 March 31, 2015
Total revenue - 23,247.60
7RWDOH[SHQVHV - 21,340.74
3URWEHIRUHWD[ - 1,906.86
7D[H[SHQVH - 647.41
3URWDIWHUWD[IURPGLVFRQWLQXLQJRSHUDWLRQV - 1,259.45

127 ANNUAL REPORT 2015-2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 (Contd.)
(All amounts in ` Lakhs, unless otherwise stated)

7KHQHWFDVKRZVDWWULEXWDEOHWRWKH7UDQVIHUUHG8QGHUWDNLQJDUHDVEHORZ
Year ended Year ended
March 31, 2016 March 31, 2015
Operating activities - (904.93)
Investing activities - 6,893.31
Financing activities - (14.27)
1HWFDVKLQRZVRXWRZV - 5,974.11

 6DOHRI,QYHVWPHQWLQ0DVWHN$VLD3DFLF3WH/LPLWHG6LQJDSRUH0$3

During the year, the Company sold its entire holding of 2,850,000 equity shares of MAP (a wholly owned subsidiary) to Majesco Sdn Bhd, Malaysia
for a total consideration of ` 180.49. This sale resulted in a gain of ` 4.95 after considering the provision for other than temporary decline in value
PDGHLQHDUOLHU\HDUV7KH*DLQKDVEHHQLQFOXGHGXQGHUWKHKHDGLQJH[FHSWLRQDOLWHPVLQWKH6WDWHPHQWRI3URWDQG/RVV5HIHUQRWH

46. 3UHYLRXV\HDUJXUHVKDYHEHHQUHJURXSHGRUUHFODVVLHGZKHUHYHUQHFHVVDU\

In terms of our report of even date

)RU3ULFH:DWHUKRXVH&KDUWHUHG$FFRXQWDQWV//3 For and on behalf of the Board

Firm Registration Number: 012754N/N500016

Pradip Kanakia Sudhakar Ram

Partner Managing Director & Group CEO
Membership Number: 39985

Mumbai, April 19, 2016 S. Sandilya

1RQ([HFXWLYH&KDLUPDQDQG,QGHSHQGHQW'LUHFWRU

Jamshed Jussawalla
&KLHI)LQDQFLDO2IFHU

Dinesh Kalani
Company Secretary

Mumbai, April 19, 2016

128
STATEMENT PURSUANT SECTION 129(3) OF THE COMPANIES ACT, 2013 RELATING TO
SUBSIDIARY COMPANIES.

INFORMATION RELATING TO SUBSIDIARIES AS AT MARCH 31, 2016

Name of Subsidiary Companies Mastek UK IndigoBlue Digidity

Limited Consulting Ltd. Inc.
Reporting period for the subsidiary concerned, if different from holding companys Reporting periods of all the Subsidiaries are the same as
reporting period. of the Holding Company which is March 31.
Reporting currency GBP GBP 86'
([FKDQJH UDWH RQ WKH ODVW GDWH RI WKH )LQDQFLDO <HDU LQ WKH FDVH RI IRUHLJQ 95.47 95.47 -
subsidiaries
Share Capital `/DNKV 855.37 9.47 -
Reserves & Surplus `/DNKV 13059.29 292.36 -
Total Assets `/DNKV 23166.66 1640.55 -
7RWDO/LDELOLWLHV `/DNKV 9243.19 1338.72 -
Investments `/DNKV 6309.60 1,/ -
Turnover `/DNKV 44023.47 5944.76 -
3URW/RVVEHIRUH7D[DWLRQ `/DNKV (2811.73) 38.87 -
3URYLVLRQIRU7D[DWLRQ `/DNKV - (10.82) -
3URW/RVVDIWHU7D[DWLRQ `/DNKV (2811.73) 28.05 -
Proposed Dividend 1,/ 1,/ -
% shareholding 100% 100% 100%

Note : 'LJLOLW\,QF86$VWHSGRZQVXEVLGLDU\RI0DVWHN8./LPLWHGLV\HWWRFRPPHQFHFRPPHUFLDORSHUDWLRQV

For and on behalf of the Board

Sudhakar Ram S. Sandilya Jamshed Jussawalla Dinesh Kalani

Managing Director & Group CEO 1RQ([HFXWLYH&KDLUPDQDQG &KLHI)LQDQFLDO2IFHU Company Secretary
Independent Director
Place: Mumbai
Date: April 19, 2016

129 ANNUAL REPORT 2015-2016

CORPORATE GOVERNANCE REPORT
CORPORATE GOVERNANCE REPORT 2015-16

REPORT ON CORPORATE GOVERNANCE

Masteks philosophy on Corporate Governance is embedded in the rich legacy of ethical governance practices, most of which were implemented before
they were mandatorily prescribed by Government under the Companies Act, 2013.

Mastek always believes that sound Corporate Governance is critical for enhancing long-term shareholder value and retaining investor trust.

A Corporation is a congregation of various stakeholders, namely, customers, employees, investors, vendor partners, Government and society. A corporation
should be fair and transparent to its stakeholders in all its transactions. This has become imperative in todays globalized business world where corporations
need to access global pools of capital, need to attract and retain the best human capital from various parts of the world, need to partner with vendors
on mega collaborations and need to live in harmony with the community. Unless a corporation embraces and demonstrates ethical conduct, it will not be
able to succeed.

151DUD\DQD0XUWK\&RPPLWWHHKDVGHQHG&RUSRUDWH*RYHUQDQFHDV

Corporate Governance is beyond the realm of law. It stems from the culture and mindset of management, and cannot be regulated by legislation alone.
&RUSRUDWH*RYHUQDQFHGHDOVZLWKFRQGXFWLQJWKHDIIDLUVRIDFRPSDQ\VXFKWKDWWKHUHLVIDLUQHVVWRDOOVWDNHKROGHUVDQGWKDWLWVDFWLRQVEHQHWWKHJUHDWHVW
number of stakeholders. It is about openness, integrity and accountability. What legislation can and should do, is to lay down a common framework the
form to ensure standards. The substance will ultimately determine the credibility and integrity of the process. Substance is inexorably linked to the
mind set and ethical standards of management.

Mastek has always strived to go beyond the statutory and regulatory requirements of Corporate Governance. Our endeavor is to follow good governance
both in letter as well as in spirit.

I. Companys Philosophy

Corporate Governance is a set of systems and practices to ensure that the affairs of the Company are being managed in a way which ensures
accountability, transparency, fairness in all its transactions with all its stakeholders in the widest sense. The Companys philosophy of Corporate
Governance, that of timely disclosures, transparent accounting policies and a strong and Independent Board, goes a long way in preserving
Shareholders interest, while maximizing long-term shareholder value.

Corporate Governance practised at the Company is not restricted to Board of Directors. It is an approach to Sustainable Development..

Governance Structure

Masteks Governance structure broadly comprises of the Board of Directors and the Committees of the Board at the apex level and the Management
structure at the operational level. This layered structure brings about a harmonious blend in governance as the Board sets the overall corporate
objectives and gives direction and freedom to the Management to achieve these corporate objectives within a given framework, thereby bringing
DERXWDQHQDEOLQJHQYLURQPHQWIRUYDOXHFUHDWLRQWKURXJKVXVWDLQDEOHSURWDEOHJURZWK

II. Board of Directors

(i) Size and Composition of the Board

The Board of the Directors of the Company has a combination of Executive, Non-Executive and Independent Directors with varied
SURIHVVLRQDOEDFNJURXQGLQWKHHOGRI,QIRUPDWLRQ7HFKQRORJ\)LQDQFH0DUNHWLQJDQG6WUDWHJLF0DQDJHPHQW$VRQ0DUFKWKH
%RDUGKDG)LYHPHPEHUVRIZKLFKWZRDUHSURPRWHUGLUHFWRUVDQGWKHUHVWWKUHHDUH,QGHSHQGHQW'LUHFWRUV

The Chairman of the Board is a Non-Executive Independent Director. The Composition of the Board of Directors is in conformity with the
requirement of Regulation 17 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation, 2015
(Listing Regulations).

(ii) Managing Director & Group CEO

The Managing Director & Group CEO is in overall control & responsible for day to day working of the Company. He gives strategic directions,
lays down policy guidelines and ensures implementation of the decisions taken by the Board of Directors and its various Committees.

(iii) Number of Board Meetings

  'XULQJWKHQDQFLDO\HDUHQGHG0DUFK1LQH%RDUG0HHWLQJVZHUHKHOGRQ$SULO-XQH-XQH-XO\

2FWREHU-DQXDU\)HEUXDU\0DUFKDQG0DUFK

(iv) Directors Attendance and Directorships held

Name of Director Category of No. of Attendance No. of other No. of No. of

Director ship Board at last AGM Directorship held Committees Committees
Meetings on August 17, in Indian public Memberships Chairmanship
attended 2015 Limited Companies (including (including
(including Mastek) * Mastek) Mastek)
Mr. S. Sandilya Non- Executive 7 Yes 5 2 
Chairman and
Independent
Director
Mr. Sudhakar Ram Managing Director  Yes 1 2 --
& Group CEO
(Promoter)

131 ANNUAL REPORT 2015-2016

CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

Name of Director Category of No. of Attendance No. of other No. of No. of

Director ship Board at last AGM Directorship held Committees Committees
Meetings on August 17, in Indian public Memberships Chairmanship
attended 2015 Limited Companies (including (including
(including Mastek) * Mastek) Mastek)
Mr. Ashank Desai Non-Executive  Yes 2 3 --
Director
(Promoter)
Dr. RajendraSisodia Non- Executive -- -- -- -- --
(Resigned as an Director
Independent Director (Independent)
w.e.f. April 17, 2015)
Mr. Radhakrishnan Executive Director 2 -- -- -- --
Sundar (Resigned as an (Promoter)
Executive Director w.e.f.
-XQH
Mr. Ketan Mehta Non-Executive 1 -- -- -- --
(Resigned as Director
Non-Executive Director (Promoter)
w.e.f.
-XQH
Ms. Priti Rao Non- Executive 7 No 1 1 --
Director
(Independent)
Mr. Atul Kanagat Non-Executive 5 No 1 2 --
Director
(Independent)
Dr. Arun Maheshwari Non-Executive 1 -- -- -- --
(Resigned as an Director
Independent Director (Independent)
w.e.f.
-XQH
Mr. Venkatesh Non-Executive 3 -- -- -- --
Chakravarty (Resigned Director
as an Independent (Independent)
Director w.e.f.
-XQH

  H[FOXGHV'LUHFWRUVKLSKHOGLQ)RUHLJQ&RPSDQLHV3ULYDWH/LPLWHG&RPSDQLHVDQG6HFWLRQ&RPSDQLHV

Board Diversity:

  <RXU&RPSDQ\KDVRYHUWKH\HDUVEHHQIRUWXQDWHWRKDYHHPLQHQWSHUVRQVIURPGLYHUVHHOGVDV'LUHFWRUVRQLWV%RDUG

Pursuant to SEBI Regulations, the Nomination & Remuneration Committee has formalized a policy on Board Diversity to ensure diversity
of experience, knowledge, perspective, background, gender, age and culture. The policy is posted on the Companys website and can be
accessed on web link www.mastek.com/investors/corporate_governance.

Notes:

1. 1RQHRIWKH'LUHFWRUVLVDPHPEHURIPRUHWKDQ%RDUGOHYHO&RPPLWWHHVRUD&KDLUPDQRIPRUHWKDQYHVXFKFRPPLWWHHV
ZKLFKLVLQFRPSOLDQFHZLWK/LVWLQJ5HJXODWLRQV)XUWKHU1RQHRIWKH'LUHFWRUVDFWDVDQ,QGHSHQGHQW'LUHFWRULQPRUHWKDQ/LVWHG
Companies.

2. 3DUWLFXODUVRI'LUHFWRUUHWLULQJE\URWDWLRQDQGVHHNLQJUHDSSRLQWPHQWKDYHEHHQJLYHQLQWKH1RWLFHFRQYHQLQJWKHWK$QQXDO
General Meeting and explanatory statement, attached thereto.

3. The Committees considered for the purpose of calculation of membership and/or chairmanship as discussed above are those as
VSHFLHGLQWKH/LVWLQJ5HJXODWLRQVLH$XGLW&RPPLWWHHDQG6WDNHKROGHU5HODWLRQVKLS&RPPLWWHH

4. $VSUHVFULEHGXQGHU6HFWLRQRI&RPSDQLHV$FWLQFDOFXODWLQJWKHQRRI'LUHFWRUVKLSV3ULYDWH/LPLWHG&RPSDQLHVZKLFK
DUH QHLWKHU D VXEVLGLDU\ QRU D KROGLQJ &RPSDQ\ RI 3XEOLF /WG &R KDYH EHHQ H[FOXGHG 7KH ,QGHSHQGHQW 'LUHFWRUV IXOOO WKH
requirements stipulated in Regulation 25(1) of the Listing Regulations.

5. None of the Directors is related to any of the director except Mr. Ashank Desai and Mr. Sudhakar Ram as Promoter Directors.

6. The weblink of familarization programme imparted is provided under Corporate governance section at www.mastek.com/investors/
corporate_governance.

(v) Code of Conduct for Directors and Senior Management

The Company has prescribed a code of conduct for Directors and Senior Management of the Company. The said code has been
posted on the Companys website - www.mastek.com/investors/corporate_governance

132
CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)
3UROHRI%RDUGRI'LUHFWRUV
1. Mr. S. Sandilya: (DIN 00037542)
Non- Executive Chairman and Independent Director
Mr. Sandilya is a Commerce Graduate from Chennai
University and holds MBA from the Indian Institute
RI 0DQDJHPHQW $KPHGDEDG DQG KH KDV  \HDUV RI
professional experience. Mr. Sandilya is presently Chairman,
(LFKHU *URXS +H MRLQHG (LFKHU *URXS LQ  DQG KDV
KHOGYDULRXVUHVSRQVLELOLWLHVLQWKHDUHDVRI*URXS)LQDQFH
including Information Technology, Strategic Planning,
Manufacturing and General Management. He was the
Group Chairman and Chief Executive for six years before
becoming a non-executive Chairman, the post he continues
to hold. Additionally,
Mr. Sandilya is Director of Tube Investments of India
Limited, Rane Brake Lining Limited, GMR Infrastructure
Limited, Director of Lean Management Institute of India,
Member of the Board of Lean Global Network USA, Past
President of Society of Indian Automobile Manufacturers
and President of International Motorcycle Manufacturers
$VVRFLDWLRQ*HQHYDIRUWKHSHULRG
  0U6DQGLO\DKROGV(TXLW\6KDUHVLQWKH&RPSDQ\
2. Mr. Sudhakar Ram: (DIN 00101473)
Managing Director & Group CEO
Mr. Sudhakar Ram is a commerce graduate and a gold
medalist from Chennai University. He did his PGDM from
the Indian Institute of Management, Kolkata, with a silver
PHGDOLQ+HZDVFRQIHUUHGZLWKWKH&1%&$VLD,QGLD
Business Leader of the Year Award in December 2007. He
is a co-founder of Mastek Limited.
on their careers. India lacks such world class infrastructure
for a crche, where love, safety, care are most important
aspects.
Ms. Priti Rao is widely recognized as an accomplished
business leader and was conferred with the prestigious
IT woman of the year award for 2002 by the Computer
Society of India.
  0V3ULWL5DRKROGVVKDUHVLQWKH&RPSDQ\
5. Mr. Atul Kanagat: (DIN 06452489)
Non-Executive Director (Independent)
Mr. AtulKanagat is a B.Tech in Mechanical Engineering from
Indian Institute of Technology, Mumbai and a MBA from
Harvard Business School, Boston, Massachusetts.
Mr. Kanagat initially joined Hindustan Lever Ltd., the Indian
subsidiary of Unilever. He spent two years as Management
Trainee doing assignments in multiple functions of the
company. He then spent a year as Materials Manager for
Hindustan Lever Ltds Calcutta Manufacturing complex.
  $IWHUFRPSOHWLQJKLV0%$DW+DUYDUGLQ0U.DQDJDW
joined McKinsey & Company in Chicago. He was elected
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0DQDJLQJ 'LUHFWRU RI WKH 6HDWWOH RIFH GXULQJ WKH SHULRG
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of the Boards of the following institutions:
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Company. WKH%RDUGRI/LEHUW\6FLHQFH&HQWHULQ-HUVH\&LW\
3. Mr. Ashank Desai: (DIN 00017767)
During the period 2010 to 2011, Mr. Kanagat worked for
Non-Executive Director Harman International as Vice President- Strategy & Mergers
& Acquisition.
Mr. AshankDesai, is B.E. from Mumbai University and in
graduating year, held the second rank in the University. Mr. Kanagat does not hold any shares in the Company.
He holds a M. Tech Degree from the Indian Institute of
Technology, Mumbai. He also holds Post Graduate Diploma III. COMMITTEES OF THE BOARD :
in Business Management (PGDBM) granted by the IIM MANDATORY COMMITTEES:
$KPHGDEDGIURPZKHUHKHJUDGXDWHGLQ+HZRUNHG
with Godrej and Boyce before founding the Company. He 1. Audit Committee
is a founder member and ex-chairman of NASSCOM and
(i) Terms of Reference
is also actively associated with several government bodies
and trade associations. The terms of reference of the Audit Committee are
as follows:
  0U$VKDQN'HVDLKROGVVKDUHVLQWKH
Company.    D 2YHUVHH WKH &RPSDQ\V QDQFLDO UHSRUWLQJ
  Ms. Priti Rao: (DIN 03352049) SURFHVV DQG WKH GLVFORVXUH RI LWV QDQFLDO
LQIRUPDWLRQ WR HQVXUH WKDW WKH QDQFLDO
Non-Executive Director (Independent) VWDWHPHQWV DUH FRUUHFW VXIFLHQW DQG
credible.
Ms. Rao is a postgraduate in Computer Science from Indian
Institute of Technology (IIT), Mumbai. (b) Recommend the appointment and
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  ,QKHU\HDUVRIGLYHUVHH[SHULHQFHEXLOGLQJDQGGHOLYHULQJ fees/ Remuneration and other terms of
D UDQJH RI ,7 VHUYLFHV IRU FXVWRPHUV ORFDWHG DFURVV YH appointment and also grant approval for
continents, Ms. Rao has held very senior positions with payments for services other than those
global teams for best of breed IT companies. She has had VSHFLFDOO\ SURKLELWHG XQGHU WKH &RPSDQLHV
long innings with Infosys as a senior executive heading the Act, 2013.
Pune development center and heading their infrastructure
services business and with Dell as vice president for global (c) Review and monitor Auditors independence
operations. She runs her own venture, Pumpkin Patch and performance and effectiveness of the
Daycare to cater to needs of young parents, who need a Audit process.
trusted place to keep their children and be able to focus

133 ANNUAL REPORT 2015-2016

CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

   G 5HYLHZ([DPLQDWLRQ RI WKH QDQFLDO recommends the scope of audit for the
statements with the management before current year. The Committee reviews the
submission to the Board along with Report of performance of the internal and external
Auditors thereon, focusing primarily on: auditors and advises the Board on the
re-appointment of internal and statutory
     $Q\ FKDQJHV LQ DFFRXQWLQJ SROLFLHV auditors.
and practices.
The Independent Directors of the Company
     0DMRU DFFRXQWLQJ HQWULHV EDVHG had one separate meeting with Price
on the exercise of judgment by Waterhouse Chartered Accountants LLP -
management. Statutory Auditors of the Company. They
     4XDOLFDWLRQV LQ WKH GUDIW DXGLW also met separately with Internal Auditors
report. once during the year.

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audit. Mastek has an Audit Committee that currently
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Non-Executive Director (Non-Independent)
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standards. ,QGHSHQGHQW$OOWKHYHPHPEHUVRIWKH%RDUGDUH
Audit Committee members also. The Independent
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and legal requirements concerning WKH FRUSRUDWH HOGV 7KH &KLHI )LQDQFLDO 2IFHU RI
QDQFLDOVWDWHPHQWV the Company attends the meetings on invitation.
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i.e., Approval or any subsequent Committee.
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transactions of the Company. &RPPLWWHHPHW6L[WLPHVRQ$SULO-XQH
(e) Review with the management, external and -XO\2FWREHU-DQXDU\
internal auditors the adequacy of internal DQG0DUFK7KHDWWHQGDQFHRIWKH
control systems. members at the meetings is stated below:

   I 'LVFXVVZLWKLQWHUQDODXGLWRUVDQ\VLJQLFDQW Name of Member Status No. of

QGLQJVDQGIROORZXSDFWLRQ Meetings
attended
(g) Review with the management the quarterly
QDQFLDO VWDWHPHQWV EHIRUH VXEPLVVLRQ WR Mr. S. Sandilya Chairman 5
the Board for approval. Mr. Ashank Desai Member 
Ms. Priti Rao Member 
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Mr.Venkatesh Chakravarty Member 2
investigations by the internal auditors into
0HPEHUXSWR-XQH
matters where there is suspected fraud,
irregularity, or failure of internal control Mr. Atul Kanagat
systems of a material nature and report the (Inducted as Member on Member 1
matter to the Board. October 15, 2015)
Mr.Sudhakar Ram
(i) Discuss with external auditors before the
audit commences about the nature and (Inducted as Member on Member 2
scope of audit and have post-audit discussion October 15, 2015)
to ascertain any area of concern. The meetings are attended by Internal Auditors and
Statutory Auditors. The Committees observations are
   M 5HYLHZ WKH &RPSDQ\V ,QWHUQDO QDQFLDO
Control and Risk Management Systems/
policies.
(k) Look into the reasons for substantial defaults
in payment to depositors, debenture holders,
shareholders (in the case of non-payment of
declared dividends) and creditors.
(l) Review the functioning of the Whistle-Blower
mechanism.
The minutes of the Audit Committee are
circulated to the Board of Directors. The
Chairman of the Audit Committee apprises
the Board on the recommendations made by
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WKH QDQFLDO \HDU WKH &RPPLWWHH SUHSDUHV
fresh plans for the internal audit. It discusses
the areas covered by the internal audit and

followed up with the respective departments and the
follow-up actions are reported to the Committee at the
subsequent committee meetings. The Committee, along
with the statutory auditors, reviews the quarterly, half-
yearly and annual results at the Audit Committee meetings
before recommending them to the Board of Directors.
2. Nomination and Remuneration Committee
(i) Terms of Reference
    7RLGHQWLI\WKHSHUVRQVZKRDUHTXDOLHGWR
become Director, or who may be appointed
in senior management of the Company.
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nomination process for the above positions
and oversee the implementation thereof.
    7R QDOL]H DQG UHFRPPHQG WR %RDUG WKH
terms of remuneration for Directors, Senior
CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

Management, Key Managerial personnel & Name of Member Status No. of

other senior employees of the organization. Meetings
    7R UHYLHZ DOO GRFXPHQWV SHUWDLQLQJ WR attended
candidates and conduct evaluation of Mr. Atul Kanagat Chairman 5
candidates in accordance with a process Mr. S. Sandilya Member 
DQG LI GHHPHG W DQG DSSURSULDWH GR WKH
recommendation for the nomination to the Mr. Ketan Mehta
Board or for the senior management of the 0HPEHU XSWR -XQH  Member 2
Company and their removal, if any. 2015)
    7RGHFLGHDQGIRUPXODWHGHWDLOHGWHUPVDQG Dr. Rajendra Sisodia
conditions of the Employees Stock Option (Member upto April 17, Member NA
Plan, governed by the guidelines issued by 2015)
6(%, LQ -XQH  DQG DV DPHQGHG IURP Mr. Ashank Desai
time to time.
(Inducted as Member since Member 2
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to the employees of the Company under the
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the employees of the Company.
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of the Directors and KMPs to the Board.
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and independence of a director and
recommend to the Board a policy, relating
to the remuneration for the directors, key
managerial personnel and other employees.
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paid to Managing Director & Group CEO.
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attending Board as well as Committee
Meetings.
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(a) the level and composition of
remuneration is reasonable and
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motivate directors of the quality
required to run the company
successfully;
(b) relationship of remuneration
to performance is clear and
meets appropriate performance
benchmarks; and
(c) remuneration to directors, key
managerial personnel and senior
management involves a balance
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performance objectives appropriate
to the working of the company and
its goals.
(ii) Composition
The Chairman of the Committee is Mr. Atul Kanagat.
The other members are Mr. S. Sandilya and
Mr. Ashank Desai. All are Non-Executive Directors.
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(iii) Independent Directors' Meeting
During the year under review, the Independent
Directors met on October 15, 2015 inter alia:
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Non-Executive Directors.
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between Management & Board to enable
the Board to perform duties effectively &
reasonably.
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whole.
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Director & Group CEO of Company taking
into account the views of Non-Executive
Directors.
(iv) Performance Evaluation
In compliance with Companies Act, 2013 and Listing
Regulations, the performance evaluation of the
Board as a whole and of the Individual Directors was
carried out during the year under review.
With the help of an Expert, a structured questionnaire
was prepared after taking into consideration inputs
received from the Directors, covering various aspects
of the Boards functioning such as adequacy of the
composition of the Board and its Committees, Board
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duties, obligations and governance.
A separate exercise was carried out to evaluate the
performance of individual Directors including the
Chairman of the Board, who were evaluated on
parameters of contribution to Board Processes and
Outcomes including independence of judgment,
safeguarding the interest of the Company and its
minority shareholders, etc. The Directors expressed
satisfaction with the evaluation process.
3. Stakeholders Relationship Committee
(i) Terms of Reference
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at the meetings is stated below:
135
Equity Shareholders of the Company.
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Stock options by Employees under various
ESOP Schemes, subject to completion of all
ANNUAL REPORT 2015-2016
CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

necessary formalities.  Corporate Social Responsibility Committee (CSR)

    7R FRQVLGHU UHTXHVWV IRU VKDUH WUDQVIHU The Company has constituted CSR Committee as required
transmission, remat, duplicate share under Section 135 of the Companies Act, 2013.
FHUWLFDWHDOORWPHQWRIVKDUHVHWF
(i) Terms of reference
(ii) Composition
    )RUPXODWH DQG UHFRPPHQG WR WKH %RDUG D
The Chairman of the Committee is Mr. S. Sandilya. Corporate Social Responsibility Policy which
Other members are Mr. Ashank Desai, Mr. Sudhakar shall indicate the activities to be undertaken
Ram, and Mr. Atul Kanagat. The Company Secretary E\WKH&RPSDQ\DVVSHFLHGLQ6FKHGXOH9,,
is the Secretary of the Committee. The Committee of the Companies Act, 2013.
ZDVUHFRQVWLWXWHGRQ-XQH
    5HFRPPHQG WKH DPRXQW RI H[SHQGLWXUH WR
   'XULQJ WKH \HDU HQGHG 0DUFK   WKH be incurred on the activities.
&RPPLWWHH PHW  1LQH WLPHV RQ $SULO  
0D\-XO\6HSWHPEHU     0RQLWRU WKH &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\
2FWREHU   1RYHPEHU   1RYHPEHU Policy of the Company from time to time.
  -DQXDU\   DQG 0DUFK  
(ii) Composition
The attendance of the members at the meetings is
stated below: The Chairperson of the Committee is Ms. Priti Rao.
The other members are Mr. Sudhakar Ram and
Name of Member Status No. of Mr. Ashank Desai. The Company Secretary is the
Meetings Secretary of the Committee.
attended
   'XULQJ WKH \HDU HQGHG 0DUFK   WKH
&RPPLWWHHPHWIRXUWLPHVRQ$SULO-XO\
Mr. Venkatesh Chakravarty Chairman 2 2FWREHUDQG-DQXDU\
The attendance of the members at the meeting is
0HPEHU XSWR -XQH 
stated below:
2015)
Mr. Radhakrishnan Sundar Member 2
Name of the Member Status No. of
0HPEHU XSWR -XQH  Meetings
2015) attended
Dr. Arun Maheshwari Member 1 Ms. Priti Rao Chairperson 
0HPEHU XSWR -XQH 
Dr. Rajendra Sisodia Members NA
2015)
Dr. Rajendra Sisodia Member NA (Member upto April 17,
2015)
(Member upto April 17,
2015) Mr. Sudhakar Ram Members 
Mr. S. Sandilya Chairman 3 Mr. Ashank Desai Members 
(Inducted as Member since
-XQH NON-MANDATORY COMMITTEES:

Mr. Ashank Desai Member 7 5. Governance Committee

(Inducted as Member since (i) Terms of reference
-XQH
Mr. Atul Kanagat Member 3     7R GHYHORS DQG UHFRPPHQG WR WKH %RDUG
of Directors a set of corporate governance
(Inducted as Member since
principles applicable to the Company, to
-XQH
review these principles periodically and to
Mr. Sudhakar Ram Member  monitor compliance with those principles.
(Inducted as Member since
    7R UHYLHZ DQG DSSURYH QHZ SROLFLHV
$XJXVW
relating to corporate governance and to
The details of investors complaints received and review current policies and practices and
UHVROYHG GXULQJ WKH )LQDQFLDO <HDU  DUH DV recommend improvements.
under:
    7RGHYHORSQRUPVIRUHYDOXDWLRQRIWKH%RDUG
of Directors.
No. of No. of No. of
Investors Investors Investors     7RUHFRPPHQGWKHDUHDVRIWUDLQLQJQHHGHG
Complaints Complaints Complaints for Board members.
received resolved pending as
(ii) Composition
during the during the on March 31,
year 2015-16 year 2015-16 2016 The Chairman of the Committee is Mr. Ashank Desai.
  NIL The other members are Mr. Sudhakar Ram and

There were no pending transfers/grievances as on Ms. Priti Rao. The Company Secretary is the
0DUFK Secretary of the Committee.


CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

   7KH&RPPLWWHHZDVUHFRQVWLWXWHGRQ-XQH    (DFK ,QGHSHQGHQW 'LUHFWRU LV LVVXHG DSSRLQWPHQW

letter with clear guidelines on their roles, duties and
   'XULQJ WKH \HDU HQGHG 0DUFK   WKH responsibilities as Independent Directors. The key
&RPPLWWHHPHWIRXUWLPHVRQ$SULO-XO\ elements in which every Independent Director will be
2FWREHUDQG-DQXDU\ expected to contribute are : Strategy, Performance,
The attendance of the members at the meetings is Risk, People, Reporting and Compliance.
stated below:
3. Remuneration Policy for the Key Managerial
Name of Member Status No. of Personnel (KMPs)
Meetings
attended In determining the remuneration of KMPs, the N & R
Committee shall ensure / consider the following:
Mr. Ashank Desai Chairman 
Mr. Ketan Mehta Member 1    :KLOH [LQJ WKH UHPXQHUDWLRQ IRU .03V WKH
0HPEHUXSWR-XQH Company shall consider industry benchmarks and
01, 2015) the competence of the persons and ensure that
the level and composition of the remuneration is
Ms. Priti Rao Member 
UHDVRQDEOH DQG VXIFLHQW WR DWWUDFW UHWDLQ DQG
Mr. Radhakrishnan Member 1 motivate them.
Sundar
0HPEHUXSWR-XQH    7KH FRPSHQVDWLRQ VWUXFWXUH RI .03V ZLOO EH
01, 2015) benchmarked with industry salary trends and
Mr. Sudhakar Ram Member 3 ZLOO KDYH FRPSRQHQWV RI [HGEDVH VDODU\ DV ZHOO
as variable pay. The variable pay will be linked to
(Inducted as Member business performance parameters, as separately
RQ-XQH outlined in a Variable Pay Plan document.
IV. REMMUNERATION OF DIRECTORS
A. POLICY FOR SELECTION AND APPOINTMENT OF
DIRECTORS AND THEIR REMUNERATION
The Nomination and Remuneration (N&R) Committee has a policy
which deals with the manner of selection of Board of Directors and
Key Managerial Personnel (KMP) and their remuneration.
1. Pecuniary Relationship or Transactions with Non-
Executive Directors.
Mr. Ashank Desai, Non- Executive Director was provided
perquisites aggregating to ` GXULQJ WKH \HDU
HQGHG0DUFKIRUUHQGHULQJSURIHVVLRQDOVHUYLFHV
This was approved by the Shareholders in the 33rd Annual
General Meeting of the Company held on August 17, 2015.
During the year, there were no pecuniary relationships or
transactions between the Company and any of its Non-
Executive/ Independent Directors apart from commission /
exercise of stock options granted prior to April 01, 2015.
  Remuneration of Directors
   :KLOH [LQJ WKH UHPXQHUDWLRQ IRU 'LUHFWRUV WKH
Company shall consider industry benchmarks and
the competence of the persons and ensure that
the level and composition of the remuneration is
UHDVRQDEOH DQG VXIFLHQW WR DWWUDFW UHWDLQ DQG
motivate them.
   7KH VLWWLQJ IHHV IRU WKH ,QGHSHQGHQW 'LUHFWRUV DQG
1RQ([HFXWLYH 'LUHFWRU ZDV LQFUHDVHG DQG [HG DW
`  HIIHFWLYH IURP -XO\  HDUOLHU [HG
was ` 20,000/-) per meeting of the Board and
IRU $XGLW &RPPLWWHH ZDV LQFUHDVHG DQG [HG DW
`   HIIHFWLYH IURP -XO\  HDUOLHU [HG
was ` 10,000/-) per meeting, if the Director is also a
member of the Audit Committee.
   7KH 1RQ([HFXWLYH 'LUHFWRUV PD\ EH SDLG
remuneration by way of Commission based on the
1HW3URWVRIWKH&RPSDQ\VXEMHFWWRDPD[LPXP
RI RQH SHUFHQW  RI WKH 1HW 3URW RI WKH
2. Criteria of selection of Non-Executive Directors
Company, as may be approved by the Board and the
   1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRUVDUHH[SHFWHG Shareholders, from time to time.
to bring in objectivity and independence during
The Board of Directors decides and approves the
Board deliberations around the Companys Strategic
remuneration of Non-Executive Directors.
approach, performance and risk management. They
PXVW DOVR HQVXUH YHU\ KLJK VWDQGDUGV RI QDQFLDO Details of Remuneration of Non-Executive Directors for the
probity and corporate governance. \HDUHQGHG0DUFKDUHVWDWHGEHORZ
   7KH ,QGHSHQGHQW 'LUHFWRUV DUH DOVR H[SHFWHG
WR FRPPLW DQG DOORFDWH VXIFLHQW WLPH WR PHHW Name Perquisites Sitting Commission Total
the expectations of their role as Non-Executive (`) Fees (`) (`) (`)
Independent Directors, to the satisfaction of the Mr. Ashank Desai   NIL 
Board. Ms. Priti Rao NIL 730,000/-  
   &RQLFW RI ,QWHUHVW 7KH ,QGHSHQGHQW 'LUHFWRUV Dr. Rajendra NIL NIL NIL NIL
are not to involve themselves in situations which Sisodia
GLUHFWO\RULQGLUHFWO\PD\FRQLFWZLWKWKHLQWHUHVWV (Director upto
of the Company. It is accepted and acknowledged April 17, 2015)
that they may have business interests, other than
Mr. Venkatesh NIL 30,000/- NIL 30,000/-
those of the Company. As a pre-condition to their
Chakravarty
appointment as Independent Directors, they shall be
(Director upto
UHTXLUHGWRGHFODUHDQ\VXFKFRQLFWVWRWKH%RDUG
-XQH
in writing in the prescribed format, at the time of
their appointment. Mr. S. Sandilya NIL   1,730,000/-

137 ANNUAL REPORT 2015-2016

CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

Name Perquisites Sitting Commission Total by the Nomination & Remuneration Committee and Board of
(`) Fees (`) (`) (`) Directors of the Company, from time to time.
Mr. Atul Kanagat NIL NIL NIL NIL Bonus:
Dr. Arun NIL NIL NIL NIL
Based on the performance as may be evaluated by the Board of
Maheshwari
the Directors/ Nomination & Remuneration Committee, from time
(Director upto to time up to a maximum of ` 30 lakhs per annum.
-XQH
Mr. Ketan Mehta NIL NIL NIL NIL +RXVLQJ%HQHW
(Director upto  7KH&RPSDQ\ZLOOSD\IW\SHUFHQWRIWKH%DVLF6DODU\DV
-XQH House Rent Allowance to Mr. Sudhakar Ram.
Total    
Special Allowance:
5. Criteria for payment of remuneration by way of
commission to Non- Executive Directors:- ` 5XSHHV7ZR/DNKV7KLUW\6HYHQ7KRXVDQGDQG)LYH
Hundred only) per month.
  6XEMHFW WR DYDLODELOLW\ RI SURWV FDOFXODWHG XQGHU 6HFWLRQ
 UHDG ZLWK 6HFWLRQ  RI WKH &RPSDQLHV $FW  Car Facility:
Non- Executive Directors of the Company may also be
entitled to commission and the same will be paid as per the Car facility with driver to be used for the business of the Company.
following remuneration structure:
Club Fees
   )L[HG
 5HLPEXUVHPHQWRI&OXE)HHVXSWRPD[LPXPWZRFOXEV
     9DULDEOH EDVHG RQ WKH QXPEHU RI %RDUG
meetings attended. Telephone:
The total remuneration paid to all Non- Executive Directors will have an  )UHHWHOHSKRQHIDFLOLW\DWKLVUHVLGHQFHWREHXVHGIRUWKHEXVLQHVV
XSSHUOLPLWRIRIQHWSURWRIWKH&RPSDQ\6LWWLQJIHHVDUHH[FOXGHG of the Company.
in the above calculation)
Number of options/equity shares held by Independent Directors as on Provident Fund Contribution:
0DUFK
Companys contribution towards provident fund as per rules of the
&RPSDQ\EXWQRWH[FHHGLQJRIEDVLFVDODU\
Name of No. of Options No. of Options No. of Equity
Director granted exercised Shares held Gratuity:
Ms. Priti Rao   
As per rules of the Company.
Mr. S. Sandilya   
Mr. Atul Kanagat  - - Perquisites:

* Note: 0U$WXO.DQDJDWZDVJUDQWHGRSWLRQVRQ)HEUXDU\7KHVHRSWLRQVZLOO As may be permitted as per the policy of the Company or by

YHVWHTXDOO\RYHUWKH\HDUYHVWLQJSHULRGDQGFDQEHH[HUFLVHGZLWKLQ\HDUVIURPYHVWLQJGDWH the Board of Directors and/or the Nomination & Remuneration
Committee of the Board of Directors.
1XPEHURIHTXLW\VKDUHVKHOGE\RWKHU'LUHFWRUVDVRQ0DUFK
 )RUWKHSXUSRVHVRIFDOFXODWLQJWKHDERYHFHLOLQJSHUTXLVLWHVVKDOO
Name of Director No. of Equity Shares held be evaluated as per Income-tax Rules, wherever applicable. In the
Mr. Sudhakar Ram  absence of any such Rules, perquisites shall be evaluated on actual
Mr. Ashank Desai  basis.

Note: No Stock Option were granted to Mr. Sudhakar Ram and
Mr. Ashank Desai.
  Terms of Appointment & Remuneration to
Mr. Sudhakar Ram, Managing Director & Group CEO:
Mr. Sudhakar Ram was appointed as the Managing Director and
Group CEO of the Company for a period of 3 years with effect from
-XO\WR-XQHYLGHVKDUHKROGHUVUHVROXWLRQGDWHG
-XO\
Subsequently, the Nomination & Remuneration Committee of the
Board and the Board of Directors of the Company, at their respective
PHHWLQJVKHOGRQ-DQXDU\DQGWKHVKDUHKROGHUVDWWKHLU
Extra-Ordinary General Meeting held on March 05, 2015 have
DSSURYHG PRGLFDWLRQ LQ WHUPV RI UHPXQHUDWLRQ RI 0U 6XGKDNDU
Ram as Managing Director & Group CEO of Mastek Limited for the
EDODQFH SHULRG IURP $SULO   XS WR -XQH   RQ WKH
terms and conditions and remuneration as under:
Basic Salary:
Provision of car and telephone for use of the Companys business
and telephone at the Managing Director & Group CEOs residence
will not be considered as perquisites.
 ,QWKHHYHQWRILQDGHTXDF\RISURWVRUQRSURWVWKHUHPXQHUDWLRQ
or perquisites of the Managing Director and Group CEO shall be
subject to the limits prescribed under Schedule V to the Companies
Act, 2013.
7. Induction/Training of The Board Members:
Every new Independent Director of the Board needs to attend an
Orientation Program organized by the Company. Presentations are
made by Managing Director & Group CEO and Senior Management
team, providing an overview of strategy, operations and functions
of the Company. An opportunity is provided to the Directors to
interact with senior leadership of the Company and help them to
get ground level information on the Companys services offering,
0DUNHWV 6RIWZDUH 'HOLYHU\ 2UJDQL]DWLRQ 6WUXFWXUH )LQDQFH +5
7HFKQRORJ\ 4XDOLW\ )DFLOLWLHV DQG 5LVN 0DQDJHPHQW7KLV FDQ EH
` 5XSHHV6L[/DNKVDQG7ZHQW\)LYH7KRXVDQGRQO\ accessed at www.mastek.com/investors/corporate_governance.
per month, with an option of annual increment as may be decided


CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

V. GENERAL BODY MEETINGS   2IFLDO QHZV UHOHDVHV DQG WUDQVFULSWV RI FRQIHUHQFH FDOOV
with the analysts after the quarterly results are displayed
(i) Particulars of Annual General Meetings held during on the Companys website.
the last three years:
The Company has disclosed and complied with all the
Financial Date Time Location mandatory requirements as stipulated in Listing Regulations.
Year Year The details of these compliances have been given above in
 August 17, 11.00 A.M Ahmedabad Management the relevant sections of this report.
2015 Association, H.T. Parekh Communication With The Members/ Shareholders
Hall, Ahmedabad
 -XO\ 11.00 A.M Ahmedabad Management   7KHXQDXGLWHGTXDUWHUO\KDOI\HDUO\UHVXOWVDUHDQQRXQFHG
 Association, H.T. Parekh ZLWKLQ IRUW\YH GD\V IURP WKH FORVH RI WKH TXDUWHU 7KH
Hall, Ahmedabad audited annual results are announced within two months
2012-13 -XO\ 11.00 A.M. Ahmedabad Management IURPWKHFORVHRIWKHQDQFLDO\HDUDVSHUWKHUHTXLUHPHQWV
2013 Association, H.T. Parekh of the Listing Regulations with the Stock Exchanges. The
Hall, Ahmedabad DIRUHVDLGQDQFLDOUHVXOWVDUHVHQWWR8SORDGHGRQZHEVLWH
of BSE Limited (BSE) and The National Stock Exchange of
India Limited (NSE) where the Companys securities are
(ii) Special Resolution passed in 3 previous Annual listed, immediately after these are approved by the Board.
General Meetings: The results are thereafter given by way of a Press Release
to various news agencies/ analysts and are published within
Annual General Meeting Special Resolution forty- eight hours in leading English and Gujarati/Marathi
Thirty Third Annual General  3D\PHQWRIFHUWDLQEHQHWV GDLO\QHZVSDSHUV7KHDXGLWHGQDQFLDOVWDWHPHQWVIRUPD
Meeting held on August 17, / Perquisites to Mr. Ashank part of the Annual Report which is sent to the Members well
2015 Desai. in advance of the Annual General Meeting.
Thirty Second Annual General  1R 6SHFLDO 5HVROXWLRQ
0HHWLQJKHOGRQ-XO\ passed in this Annual   7KH&RPSDQ\DOVRLQIRUPVE\ZD\RILQWLPDWLRQWR%6(DQG
General Meeting. NSE all price sensitive matters or such other matters, which
7KLUW\ )LUVW $QQXDO *HQHUDO  3D\PHQW RI &RPPLVVLRQ WR in its opinion are material and of relevance to the members
0HHWLQJKHOGRQ-XO\ Non-Executive Directors. and subsequently issues a Press Release in regard to the
 (PSOR\HH 6WRFN 2SWLRQ same.
Plan-ESOP Plan VII- to   7KH $QQXDO 5HSRUW RI WKH &RPSDQ\ WKH TXDUWHUO\  KDOI
Employees of the Company. yearly and the annual results and the press releases of the
 (PSOR\HH 6WRFN 2SWLRQ Company are also placed on the Companys website: www.
Plan-ESOP Plan VII- to mastek.com/investors/annual reports, can be downloaded.
Employees of the Subsidiary
Companies.   7KH TXDUWHUO\ UHVXOWV VKDUHKROGLQJ SDWWHUQ TXDUWHUO\
 (PSOR\HH 6WRFN 2SWLRQ compliances and all other corporate communication to
Plan-ESOP Plan VII- to the Stock Exchanges viz. BSE Limited and National Stock
FHUWDLQLGHQWLHGHPSOR\HHV ([FKDQJHRI,QGLD/LPLWHGDUHOHGHOHFWURQLFDOO\RQ%6(V
of the company and its RQOLQH SRUWDO KWWSOLVWLQJEVHLQGLDFRP DQG LV DOVR OHG
subsidiaries, stock options, electronically with NSE through NSEs NEAPS portal.
which may be equal to or
  $ VHSDUDWH GHGLFDWHG VHFWLRQ XQGHU XQSDLG 'LYLGHQG RQ
H[FHHG  RI WKH LVVXHG
the Companys website gives information on unclaimed
capital of the company.
dividends, quarterly compliance reports/communications
All the resolutions as set out in the notices were passed with the Stock Exchange and other relevant information of
unanimously/by requisite majority by the members of the company. interest to the investors/public.
(iii) Details of Resolution passed through Postal ballot, VII. GENERAL SHAREHOLDER INFORMATION.
the person who conducted the postal ballot exercise 1. ANNUAL GENERAL MEETING:
and details of the voting pattern:
During the year under review, no resolution has been - Date and Time : July 25, 2016 at 11.00 a.m.
passed through the exercise of postal ballot. - Venue : Ahmedabad Management Association,
H.T. Parekh Hall, AMA Complex, ATRA, Dr.
(iv) As on date, the Company does not have any proposal to
Vikram Sarabhai Marg,
pass any special resolution by way of postal ballot.
$KPHGDEDG
VI. MEANS OF COMMUNICATION
2. FINANCIAL YEAR AND CALENDAR:
  4XDUWHUO\ UHVXOWV VXEMHFWHG WR OLPLWHG UHYLHZ E\ 6WDWXWRU\
$XGLWRUVDUHJHQHUDOO\SXEOLVKHGLQWKH)UHH3UHVV-RXUQDO - Financial reporting for the quarters ending
1DYVKDNWLDQG)LQDQFLDO([SUHVV*XMDUDWL$KPHGDEDG7KH
-XQH DURXQG-XO\
quarterly unaudited results along with the press releases
are made available on the website of the Company (www. 6HSWHPEHU DURXQG2FWREHU
mastek.com/investors/announcement). Other information 'HFHPEHU DURXQG-DQXDU\
relating to shareholding patterns, compliance with the
March 31, 2017 around April 22, 2017
requirements of corporate governance etc. are posted on
BSE/NSE website and on Masteks website in the investors 3. BOOK CLOSURE DATE:-XO\WR-XO\
section. (both days inclusive)

 ANNUAL REPORT 2015-2016

CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

4. DIVIDEND PAYMENT DATE: NOT APPLICABLE 10. MASTEK SHARE PRICE PERFORMANCE VERSUS NSEs S&P
5. STOCK CODE: CNX 500

Relative Price Performance Mastek v/s NSEs S&P CNX 500

Name of Exchange Script Code Reuters Bloomberg
BSE Limited  MAST.BO MAST@IN
160
National Stock Exchange MASTEK MAST.NS NMAST@IN
of India Limited 130

ISIN ,1($ 100

6. LISTING FEES PAID: The Company has paid annual listing
70
fees for the year 2016-2017 of the Stock Exchanges where
the Companys shares are listed. 40

1-Apr-15

29-Apr-15

16-Sep-15
27-May-15

19-Aug-15

14-Oct-15

11-Nov-15

9-Dec-15

3-Feb-16

2-Mar-16

30-Mar-16
24-Jun-15

22-Jul-15

6-Jan-16
7. CAPITAL STRUCTURE:

Authorized Capital Equity ` 200,000,000/-

Preference ` 200,000,000/- Mastek S & P CNX 500

Issued, Subscribed and Paid-up Equity `

Capital
Note: Daily Closing Prices on the NSE have been considered for the
8. DISTRIBUTION OF SHAREHOLDING comparison in above chart.
Source: www.nseindia.com
Distribution of shareholding as on March 31, 2016
11. SHARE TRANSFER SYSTEM / DIVIDEND AND OTHER
Range no. of Shareholders % Value ` %
RELATED MATTERS
shares Number
1- 500 22,355    i. Share transfers
501-1000 1,222   
Share transfers in physical form are processed and the
1001-5000    7.75
VKDUHFHUWLFDWHVDUHJHQHUDOO\UHWXUQHGWRWKHWUDQVIHUHHV
5001-10000    3.35 ZLWKLQDSHULRGRIIWHHQGD\VIURPWKHGDWHRIUHFHLSWRI
10001 and     transfer provided the transfer documents lodged with the
above Company are complete in all respects.
Total 24,655 100.00 114,986,370 100.00
ii. Nomination facility for shareholding
Distribution of shareholding as on March 31, 2015
As per the provisions of the Companies Act, 2013,
Range no. of Shareholders % Value ` % facility for making nomination is available for Members in
shares Number respect of shares held by them. Members holding shares
1- 500    7.17
501-1000 1,012   3.50 in physical form may obtain nomination form, from the
1001-5000     Share Department of the Company or download the same
5001-10000  0.51  3.31 from the Companys website. Members holding shares
10001 and 120    in dematerialized form should contact their Depository
above Participants (DP) in this regard.
Total 20,270 100.00 112,733,360 100.00
iii. Permanent Account Number (PAN)
9. MONTHLY VOLUMES AND PRICES: 2015-16
Members who hold shares in physical form are advised
Month and BSE Limited National Stock Exchange that SEBI has made it mandatory that a copy of the PAN
year of India Limited card of the transferee/s, members, surviving joint holders /
High Low Volume High Low Volume legal heirs be furnished to the Company while obtaining the
(`) (`) (`) (`) services of transfer, transposition, transmission and issue of
April 2015       GXSOLFDWHVKDUHFHUWLFDWHV
May 2015       iv. Unclaimed Dividend
-XQH  133.3    
-XO\  177.5   177  Pursuant to provisions of Section 205C of the Companies
$FW  WKH $FW WKH DPRXQW RI 'LYLGHQG ZKLFK KDV
August 2015 225   225  
remained unclaimed and unpaid for a period of seven
September  151.3  175.35 151.3 
years from the date of transfer of such amount to unpaid
2015
dividend account is required to be transferred to Investors
October 2015       (GXFDWLRQ DQG 3URWHFWLRQ )XQG ,(3) HVWDEOLVKHG E\
November 205.2   205   Central Government.
2015
December    211.55   Accordingly the unclaimed dividend amount of `
2015 RQ FRPSOHWLRQ RI VHYHQ \HDUV KDV EHHQ FUHGLWHG WR ,(3)
-DQXDU\    201   during the year.
)HEUXDU\         )LQDO'LYLGHQGIRUWKH\HDULVGXHLQ2FWREHU
 to be transferred to Investors Education and Protection
0DUFK  112     )XQG ,(3) HVWDEOLVKHG E\ &HQWUDO *RYHUQPHQW $OO WKH
Note : Post demerger, all shareholders of Mastek Ltd. were allotted one members who have not encashed the dividend warrant are
share of Majesco Ltd. for every one share of Mastek Ltd. held by them as requested to take steps to encash the same. Please note
RQ-XQH


CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

WKDWQRFODLPVVKDOOOLHDJDLQVWWKH,(3)RUWKH&RPSDQ\LQ 13. SHAREHOLDERS WITH MORE THAN 1% HOLDING AS ON

respect of such amounts after the date of transfer. MARCH 31, 2016

v. Pending Investor Grievances Sr. Name of the No. of Shares as

No shareholder shares percentage
Any Member / Investor whose grievance has not been
of total no.
resolved satisfactorily, may kindly write to the Company
of shares
6HFUHWDU\DWWKH5HJLVWHUHG&RUSRUDWH2IFHZLWKDFRS\RI
1. )LGHOLW\3XULWDQ7UXVW 1,275,000 
the earlier correspondence.
)LGHOLW\/RZ3ULFHG
vi. Reconciliation of Share Capital Audit 2. Life Insurance Corporation  
RI,QGLD3 *6)81'
As required by the Securities & Exchange Board of India
3. Life Insurance Corporation  2.25
(SEBI) quarterly audit of the Companys share capital is
Of India
being carried out by Practising Company Secretary with
 )LGHOLW\1RUWK6WDU)XQG 325,000 
a view to reconcile the total Share capital admitted with
National Securities Depository Limited (NSDL) and Central 5. Merrill Lynch Capital  
Depository Services (India) Limited (CDSL) and held in Markets Espana S.A. S.V.
physical form, with the issued and listed capital. The  3UHPLHU,QYHVWPHQW)XQG  1.01
$XGLWRUV &HUWLFDWH LQ UHJDUG WR WKH VDPH LV VXEPLWWHG Limited
to BSE Limited and The National Stock Exchange of India 14. INFORMATION FOR SHAREHOLDERS ON THE INTERNET:
Limited and is also placed before the Board of Directors. The Company actively communicates its strategy and the
12. SHAREHOLDING PATTERN GHYHORSPHQWVRILWVEXVLQHVVWRWKHQDQFLDOPDUNHWV7KH6HQLRU
Executives of the Company along with M/s. Christensen Investor
2016 2015 Relations (I) Private Limited - our Investor advisor regularly
meet the analysts. The Press release, Analysts conference calls
Sr. Category No. of % of No. of % of are organized by M/s. Christensen Investor Relations (I) Private
No. Shares Holding Shares Holding Limited - our Investor advisor. Decisions in such meetings are
always limited to information that is already in the public domain.
1 Indian Promoters  50.03  51.03 Please access the homepage at http://www.mastek.com and
2 0XWXDO)XQGV$QG87,  0.31   register yourself for regular updates.
15. OUTSTANDING GDRS/ADRS/WARRANTS OR ANY
3 )LQDQFLDO,QVWLWXWLRQV
CONVERTIBLE INSTRUMENTS:
Banks   20,033 
There are no outstanding GDRs/ADRs/warrants except the stock
 Insurance Companies 1,121,532  1,121,532  options granted to the employees/Directors of the Company and
its subsidiaries. The options after vesting, when exercised, shall
5 ),,V    12.77
increase the equity share capital.
 Bodies Corporate  5.15   16. OFF-SHORE DEVELOPMENT CENTERS:
7 Individuals Holding The Company has Off-Shore Software Development Centers at
Nominal Capital Upto SEEPZ, Mumbai, Millennium Business Park, Mahape, Pune and
` 1 Lakh  22.11   Chennai. The full address of the companys centres is available on
the back cover of the page.
 Individuals Holding
Nominal Capital More 17. COMPLIANCE OFFICER OF THE COMPANY/ADDRESS FOR
Than ` 1 Lakh    3.03 CORRESPONDENCE:

 NRIs  2.77   Name Dinesh Kalani, Company Secretary
Address for 0DVWHN/LPLWHG6'),96((3=
10 1%)&  0.07 - - correspondence $QGKHUL(DVW0XPEDL
Total  100.00  100.00
3KRQH1R
)D[
DETAILS OF SHARES HELD IN PHYSICAL & ELECTRONIC E mail investor_grivences@mastek.com
MODE
18. COMMODITY PRICE RISK OR FOREIGN EXCHANGE RISK
AND HEDGING ACTIVITIES:
Date Status of Shares - Physical versus
Electronic mode Please refer to the Management Discussion and Analysis Report for
the same.
Physical Electronic Total
19. INVESTOR INFORMATION
0DUFK   
  A. COMPANY OVERVIEW:

March 31, 2015     ,QFRUSRUDWHG LQ  0DVWHN LV D OHDGLQJ ,7 SOD\HU ZLWK JOREDO
  operations providing enterprise solutions to businesses and
governments worldwide. The Company architects, designs,
develops, integrates and maintains strategic applications that

 ANNUAL REPORT 2015-2016

CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)
create a tangible business impact at customers end. The Company
LVFXUUHQWO\IRFXVHGRQ*RYHUQPHQW5HWDLODQG)LQDQFLDO6HUYLFHV
verticals. Mastek has substantial experience in all these verticals.
Mastek is having its operations in UK and India. The Company was
promoted by Mr. Ashank Desai, Mr. Ketan Mehta and
Mr. Radhakrishnan Sundar and Mr. Sudhakar Ram joined the
&RPSDQ\DV3URPRWHU'LUHFWRUGXULQJWKH\HDU
C. THE COMPANYS EQUITY SHARES ARE LISTED ON THE
FOLLOWING STOCK EXCHANGES:
National Stock Exchange of India Limited and BSE Limited
(i) The Company has changed its Registrar and Share
Transfer Agent from Sharepro Services (India) Pvt.
Ltd. to Karvy Computershare Private Limited w.e.f.
April 04, 2016. All inquiries relating to the shareholder
records, share transfers, transmission of shares, change of
 0DVWHNKDGLWV,32,QLWLDO3XEOLF2IIHULQJLQ'HFHPEHUDQG DGGUHVVQRQUHFHLSWRIGLYLGHQGORVVRIVKDUHFHUWLFDWHV
raised `  ODNKV LQ JURVV DJJUHJDWH SURFHHGV 7KHUH ZDV DQ etc. should be addressed to:
DGGLWLRQDOSXEOLFRIIHULQJLQ0DUFKZKHQLWUDLVHG` 720 lakhs The Registrar and Share Transfer Agent:
in gross aggregate proceeds. Karvy Computershare Private Limited
Karvy Selenium, Tower B,
B. EQUITY HISTORY: Number of shares Plot No. 31-32, Gachibowli,
  )LQDQFLDO'LVWULFW1DQDNUDPJXGD
Prior to Initial Public Offer VKDUHVRI` 10/ each Serilingampally Mandal, Hyderabad 500032.
  7HO)D[
Initial Public Offer in VKDUHVRI` 10/- each
E-mail: einward.ris@karvy.com
'HFHPEHU
Issued under Employees VKDUHVRI` 10/- each (ii) Share Transfer System: The Company processes shares
6WRFN2SWLRQ3ODQWLOO sent for transfer, transmission etc. every month. Transfers/
transmissions which are complete in all respects are
Second Public Offer in VKDUHVRI` 10/- each registered and returned within 15 days of lodgment.
0DUFK
  7KH&RPSDQ\KDVREWDLQHGWKHKDOI\HDUO\FHUWLFDWHIURP
%RQXV 6KDUHV LQ -DQXDU\ VKDUHVRI` 10/- each a Company Secretary in Practice for due compliance of
2000 share transfer formalities as per the requirement of Clause
Adjusted the above in view
of Sub-Division of shares of
` 10/- each into two shares
of ` 5/- each in 2001.
Buy-Back of shares in 2003-
 
VKDUHVRI` 5/- each
VKDUHVRI` 5/- each
 F RI WKH /LVWLQJ $JUHHPHQWV RI WKH 6WRFN ([FKDQJHV
DQGDKDOI\HDUO\FHUWLFDWHGXO\VLJQHGE\WKH&RPSOLDQFH
2IFHURIWKH&RPSDQ\DQGWKHDXWKRUL]HGUHSUHVHQWDWLYH
of RTA as per the requirement of regulation 7(3) of
Listing Regulations. The Company has obtained quarterly
FHUWLFDWHVIRUWKHWLPHO\GHPDWHULDOL]DWLRQRIVKDUHVRIWKH
Company as per the requirement of the SEBI (Depositories
%RQXV6KDUHVLQ$SULO
Issued under Employees
Stock Option Plans from
WLOO Secretarial Audits for the Reconciliation of Share Capital as
Shares Bought Back from
0D\WR-XQH
6KDUHV ([WLQJXLVK WLOO -XQH VKDUHVRI` 5/- each

Issued under Employees
Stock Option Plans in 2010-
11
Issued under Employees
Stock Options plan in 2011-
12
Shares Bought Back &
Extinguished from November
WR)HEUXDU\
Issued under Employees
Stock Options plan in 2013-

Shares Bought Back & VKDUHVRI` 5/- each
([WLQJXLVKHGIURP0DUFK
WR0DUFK
Issued under Employees
6WRFN 2SWLRQV SODQ LQ 
2015
Issued under Employees
Stock Options plan in 2015-


VKDUHVRI` 5/- each
VKDUHVRI`5/- each
VKDUHVRI`5/- each
7,250 shares of ` 5/- each
75,000 shares of ` 5/- each
VKDUHVRI` 5/- each
VKDUHVRI`5/- each
VKDUHVRI` 5/- each
VKDUHVRI` 5/- each
 3DUWLFLSDQWV 5HJXODWLRQV  7KHVH FHUWLFDWHV KDYH
been submitted to the Stock Exchanges and the National
Securities Depository Limited / Central Depository Services
(India) Limited. The Company has also carried out
required under the Listing Guidelines every quarter and the
quarterly secretarial audit reports issued by an independent
3UDFWLVLQJ&RPSDQ\6HFUHWDU\KDYHEHHQUHJXODUO\OHGZLWK
the Stock Exchanges.
(iii) Bank Details for Electronic Shareholdings:
While opening accounts with Depository Participants (DP),
you may have given your Bank Account details, which will
be used by the Company for printing on dividend warrants
for remittance of dividend. SEBI vide its circular no. DCC/
),77&,5 GDWHG 2FWREHU   KDV DGYLVHG
that all companies should mandatorily use ECS facility
wherever available. In the absence of availability of ECS
facility, companies may use warrants for distributing the
GLYLGHQGV 9LGH LWV FLUFXODU QR ' &&),77&&,5
dated November 13, 2001, SEBI has advised companies to
mandatorily print the Bank Account details furnished by the
Depositories on the dividend warrants. This ensures that
dividend warrants, even if lost or stolen cannot be used
for any purpose other than for depositing the money in the
$FFRXQW VSHFLHG RQ WKH GLYLGHQG ZDUUDQWV DQG HQVXUHV
safety for the investors. Members are requested to furnish
their Bank Account details to their DPs, if not already
informed.
(iv) Ministry of Corporate Affairs (MCA), Govt. of India has issued
circular No. 17/2011 dated April 21, 2011 and circular No.
GDWHG$SULOLQUHVSHFWRI*UHHQ,QLWLDWLYH
Accordingly, Company sent a communication to all the
members requesting them to give their E-mail I.Ds to their
Depository Participants (DPs), so that Annual report and
other communications can be sent electronically to all the
members.
CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)
Members, who have so far not informed the E-mail I.Ds to
their DPs, are requested to do the same in the interest of
environment.
VIII. OTHER DISCLOSURES
1. Related Party Transactions
 $OO WUDQVDFWLRQV HQWHUHG LQWR ZLWK 5HODWHG 3DUWLHV DV GHQHG
under the Companies Act, 2013 and Regulation 23 of the Listing
5HJXODWLRQVGXULQJWKHQDQFLDO\HDUZHUHLQWKHRUGLQDU\FRXUVH
of business and on an arms length pricing basis and do not attract
WKHSURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FW7KHUH
ZHUHQRWUDQVDFWLRQVZLWKUHODWHGSDUWLHVGXULQJWKHQDQFLDO\HDU
ZKLFKZHUHLQFRQLFWZLWKWKHLQWHUHVWRIWKH&RPSDQ\6XLWDEOH
5. Internal Control System
The Company has a formal system of internal control testing
which examines both the design effectiveness and operational
HIIHFWLYHQHVV WR HQVXUH UHOLDELOLW\ RI QDQFLDO DQG RSHUDWLRQDO
information and all statutory / regulatory compliances. The
Companys business processes are on SAP platform and has a
VWURQJ PRQLWRULQJ DQG UHSRUWLQJ SURFHVV UHVXOWLQJ LQ QDQFLDO
discipline and accountability.
6. Code of Conduct
The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all senior employees.
The Code has been posted on the Companys website www.
GLVFORVXUH DV UHTXLUHG E\ WKH $FFRXQWLQJ 6WDQGDUGV $6 KDV
EHHQPDGHLQWKHQRWHVWRWKH)LQDQFLDO6WDWHPHQWV
 7KHUH ZHUH QR PDWHULDOO\ VLJQLFDQW WUDQVDFWLRQV ZLWK 5HODWHG
3DUWLHV GXULQJ WKH QDQFLDO \HDU 5HODWHG SDUW\ WUDQVDFWLRQV KDYH
EHHQ GLVFORVHG XQGHU WKH QRWH  IRUPLQJ SDUW RI WKH QDQFLDO
VWDWHPHQWV LQ DFFRUGDQFH ZLWK $FFRXQWLQJ 6WDQGDUG  $
statement in summary form of transactions with Related Parties in
ordinary course of business and arms length basis is periodically
placed before the Audit committee for review and recommendation
to the Board for their approval. As required under Regulation
23(1) of the Listing Regulation, the Company has formulated a
policy on dealing with Related Party Transactions. The Policy is
available on the website of the Company viz. http://www.mastek.
com /images/pdf/related-party-transaction- policy.pdf None of the
WUDQVDFWLRQVZLWK5HODWHG3DUWLHVZHUHLQFRQLFWZLWKWKHLQWHUHVW
of the Company. All the transactions are in the ordinary course of
EXVLQHVV DQG KDYH QR SRWHQWLDO FRQLFW ZLWK WKH LQWHUHVW RI WKH
Company at large and are carried out on an arms length or fair
value basis.
The Board has approved a policy for related party transactions
which has been uploaded on the Companys website viz
mastek.com/investors/corporate_governance.
The Code lays down the standard of conduct which is expected
to be followed by the Directors and the designated employees in
their business dealings and in particular on matters relating to
integrity in the work place, in business practices and in dealing
with stakeholders. The Code gives guidance through examples on
the expected behaviour from an employee in a given situation and
the reporting structure.
All the Board Members and the Senior Management Personnel have
FRQUPHGDERXWWKHLUFRPSOLDQFHZLWKWKH&RGH
7. Vigil Mechanism / Whistle Blower Policy
In staying true to our values of Strength, Performance and Passion
and in line with our vision of being one of the most respected
companies in India, the Company is committed to the high
standards of Corporate Governance and stakeholder responsibility.
The Company has a Whistle Blower Policy to deal with instances
of fraud and mismanagement, if any. The Policy ensures that strict
FRQGHQWLDOLW\ LV PDLQWDLQHG ZKLOVW GHDOLQJ ZLWK FRQFHUQV DQG
also that no discrimination will be meted out to any person for
a genuinely raised concern. Pursuant thereto, a dedicated hotline
www.mastek.com/images/pdf/related-party-transactions-policy.
2. Subsidiary Companies
The Company has a policy on Material Subsidiary and same is
placed on the website of the Company at www.mastek.com/
investors/corporate Governance/investors/corporate_governance.
 7KH$XGLWHG$QQXDO)LQDQFLDO6WDWHPHQWVRI6XEVLGLDU\&RPSDQLHV
are tabled at the Audit Committee and Board Meetings and same
are placed on the website of the Company viz http://www.mastek.
FRPLQYHVWRUVQDQFLDOVVXEVLGLDU\FRV
The copies of the Minutes of the Board Meetings of Subsidiary
Companies are individually given to all the Directors and are tabled
at the subsequent Board Meetings.
3. Strictures and Penalties
No strictures or penalties have been imposed on the Company by
the Stock Exchanges or by the Securities and Exchange Board of
India (SEBI) or by any statutory authority on any matters related
to capital markets during the last three years.
4. Compliance with Accounting Standards
 ,Q WKH SUHSDUDWLRQ RI WKH QDQFLDO VWDWHPHQWV WKH &RPSDQ\ KDV
IROORZHG WKH $FFRXQWLQJ 6WDQGDUGV VSHFLHG XQGHU 6HFWLRQ 
of the Companies Act, 2013, read with Rule 7 of the Companies
LV SURYLGHG     ZKLFK FDQ EH GLUHFWO\ UHDFKHG
and any Whistle Blowers complaint can be registered. Calls to the
Hotline during work hours will be directed by the Operator to any
of the Ombudspersons or Compliance Committee members, as
desired by the caller.
Complainants can also raise their concern through e-mails to
the Ombudspersons or Compliance Committee members or
Chairperson of Audit Committee (if the complaint is against a
Director or by a Director). If, for any reason, the Complainant does
not wish to write to any of these entities, he/she can write to
whistleblower@mastek.com. Emails addressed to this ID will be
received by the Company Secretary, who will appropriately direct it
to any of the Ombudspersons or Compliance Committee member/s
or Chairperson of the Audit Committee, after ascertaining the
nature and identity sensitivity of the concern raised.
8.Prevention of Insider Trading
The Company has adopted a Code of Conduct for Prevention
of Insider Trading in accordance with the requirements of SEBI
(Prohibition of Insider Trading) Regulations 2015 with a view to
regulate trading in securities by the Directors and designated
employees of the Company. The Code requires pre-clearance
for dealing in the Companys shares and prohibits the purchase
or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when
$FFRXQWV 5XOHV  DQG $FFRXQWLQJ 6WDQGDUG  )LQDQFLDO
Instruments: Recognition and Measurement issued by the Institute
of Chartered Accountants of India to the extent it does not
contradict any other accounting standard referred to in Section
133 of the Companies Act, 2013 read with Rule 7 of Companies
the Trading Window is closed. The Company Secretary issues a
mail to all Directors, Senior Management Personnel and employees
in possession of price sensitive information about trading window
closure. The said code is placed at the website of the Company viz
www.mastek.com/investors/corporate-governance.
$FFRXQWV5XOHV
 $OO%RDUG'LUHFWRUVDQGWKHGHVLJQDWHGHPSOR\HHVKDYHFRQUPHG
compliance with the Code.

 ANNUAL REPORT 2015-2016

CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

IX. COMPLIANCES WITH CORPORATE GOVERNANCE DISCLOSURE REQUIREMENTS AS SPECIFIED IN SEBI (LODR) (LISTING
REGULATIONS)
The Company is in compliance with all mandatory requirements under Listing Regulation. Generally, there were no instances of non-compliance
on any matter related to the capital markets.
X. MANAGEMENT DISCUSSION & ANALYSIS FORMS PART OF THE ANNUAL REPORT. INVESTOR INFORMATION DETAILS ARE ALSO
PROVIDED SEPARATELY IN THE ANNUAL REPORT.
XI. COMPLIANCE WITH NON-MANDATORY / DISCRETIONARY PROVISIONS
Among the adoption of Non-Mandatory/Discretionary Provisions as per Part E of Schedule II to the Listing Regulations, the Company has complied
with the following:
1 - The Board -7KH&KDLUPDQEHLQJD1RQ([HFXWLYHDQG,QGHSHQGHQW'LUHFWRUKDVKLVRZQRIFH+RZHYHUDQRIFHLVPDGHDYDLODEOHIRUKLV
use, if required by him, during his visit to the Company for attending meetings.
2 - Shareholders Rights -4XDUWHUO\UHVXOWVVXEMHFWHGWROLPLWHGUHYLHZE\6WDWXWRU\$XGLWRUVDUHJHQHUDOO\SXEOLVKHGLQWKH)UHH3UHVV-RXUQDO
1DYVKDNWL DQG )LQDQFLDO ([SUHVV *XMDUDWL $KPHGDEDG KDYLQJ ZLGH FLUFXODWLRQ 7KH TXDUWHUO\ XQDXGLWHG UHVXOWV DORQJ ZLWK WKH SUHVV UHOHDVHV
are made available on the website of the Company (www.mastek.com/investors/quarterly/results). Other information relating to shareholding
patterns, compliance with the requirements of corporate governance etc. are posted on BSE/NSE website and on Masteks website in the investors
VHFWLRQ6HSDUDWH+DOI\HDUO\QDQFLDOSHUIRUPDQFHUHSRUWKDVKRZHYHUQRWEHHQVHQWWRHDFKVKDUHKROGHU
0RGLHGRSLQLRQVLQ$XGLW5HSRUW7KH&RPSDQ\KDVXQPRGLHGQDQFLDOVWDWHPHQWV
4 - Separate posts of Chairman and CEO
The position of Chairman and CEO is bifurcated in the Company. The Board is headed by an Independent non-Executive Chairman. Managing
Director and Group CEO is another position.
5 - Reporting of Internal Auditor - The Internal Auditor reports directly to the Audit Committee and attends the Audit Committee meetings
and interacts directly with the Audit Committee members.
;,, 0' *URXS&(2&)2&HUWLFDWLRQ
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GRQRWFRQWDLQDQ\XQWUXHVWDWHPHQWDQGWKHVHVWDWHPHQWVUHSUHVHQWDWUXHDQGIDLUYLHZRIWKH&RPSDQ\VDIIDLUV7KHVDLGFHUWLFDWHLVDQQH[HG
and forms part of the Annual Report.

DECLARATION REGARDING COMPLIANCE WITH THE CODE OF CONDUCT OF THE COMPANY BY THE BOARD MEMBERS AND SENIOR
MANAGEMENT PERSONNEL

To the Members of Mastek Limited

7KLVLVWRFRQUPWKDWWKH&RPSDQ\KDVDGRSWHG&RGHRI&RQGXFWIRUWKH%RDUGRI'LUHFWRUVDQG6HQLRU0DQDJHPHQW3HUVRQQHORIWKH&RPSDQ\ZKLFK
is available at www.mastek.com.

,GHFODUHWKDWWKH%RDUGRI'LUHFWRUVDQG6HQLRU0DQDJHPHQW3HUVRQQHOKDYHDIUPHGFRPSOLDQFHZLWKWKH&RGHRI&RQGXFWRIWKH&RPSDQ\

Place: Mumbai Sudhakar Ram

'DWH$SULO  Managing Director & Group CEO


CORPORATE GOVERNANCE REPORT 2015-16 (Contd.)

CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION

:H WKH XQGHUVLJQHG LQ RXU UHVSHFWLYH FDSDFLWLHV DV 0DQDJLQJ 'LUHFWRU  *URXS &(2 DQG &KLHI )LQDQFLDO 2IFHU RI 0DVWHN /LPLWHG  WKH
Company) to the best of our knowledge and belief, certify that :
 :HKDYHUHYLHZHGQDQFLDOVWDWHPHQWVDQGWKHFDVKRZVWDWHPHQWIRUWKHQDQFLDO\HDUHQGHG0DUFKDQGWKDWWRWKHEHVWRI
our knowledge and belief, we state that:
a) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be
misleading;
b) these statements together present, a true and fair view of the Companys affairs and are in compliance with existing accounting
standards, laws and regulations.
2) We further state that to the best of our knowledge and belief, there are no transactions entered into by the Company during the year
which are fraudulent, illegal or which violate the Companys code of conduct.
 :HKHUHE\GHFODUHWKDWDOO%RDUG0HPEHUVDQG6HQLRU0DQDJHULDO3HUVRQQHOKDYHFRQUPHGFRPSOLDQFHZLWKWKH&RGHRI&RQGXFWDV
adopted by the Company.
 :HDUHUHVSRQVLEOHIRUHVWDEOLVKLQJDQGPDLQWDLQLQJLQWHUQDOFRQWUROVIRUQDQFLDOUHSRUWLQJDQGWKDWZHKDYHHYDOXDWHGWKHHIIHFWLYHQHVV
RILQWHUQDOFRQWUROV\VWHPVRIWKH&RPSDQ\SHUWDLQLQJWRQDQFLDOUHSRUWLQJRIWKH&RPSDQ\DQGKDYHGLVFORVHGWRWKH$XGLWRUV
DQGWKH$XGLW&RPPLWWHHGHFLHQFLHVLQWKHGHVLJQRURSHUDWLRQRILQWHUQDOFRQWUROVLIDQ\RIZKLFKZHDUHDZDUHDQGWKHVWHSV
ZHKDYHWDNHQRUSURSRVHWRWDNHWRUHFWLI\WKHVHGHFLHQFLHV
5) We have indicated, based on our most recent evaluation, wherever applicable, to the Auditors and the Audit Committee:
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QDQFLDOVWDWHPHQWVDQG
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HPSOR\HHKDYLQJDVLJQLFDQWUROHLQWKH&RPSDQ\VLQWHUQDOFRQWUROV\VWHPRYHUQDQFLDOUHSRUWLQJ

Yours faithfully,

Sudhakar Ram Jamshed Jussawala

Managing Director & Group CEO &KLHI)LQDQFLDO2IFHU

'DWH $SULO
Place : Mumbai

CERTIFICATE ON CORPORATE GOVERNANCE

The Members

Mastek Limited,

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&ODXVHRIWKH/LVWLQJ$JUHHPHQW/LVWLQJ$JUHHPHQWRIWKH&RPSDQ\ZLWKWKHVWRFNH[FKDQJHVIRUWKHSHULRGVW$SULOWRWK1RYHPEHU
DQGDVSHUWKHUHOHYDQWSURYLVLRQVRI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV/LVWLQJ
5HJXODWLRQDVUHIHUUHGWRLQ5HJXODWLRQRIWKH/LVWLQJ5HJXODWLRQVIRUWKHSHULRGVW'HFHPEHUDQGVW0DUFK

The compliance of the conditions of Corporate Governance is the responsibility of the Management. My examination was limited to the procedure and
implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an
H[SUHVVLRQRIWKHRSLQLRQRQWKHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\

In my opinion, and to the best of my information and according to the explanations given to me, I certify that the Company has complied with the
conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement/Listing Regulations, as applicable.

,IXUWKHUVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHIFLHQF\RUHIIHFWLYHQHVVZLWKZKLFKWKH
Management has conducted the affairs of the Company.

)RUV. Sundaram & Co.

V. Sundaram
Place: Mumbai Practising Company Secretary
'DWH$SULO    &31R

 ANNUAL REPORT 2015-2016

CORPORATE SOCIAL RESPONSIBILITY

About Mastek Foundation: How the process went:-

0DVWHN)RXQGDWLRQLVWKH&65ZLQJRIWKHFRPSDQ\)RXQGHGLQWKH   Criteria of NGO evaluation
PLVVLRQRI0DVWHN)RXQGDWLRQLV,QIRUPHG*LYLQJ5HVSRQVLEOH5HFHLYLQJ
Inspiring our employees to contribute back to the community by, Budget-size
sensitizing them to the issues and needs of the community and engaging  )LQDQFLDODQGQRQQDQFLDO
them with the community through volunteering and giving opportunities.
7KH )RXQGDWLRQ DOVR VXSSRUWV 1*2V WR VFDOH DQG EXLOG WKHLU FDSDELOLWLHV Geographical location
WKURXJKRXUFRUHVNLOORI,7+HQFHWKH)RXQGDWLRQKDVWKUHHFOHDUO\GHQHG
activities: Engage, Build and Give.  4XDOLW\RIVHUYLFH
Engage:- Other funders/donors
Mastek envisions engaging employees with the communities and also to   6FRULQJRQEDVLVRIWKHLQIRUPDWLRQ
encourage them to contribute to the society. This year has been quite
active in terms of employee engagement. Heres a glimpse of the activities   6HOHFWLRQRI1*2RQEDVLVRIVFRUHV
of the entire year:
  ))LQWHUDFWLRQZLWK1*2V
1. Inspired 2015 (A soulful evening to save a life)
  9LVLWWR1*2V

6. Social Innovation lab workshop with NGO

This workshop was to
understanding NGOs IT needs.
This was the Initial step to
Project Deep Blue. Employees
especially Business Analyst were
Inspired 2015 was an annual fundraising event of Mastek
engaged to analyse the IT needs.
)RXQGDWLRQ7KURXJKWKLVHYHQWLWDLPHGWRUDLVHIXQGVIRUDOO
SDUWQHU1*2VRI0DVWHN)RXQGDWLRQ,WZDVWKHVHFRQGFRQVHFXWLYH
year. It was a musical event, where Playback singer- Sanjeevani
Bhelande performed and paid a tribute to the legend of Indian 7. Providing NGOs a marketplace
cinema- Gulzar.
0DVWHN )RXQGDWLRQ SURYLGHV
2. Blood Donation Camp market place for NGOs, letting
The blood donation camp was them put-up stalls at Mastek's
held in three locations, Mahape, RIFH SUHPLVHV 7KH VWDOOV
Pune and Seepz. Total no. of were set up for the occasion of
blood donors for this year was Rakhi and Diwali. Total 7 NGOs
 ,Q 0DKDSH   6HHS]  had put up stalls. Total sale
and Pune 37 employees donated was above `
blood.
8. Mastek Foundation Run, 2015
3. Engagement with Kotak Education Trust
Employees of Mastek got together to provide a full day orientation 7KH 0DVWHN )RXQGDWLRQ 5XQ
program to students from Kotak Education Trust on how does an 2015 was an annual fundraising
IT company operate. Here are a few glimpses. activity. It was held on November
01, 2015 at Kharghar. Total
SDUWLFLSDWLRQZDVDQ
of increase in participation from
last year and it was recognized
by Raigad Athletes Association.

9. Diwali celebration with Ashasadan

Girls from Ashasadan a
4. Tree plantation drive shelter home at Sandhurst
Employees joined together to build bands for storing water for the Road were invited to join
saplings/plants for dry season plants in the twin hills of Bhawle, our employees for Diwali
Bhiwandi. This activity was done in partnership with NGO- Hariyali. celebration on November
  7HDPV SRXUHG LQ
with gifts, food for the girls.
A two hour programme was
scheduled for the girls.

10. Employees involvement in recycling

The activity of recycling of old shoes was
FRQGXFWHG LQ WKH PRQWK RI 0DUFK 
5. Engaging to evaluate The activity was collecting old shoes from
Employees got together employees. The collection drive was conducted
WR HYDOXDWH  QRQSURW by Morrisons team in Mastek and by a senior
organizations. The evaluation executive from Majesco, Total collection:
ZDV WR GHFLGH QDQFLDO 0HQV
 VKRHV  SDLUV /DGLHV VKRHV 
partnership with the non- pairs, Kids' shoes: 70 pairs.
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CORPORATE SOCIAL RESPONSIBILITY (Contd.)

3. Progress with TARA Livelihood Academy

a. Training for Tara Livelihood Academy:-
11. Session on animal Abuse     .LFNRIIZLWK7/$PDQDJHPHQWRIWKHSURJUDP
Awareness session on animal     3KDVH7UDLQLQJFRPSOHWHGIRU7/$
abuse was conducted on April
    'HWDLOHG OLVWLQJ RI EXVLQHVV VFHQDULRV IRU
15, 2015 by NGO Thane SPCA.
testing phase.
This initiative and coordination
of session was undertaken by     7KHV\VWHPKDVJRQHOLYHVLQFH2FWREHU
Internal Champions. 12 animal 2015.
lovers attended the session.

12. Participation in Mumbai Marathon

Mastek employees are
participating in SCMM for the
past 10 consecutive years.
The theme for this year was 4. Progress with Sneha
to Save Water. Kherwadi Started with a mentorship activity with Sneha with the
Social Welfare Association objective to build IT capabilities for long run sustainability.
was our partner NGO. The completion of system review resulted in Sneha having
Build better understanding on the features and limitation of the
V\VWHP WKDW WKH\ KDYH LPSOHPHQWHG )ROORZLQJ DUH WKH
ITransformation results achieved for Sneha:-
Transforming NGOs through Information Technology:    %DVHG RQ WKH 6\VWHP $QDO\VLV  ,7 DXGLW
 7KLVXQLTXHLQLWLDWLYHRI0DVWHN)RXQGDWLRQKDVDIIHFWHGQXPHURXV Recommendation report provided, Sneha was able
lives both direct and indirectly. The sole objective of this initiative is to bag `&UIXQGLQJIURP)LGHOLW\
WREXLOGWKH,7LQIUDVWUXFWXUHRIQRQSURWRUJDQL]DWLRQV7KHQRQ    2XWOLQLQJWKH&HQWHUVFRQQHFWLYLW\WKURXJK931
SURWRUJDQL]DWLRQVZKLFKRWKHUZLVHPDNHDKXJHGLIIHUHQFHWRWKH
society by their innovative and committed actions get hampered    5HYLHZ RI %, WRROV VXFK DV 6DOHVIRUFH &RUSRUDWRU
by their inability to build a state-of-art Information Technology Power BI and Tableau for BI implementation.
Solution. The major reasons for such obstruction are, the inability 5. Progress with Mission for Vision:-
to access the technology and monetary issues. It might seem that
1*2VKDYHQDQFLDOFUXQFKEXWWKHDFWXDOVFHQDULRGRHVQWVD\VR a. Rollout of the CommCare based system within 1
If they lack in something then it is the perception and awareness. months time.
NGOs lack the foresight of the vast advantage IT is going to bring   E $ELOLW\WRFDSWXUHHOGGDWDHYHQZKHUHFRQQHFWLYLW\
in their activity. is not available.
 ,W LV KHUH WKH 0DVWHN )RXQGDWLRQ SLWFKHG LQ DQG PDGH D KXJH c. Real time Management Information available to
difference to the following organizations:- measure impact.
  0DJLF%XV,QGLD)RXQGDWLRQ
- Kherwadi Social Welfare Association (Yuva Parivartan)
- TARA Livelihood Academy
- Sneha
  0LVVLRQIRU9LVLRQ0)9
- MESCO.
1. Progress with Magic Bus

a. Complex operations
documented
b. Getting into the
testing Phase of
Products launch. 6. New Addition (MESCO)
F  GHYHORSPHQW
completion Sales force was
implemented for
2. Progress at KSWA the community,
a. Live release of the MIS System which helped in
management of over
b. Live of mailing server
10K Donors.
  F *ROLYHRIRILQHVWXGHQWVUHJLVWUDWLRQV\VWHP

 ANNUAL REPORT 2015-2016

CORPORATE SOCIAL RESPONSIBILITY (Contd.)

*LYH3DUWQHULQJZLWK1RQSURWRUJDQL]DWLRQV Mastek supported project:- Providing education, healthy environment

for healthy growth of children.
EDUCATION:-
VOCATIONAL TRAINING:-
Partnering with Touching Lives Welfare Trust:-
Partnering with Helpers of Handicapped, Kolhapur Helpers of Handicapped
7RXFKLQJ /LYHV VLQFH  LV D QRQSURW RUJDQL]DWLRQ GHGLFDWHG WR
Education, Empowerment and Enlightenment of children living in the
slums of Mumbai.
Mastek supported project: Supporting 17 children from our Transit
Program. The objective of project is to set up quality resource centres
(generally termed as Learning Centre & Community Centre) that allow
children to recover, discover and do what they realize for themselves and
for the world.
Impact: Improvement in English, Maths and Academic performance.
Enhancement of communication and inter-personal skills and development
of personality Development, Wellness and wholeness, Self-Esteem and
6HOI&RQGHQFH
Partnering with Aarambh, Navi Mumbai
Aarambh provides education, health care and skills training to children,
women and youth of migrant communities in the slums of Navi Mumbai.
It works through six slum-based community centers in Navi Mumbai and
YH UXUDO FHQWHUV LQ :DL 7DOXND RI 6DWDUD 'LVWULFW LQ 0DKDUDVKWUD 7KH
EHQHFLDULHVLQFOXGHFKLOGUHQZRPHQDQG\RXWK
Mastek supported project: - Education Our Path to Progress. Project
Objective is to empower the marginalized communities to access their
rights to education and health.
Impact:-
$ (QUROPHQWV  FKLOGUHQ ZHUH HQUROOHG LQ 4  4 LQWR UHJXODU
schools. 11 Child labour were removed from work and enrolled into
schools.
% 1XPEHURISUHVFKRROFODVVHVZHUHLQFUHDVHGIURPWRLQRUGHU
to take in many more children. Provide regular health care services
for children of the community
was formed by Naseema Hurzuk, who herself became a victim of paraplegia
DWWKHDJHRI,WSURYLGHVDOOURXQGGHYHORSPHQWWRSHRSOHZLWKPXOWLSOH
GLVDELOLWLHV7RWDOEHQHFLDULHVGLVDEOHGSHRSOH
Mastek supported project: Sponsorship of 12 disabled students, for
their education, corrective surgery, etc.
Impact:-
1. The physically challenged students would become healthier due to
accommodation in a healthier environment and attention to their
nutritious diet and medical needs. Their mobility would increase
due to corrective surgeries and provision of appliances like calipers
and wheel chairs, walkers, crutches, etc.
2. The physically challenged students would overcome their inferiority
complex by studying in an integrated school / college. This will
HQDEOHWKHPWREHFRPHVHOIFRQGHQWDQGLQWHJUDWHLQWKHVRFLHW\
which is largely able bodied.
3. The physically challenged students would get school and college
education. This will enable them to handle their own affairs and to
get suitable employment, thereby becoming productive members
of the society.
Partnering with Sangopita, Badlapur
Sangopita is a registered NGO working for the children with multiple
disabilities, including cerebral palsy, autism and other physical disabilities.
It offers full-time residential care.
Mastek supported project: - Sponsoring the 7 teacher/trainers salary
IRUWKH)<7KHREMHFWLYHRIWKHSURMHFWLVWRWUDLQDQGWHDFKWKH
differently abled children in their routine work and try to make them self-
depend and to give them right to live a life with dignity.

& ([WUD VWXG\ FODVVHV ZHUH VWDUWHG IRU  FKLOGUHQ WR HQVXUH WKDW Impact:-
they did not drop out due to inability to cope with studies  %XLOGLQJVHOIFRQGHQFHRIWKHFKLOGUHQ
Partnering with Rays of Hope, Navi Mumbai 2. Give a satisfactory result to the parents
Project ASHALAYA (House of HOPE) Childrens Home is an action plan. 3. Spread awareness of our cause
These are in small units of a family based environment, where the children
DUHQRWRQO\IHGDQGSURYLGHGZLWKVKHOWHUEXWDOVRQGD+RPHRIWKHLU Partnering with Help Youth Trust
RZQ ZKHUH WKH\ DUH FDUHG IRU ORYHG DQG UHIRUPHG ZKHUH WKH\ QG +HOS <RXWK 7UXVW LV D QRQSURW
PHDQLQJIRUOLIHDQG+23(IRUWKHLUIXWXUH&XUUHQWO\EHQHFLDULHVDUH organization established in the year
provided with shelter and other facilities. 2010, Millions of youth in India in the
DJH JURXS  WR  \HDUV VXIIHU IURP
Mastek supported project:- Ashalaya Children Home. The objective
locomotors disability (ortho handicapped).
of the project is to attain Child Welfare by providing them their basic The disability may range from polio
necessities and help them to pursue their education! affected legs; amputate hands / legs or
Impact: - even spinal affecting mobility.

1. All the basic necessities are met for a safer & caring home for Mastek supported project: - Mobile phone repair training. The
children.
objective of the program is to impart training on mobile phone repair to
2. Reducing percentage of health issues, children look healthy. ortho disabled youth to make them improve their Livelihoods.

3. Improvement in educational/cognitive area. Impact

Partnering with SOS Childrens Village 1. 50 Students enrolled

SOS Childrens Villages of India is an independent, non-governmental, 2. 50 Students Undertook training

social development organisation that provides family-based care for
parentless or abandoned children in India. The organization is over 50
years old in India and it advocates the concerns, rights and needs of
children in need of care and protection.
 SODFHGVHOI(PSOR\HG
PREVENTIVE HEALTH CARE AND ERADICATING MALNUTRITION
Partnering with Mahan Trust, Melghat Amravati district Mahan Trust
RSHUDWHV LQ WKH GLIFXOW WHUUDLQ RI 0HOJKDW LQ $PUDYDWL GLVWULFW LQ

 ANNUAL REPORT 2015-2016

CORPORATE SOCIAL RESPONSIBILITY (Contd.)

Maharashtra. The NGO was started by Dr. Ashish Satav and his wife  $FWLYLW\'HPR)DUPGHPRIDUPVRIDFUHZLOOEHHVWDEOLVKHG
Dr. Kavita Satav to meet health and nutrition needs of the tribal population
ANIMAL WELFARE:-
RIWKHDUHD7RWDOEHQHFLDULHVODNK
Mastek supported project: MAHAN Mahatma Gandhi Tribal Hospital. The Partnering with SPCA Thane
objective project is:- Thane SPCA runs the only animal hospital in the district. It aims to provide
1. To improve health status of poor tribals of Melghat. equal treatment for all species.
Mastek supported project-: Providing specialty surgery to street
2. To reduce deaths of tribals.
animals.
3. To reduce malnutrition.
Impact:
 7RSUHYHQWEOLQGQHVVDQGLPSURYHYLVLRQRISRRUWULEDO
 VWUHHWDQLPDOVVSHFLDOO\GRJVUHFHLYHGVSHFLDOL]HGRSHUDWLRQV
5. Provide Emergency medical care to serious patients, etc. Partnering with P.A.W.S
Impact 3$:6ZDVIRXQGHGLQE\$QXUDGKD5DPDVDZP\ 1LOHVK%KDQDJH 
RIFLDOO\UHJLVWHUHGLQ6WDUWLQJRQPHGLFDWLQJLQMXUHGVWUD\DQLPDOV
 3DWLHQWVWUHDWHG
on bike till starting own animal hospital at Murbad.
2. 3000 patients treated for blindness and other diseases.
Mastek supported project: -
3. More than 150 malnourished children were treated. Providing of ambulance for treatment
of street animals.
Partnering with Prasad Chikitsa, Wada District
Impact:-  DQLPDOV UHVFXHG E\
Prasad Chikitsas initiatives include programmes of sustainable community the ambulance
and village development, healthcare, education and nutrition among
children, women empowerment etc. It operates in the villages of
0DKDUDVKWUD7RWDOEHQHFLDULHVPRUHWKDQ
WOMEN EMPOWERMENT
Mastek supported project: Awareness through AV aid. Objective of the
Partnering with Aasara
project is to empower the community with the knowledge to resolve social,
cultural and medical issues. $DVDUDPHDQVVXSSRUWDVKHOWHUDKRPH7KLVVXSSRUWPHHWVWKHQHHG
of children to have a home, family support and basic quality of life. Aasara
Impact:-
strives to provide these rights to street children until they are reunited with
1. Increase in knowledge of the community on the issues their families or re-integrated in society.

2. Increase in utilization of the services Mastek supported project: Supporting the establishment of Suraksha,
DQRSHQVKHOWHUKRPHIRUJLUOVLQ1HUDO
3. Decrease in disease related morbidity and mortality
Impact:
Partnering with Think Foundation, Mumbai
 7KHVKHOWHUKRPHSURYLGHVWKHFKLOGUHQDSURWHFWHGHQYLURQPHQW
7KLQN)RXQGDWLRQLVDQRWIRUSURWRUJDQL]DWLRQUHJLVWHUHGXQGHU6HFWLRQ
 7KHQXWULWLRQDOQHHGVRIWKHJLUOVDUHWDNHQFDUHRI
  RI WKH &RPSDQLHV $FW  DQG LQFRUSRUDWHG RQ -DQXDU\ 
 ,WV ZRUN IRFXVHV LQ LPSURYLQJ WKH TXDOLW\ RI OLIH RI WKDODVVHPLD
patients, prevention of thalassemia, ensuring availability of blood and its
components to all patients.
Mastek supported project: Supporting the Thalassemia Prevention
programme and organizing blood donation drives at Mastek.
Impact:
 \RXQJVWHUVVFUHHQHGIRUWKDODVVHPLD
Partnering with Action Northeast Trust
6WDUWHG LQ 2FWREHU  WKH $17 LV D  \HDU ROG RUJDQL]DWLRQ EDVHG
in Rowmari in Lower Assam. It works directly in over 250 villages for
furthering the pace of development in the areas mainly falling under
Chirang District of Bodoland in Lower Assam (around 170 km from
Guwahati, the capital of Assam).
Mastek supported project:- Improving Nutrition and Income in
)RRWKLOOV RI %KXWDQ LQ $VVDP 7KH REMHFWLYH RI WKH SURJUDPPH LV WR
improve nutritional status and also provide supplementary income to 170
KRXVHKROGVZLWKDSSUR[LPDWHO\SRSXODWLRQLQWKH.XNOXQJ)RUHVWDUHDV
on the Bhutan border of Chirang District.
Impact:-
1. Activity 1: Promoting 120 Kitchen Gardens
 $FWLYLW\3URPRWLQJ+RUWLFXOWXUH)DUPV
 ANNUAL REPORT 2015-2016
 7KHJLUOVDUHSURYLGHGZLWKTXDOLW\HGXFDWLRQ
PROJECT DEEP BLUE A Mastek Initiative
6LQFHLWVLQFHSWLRQLQ0DVWHNKDVEHHQKRPHWR
change-makers and forward-thinkers who challenge
the status quo. In this spirit, the Deep Blue Project
is created to encourage/develop these qualities
DPRQJEXGGLQJWHFKQRORJLVWV'HHS%OXHVLJQLHVWKH
willingness to dive into the problem, the determination
to get to the bottom of the issue and the drive to
QG D VROXWLRQ ,W DOOXGHV WR GHHS LQWHQVH SURIRXQG
intellectual thoughts.
Project Deep Blue is for passionate youngsters who have the willingness
to use technology to create a difference. Deep blue provides this platform
to create an impact to better life.
3URMHFW 'HHS %OXH ZDV DJ RII RQ -DQXDU\   DW WKH .- 6RPDL\D
Institute of Engineering and Information Technology.
 0DVWHNZDVDEOHWRPDNHLWVSUHVHQFH
IHOW LQ  FROOHJHV RI 0XPEDL WKURXJK
Project Deep Blue Program
 7HDPV5HJLVWHUHGIRUWKH3URJUDP
  7HDPV SDUWLFLSDWHG E\ FRPSOHWLQJ
the Screening for submission
formalities
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  0HQWRUV FRQUPHG UHJLVWUDWLRQ IRU WDNLQJ XS D WHDP IRU   $OPRVWRIWKHWHDPVZRUNHGZLWKGHGLFDWLRQ
Mentoring across grade from 5 to 12.   'HPRQVWUDWLRQRILQQRYDWLYHZRUNLQJVROXWLRQV
Screening of the Contestants
Colleges Total no. of
teams

'-6DQJKYL&ROOHJH2I(QJLQHHULQJ 13

Datta Meghe College of Engineering 11

)U&RQFHLFDR5RGULJXHV&ROOHJHRI(QJLQHHULQJ 1
)U$JQHO%DQGUD:
Grand Finale
NMIMS Mukesh Patel School of Technology 3
Management and Engineering, Mumbai

Vivekanand Education Societys College of Arts, 3

Science & Commerce

9-7,0DWXQJD0XPEDL 11

.-6RPDL\D,QVWLWXWHRI(QJLQHHULQJDQG 
Information Technology

Sardar Patel Institute of Technology 1

Grand Total 

 $SULOZDVWKH*UDQG)LQDOHGD\RI3URMHFW'HHS%OXHDQG
ZDVKHOGDW.-6RPDL\D&ROOHJHRI(QJLQHHULQJ7KH3URMHFW'HHS
Blue had the following objectives:-

 5H&UHDWH%UDQG0DVWHN
 ,QFXOFDWH GHHSHU WKLQNLQJ
within the students
 *LYH EDFN WR WKH VRFLHW\
through innovation
 3ODWIRUP IRU WKH 0DVWHNHHUV
to build their mentorship and
leadership skills Progress on
Project Deep Blue
  7HDPVFORVHO\FRQWHVWHGLQWKHFRPSHWLWLRQ
  PRQWKVRILQWHQVHSUHSDUDWLRQ
  $FWLYHLQYROYHPHQWRI0HQWRUV

150
PEOPLE PRACTICES

Moving away from traditional appraisal process to a peer feedback process

8QGHU0DVWHNVLQFHWHDPVZHUHDFFRXQWDEOHIRUUHVXOWVWHDPDSSUDLVDOVEHFDPHDVLPSRUWDQWDVLQGLYLGXDODSSUDLVDOV0DVWHN
HQYLVDJHVDSHHUDSSUDLVDOSURFHVVWKDWLVIDFLOLWDWHGE\WKHWHDPDQGWKHRXWSHUIRUPHUVKRUWOLVWHGE\WKHWHDPLWVHOIDIWHU
a feedback session. This is unlike the past approach having a manager single handedly assess every individuals performance.

One of the core principles While every Mastekeer is expected to be an A performer, we also expect every Mastekeer to stretch
outside their comfort zone and play to their true potential. Mastekeers, who manage to achieve new levels of performance,
XQOHDVKLQJWKHLUKLGGHQFDSDELOLWLHVZLOOEHLGHQWLHGE\WKHLURZQSHHUVDQGDFNQRZOHGJHGIRUWKHLUFRQWULEXWLRQVDV$

Strengthening our Culture of Recognition

Every Mastekeer is valuable and we, at Mastek believe that performance needs to be appreciated and encouraged. The rewards
and recognition program at Mastek had been largely administered in a top down fashion, with individuals and teams being
recognized quarterly or annually.

,QWKHVSLULWRI0DVWHNWKHUHZDUGVZHUHPDGHPRUHWLPHO\DQGWKHGHFLVLRQPDNLQJLVQRWRQO\ZLWKWKHVHQLRUWHDPPHPEHUV
but also with the teams at the lowest possible level. The teams felt more empowered to choose the rewarding individuals from
WKHLUUHVSHFWLYHWHDPVWKRXJKWRILQQRYDWLYHQDPHVDQGPHDQVWRQDOL]HRQWKHULJKWLQGLYLGXDO

Mastekeers United, an in-house sports team worked on various sports extravaganzas amidst high adrenaline with enthusiastic
participation and outstanding feedback through the year which executed a successful hat-trick cricket tournament (named Mastek
3UHPLHU/HDJXH03/,QGRRUVSRUWVDQG/$1JDPHVDQGD%DGPLQWRQWRXUQDPHQW7KLVJDYH0DVWHNHHUVDQRSSRUWXQLW\WR
ERQGRXWVLGHZRUNWKDWZLOOKHOSEHWWHUZRUNSODFHHIIHFWLYHQHVVDQGH[SDQGFLUFOHRILQXHQFH7KLVKHOSHGFUHDWHKLJKHUOHYHOV
of engagement and energy.

)XQ -R\)Q-KHOSHGDFKLHYHKLJKOHYHORIHQJDJHPHQWDFURVVORFDWLRQVDQGIDQWDVWLFIHHGEDFNRQYDULRXVHYHQWV0DVWHN

RIIVKRUHKDVH[SHULHQFHGKLJKOHYHORIHQHUJ\DQGHQWKXVLDVPZLWKIXOOHVWRISDUWLFLSDWLRQLQFHOHEUDWLRQVDQGFRPSHWLWLRQ)XQ 
-R\KDVKHOSHG0DVWHNHHUVQRWRQO\UHMXYHQDWHIURPWLPHWRWLPHEXWDOVRHQFRXUDJHVWDOHQWVRIDOONLQGV+LJKOLJKWVRIWKH\HDU
have been Diwali Celebrations, Children's Day, Christmas, Navratri & Women's Day celebrations- to name a few.

&RPSHQVDWLRQ %HQHWVDQG+52SHUDWLRQV

Compensation being an important element in the overall engagement of every employee, HR has ensured that the annual global
UHYLVLRQV IRU  ZHUH YHU\ VXFFHVVIXOO\ H[HFXWHG E\ UHOHDVLQJ WKH LQFUHPHQWV LQ OLQH ZLWK WKH DYHUDJH LQGXVWU\ WUHQGV
$ORQJVLGHWKHYDULDEOHSD\HQWLWOHPHQWV)<ZHUHDOVRUHOHDVHGDVSHUFRPPLWWHGWLPHOLQH

Strengthened the awareness of Whistle Blower Mechanism within our Code of Business Conduct & Ethics Policy. Ensured that all
new joinees into Mastek completed the online test and that creates the awareness amongst employees with respect to the policy
RQ6H[XDO+DUDVVPHQWDWZRUNSODFH

$OO H[LVWLQJ +5 SROLFLHV UHODWHG WR HPSOR\HH ZHOIDUH DQG EHQHWV FRQWLQXH WR EH UHYLHZHG RQ D SHULRGLF EDVLV DQG FKDQJHV
wherever required, are incorporated.

151 ANNUAL REPORT 2015-2016

PEOPLE PRACTICES (Contd.)

Learning & Development@Mastek

/HDUQLQJ DQG 'HYHORSPHQW -RXUQH\ DW 0DVWHN FRQWLQXHV WR EH H[FLWLQJ ZLWK WKH DFWLYH VXSSRUW RI YDULRXV SUDFWLWLRQHUV DQG
Centers of Excellence. Continuous inputs and recommendations from business and involvement of Mastekeers in initiatives like
You Decide Your Training Calendar enabled us coming up with lots of relevant offerings like Life Ray, SSIS, CRM, Mobility, just
to name a few. A range of approaches including formal training, in-house seminars, knowledge sharing, on the job learning,
conferences and workshops were organized towards building Technological and Domain skills.

To list a few of the capability building updates this year

- Roll out various workshops on Mobile App Development to give an experience of developing cross platform mobile
app to Mastekeers at all levels.

 0RELOH$XWRPDWLRQ)UDPHZRUNGHYHORSHGEDVHGRQ$SSLXP

 )RFXVHGSURJUDPVRQ%LJ'DWDDQG&50WHFKQRORJLHV

- Microsoft Cloud Tech Day to give a good glimpse around power of Azure Cloud to Mastekeers.

- Multi Skill Talent Classroom Hands on Program at UK.

  *RRG IRFXV RQ &HUWLFDWLRQ ZLWK DOPRVW  7HVWHUV FHUWLHG LQ DXWRPDWLRQ WRROV OLNH 6HOHQLXP RU 473 
6HUYLFH0DQDJHPHQW3URIHVVLRQDOV,7,/)RXQGDWLRQFHUWLHGDQGIHZRIWKHPYHQWXUHGLQWRQH[WOHYHO0DVWHNHHUV
DOVRRSWHGIRUFHUWLFDWLRQVLQDUHDVOLNH3URMHFW0DQDJHPHQW7RJDI&%$3HWF

- Enhanced participations by Mastekeers in various industry events like World Testing Conference, Agile World, Hack-a
thon, Digithon to name a few.

  7KHPHEDVHGLQLWLDWLYH*/2:RIIHUHGSURJUDPVRQ)URQWHQGWHFKQRORJLHVDWRQVLWHRIIVKRUHORFDWLRQV

- Various training programs and events were organized to raise further awareness around Agility as a way of life
and to make agile behavior happen on the ground. This year we also hosted Agile Meet-UP jointly with ISEC (India
6FUXP(QWKXVLDVWV&RPPXQLW\7KH0HHW83KDGWKRXJKWSURYRNLQJ IXQOOHGVHVVLRQVIDFLOLWDWHGE\VHDVRQHG
Agile Coaches from Industry. There was an overwhelming response from Agile enthusiasts of 12+ IT and Non IT
organizations.

 6SHDNHUV&DIpWRHQKDQFHDELOLW\WRVSHDN EXLOGYRFDEXODU\LPSURYHJUDPPDUDQGERRVWWKHFRQGHQFHRIWKH
participants through variety of fun activities and exercises.

All of this has been successful in instilling and enhancing skills and inculcating the desire to learn more. We are now poised to
move into a future where we will continue to strive to build a culture of empowered teams and learning organization.

152
SUSTAINABILITY REPORT

Sustainability Initiatives

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ZKHQ0DVWHNLQWURGXFHGVXVWDLQDELOLW\LQLWLDWLYHVLQWKHRUJDQL]DWLRQVHYHUDOVKRUWWHUPDQGORQJWHUPPHDVXUHVKDYH
EHHQWDNHQWRUHGXFHWKHFDUERQIRRWSULQWDQGUHDIUPRXUFRPPLWPHQWWRZDUGVHQYLURQPHQWKHDOWKDQGVDIHW\

Environment Management System

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VWDQGDUGIRU(QYLURQPHQW0DQDJHPHQW6\VWHPLQ)HEUXDU\:HKDYHVXFFHVVIXOO\FOHDUHGWKHVHFRQGVXUYHLOODQFHDXGLW
FRQGXFWHG E\ 'HW 1RUVN 9HULWDV '19 LQ 'HFHPEHU   ,Q  ZH SODQ WR LPSOHPHQW WKH XSJUDGHG YHUVLRQ RI ,62
DQGUHQHZRXUFHUWLFDWLRQ

Health & Safety

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Sustainability Reporting

A long term Sustainability Roadmap has been prepared by which Mastek plans to report voluntarily the initiatives in sustainability
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for the preparation of this sustainability report. After identifying the gaps, the new policies and procedures will be implemented
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Reduction in Power Consumption

Energy costs account for a major portion of the total facility expenses. Over the last few years, we have taken several measures
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switching on and off of the air conditioning system, etc. have resulted in savings in energy consumption.

153 ANNUAL REPORT 2015-2016

 NOTES


 NOTES

155 ANNUAL REPORT 2015-2016

 NOTES


 NOTES

157 ANNUAL REPORT 2015-2016

 NOTES


MASTEK LIMITED PROXY FORM
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Email: investor_grievances@mastek.com; Website: www.mastek.com; Phone: Fax: 
Name of the member (s) :

Registered Address :
E-mail id :
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I / We being the members(s) holding ........................... shares of the above named Company hereby appoint:

(1) Name: ............................................... Address: ............................................ Email Id: .............................................

Signature: ............................................. or failing him;
(2) Name: ............................................... Address: ............................................ Email Id: .............................................
Signature: ............................................. or failing him;
(3) Name: ............................................... Address: ............................................ Email Id: .............................................
Signature: .............................................

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to be held on Monday, July 25, 2016 at 11.00 a.m at Ahmedabad Management Association, H.T. Parekh Hall, AMA Complex,
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indicated below:

Resolution No. Resolutions Vote/s given

Ordinary Business: )RU Against
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3. Re-Appointment of Mr. Ashank Desai, who retires by rotation and being eligible,
offers himself for re-appointment.
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Special Business: Special Resolution

5. Adoption of new set of Articles of Association in lieu of existing Articles of Association
due to changes necessitated by Companies Act, 2013

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Signature of shareholder........... Revenue ...........
Signature of Proxy Holder(s) Stamp

Notes:
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less than 48 hours before the commencement of the meeting.
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3. It is optional to put number of votes in the appropriate column against the Resolutions indicated in the Box, so that the Proxy should
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manner as he/she thinks appropriate. Please note that the total number of votes given cannot exceed the number of shares held for each
and every resolution.
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.
 INDIA

MUMBAI MASTEK LIMITED AHMEDABAD

MASTEK LIMITED
#106, SDFIV,
Seepz, Andheri(East),
Mumbai - 400 096
Tel: +91 22 6695 2222 / 2824 7999
Fax: +91 22 6695 1331
Mastek Millennium Centre MASTEK LIMITED
Millenium Business Park, Mahape, TTC, Off 804/805, President House,
Thane Belapur Road Opp. C.N. Vidyalaya,
Navi Mumbai 400 710 Near Ambawadi Circle,
Tel: +91 22 2778 1272 / 6791 4646 Ahmedabad 380 006
Fax: +91 22 2778 1332 Tel: +91 79 2656 4337

MASTEK LIMITED MASTEK LIMITED CHENNAI

# IT 7/8, SDF VII,
Seepz, Andheri (East),
Mumbai - 400 096
Tel: +91 22 6695 2222 / 2824 7999
Fax: +91 22 6695 1334
A/303 Sector 1 MASTEK LIMITED
Millenium Business Park, Mahape, Mahindra World City,
Navi Mumbai - 400 710 Plot No. TP 5, 4th Avenue,
Tel: +91 22 6791 4545 / 4646 Nathan Sub (PO), Chengalpet,
Fax: +91 22 2778 1332 Tamil Nadu 603 002
Tel: +91 44 6747 4724

MASTEK LIMITED PUNE DELHI

# IT 5/6, SDF VII,
Seepz, Andheri (East),
Mumbai - 400 096
Tel: +91 22 6695 2222 / 2824 7999
Fax: +91 22 6695 1333
MASTEK LIMITED MASTEK LIMITED
%%QGRRU 315, World Trade Centre
Kumar Cerebrum, Kalyani Nagar, Barakhamba Avenue,
Pune - 411 014 Connaught Place
Tel: +91 20 6607 2000 New Delhi - 110 001
Fax: +91 20 6607 2003 Tel: +91 11 4368 0404 / 0303
Fax: +91 11 4368 0303

MASTEK LIMITED
# 183, SDF VI, Seepz,
Andheri (East),
Mumbai - 400 096
Tel: +91 22 6695 2222/2824 7999
Fax: +91 22 6695 1332

INTERNATIONAL

Mastek (UK) Ltd Mastek (UK) Ltd IndigoBlue Consulting Ltd

Pennant House, 2 Napier Court 4th Floor, 36 Park Row 3 - 4 a Little Portland Street
Napier Road Leeds London
Reading LS1 5JL W1W 7JB
RG1 8BW

Digility Inc.
685, Route 202/206
Bridgewater
New Jersey, 08807
USA
United Kingdom K
India Mastek Limited
#106, SDFIV,
SEEPZ, Andheri(East),
Mumbai - 400 096,
India