polaris investor presentation - polaris software is the world's

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INVESTOR PRESENTATION

How did we get here?POLARIS Software Lab Incorporated

Orbitech MergerCAGR of over 22.3% for the last 6 years1993200220061999

Listed on major stock exchangesMajor transformation1999 Key statisticsRevenues $14mnHeadcount 8852006 Key statisticsRevenues $187mnHeadcount 6092

Polaris TodayBusinessGlobal presenceCustomer profileGlobal Solutions Specialist with a dedicated focus on the Banking, Financial Services and Insurance vertical20 years of experience in BFSI Banking, Financial Services & InsuranceOver 2,500 projects and 28,000 person years of experience Global Delivery Capabilities(10 development centers) 22 relationship offices across 14 countries16 Business Solution CentersEmployeesFinancials6000+ associates

FY 06 Revenues:$187mn EBITDA:$17.4 mnZero debt, Large Cash ReservesFocused on Long-Term Customer Relationships(Repeat business of over 86%)2nd longest single relationship with global customers (20 years)

Organization structureBoard of DirectorsBusiness Leadership CouncilSalesCustomerCorporate functionsMarketingQuality & Process management

Polaris positioning

Proven point solutions leveraging innovative processes and technology that have been delivered cost effectively and provided significant business benefits in terms of risk mitigation, TCO and time to market.Application management services to maintain, reengineer, aggregate and.upgrade portfolios of custom applications cost-effectively, by leveraging Polaris continuously replenished warehouse of intellectual propertyCalibrated modernization of existing legacy platforms in a non-disruptive manner byway of deployment of innovative (SmartBuild) solutions that are SOA compliant and backward compatible.Provider of Smart Legacy Modernization services to the worlds leading banks and financial institutions

Polaris Business model: 100-5-7100 RelationshipsBuild a few (but more than a handful) long-term relationships5 Values to be delivered to the customer

CostQualityReliabilityFlexibilityTime to marketUsing the 7 Levers

Technology KnowledgeDomain KnowledgeCustomer Environment KnowledgeProcessMethods and ToolsReusable componentsEnergy and Passion of People

On our way to a global BFSI playerC O M P E T E N C I E SC A P A B I L I T I E SCOMPREHENSIVE OFFERINGS PORTFOLIOProductsSolutionsFixed Bid ProjectsBusiness ProcessesStrategic OutsourcingBUILDING & GROWING STRATEGIC PARTNERSHIPSProductsSolutionsFixed Bid ProjectsBusiness ProcessesCOMPREHENSIVE OFFERINGS PORTFOLIOR E S O U R C E S

Polaris Business Mix

Banking, Financial Services & Insurance SectorsRun-the-Bank OfferingsChange-the-Bank OfferingsHorizontal PracticesOperate-the-Bank Offerings


Banking, Financial Services & Insurance SectorsChange-the-Bank OfferingsHorizontal PracticesOperate-the-Bank OfferingsGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframe


Banking, Financial Services & Insurance SectorsHorizontal PracticesOperate-the-Bank OfferingsGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframeMCISLM for Credit CardsHome Lending OriginationsBranch RenewalInternet bankingSTP LendingFront end Integrationusing workflow and portalClient service Platformsfor Private BanksSLM Custodial solutionsLiquidity Sweeping & PoolingCorporate OnlineTreasury MM/FXGlobal roll OutTechPort GlobalDashboards andAnalyticsImaging and Workflowwith ERP


Banking, Financial Services & Insurance SectorsHorizontal PracticesGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframeMCISLM for Credit CardsHome Lending OriginationsBranch RenewalInternet bankingSTP LendingFront end Integrationusing workflow and portalClient service Platformsfor Private BanksSLM Custodial solutionsLiquidity Sweeping & PoolingCorporate OnlineTreasury MM/FXGlobal roll OutHosted ServicesTransaction ProcessingVoice Based Services


Banking, Financial Services & Insurance SectorsGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframeMCISLM for Credit CardsHome Lending OriginationsBranch RenewalInternet bankingSTP LendingFront end Integrationusing workflow and portalClient service Platformsfor Private BanksSLM Custodial solutionsLiquidity Sweeping & PoolingCorporate OnlineTreasury MM/FXGlobal roll OutHosted ServicesTransaction ProcessingVoice Based ServicesSiebel, BI/DW, Linux, Rational, PACE, Portals, dotNET, Imaging & Workflow, Infrastructural Management, Professional Services

Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesPolaris has been able to deliver reliable solutions in more than 150 countries over the past 20 years because of its strong domain expertise, proven delivery capabilities, tools and processes72 country Risk Management solution60 country Trade Finance solution23 country Treasury solution32 country Cash Management Solution3 continent ATM solutionsMulti-currency, multi-lingual, multi-entity

Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesSpeed to Market through knowledge reuse of 750+ domain experts involved in developing BFSI solutions over the last 19 yearsReuse of use cases and test scripts for multiple banking business processesSpeed to Market using SMARTBUILD; through Component reuse of 56 Modular GeneS designed for Universal Banking needsDelivered a Working Capital Management solution for a large Asian bank in 6 months reusing Polaris Payments, Optimization and reconciliation GeneSImplementation of Fund transfer, Relationship, ATM, Funds Loans and Swift modules in the core banking infrastructure of large Japanese Bank resulted in 4 calendar years savings

Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesPolaris ENTITY model and Domain Expertise have resulted in reduced total cost of ownership Multi-vendor and Virtual delivery model in the development of end to end retail banking solutions resulted in savings of $50 MM over a period of 5 years for a large Japanese BankGlobal Support of ATM solutions through the onsite and offshore model have resulted in savings of $50 MM for a large MNC BankOffshore Development and Support of Custody Solution have resulted in savings of $40 MM for a Global MNC

Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesPolaris has delivered market differentiating solutions to large global MNCs in the past 2 decades: First global Credit Cards solution in open architecture dramatically reduced processing costs (Smithsonian Award)Delivered market differentiating Automated Cash Management System in early 90s which was later implemented in 30 countriesImproved transaction throughput & customer service for the highly competitive and low margin Trade Finance business through global consolidation of platform and transaction processing Reduced technology cost per transaction by delivering the first global Core Banking solution in a distributed architectureFirst global Corporate Banking portal empowering users to transact rather than merely query

Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesLaser beam focus on various sub-verticals within the BFSI domain through internal alignment. This ensures an in-depth understanding of Industry practices, an awareness of Industry trends & an appreciation of Industry specific nuances:Consumer BankingCorporate BankingWealth ManagementBrokerage & SecuritiesInsurance

Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesStringent adherence to Quality standards such as ISO, CMM and Six Sigma Continuous process improvement and process streamlining to ensure resource optimizationEffective use of Tools to monitor and control processes providing transparencyInternal metrics and performance measures reviewed by top management on a monthly basisEscalation procedures and Change Control Board in place to effectively manage change and resolve issues

How did we acquire this capability?Single CustomerTurnaround time & Quality of delivery asKey Success Factors (KSF)

Single CustomerCo-author customer growth thru technology led innovation as KSF

Single CustomerCustomer relevant Competency additions,Domain Grasp asKSF

Multiple RelationshipsDomain Focus, Large Soln Delivery Precision,Customer need Sensitivity as KSFs

Multiple RelationshipsDomain expertiseCompetency Map WidthDelivery precisionas KSFs

Multiple RelationshipsDomain expertiseSolution SupermarketBuy, Build & Rapid Deploy as KSFs

1990199519841999200220 year history with CitibankCitigroup relationship stands at USD 105MM for FY05(single largest offshore solutions partner)Started as supplier to Citibank India retail business and today support solutions and services in more than 70 countries, 120 locations across all lines of business in the Citigroup world.Citigroup accumulated relationship of solutions worth over USD 1 Billion over the last decade

Quality process in PolarisFirst company in the world to be assessed at CMMi Level 5ISO 9001:2000 certified Independent Software Engineering Process GroupOver 700 Person years of Quality Engineering experience Largest pool of IFPUG Certified FP specialists (CFPS) amongst Indian CompaniesMature and uniform FP counting methodology across the organization ensuring uniform implementation 1991199519992001TQM PracticeSEI CMM Level 3 ISO 9001SEI CMMi Level 5 & ISO 9001 : 2000Polaris Quality Journey

Service offeringsApplication DevelopmentRe-engineeringMaintenanceSolution IntegrationGlobal DeploymentApplication CertificationBusiness ConsultingFront end TechnologyInternet TechnologyCustomer Relationship ManagementEnterprise Knowledge ManagementNetwork ManagementMainframeMiddleware TechnologyMobile TechnologyEnterprise Resource PlanningEnterprise Application IntegrationApplication CertificationData WarehousingBrokerage&Securities

Corporate

Banking

Insurance

Consumer

Banking

Wealth

Management

VerticalsHorizontals

Service Oriented ArchitectureService-Oriented Architecture is an IT and Business strategy that organizes the discrete functions contained in an enterprise applications into interoperable, standards-based services that can be combined and reused quickly to meet business needs.What is SOA?Business agility depends on the free flow of information, services and business processes across the organization. However this flow is stymied by the heterogeneous nature of the typical large enterprise. Multiple platforms (IBM, BEA, Microsoft, SAP, Oracle etc) and technologies (J2EE, .NET, Legacy, etc.) require IT to hard code the point to point connections, hampering the swift flow of information and slowing the delivery of new business services.

Service Oriented Architecture (SOA) has emerged as the leading IT strategy for streamlining service delivery. SOA takes the discrete business functions contained in enterprise applications and organizes them into interoperable, standards-based services that can be quickly be combined and reused in composite applications and processes.

The desire for Organizations to be service driven is creating a significant pull for IT to adopt SOA.Why SOA?

SOA gaining priority in the marketplace

SOA wave and Componentisation has been endorsed and adopted by many leading vendors and analystsSOA wave and componentization has been endorsed and adopted by many leading technology vendors . . . Software product companiesSoftware Services companies70% of CIOs plan to invest in SOA45% of banks have some SOA plans over the next year. 27% of banks are already adopting SOA, nearly 1/3 of them enterprise-wide. Companies are beginning to realize and articulate significant benefits from SOAYankee surveyIDFCsurveyInfoworld survey

SOA oppurtunityWhile most large banks have existing offshore relationships, degree of work offshored varies widely offering Polaris window of opportunityA new vendor like Polaris can enter our banks, if it has some specific business expertise, in new and growing areas such as derivativesVP, IT, Top tier, Wholesale bankThe biggest proof point for us is internal. If you have delivered something well then there is no reason why you cant get more businessVP, Vendor Management, Investment BankPer cent of total workforce relocatedNumber of FTEs relocated*1010,000Market shapersBuilding the platform20Ahead of the pack12,000Customers are open to giving vendor like Polaris a chance *Includes some BPO revenue in cases where it is not separately broken outSource: Press releases; company websites

Product offeringWhat are GeneS?Intellect Suite is designed and built with re-usable components called GeneS (Generalised Services).Several GeneS come together to form a product.Intellect Suite has over 56 GeneS in different combinations to develop a variety of banking solutions.Being functional-centric components, many GeneS are common across solutions.

Intellect SuiteTM is an enterprise platform that meets the needs of retail, private and corporate bankingDesigned using J2EE technologyOver 56 modular components or GeneS for 10 banking business linesSupports over 10 million customersDeveloped on contemporary technology (Open API standards) enabling easy integration with legacy systemsWeb-enabled, multi-currency and multi-lingual

APIs (Application Programming Interfaces)Intellect Suite Built on Component based Architecture

Intellect Suite-Underlying Genes

Smart Build value propositionaLendingCoreCustomerFeeCollateralGeneSSource CodeAccelerated BuildIntegrated best of BreedIntegratorWeb servicesSmartBuild Value proposition

Benefits of Smartbuild approachSmart Build advantageCustomizable solutionReusable solutionTested product processorService Oriented architectureStandard process flowsFaster time to marketReduced costReduced riskCompetitive advantage

Application Certification offering PACE ServicesTest process consultancy Quality Indexing Benchmarking Process Gap Analysis Process AlignmentTest automation Tools Selection Tools Scripting Performance AnalysisEnd to end testing Product testingProject testingIndependent Testing and Certification UnitVast experience in testing mission critical applications20% of the testing team are domain expertsTested and certified over 300 releases with many zero defect deliveries1500+ person years of testing experienceExpertise in Project and Product testingContinuous process improvement through Quantitative Project Management (QPM)Expertise in Test Automation toolsWinRunner, Test Director, Quick Test Professional (QTP), SilkTest, LoadRunner, OptimizeIT, Purify, JverifyPerformance MetricsDefect unearthing efficiency of 95%Test case efficiency of 80% PACE Expertise

Two pronged future strategyUse IP led solutions delivered as Smart Build as arrowheads to open new doorsTransform core ADM services into higher margin business by leveraging IPIntellectual Property Rights factory for Tier 1Products for Tier 2, 3MajorFocus disproportionately on top 100 banks in US and EuropeSmart-Build, SLM for Tier 1 Banks of Europe, NASelected products for Tier 2 Banks of ME, Latam, ASPACCardsLiquidityCollectOriginationLending

Strategy ImplementationEnsure current growth trajectory in IT services businessFocus on IP led solutions, leverage SOA in the marketing message and get internal orgn alignmentRealign organizational structure and key processes to createCustomer-back designEnd to end responsibilityEfficient operational platformRamp up to 10-15 of top 100 banks and deliver distinctive IP led solutions to establish a platform for growth within these accountsBuild partnerships with key players to leverage current componentization/SOA wave and gain market credibilityEnhance front end capabilities and key account management functionInduct IP driven approach in delivery of conventional service lines Enhance full service offerings with new service lines such as Linux migrations and niche package implementationAccelerate growth by firmly establishing IP driven off shoring approachTransform large accounts into AAA relationshipsDeliver enhanced profitability on account of client diversity, sharper expertise positioning and better operating platformStabilize and focusPenetrate top accounts with IP led positioningAccelerate growthTimingQ3-Q4 FY06FY07FY08 onwardsCritical initiativesKey corporate theme

Optimus-BPO offeringAims to fulfill emerging customer requirements for an integrated technology and operations offering using its expertise in the banking and financial services domainApplication,Development,Management & Support

Business Processing Feature customization/design Consultingcomplete spectrum of back office solutions.

Customer Interactions Services

Business Infrastructure Services

Complete Card SolutionsTransaction processingAsset ManagementCustodial servicesMortgage

A holistic offeringTechnologyProcess ExpertiseInfrastructurePolaris LineageIntegrated Technology and Operations

Leveraging Economics of Expertise

Some of our differentiatorsIncreased process efficienciesMinimized capital outlayAccess to latest technologyDecreased time to marketEnchanced customer satisfactionOptimus Integrated Outsourcing seeks to deliver much more than just cost savings

Optimus-The perfect partner for outsourcingComplete spectrum of back office solutions.

People Practices @ Polaris

Associate Statistics

Flat Hierarchy 6 levels to CEO6000 + Associates25% Female Associates: diversity critical20% onsite employees- US, UK, Singapore90% Qualified Professionals (Engineers, MBAs, MS etc)

Chart1

1384

2463

1438

475

285

Age Group Distribution

Sheet1

1389247314444772866069

0.22886801780.40748063930.23793046630.07859614430.0471247322

1383.50716757292463.22046465651438.2896688087475.1136925358284.8690064261

1384246314384752856045

Count of Category

CategoryTotal

20-251384

25-302463

30-351438

35-40475

40 Plus285

Grand Total6045

Sheet1

0

0

0

0

0

Age Group Distribution

Sheet2

Sheet3

Chart1

0.59

0.31

0.01

0.09

Education Profile

Sheet1

Graduates59%

Masters/ Post Graduates31%

Doctorates1%

Others9%

Sheet1

0

0

0

0

Education Profile

Sheet2

Sheet3

Talent Acquisition- Recruiting the bestFuel Campaign - Future Leaders Nationwide campaign to recruit the best domain experts in the country150 Domain Experts (BFSI) recruited over the last 2 years Tie-Up with Tier-1 B SchoolsTie Up with 6 out of Top Ten B Schools in India Day 0/Day 1 Slot at all Campuses we visit Tie- Up with top T Schools for fresh engineers All India Aptitude Test(Polaris Aptitude Test) followed by structured Assessment CentreRecruited 500 fresh engineers out of 1.5 lakh applications across the countryCross-national hiring to move towards a global organizationLocal hires in US, Japan, Germany & UK

Attrition Statistics

Voluntary Attrition %age of 16%-17% for FY 05-06Attrition at middle management level is much lower

Chart2

0.21768

0.30024

0.15464

0.09272

0.03472

Attrition Analysis (General)

Sheet1

0 to 1 yrs21.77%

1 to 2 yrs30.02%

2 to 4 yrs15.46%

4 to 6 yrs9.27%

More than 6yrs3.47%

Sheet1

0

0

0

0

0

Attrition Analysis (General)- YTD

Sheet2

Sheet3

Training & DevelopmentAll associate go through person-days of training every year Key focus on Project Management Certification & Leadership DevelopmentCertified Project Management is extended to a large part of the organizationAll Project Directors (PD) and Project Managers (PM) will have to spend 6 hrs of conducting training every month Onsite programs executed through Technology Mediated LearningTMAll Chief Executive Council members will have to spend total of at least 40 hours in a year in conducting training

Career Development

Sheet1

Role

Project Director

Responsibilities

Customer Satisfaction, Manage Multiple Project, People Management,

Role

Project Manager/ Sr. Project Manager

Responsibilities

Customer Interaction, Project Management, Resource Utilization,

Role

Project Lead/ Junior PM

Responsibilities

Module Development, Technical Lead and Micro Planning

Role

Developer

Responsibilities

Development and Coding

Career Progression

Assessment/ Coaching1). Quality ProcessProject Lead EssentialsProject ManagementProgram Management

2). Coding & ReviewLeading @ PolarisRequirements ManagementCustomer Relationship Management

3). Basic Domain TrainingRequirements Management

Leading @ Polaris

Sheet2

Sheet3

FINANCIALS

FinancialsBackgroundRevenue ProfileProfitability ProfileBalance SheetConclusions

Context Setting : Key Events impacting Financials Merger with Orbitech

Products Investments

Quest towards Differentiated Positioning

IP Led Growth Strategy

Transformation Agenda

The Market and Our Hybrid StrategyTwo Trends in the marketBanks under pressure to bring innovative products to market more quickly, to improve operational efficiency through continued process optimisation and to implement comprehensive regulatory compliance programsGrowing recognition of Service Oriented Architectures (SOA) as a viable approach to gradual and non-disruptive replacement of legacy systems Polaris transforming the application development and maintenance (ADM) business lines from a cost-arbitrage based resource augmentation model to a solution based value proposition through the use of a hybrid model of services combined with Intellectual Property (IP)

Early Adoption of our solutions by the MarketStrong references for our Lending suite covering the full spectrum of origination, loan processing and collections - in diverse markets of Japan, Germany, the US, India and the Middle EastInitial success with Cards in the local market in India has resulted in opening up of new markets for consumer finance in Latin AmericaAchieved a position of leadership with our Cash and Liquidity management offerings with leading banks in the UK market

Through:-Investments in IPsTotal Costs incurred for developing the products $ 36.90 Mn (3.5 years)

Part of the Product development costs were capitalized till Dec 04 $ 11.48 Mn

Total Costs charged to P&L till Dec 05 is $ 25.41 Mn

Had the accounting treatment not changed, the EBITDA would have been higher by $ 1.2 Mn per quarter 2% increase in EBITDA margins.

All these investments have helped Polaris inExpanding domain expertise & improving implementation capacity Hiring and training career bankers Aligning investment and roadmap plans with the market needsEngaging with Strategy consultants to validate market needs and product investment priorities Enhancing our Smart Build Solution capability SOAization of select GeneS Development of new GeneS such as BRE Improving product options, quality, capability, performance & user experience Benchmarking Adding new Product features Implementing Common Look and Feel and other architectural / design guidelines Testing and fine-tuning of products in different hardware and operating platform combinations Development of industry standard documentation (User manuals, implementation manuals, etc.)

All these investments have helped Polaris inImproving engineering quality and productivity Investing in third-party tools and development of in-house tools Developing product development disciplines such as customisation strategy, engineering golden rules and estimation methodology Instituting Quality processes such as defect free programming handbook and SOA handbook Helping us to expand user base Developing product collateral Setting up product demonstration infrastructure Marketing and Sales Investment Developing product branding

Revenue profileRevenue for FY06 was Rs 825 croreFY06 revenue break-upCAGR : 19.5%

Chart2

283

294

431

646

787

825

Revenue

Financial Year

Rs in Crores

Sheet1

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Sheet1

0

0

0

0

0

0

Revenue

Financial Year

Rs in Crores

Sheet2

Sheet3

Chart11

0.5820.418

0.60110.3989

Citi

Non Citi

Financial Year

%

Revenue Split

Chart1

0.5820.418

0.60110.3989

Citi

Non Citi

% of revenue

Financial Year

Revenue Split

Sheet1

Revenue Split - Citi Vs Non Citi

2005-062004-05

Citi58.2%60.1%

Non Citi41.8%39.9%

Debtors outstanding

2005-062004-05

Billed* 63* 70

Unbilled* 40* 40

Headcount at the end of the quarter

Q1Q2Q3Q4

Total Associate strength* 5,850* 5,89059546092

Manpower Utilisation

Q1Q2Q3Q4

Utilisation %76.0%77.1%72.8%70.0%

Sheet1

Billed

Unbilled

Financial Year

No. of days

DSO

Sheet2

Total Associate strength

2005-06 - Q1 to Q4

No. of associates

Sheet3

Utilisation %

2005-06 - Q1 to Q4

Utilisation %

Citi

Non Citi

Financial Year

%

Revenue Split

Chart1

0.213

0.2789

0.1106

0.3973

Europe27.89%

India11.06%

ASPAC21.32%

USA39.73%

Sheet1

Sheet1

55.87

59.51

88.32

140.47

174.96

186.75

Sheet2

0.213

0.2789

0.1106

0.3973

USA39.73%

ASPAC21.32%

India11.06%

Europe27.89%

Sheet3

Revenue Geo Mix 2005-06

Chart7

0.4290.2760.1050.19

0.4070.28450.1010.2075

0.37540.29720.1180.2094

0.38420.28530.11290.2176

US/North America

Europe

India

Asia Pacific & Japan

Sheet1

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 44* 45

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Working Capital$127.42$202.44$172.15$169.79

Cash & Cash equivalents$117.09$80.41$136.71$121.70

Net Block$182.91$201.13$216.26$237.63

Total$427.42$483.98$525.12$529.12

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Technology Assets78.1797.81113.7191.79

Other Physical Assets104.74103.31102.55145.84

Colelction

Q1Q2Q3Q4

Collection* 182* 189* 240* 210

Realisation Rates

Q1Q2Q3Q4

Onsite$57.25$57.40$57.60$57.50

Offshore$19.65$19.70$19.00$19.00

Q1Q2Q3Q4

US/North America42.90%40.70%37.54%38.42%

Europe27.60%28.45%29.72%28.53%

India10.50%10.10%11.80%11.29%

Asia Pacific & Japan19.00%20.75%20.94%21.76%

Sheet1

Revenue

Financial Year

Rs in Crores

Sheet2

SDE

SG&A

Quarter - FY 2005-06

Rs in Crores

Sheet3

111

#REF!

#REF!

#REF!

Financial Year

Rs in Crores

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital

Cash & Cash equivalents

Net Block

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

Technology Assets

Other Physical Assets

Year

Rs Crores

Technology Assets


Year

Rs Crores

Collection

2005-06

Rs Crores

Onsite

Offshore

2005-06

USD per hour

US/North America

Europe

India


100

Rs Lacs$ Mn

Conv rate$48.49$45.89$45.00$44.64

31-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-0331-Mar-0431-Mar-0531-Mar-06

Technology Assets781797811137110735Working Capital$127.42$202.44$172.15$169.79


Other Physical Assets10474103311025513027Net Block$182.91$201.13$216.26$237.63

Total18291201122162623762Total$427.42$483.98$525.12$529.12

9786.76

1584.24

1837

0.8624060969

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

As on 31.3.06

Total CostDepreciation / AmortisationNet Value

Land$1,303.18$1.60$1,301.58

Building$7,800.29$885.21$6,915.08

P&M( Incl Comp )$17,109.87$11,575.53$5,534.34

Electrical fittings$1,306.67$587.01$719.66

Furniture , Fittings and Office equipment$4,775.34$1,574.53$3,200.81

Vehicles (Refer Note 3)$605.07$401.61$203.46

$32,900.42$15,025.49$17,874.93

Software Products$5,508.78$1,863.93$3,644.85

Intellectual property rights$599.90$599.900.0

$6,108.68$2,463.83$3,644.85

Total Assets$39,009.10$17,489.32$21,519.78

In Rs Crores

As on 31.3.06


Tangible Assets

Land$13.03$0.02$13.02

Building$78.00$8.85$69.15

P&M( Incl Comp )$171.10$115.76$55.34

Electrical fittings$13.07$5.87$7.20

Furniture , Fittings and Office equipment$47.75$15.75$32.01


Total Tangible Assets$329.00$150.25$178.75

Intangible Assets

Software Products$55.09$18.64$36.45


Total Intangible Assets$61.09$24.64$36.45

Capital WIP22.4322.43

Total Assets$412.52$174.89$237.63

In $ Mn

As on 31.3.06


Tangible Assets

Land$0.29$0.00$0.29

Building$1.75$0.20$1.55

P&M( Incl Comp )$3.83$2.59$1.24





Intangible Assets



Total Intagible Assets$1.37$0.55$0.82

Capital WIP5.025.02

Total Assets$13.76$3.92$9.84

Sheet1

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 44* 45

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Working Capital$127.42$202.44$172.15$169.79


Net Block$182.91$201.13$216.26$237.63

Total$427.42$483.98$525.12$529.12

31-Mar-0331-Mar-0431-Mar-0531-Mar-06



Colelction

Q1Q2Q3Q4

Collection* 182* 189* 240* 210

Realisation Rates

Q1Q2Q3Q4

Onsite$57.25$57.40$57.60$57.50

Offshore$19.65$19.70$19.00$19.00

GeographyQ1 06Q2 06Q3 06Q4 06

US/North America42.90%40.70%37.54%38.42%

Europe27.60%28.45%29.72%28.53%

India10.50%10.10%11.80%11.29%


Sheet1

0

0

0

0

0

0

Revenue

Financial Year

Rs in Crores

Sheet2

00

00

00

00

SDE

SG&A


Rs in Crores

Sheet3

111

#REF!

#REF!

#REF!

Financial Year

Rs in Crores

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

000

000

000

000

Technology Assets


Year

Rs Crores

00

00

00

00

Technology Assets


Year

Rs Crores

0

0

0

0

Collection

2005-06

Rs Crores

00

00

00

00

Onsite

Offshore

2005-06

USD per hour

0000

0000

0000

0000

US/North America

Europe

India


100

Rs Lacs$ Mn

Conv rate$48.49$45.89$45.00$44.64





Total18291201122162623762Total$427.42$483.98$525.12$529.12

9786.76

1584.24

1837

0.8624060969

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

As on 31.3.06


Land$1,303.18$1.60$1,301.58

Building$7,800.29$885.21$6,915.08

P&M( Incl Comp )$17,109.87$11,575.53$5,534.34




$32,900.42$15,025.49$17,874.93



$6,108.68$2,463.83$3,644.85

Total Assets$39,009.10$17,489.32$21,519.78

In Rs Crores

As on 31.3.06


Tangible Assets

Land$13.03$0.02$13.02

Building$78.00$8.85$69.15

P&M( Incl Comp )$171.10$115.76$55.34





Intangible Assets





Total Assets$412.52$174.89$237.63

In $ Mn

As on 31.3.06


Tangible Assets

Land$0.29$0.00$0.29

Building$1.75$0.20$1.55

P&M( Incl Comp )$3.83$2.59$1.24





Intangible Assets




Capital WIP5.025.02

Total Assets$13.76$3.92$9.84

Revenue Customer mix

Chart1

0.59630.4037

0.5770.423

0.57240.4276

0.58210.4179

Citibank

Non Citi Bank

2005-06

% of revenue

Sheet1

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 44* 45

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Net Block182.91201.13216.26237.63

Cash & Cash Equivalents117.0980.41136.71121.7

Working Capital127.42202.44172.15169.79

Sheet1

283

294

431

646

787

825

Revenue

Financial Year

Rs in Crores

Sheet2

SDE

SG&A


Rs in Crores

Sheet3

Net Block

Cash & Cash Equivalents

Working Capital

Financial Year

Rs in Crores

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 44* 45

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Working Capital$127.42$202.44$172.15$169.79


Net Block$182.91$201.13$216.26$237.63

Total$427.42$483.98$525.12$529.12

31-Mar-0331-Mar-0431-Mar-0531-Mar-06



Colelction

Q1Q2Q3Q4

Collection* 182* 189* 240* 210

Realisation Rates

Q1Q2Q3Q4

Onsite$57.25$57.40$57.60$57.50

Offshore$19.65$19.70$19.00$19.00

Q1Q2Q3Q4

Citibank59.63%57.70%57.24%58.21%

Non Citi Bank40.37%42.30%42.76%41.79%

283

294

431

646

787

825

Revenue

138.6943.62

140.6944.81

142.2344.44

140.4944.92

SDE

SG&A

111

#REF!

#REF!

#REF!

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

78.17104.7437711

97.81103.3138077

113.71102.5538442

91.79145.8438807

Technology Assets


78.17104.74

97.81103.31

113.71102.55

91.79145.84

Technology Assets


181.71

189.16

239.7

209.54

Collection

57.2519.65

57.419.7

57.619

57.519

Onsite

Offshore

2005-06

USD per hour

Citibank

Non Citi Bank

2005-06

% of revenue

Sheet1

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 44* 45

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Net Block182.91201.13216.26237.63

Cash & Cash Equivalents117.0980.41136.71121.7

Working Capital127.42202.44172.15169.79

Sheet1

283

294

431

646

787

825

Revenue

Financial Year

Rs in Crores

Sheet2

00

00

00

00

SDE

SG&A


Rs in Crores

Sheet3

000

000

000

000

Net Block

Cash & Cash Equivalents

Working Capital

Financial Year

Rs in Crores

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 44* 45

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Working Capital$127.42$202.44$172.15$169.79


Net Block$182.91$201.13$216.26$237.63

Total$427.42$483.98$525.12$529.12

31-Mar-0331-Mar-0431-Mar-0531-Mar-06



Colelction

Q1Q2Q3Q4

Collection* 182* 189* 240* 210

Realisation Rates

Q1Q2Q3Q4

Onsite$57.25$57.40$57.60$57.50

Offshore$19.65$19.70$19.00$19.00

Q1 06Q2 06Q3 06Q4 06

Citibank59.63%57.70%57.24%58.21%

Non Citi Bank40.37%42.30%42.76%41.79%

283

294

431

646

787

825

Revenue

138.6943.62

140.6944.81

142.2344.44

140.4944.92

SDE

SG&A

111

#REF!

#REF!

#REF!

111

#REF!

#REF!

#REF!

111

#REF!

#REF!

#REF!

78.17104.7437711

97.81103.3138077

113.71102.5538442

91.79145.8438807

Technology Assets


78.17104.74

97.81103.31

113.71102.55

91.79145.84

Technology Assets


181.71

189.16

239.7

209.54

Collection

57.2519.65

57.419.7

57.619

57.519

Onsite

Offshore

2005-06

USD per hour

0.59630.4037

0.5770.423

0.57240.4276

0.58210.4179

Citibank

Non Citi Bank

2005-06

% of revenue

EBITDAEBITDA for FY06 was Rs.77.07 crReasons for decline in EBITDAProduct InvestmentsChange in accounting treatmentSalary IncreasesInvestments in Sales InfrastructureMuted Revenue Growth

Chart4

62.940.2262

62.520.2201

94.980.2218

128.010.198

102.190.1298

77.070.0934

EBITDA

EBITDA as % of Rev

FY2005 data

FY 2005

1Rev$174.96USD Mn

2Op Pft$17.00USD Mn

3PAT$12.90USD Mn

4HC Mar 056003

5Geog- Rev

ASPAC21.7%

Europe27.0%

India & Mid-East11.4%

USA40.0%

6Domain RevFY04-05

BFSI87%Citigroup

EV13%Q1Q2Q3Q4Total

7Other Key Metrices$17,959.08$20,189.42$20,920.80$19,642.97$78,712.27

Citigroup Contribution60.11%57.1%59.3%61.8%61.9%

Product Revenue15.44%10254.633930392611972.327222629912929.05512315712159.000024242247315.0163004218

Repeat Business85.00%60.11%

Market Capitalisation* 235USD Mn

EPS0.13USDRepeat Business

Q1Q2Q3Q4Total

86.0%83.5%84.0%85.0%

$15,444.81$16,858.17$17,573.47$16,696.53$66,572.97

85%

Q1Q2Q3Q4

US/NA0.4160.4020.380.403

Europe0.2430.2750.3050.251

India0.1130.1150.1130.114

APAC0.2280.2080.2020.232

1111

Q1Q2Q3Q4Total

US/NA$7,470.98$8,116.15$7,949.90$7,916.12$31,453.1540.0%

Europe$4,364.06$5,552.09$6,380.84$4,930.39$21,227.3827.0%

India$2,029.38$2,321.78$2,364.05$2,239.30$8,954.5111.4%

APAC$4,094.67$4,199.40$4,226.00$4,557.17$17,077.2421.7%

Total$17,959.08$20,189.42$20,920.80$19,642.97$78,712.27

FY 03-04

Citigroup

Q1Q2Q3Q4Total

$15,367.92$15,741.13$16,503.23$17,030.31$64,642.59

63.3%58.7%57.2%55.9%

9727.893369240.043319439.847569519.9432937927.72752

58.67%

EBITDA

1

2Polaris Software Ltd - Group Business Figures 2005-06

3Qtr comparison

4

5

6DETAILSActuals B PLANVARIANCE

7Q4 03Q3 03Q2 03Q1 03Q4 04Q3 04Q2 04Q1 04Q4 05Q3 05Q2 05Q1 05Q2 06Q1 06H1 06H1 05Q2 06Q1 06H1 06Q2 vs Q1Q2 vs Q2 BPQ2 vs Q2H1 vs H1H1 vs H1 BP

8DCABDCABDCABCDEFGHI=C-DJ=C-GK=C-AL=E-F

9Conv rate$43.70$44.89$46.20$45.22$43.58$43.50$43.54$45.71$43.00$43.00$43.00$0.08$0.58$(2.62)$(2.17)$0.54

10Revenue in USD '000* 44,950* 46,605* 43,700* 39,715* 48,999* 48,134* 97,134* 83,458* 55,430* 49,123* 104,554* 865* (6,431)* 5,299* 13,676* (7,420)

* 11A. REVENUES :$15,591.60* 14,503* 17,030* 16,503* 15,741* 15,368* 19,643* 20,921* 20,189* 17,959* 21,356* 20,938* 42,294* 38,148* 23,835* 21,123* 44,958* 417* (2,479)* 1,166* 4,145* (2,664)* 78,712

12Growth %12.4%2.0%6.6%10.9%12.8%

product %15.214.615.114.515.214.1141615.516.3

$2,369.92$2,117.440.00.0$2,571.58$2,392.97$2,392.65$2,166.88$2,750.02$3,347.34$3,129.36$2,927.33

Plan as approved by the Board

Plan as approved by the Board

Sheet1

Sheet2

Figs in Rs Lacs

RevenueConv rateRevenuePeriodRevenueShare CapitalReserve & Surplus

$ Mn

FY2003$48.49$88.32$42,826.37FY2003$43,106.30$4,867.26$38,481.76

FY2004$46.02$140.47$64,644.29FY2004$64,642.60$4,884.96$44,155.76

FY2005$45.00$174.96$78,736.37FY2005$78,712.30$4,900.51$48,209.49

Ytd Dec 05$44.18$141.75$62,622.13Ytd Dec 05$62,622.13$4,968.55$50,258.76

Q1 0643.5$48.13

Q2 0643.58$48.99

Q3 0645.45$44.73

Graphs

Revenue Growth

USD Mn

FY2001$55.87

FY2002$59.51

FY2003$88.32

FY2004$140.47

FY2005$174.96

FY2006$186.75$186.75

EBITDA

USD Mn

FY2001$62.94Rs. Cr23%

FY2002$62.5222%

FY2003$94.9822%

FY2004$128.0120%

FY2005$102.1913%

FY2006$77.07$77.079%

$53.950%

0%

PAT

USD Mn

FY2001$12.65

FY2002$12.33

FY2003$11.25

FY2004$15.18

FY2005$12.90

Q1 06$2.67

Q2 06$3.04

Q3 06$(0.13)

HeadCount

Q1 FY05* 5,220

Q2 FY05* 5,650

Q3 FY05* 5,830

Q4 FY05* 6,003

Q1 FY06* 5,850

Q2 FY06* 5,890

Q3 FY06* 5,954

Revenue Breakup - FY 2005 - Geography Wise

ASPAC20.9%16450.88

Europe21.3%16799.91

India14.8%11639.09

USA43.0%33822.45

100.0%78712.33

(takrn from Pg 144 of the annual report)

H1 06

ASPAC19.8%

Europe28.0%

India10.3%

USA41.9%

100.0%

Q1Q2Q3

ASPAC18.90%20.75%20.94%

Europe27.60%28.45%29.72%

India10.60%10.10%11.80%

USA42.90%40.70%37.54%

Revenue Breakup - FY 2005 - Segment Wise

Services90.4%$71,161.73

Intellect9.2%$7,260.61

Optimus0.4%$290.00

Total100%$78,712.34

Revenue Breakup - H1 FY 06 - Segment Wise

Services89.6%$37,915.93

Intellect9.3%$3,949.22

Optimus1.0%$428.25

Total100%$42,293.40

Q1Q2Q3

Services$18,587.13$19,329.51$18,124.86

Intellect$2,130.53$1,818.69$1,879.99

Optimus$220.59$207.66$323.47

Total$20,938.25$21,355.86$20,328.31

Q1Q2Q3

Services88.8%90.5%89.2%

Intellect10.2%8.5%9.2%

Optimus1.1%1.0%1.6%

Total100.0%100.0%100.0%

Revenue Breakup - FY 2005 - Domain Wise

BFSI87%68429.17

EV13%10283.16

100%78712.33

(takrn from Pg 144 of the annual report)

Revenue Breakup - H1 FY06 - Domain Wise

BFSI89%

EV12%

100%

Q1Q2Q3

BFSI89%88%88%

EV11%12%12%

Other Requirements

Citigroup (%)58.60%H1 06

Repeat Business85%Q2 06

Cash & Cash Equivalents$18.62$ Mn

mkt capn* 308$ Mn

EPS0.0$

no. of shares98032237

Rs. / USD - H1 06$43.54

Employee utilization

Q1 FY0577%

Q2 FY0578%

Q3 FY0578%

Q4 FY0574%

Q1 FY0676%

Q2 FY0677%

Q3 FY0673%

Billing Rates Onsite - Offshore (USD / Hr)

OnsiteOffshore

Q1 FY05$57.50$19.70

Q2 FY05$57.25$19.60

Q3 FY05$57.30$19.60

Q4 FY05$57.25$19.60

Q1 FY06$57.25$19.65

Q2 FY06$57.40$19.70

Q3 FY06$57.60$19.00

Rs. Lacs

ExpensesSDEG&AS&Mexcg rate

Q1 FY05$11,213.24$2,308.41$1,437.64$45.22

Q2 FY05$12,269.63$2,468.60$1,661.84$46.20

Q3 FY05$13,133.05$2,458.32$1,810.18$44.89

Q4 FY05$13,819.07$2,371.59$1,931.18$43.70

Q1 FY06$13,868.91$2,311.06$2,051.32$43.50

Q2 FY06$14,066.63$2,454.25$2,027.23$43.58

Q3 FY06$14,223.13$2,531.33$1,912.56$45.45

$ Mn

ExpensesSDEG&AS&MTotal

Q1 FY05$24.80$5.10$3.18$33.08

Q2 FY05$26.56$5.34$3.60$35.50

Q3 FY05$29.26$5.48$4.03$38.76

Q4 FY05$31.62$5.43$4.42$41.47

Q1 FY06$31.88$5.31$4.72$41.91

Q2 FY06$32.28$5.63$4.65$42.56

Q3 FY06$31.29$5.57$4.21$41.07

Revenue$ Mn

Q1 FY05$39.71

Q2 FY05$43.70

Q3 FY05$46.60

Q4 FY05$44.95

Q1 FY06$48.13

Q2 FY06$48.99

Q3 FY06$44.73

ExpensesSDEG&AS&MTotal

Q1 FY0562%13%8%83%

Q2 FY0561%12%8%81%

Q3 FY0563%12%9%83%

Q4 FY0570%12%10%92%

Q1 FY0666%11%10%87%

Q2 FY0666%11%9%87%

Q3 FY0670%12%9%92%

$ Mn

SUMMARYTotal ExpCapital ExpRevenue Exp

FY 2003$2.60$2.60

FY 2004$9.92$5.38$4.54

FY 2005$15.68$3.50$12.18

H1 FY06$7.71$7.71

$35.90$11.48$24.42

Citigroup Contribution

Q1 FY0557.1%

Q2 FY0559.3%

Q3 FY0561.8%

Q4 FY0561.9%

Q1 FY0659.6%

Q2 FY0657.7%

Q3 FY0657.2%

Cash Equivalents

($ Mn)

Total (Rs.Cr)CashMF

Q1 FY05$23.75$107.40854534226219452235.2

Q2 FY05$25.92$119.74980090647217305555

Q3 FY05$33.65$151.041156538151353891248.28000003

Q4 FY05$31.29$136.72803543497563615332.34

Q1 FY06$23.93$104.10711159555329808275.5

Q2 FY06$18.60$81.05703069792107451081.5

Q3 FY06$27.05$122.961040514726189053499

Fixed Asets

Rs. Cr

02-0303-0404-05Q2 06Q1 06Q2 06Q3 06

Land & Buildings$59.27$64.38$69.35$74.73$69.27$74.73$74.77

Plant & Machinery$93.89$108.24$136.83$151.28$144.18$153.85$158.34

Software0.0$8.04$52.38$52.38$52.38$52.38$52.38

Others$51.23$56.57$62.35$62.92$62.84$62.92$63.76

Cwip$21.25$45.78$18.37$25.82$26.48$23.25$29.62

Fixed Asets

$ Mn

02-0303-0404-05Q2 06Q1 06Q2 06Q3 06

Land & Buildings$12.22$13.99$15.41$17.15$15.92$17.15$16.45

Plant & Machinery$19.36$23.52$30.41$34.71$33.15$35.30$34.84

Software0.0$1.75$11.64$12.02$12.04$12.02$11.53

Others$10.57$12.29$13.86$14.44$14.45$14.44$14.03

Cwip$4.38$9.95$4.08$5.93$6.09$5.34$6.52

excg rate$48.4946.0245$43.5843.543.5845.45

Total$46.53$61.50$75.40$84.25

Land & BuildingsPlant & MachineryIntellectOthersCWIPTotal

FY 2003$12.22$19.36$10.57$4.38$46.53

FY 2004$13.99$23.52$1.75$12.29$9.95$61.50

FY 2005$15.41$30.41$11.64$13.86$4.08$75.40

Q1 FY06$15.92$33.15$12.04$14.45$6.09$81.64

Q2 FY06$17.15$35.30$12.02$14.44$5.34$84.25

Q3 FY06$16.45$34.84$11.53$14.03$6.52$83.36

Avg CapSh.cap + G Res$ Mn

ROCEEmp ($ Mn)Rs. Cr$ MnPATexcg rate

FY 200135.1%$36.09$190.05$40.01$12.65$47.50

FY 200227.4%$45.04$238.89$50.06$12.33$47.72

FY 200316.7%$67.37$410.56$84.67$11.25$48.49

FY 200415.9%$95.62$490.41$106.56$15.18$46.02

FY 200511.5%$112.29$531.10$118.02$12.90$45.00

Q1 FY062.2%$123.92$539.04$123.922.67$43.50

Q2 FY062.4%$125.58$554.48$127.233.04$43.58

Q3 FY06-0.1%$124.37$552.27$121.51$(0.13)$45.45

Mkt Cap$ Mn

Mar-01* 182

Mar-02* 212

Mar-03* 270

Mar-04* 389

Mar-05* 235

Jun-05* 257

Sep-05* 307

Dec-05* 285

Graphs

EBITDA

EBITDA as % of Rev

Sheet3

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

USA43%

ASPAC14.8%

India14.8%

Europe21.3%

0

0

EV13%

BFSI87%

Services90.4%

Intellect9.2%

Optimus0.4%

0

0

0

0

0

0

0

00

00

00

00

00

00

00

Onsite

Offshore

000

000

000

000

000

000

000

SDE

G&A

S&M

000

000

000

000

000

000

000

SDE

G&A

S&M

0

0

0

0

Total Exp

0

0

0

0

0

0

0

0

0

0

0

0

0

0

00000

00000

00000

00000

00000

00000

Land & Buildings

Plant & Machinery

Intellect

Others

CWIP

0

0

0

0

0

0

0

0

Europe28.0%

India10.3%

ASPAC19.8%

USA41.9%

0

0

0

Optimus1.0%

Intellect9.3%

Services89.6%

0

0

BFSI89%

EV11%

46.53

0

0

0

0

0

0

0

PAT

Expenditure AnalysisExpenditure has been under control over the last 4 quartersIncrease mainly due to salary hikes in Q2Further optimization underway

In Rs.cr

Chart3

138.6943.62

140.6944.81

142.2349

140.4947

SDE

SG&A


Rs in Crores

Sheet1

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 49* 47

Sheet1

Revenue

Financial Year

Rs in Crores

Sheet2

SDE

SG&A


Rs in Crores

Sheet3

Balance Sheet

ConsolidatedPositionStateme (n)

Rs lacsRs lacsRs lacsRs lacsIn $ Mn

PERIODFY 2006FY2005FY2004FY2003Ytd Dec 05 (Fy 2006)FY2005FY2004FY2003

Share Capital$4,900.51$4,884.96$2,574.7310.8910.645.31

Reserves and Surplus$48,209.49$44,155.76$38,481.76107.1396.2279.36

Equity Shares to be issued as per the Approved Merger Scheme$2,292.534.73

SOURCES OF FUNDS

SHAREHOLDERS FUNDS

Share Capital Reserves and Surplus54,090.02$53,110.00$49,040.72$43,349.02122.43118.02106.8789.40

Secured Loans187.72$209.79$231.02$263.670.420.470.500.54

Total54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94

APPLICATION OF FUNDS

FIXED ASSETS

FIXED ASSETS

Net Book Value$19,789.17$15,534.71$16,166.290.0043.9833.8533.34

Capital Work in Progress including Capital advances$1,837.22$4,578.28$2,124.910.004.089.984.38

Fixed Assets23,762.56$21,626.39$20,112.99$18,291.2053.7948.0643.8337.72

Investments$1,290.99$692.59$708.91$616.042.921.541.541.27

CURRENT ASSETS, LOANS AND ADVANCES0.000.000.00

Net Current Assets16,978.6717,214.6120,244.2912,741.9938.4338.2544.1126.28

Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.6627.5530.3817.5224.15

Misc. Expenditure(to the extent not written off or adjusted)75.42$114.77$164.85$253.790.170.260.360.52

Total$54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94

0.00.00.00.00.00.00.00.0

Exchange Rate in Rs./USD441.8$450.00$458.90$484.90

okokok

rs lacsrs lacsrs lacsrs lacs

NET CURRENT ASSETS$28,884.94$30,929.58$28,711.63$24,580.32

Add: DTL$263.83$(43.54)$(426.64)$(128.67)

Less: Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66

$16,978.67$17,214.61$20,244.29$12,741.99

Cash bal$10,151.48$8,035.43$5,775.70$8,360.16

MF$2,018.62$5,636.00$2,265.00$3,349.50

Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66

Gross AssetsAdditions

Land (Refer Note 1)$207.03

Buildings (Refer Note 2)$1,961.17

Plant and machinery (including computer equipment, software and accessories)0.0

Plant and machinery (including computer equipment, software and accessories)$3,715.97

Electrical fittings$108.99

Furniture , Fittings and Office equipment$661.21

Furniture and fittings0.0$3,266.85

$2,672.88

Vehicles (Refer Note 3)$137.27

$6,791.64

Sheet1

100

Rs Lacs$ Mn

Conv rate$48.49$45.89$45.00$44.18


Technology Assets781797811137110631Technology Assets$16.12$21.31$25.27$24.06

Other Physical Assets10474103311025511438Other Physical Assets$21.60$22.51$22.79$25.89

Total18291201122162622069Total$37.72$43.83$48.06$49.95

9786.76

1584.24

1837

0.8624060969

sree

In USD Million

SOURCES OF FUNDSin Million USD

SHAREHOLDERS FUNDS2005200420032006FY2005FY20042003

Share Capital4,900.514,884.962,574.7310.8910.615.31

Reserves and Surplus48,209.4944,155.7638,481.76107.1395.9579.36

Equity Shares to be issued as per the Approved Merger Scheme2,292.534.73

Share Capital Reserves and Surplus53,110.0049,040.7243,349.02125.00118.02106.5689.405,522.7255227.2

Secured Loans209.79231.02263.670.450.470.500.5419.91199.1

Deferred Tax Liability43.54426.64128.67-0.520.100.930.27-22.95-229.46

Total53,363.3349,698.3843,741.36124.94118.59107.9990.215,519.6855196.84


FIXED ASSETS

Net Book Value19,789.1715,534.7116,166.2943.9833.7633.34

Capital Work in Progress including Capital advances1,837.224,578.282,124.914.089.954.38

Fixed Assets21,626.3920,112.9918,291.2049.9548.0643.7037.722,206.9622069.6

Investments6,328.592,973.913,965.542.611.541.548.18115.351153.5

CURRENT ASSETS, LOANS AND ADVANCES

Net Current Assets excluding Cash & Cash Equivalents25,293.5826,446.6321,230.823,188.9438.7344.3943.783,188.9431889.4

Closing Balance - Cash & Cash Equivalents30.0018.0028.0030.0018.00

MISCELLANEOUS EXPENDITURE(to the extent not written off or adjusted)114.77164.85253.790.190.260.360.528.5385.26

Total53,363.3349,698.3843,741.363,269.70118.59107.9990.215,519.7855197.76

Exchange Rate in Rs./USD44.184546.0248.48

450460.2484.9

cash flow

Polaris Software Lab Ltd.

Cash Flow Statement for FY04,FY05 and YTD Dec06Rs. Lacs

YTD Dec052004-052003-04

Opening Balance* 13,672* 8,041* 11,720

PAT for the Quarter (Adjusted for Loss of associate companies and deffered tax liability)* 1,738* 5,908* 7,509

Depreciation & Amortization* 3,703* 4,070* 3,318

Increase in Current Liabilities and Provisions* 704* 3,600* (624)

Increase / (Decease) in Foreign Currency trans reserve* 63* 51* 58

(Increase)/Decrease in Debtors* (1,393)* 78* (6,166)

(Increase)/Decrease in Loans & Advances* 413* (231)* (903)

Misc Expenditure w/off* 50

Cash flow from Operating Activities* 5,227* 13,527* 3,192

Capital Expenditure* (4,146)* (5,708)* (4,821)

Investement in other than Mutual Funds* (566)* (471)* (323)

Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)

Payment of dividend* (1,715)* (1,710)* (1,704)

Payment of Dividend tax* (241)* (219)* (218)

Proceeds from Issue of shares & Share Premium Received* 75* 233* 226

Repayment of Loan* (10)* (21)* (33)

Interest on Loan accrued during the quarter0.00.0

Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)

Net Cashflows* (1,376)* 5,631* (3,680)

Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041

Summary:

Rs. Lacs

Opening Balance* 13,672* 8,041* 11,720




Net Cashflows* (1,376)* 5,631* (3,680)


Conv. Rate (USD)$44.18$45.0045.89

In Cr

Fy 05-06Fy 04-05

Opening Balance* 81* 58

Cash flow from Operating Activities* 72* 121

Cash flow from Investement Activities* (36)* (83)

Cash flow from Financing Activities* (16)* (15)

Closing Balance* 102* 81

In MN

Fy 05-06Fy 04-05


Cash flow from Operating Activities* 725* 1,208



Closing Balance* 1,015* 809

In Mn $

Fy 05-06Fy 04-05






Conv. Rate (USD)$44.18$45.00

In Rs Crores

31-Mar-0631-Mar-05

Sources of Funds

Shareholders Capital$540.90$531.10

Secured Loans$1.88$2.10

Total$542.78$533.20

Application of Funds

Net Book Value$237.63$216.26

Cash & Bank balances$121.70$136.71

Working Capital$169.79$172.15

Investments$12.91$6.93

Miscellaneous Expenditure$0.75$1.15

Total$542.78$533.20

31-Mar-0631-Mar-05

Sources of Funds

Shareholders Capital$5,409.00$5,311.00


Total$5,427.80$5,332.00


Net Book Value$2,376.30$2,162.60

Cash & Bank balances$1,217.00$1,367.10

Working Capital$1,697.90$1,721.50



Total$5,427.80$5,332.00

In Mn $

31-Mar-0631-Mar-05

Sources of Funds



Total$121.65$118.49


Net Book Value - Fixed Assets$53.26$48.06





Total$121.65$118.49

MBD000CDF96.xls

cash flow



YTD Dec062004-052003-04

Opening Balance* 13,672* 8,041* 11,720


















Net Cashflows* (1,376)* 5,631* (3,680)


Summary:

Rs. Lacs

Opening Balance* 13,672* 8,041* 11,720




Net Cashflows* (1,376)* 5,631* (3,680)


Conv. Rate (USD)$44.18$45.0045.89

Million USD

YTD Dec062004-052003-04

Opening Balance* 31* 18* 26

Cash flow from Operating Activities* 12* 30* 7

Cash flow from Investement Activities* (11)* (14)* (11)

Cash flow from Financing Activities* (4)* (4)* (4)

Net Cashflows* (3)* 13* (8)

Closing Balance - Cash & Cash Equivalents* 28* 30* 18

Conv. Rate (USD)$44.18$45.0045.89

MBD00156FAB.xls

Cash FlowsCompany has been consistent in generating cash from operational activitiesThere are no debts in the companyCash & Cash balances of Rs.122 crores as of 31 Mar 06

ConsolidatedPositionStateme (n)

Rs lacsRs lacsRs lacsRs lacsIn $ Mn

PERIODFY 2006FY2005FY2004FY2003Ytd Dec 05 (Fy 2006)FY2005FY2004FY2003

Share Capital$4,900.51$4,884.96$2,574.7310.8910.645.31

Reserves and Surplus$48,209.49$44,155.76$38,481.76107.1396.2279.36

Equity Shares to be issued as per the Approved Merger Scheme$2,292.534.73

SOURCES OF FUNDS

SHAREHOLDERS FUNDS

Share Capital Reserves and Surplus54,090.02$53,110.00$49,040.72$43,349.02122.43118.02106.8789.40

Secured Loans187.72$209.79$231.02$263.670.420.470.500.54

Total54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94


FIXED ASSETS

FIXED ASSETS

Net Book Value$19,789.17$15,534.71$16,166.290.0043.9833.8533.34

Capital Work in Progress including Capital advances$1,837.22$4,578.28$2,124.910.004.089.984.38

Fixed Assets23,762.56$21,626.39$20,112.99$18,291.2053.7948.0643.8337.72

Investments$1,290.99$692.59$708.91$616.042.921.541.541.27

CURRENT ASSETS, LOANS AND ADVANCES0.000.000.00

Net Current Assets16,978.6717,214.6120,244.2912,741.9938.4338.2544.1126.28

Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.6627.5530.3817.5224.15

Misc. Expenditure(to the extent not written off or adjusted)75.42$114.77$164.85$253.790.170.260.360.52

Total$54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94

0.00.00.00.00.00.00.00.0

Exchange Rate in Rs./USD441.8$450.00$458.90$484.90

okokok

rs lacsrs lacsrs lacsrs lacs

NET CURRENT ASSETS$28,884.94$30,929.58$28,711.63$24,580.32

Add: DTL$263.83$(43.54)$(426.64)$(128.67)

Less: Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66

$16,978.67$17,214.61$20,244.29$12,741.99

Cash bal$10,151.48$8,035.43$5,775.70$8,360.16

MF$2,018.62$5,636.00$2,265.00$3,349.50

Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66

Gross AssetsAdditions

Land (Refer Note 1)$207.03

Buildings (Refer Note 2)$1,961.17

Plant and machinery (including computer equipment, software and accessories)0.0

Plant and machinery (including computer equipment, software and accessories)$3,715.97

Electrical fittings$108.99

Furniture , Fittings and Office equipment$661.21

Furniture and fittings0.0$3,266.85

$2,672.88

Vehicles (Refer Note 3)$137.27

$6,791.64

Sheet1

100

Rs Lacs$ Mn

Conv rate$48.49$45.89$45.00$44.18


Technology Assets78179781113719179Technology Assets$16.12$21.31$25.27$20.78

Other Physical Assets10474103311025514584Other Physical Assets$21.60$22.51$22.79$33.01

Total18291201122162623763Total$37.72$43.83$48.06$53.79

9786.76

1584.24

1837

0.8624060969

sree

In USD Million

SOURCES OF FUNDSin Million USD

SHAREHOLDERS FUNDS2005200420032006FY2005FY20042003

Share Capital4,900.514,884.962,574.7310.8910.615.31

Reserves and Surplus48,209.4944,155.7638,481.76107.1395.9579.36

Equity Shares to be issued as per the Approved Merger Scheme2,292.534.73

Share Capital Reserves and Surplus53,110.0049,040.7243,349.02125.00118.02106.5689.405,522.7255227.2

Secured Loans209.79231.02263.670.450.470.500.5419.91199.1

Deferred Tax Liability43.54426.64128.67-0.520.100.930.27-22.95-229.46

Total53,363.3349,698.3843,741.36124.94118.59107.9990.215,519.6855196.84


FIXED ASSETS

Net Book Value19,789.1715,534.7116,166.2943.9833.7633.34

Capital Work in Progress including Capital advances1,837.224,578.282,124.914.089.954.38

Fixed Assets21,626.3920,112.9918,291.2049.9548.0643.7037.722,206.9622069.6

Investments6,328.592,973.913,965.542.611.541.548.18115.351153.5

CURRENT ASSETS, LOANS AND ADVANCES

Net Current Assets excluding Cash & Cash Equivalents25,293.5826,446.6321,230.823,188.9438.7344.3943.783,188.9431889.4

Closing Balance - Cash & Cash Equivalents30.0018.0028.0030.0018.00

MISCELLANEOUS EXPENDITURE(to the extent not written off or adjusted)114.77164.85253.790.190.260.360.528.5385.26

Total53,363.3349,698.3843,741.363,269.70118.59107.9990.215,519.7855197.76

Exchange Rate in Rs./USD44.184546.0248.48

450460.2484.9

cash flow



YTD Dec052004-052003-04

Opening Balance* 13,672* 8,041* 11,720


















Net Cashflows* (1,376)* 5,631* (3,680)


Summary:

Rs. Lacs

Opening Balance* 13,672* 8,041* 11,720




Net Cashflows* (1,376)* 5,631* (3,680)


Conv. Rate (USD)$44.18$45.0045.89

In Cr

Fy 05-06Fy 04-05






In MN

Fy 05-06Fy 04-05

Opening Balance* 1,373* 804

Cash flow from Operating Activities* 725* 1,208



Closing Balance* 1,217* 1,372

In Mn $

Fy 05-06Fy 04-05






Conv. Rate (USD)$44.18$45.00

In Rs Crores

31-Mar-0631-Mar-05

Sources of Funds



Total$542.78$533.20


Net Book Value$237.63$216.26





Total$542.78$533.20

31-Mar-0631-Mar-05

Sources of Funds

Shareholders Capital$5,409.00$5,311.00


Total$5,427.80$5,332.00


Net Book Value$2,376.30$2,162.60

Cash & Bank balances$1,217.00$1,367.10

Working Capital$1,697.90$1,721.50



Total$5,427.80$5,332.00

In Mn $

31-Mar-0631-Mar-05

Sources of Funds



Total$121.65$118.49


Net Book Value - Fixed Assets$53.26$48.06





Total$121.65$118.49

MBD00156FAB.xls

MBD000CDF96.xls

cash flow



YTD Dec062004-052003-04

Opening Balance* 13,672* 8,041* 11,720


















Net Cashflows* (1,376)* 5,631* (3,680)


Summary:

Rs. Lacs

Opening Balance* 13,672* 8,041* 11,720




Net Cashflows* (1,376)* 5,631* (3,680)


Conv. Rate (USD)$44.18$45.0045.89

Million USD

YTD Dec062004-052003-04

Opening Balance* 31* 18* 26

Cash flow from Operating Activities* 12* 30* 7

Cash flow from Investement Activities* (11)* (14)* (11)

Cash flow from Financing Activities* (4)* (4)* (4)

Net Cashflows* (3)* 13* (8)

Closing Balance - Cash & Cash Equivalents* 28* 30* 18

Conv. Rate (USD)$44.18$45.0045.89

Important Financial Ratios

Utilization

Chart14

0.76

0.771

0.7275

0.7

Utilisation %

2005-06 - Q1 to Q4

Utilisation %

Chart1

0.5820.418

0.60110.3989

Citi

Non Citi

% of revenue

Financial Year

Revenue Split

Sheet1


2005-062004-05

Citi58.2%60.1%

Non Citi41.8%39.9%

Debtors outstanding

2005-062004-05

Billed* 63* 70

Unbilled* 40* 40


Q1Q2Q3Q4



Q1Q2Q3Q4

Utilisation %76.0%77.1%72.8%70.0%

Sheet1

00

00

Billed

Unbilled

Financial Year

No. of days

DSO

Sheet2

0

0

0

0


2005-06 - Q1 to Q4

No. of associates

Sheet3

0

0

0

0

Utilisation %

2005-06 - Q1 to Q4

Utilisation %

00

00

Citi

Non Citi

Financial Year

%

Revenue Split

Associate Strength

Chart13

5850

5890

5954

6092


2005-06 - Q1 to Q4

No. of associates

Chart1

0.5820.418

0.60110.3989

Citi

Non Citi

% of revenue

Financial Year

Revenue Split

Sheet1


2005-062004-05

Citi58.2%60.1%

Non Citi41.8%39.9%

Debtors outstanding

2005-062004-05

Billed* 63* 70

Unbilled* 40* 40


Q1Q2Q3Q4



Q1Q2Q3Q4

Utilisation %76.0%77.1%72.8%70.0%

Sheet1

00

00

Billed

Unbilled

Financial Year

No. of days

DSO

Sheet2

0

0

0

0


2005-06 - Q1 to Q4

No. of associates

Sheet3

0

0

0

0

Utilisation %

2005-06 - Q1 to Q4

Utilisation %

00

00

Citi

Non Citi

Financial Year

%

Revenue Split

Debtors Outstanding - DSO

Chart12

6340

7040

Billed

Unbilled

Financial Year

No. of days

DSO

Chart1

0.5820.418

0.60110.3989

Citi

Non Citi

% of revenue

Financial Year

Revenue Split

Sheet1


2005-062004-05

Citi58.2%60.1%

Non Citi41.8%39.9%

Debtors outstanding

2005-062004-05

Billed* 63* 70

Unbilled* 40* 40


Q1Q2Q3Q4



Q1Q2Q3Q4

Utilisation %76.0%77.1%72.8%70.0%

Sheet1

00

00

Billed

Unbilled

Financial Year

No. of days

DSO

Sheet2

0

0

0

0


2005-06 - Q1 to Q4

No. of associates

Sheet3

0

0

0

0

Utilisation %

2005-06 - Q1 to Q4

Utilisation %

00

00

Citi

Non Citi

Financial Year

%

Revenue Split

Realization 2005-06

Chart5

57.2519.65

57.419.7

57.619

57.519

Onsite

Offshore

2005-06

USD per hour

Sheet1

FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006

Revenue* 283* 294* 431* 646* 787* 82519.5%

Q1Q2Q3Q4

SDE* 139* 141* 142* 140

SG&A* 44* 45* 44* 45

31-Mar-0331-Mar-0431-Mar-0531-Mar-06

Working Capital$127.42$202.44$172.15$169.79


Net Block$182.91$201.13$216.26$237.63

Total$427.42$483.98$525.12$529.12

31-Mar-0331-Mar-0431-Mar-0531-Mar-06



Colelction

Q1Q2Q3Q4

Collection* 182* 189* 240* 210

Realisation Rates

Q1Q2Q3Q4

Onsite$57.25$57.40$57.60$57.50

Offshore$19.65$19.70$19.00$19.00

US/North America38.42%37.54%40.70%42.90%

Europe28.53%29.72%28.45%27.60%

India11.29%11.80%10.10%10.50%


Sheet1

Revenue

Financial Year

Rs in Crores

Sheet2

SDE

SG&A


Rs in Crores

Sheet3

111

#REF!

#REF!

#REF!

Financial Year

Rs in Crores

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

Technology Assets


Year

Rs Crores

Technology Assets


Year

Rs Crores

Collection

2005-06

Rs Crores

Onsite

Offshore

2005-06

USD per hour

100

Rs Lacs$ Mn

Conv rate$48.49$45.89$45.00$44.64





Total18291201122162623762Total$427.42$483.98$525.12$529.12

9786.76

1584.24

1837

0.8624060969

127.42117.09182.91

202.4480.41201.13

172.15136.71216.26

169.79121.7237.63

Working Capital


Net Block

As on 31.3.06


Land$1,303.18$1.60$1,301.58

Building$7,800.29$885.21$6,915.08

P&M( Incl Comp )$17,109.87$11,575.53$5,534.34




$32,900.42$15,025.49$17,874.93



$6,108.68$2,463.83$3,644.85

Total Assets$39,009.10$17,489.32$21,519.78

In Rs Crores

As on 31.3.06


Tangible Assets

Land$13.03$0.02$13.02

Building$78.00$8.85$69.15

P&M( Incl Comp )$171.10$115.76$55.34





Intangible Assets





Total Assets$412.52$174.89$237.63

In $ Mn

As on 31.3.06


Tangible Assets

Land$0.29$0.00$0.29

Building$1.75$0.20$1.55

P&M( Incl Comp )$3.83$2.59$1.24





Intangible Assets




Capital WIP5.025.02

Total Assets$13.76$3.92$9.84

ConclusionsHealthy Balance sheet, No DebtStrong Cash FlowsSignificant investments in Products to differentiate Polaris Software Lab from other vanilla outsourcing service providersAll product and other investments through internal accrualsCost Structure stable over the last 5 quartersRevenue uptake will drive significant increase in profitability

THANK YOU

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