-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GEnPyo+K2uvZXHYvdsZIeKcJZbjlcPFpRSPhVbzS2sUW9AZ558y1qHV1qqkOj7ao JP6Nv8qLfhwLmdt74FIgzw== 0000950134-08-017579.txt : 20081006 0000950134-08-017579.hdr.sgml : 20081006 20081006101136 ACCESSION NUMBER: 0000950134-08-017579 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20081006 DATE AS OF CHANGE: 20081006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFOSYS TECHNOLOGIES LTD CENTRAL INDEX KEY: 0001067491 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 581760235 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25383 FILM NUMBER: 081108373 BUSINESS ADDRESS: STREET 1: ELECTRONICS CITY HOSUR RD STREET 2: BANGALORE KARNATAKA INDIA BUSINESS PHONE: 0119180852 MAIL ADDRESS: STREET 1: ELECTRONIC CITY HOSUR RD STREET 2: BANGALORE KARNATAKA INDIA STATE: K7 6-K 1 f43742e6vk.htm FORM 6-K e6vk
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the month of October 2008
Commission File Number 000-25383
Infosys Technologies Limited
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrant’s name into English)
Bangalore, Karnataka, India
(Jurisdiction of incorporation or organization)
Electronics City, Hosur Road, Bangalore, Karnataka, India 560 100. +91-80-2852-0261
(Address of principal executive offices)
V. Balakrishnan, Chief Financial Officer, +91-80-2852-0261, balakv@infosys.com
Electronics City, Hosur Road, Bangalore, Karnataka, India 560 100.
(Name, telephone, e-mail and/or facsimile number and address of company contact person)
Indicate by check mark registrant files or will file annual reports under cover Form 20-F or Form 40-F:
     Form 20-F þ   Form 40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934.
     Yes o   No þ
If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 2g 3-2(b).
     Not applicable.
 
 

 


 

Other Events
Attached as Exhibit 100 to Form 6-K are the following materials from the Annual Report on Form 20-F of Infosys Technologies Limited for the year ended March 31, 2008, filed on April 30, 2008, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of March 31, 2007 and March 31, 2008 (ii) the Consolidated Statements of Income for the years ended March 31, 2006 2007 and 2008, (iii) the Consolidated Statements of Stockholders’ Equity for the years ended March 31, 2006, 2007 and 2008 (iv) the Consolidated Statements of Cash Flows for the years ended March 31, 2006, 2007 and 2008 (v) Notes to the consolidated financial statements and (vi) Management’s Discussion and Analysis of financial condition and results of operations.
The financial information contained in the XBRL documents is unaudited and these are not the official publicly filed financial statements of Infosys Technologies Limited. The purpose of submitting these XBRL formatted documents is to test the related format and technology and, as a result, investors should continue to rely on the official filed version of the furnished documents and not rely on this information in making investment decisions.
In accordance with Rule 402 of Regulation S-T, the information in this Form 6-K, including Exhibit 100 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 


 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly organized.
         
  Infosys Technologies Limited
 
 
  By:   /s/ S. GOPALAKRISHNAN    
    S. Gopalakrishnan   
    Chief Executive Officer   
 
Dated: October 6, 2008

 


 

INDEX TO EXHIBITS
     
Exhibit    
No.   Exhibit Description
100
  The following materials from the Annual Report on Form 20-F of Infosys Technologies Limited for the year ended March 31, 2008, filed on April 30, 2008, formatted in XBRL (Extensible Business Reporting Language): i) the Consolidated Balance Sheets as of March 31, 2007 and March 31, 2008 (ii) the Consolidated Statements of Income for the years ended March 31, 2006 2007 and 2008, (iii) the Consolidated Statements of Stockholders’ Equity for the years ended March 31, 2006, 2007 and 2008 (iv) the Consolidated Statements of Cash Flows for the years ended March 31, 2006, 2007 and 2008 (v) Notes to the consolidated financial statements and (vi) Management’s Discussion and Analysis of financial condition and results of operations.

 

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-25000000 82000000 82000000 82000000 216000000 216000000 216000000 272000000 386000000 1000000 11000000 0 0 31000000 83000000 175000000 0 -1000000 0 91000000 336000000 209000000 0 148000000 6000000 0 0 26000000 0 3000000 0 246000000 336000000 374000000 11000000 14000000 7000000 419000000 1002000000 511000000 48000000 107000000 128000000 277000000 17000000 8000000 2000000 0 523000000 1163000000 500000000 738000000 1022000000 1871000000 2817000000 2152000000 3090000000 4176000000 136000000 209000000 230000000 0 5000000 3000000 541141098 551109960 571209862 571995758 6000000 18000000 1253000000 33000000 266000000 31000000 923000000 1837000000 9000000 410000000 31000000 1387000000 2717000000 90000000 692000000 64000000 1871000000 3910000000 311000000 718000000 64000000 2817000000 9968862 20099902 785896 3000000 128000000 128000000 277000000 274000000 17000000 17000000 557967786 566110582 570368975 543160222 554018739 568564740 <p style="text-align:justify"><a name="_AUC2d0ea36641464118bf11a1ea5109156d"><em><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">1.20 Dividends</span></b></em></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;color:black;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA">Final dividends on common stock are recorded as a liability on the date of approval by the stockholders and interim dividends are recorded as a liability on the date of declaration by the Board of Directors.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; 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Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p style="text-align:justify"><a name="_AUCa5b537fa0ab84af6b2effae61e3757d7"><strong><i><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">1.21</span></i></strong></a><span ><em><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black;font-style: normal;mso-bidi-font-style:italic"> &nbsp;</span></b></em></span><span ><strong><i><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Equity issued by subsidiaries</span></i></strong></span><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></i></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;color:black;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA">Changes in the proportionate share of Infosys in the equity of subsidiaries resulting from additional equity issued by the subsidiaries are accounted for as an equity transaction in consolidation.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; 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Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCda3333b9a1d04b1b83a105f71781836d"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.15<span style="mso-spacerun:yes"> </span>Fair value of financial instruments </span></i></b></a></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">In determining the fair value of its financial instruments, the company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. The methods used to determine fair value include discounted cash flow analysis and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized. For all financial instruments including cash and cash equivalents, investments in liquid mutual fund units, trade accounts receivables, prepaid expenses and other current assets, accounts payable, client deposits and other current liabilities, the carrying amounts approximate fair value due to the short maturity of those instruments. </span><span style="font-size:9.0pt; line-height:115%;font-family:"Arial","sans-serif";mso-fareast-font-family:Calibri; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold">The fair value of securities, which do not have an active market, is not reasonably estimable.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC6faeca480ef14e6f95ac73fb7bb1e9ea"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.22 Recent Accounting Pronouncements</span></i></b></a><span ><i style="mso-bidi-font-style: normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black"></span></i></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (SFAS 157). SFAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 does not require any new fair value measurements but provides guidance on determination of fair value and lays down the fair value hierarchy to classify the source of information used in fair value measurements. Upon adoption of the Statement, difference between the carrying amounts and the fair values of instruments should be accounted for as a cumulative-effect adjustment to the beginning balance of retained earnings. SFAS 157 is effective for fiscal years beginning after November 15, 2007. In February 2008, the FASB issued FASB Staff Position No. SFAS 157-2 (FSP FAS 157-2) which delays the effective date of SFAS 157 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). This FSP partially defers the effective date of SFAS 157 to fiscal years beginning after November 15, 2008 for items within the scope of this FSP. The company has evaluated the impact of this Statement, except as it applies to those nonfinancial assets and nonfinancial liabilities as noted in FSP FAS 157-2, and believes that adoption of SFAS 157, prospectively, on April 1, 2008, will not have a material effect on its consolidated financial statements.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (SFAS 159). SFAS 159 permits entities to measure eligible financial assets and liabilities, firm commitments and other eligible items at fair value, on an instrument-by-instrument basis, that is otherwise not permitted under other generally accepted accounting principles. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. At the effective date, on adopting this irrevocable fair value option for eligible items that exist on that date, the effect of such re-measurement to fair value should be accounted for as a cumulative-effect adjustment to the beginning balance of retained earnings. The company has evaluated the impact of this Statement and believes that adoption of SFAS No. 159, prospectively, on April 1, 2008, will not have a material effect on its consolidated financial statements.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In December 2007, FASB issued SFAS No. 141 (Revised 2007), Business Combinations (SFAS 141R). This Statement replaces SFAS No. 141, Business Combinations. SFAS 141R requires an acquirer to recognize the assets acquired, the liabilities assumed including contingencies and non-controlling interest in the acquiree, at the acquisition date, measured at their fair value, with limited exceptions specified in the statement. In a business combination achieved in stages, this Statement requires the acquirer to recognize the identifiable assets and liabilities as well as the non-controlling interest in the acquiree at full amounts of their fair values. This Statement requires the acquirer to recognize contingent consideration at the acquisition date, measured at its fair value at that date. The company will be required to apply this new Statement prospectively to business combinations consummated in fiscal years beginning after December 15, 2008.<span style="mso-spacerun:yes"> </span>Early adoption is prohibited.<span style="mso-spacerun:yes"> </span></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In December 2007, FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements An Amendment of ARB No. 51 (SFAS 160). SFAS 160 establishes new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This Statement requires the recognition of a non-controlling interest as equity in the consolidated financial statements and separate from the parents equity.<span style="mso-spacerun:yes"> </span>Purchases or sales of equity interests that do not result in a change in control will be accounted for as equity transactions.<span style="mso-spacerun:yes"> </span>The company will be required to adopt this new Statement prospectively to all non-controlling interest, including any that arose before the effective date, for fiscal years, beginning after December 15, 2008. Early adoption is prohibited. The company is currently evaluating the requirements of SFAS 160 and has not yet determined the impact this Statement may have on its consolidated financial statements.</span></span></p> <p class="MsoBodyText" style="text-align:justify"><span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; color:black">In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities An Amendment of FASB Statement No. 133 (SFAS 161). SFAS 161 requires enhanced disclosures on derivative and hedging activities by requiring objectives to be disclosed for using derivative instruments in terms of underlying risk and accounting designation. This Statement requires disclosures on the need of using derivative instruments, accounting of derivative instruments and related hedged items, if any, under SFAS 133 and effect of such instruments and related hedge items, if any, on the financial position, financial performance and cash flows. The company will be required to adopt this new Statement prospectively, for fiscal years beginning after November 15, 2008. The company is currently evaluating the requirements of SFAS 161 and has not yet determined the impact this Statement may have on its consolidated financial statements.</span></span></p><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} p.MsoBodyText, li.MsoBodyText, div.MsoBodyText {mso-style-unhide:no; mso-style-link:"Body Text Char"; margin-top:6.5pt; margin-right:0in; margin-bottom:6.5pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} span.BodyTextChar {mso-style-name:"Body Text Char"; mso-style-unhide:no; mso-style-locked:yes; mso-style-link:"Body Text"; mso-ansi-font-size:11.0pt; mso-bidi-font-size:11.0pt;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC518061a1691d40b18374b0873b41fd5d"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.11<span style="mso-spacerun:yes"> </span>Other current liabilities </span></i></b></a><span ><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Other current liabilities comprise the following: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Accrued compensation to staff </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$104 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$171</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for post sales client support </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Withholding taxes payable </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">54</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for expenses </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">106 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">102</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Retainage </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Mark to market loss on derivative financial instruments</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">29</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$272 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$386 </span></span></p> </td> <span ></span> </tr> </table> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Provision for expenses primarily consists of accrued expenses relating to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building charges, overseas travel expenses and office maintenance. Others primarily consist of amount payable towards acquisition of business.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC6582b48638d1444fbe23d0188fbde03d"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.2<span style="mso-spacerun:yes"> </span>Investment in liquid mutual fund units</span></i></b></a></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Investment in liquid mutual fund units classified as available for sale securities are as follows: &nbsp; </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions) </span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Cost<span style="mso-spacerun:yes"> </span></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$6</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$18</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Gross unrealized holding gains</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;Fair value </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$6</span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$18</span></span></p> </td> <span ></span> </tr> </table><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> 1.2 Basis of preparation of financial statements and consolidation The consolidated financial statements include Infosys and its subsidiaries (collectively, the company) and are prepared in accordance with accounting principles generally accepted in the United States of America (U. S. GAAP). Infosys consolidates entities in which it owns or controls more than 50% of the voting shares. The results of acquired businesses are included in the consolidated financial statements from the date of acquisition. Inter-company balances and transactions are eliminated on consolidation. <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC67d8b5a7affa462a8088f641cb37b241"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.4 Business combination </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">On October 1, 2007, Infosys BPO acquired 100% of the equity shares of P-Financial Services Holding B.V. This business acquisition was conducted by entering into a Sale and Purchase Agreement with Koninklijke Philips Electronics N.V. (Philips), a company incorporated under the laws of the Netherlands, for acquiring the shared service centres of Philips for finance, accounting and procurement business in Poland, Thailand and India for cash consideration of $27 million of which $1 million is yet to be paid. The acquisition of Poland and India centers were consummated on October 1, 2007 and Thailand center on December 3, 2007. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The contract strengthens Infosys BPOs presence in Europe and Asia, including new centres in Poland, Thailand and India and consequently, the excess of the purchase consideration paid over the fair value of assets acquired has been attributed towards goodwill, which has been </span></span><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">allocated to the Manufacturing segment.</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The purchase price has been allocated based on managements estimates and independent appraisals of fair values as follows:</span></span></p> <p class="MsoNormalCxSpMiddle" align="right" style="mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-add-space:auto;text-align:right;line-height: normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Component </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="20%" valign="top" style="width:20.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Purchase&nbsp;price allocated</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Property, plant and equipment </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net current assets </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Deferred tax liabilities </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(1) </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Intangible assets - Customer contracts</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Goodwill </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Total purchase price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">$27 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">The identified intangible customer contracts are being amortized over a period of seven years, being management's estimate of the useful life of the asset. </span></span></p><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCdc5012e1afc448499396b34fbc620940"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.8<span style="mso-spacerun:yes"> </span>Business combinations </span></i></b></a></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">Business combinations have been accounted using the purchase method under the provisions of Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standard (SFAS) No. 141, Business Combinations. Cash and amounts of consideration that are determinable at the date of acquisition are included in determining the cost of the acquired business.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC0f3472b07b8240a4a55653f3e327567a"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.1<span style="mso-spacerun:yes"> </span>Cash and cash equivalents </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Cash and cash equivalents are as follows: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Cash and bank deposits </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,362 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,737 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Deposits with corporations </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">41 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">321 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,403 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2,058 </span></span></p> </td> <span ></span> </tr> </table> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Cash and cash equivalents as of March 31, 2007 and 2008 include restricted cash balances of $1 million each. The restrictions are primarily on account of accrued dividends.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC4dbd39fd14c746c59e54a4d0ee7595ce"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.5<span style="mso-spacerun:yes"> </span>Cash and cash equivalents </span></i></b></a></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">The company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents. Cash and cash equivalents comprise cash and cash on deposit with banks, and corporations.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC05a9c0995a424970ac428812869a8222"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.22 Litigation </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify"><span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; color:black">The company is subject to legal proceedings and claims which have arisen in the ordinary course of its business. Legal actions, when ultimately concluded and determined, will not, in the reasonable opinion of management, have a material effect on the results of operations or the financial position of the company. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><span style="mso-spacerun:yes"></span></span></span><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.23<span style="mso-spacerun:yes"> </span>Commitments and contingencies </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The contractual commitments for capital expenditure were $158 million and $166 million as of March 31, 2007 and 2008, respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company has outstanding guarantees for various statutory purposes totaling $11 million and $6 million as of March 31, 2007 and 2008, respectively. These guarantees are generally provided to governmental agencies. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.24 Tax contingencies </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">During fiscal 2007, the company received a demand from the Indian taxation authorities for payment of additional tax of $22 million, including interest of $4 million, upon completion of their tax review for fiscal 2004. The tax demand is mainly on account of disallowance of a portion of the deduction claimed by the company under Section 10A of the Income tax Act. The deductible amount is determined by the ratio of export turnover to total turnover. The disallowance arose from certain expenses incurred in foreign currency being reduced from export turnover but not reduced from total turnover. The matter is pending before the Commissioner of Income tax (Appeals) Bangalore.</span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;color:black;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA">The company is contesting the demand and the management and its tax advisors believe that its position will likely be upheld in the appellate process. No additional provision has been accrued in the financial statements for the tax demand raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operations.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} p {mso-style-priority:99; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCe2a5fe004f3c497daf637ebeaa485f72"><b><i><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black">1.18 Retirement benefits to employees </span></i></b></a><span ><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black"></span></i></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.18.1 Gratuity </span></i></b></span><span ><i style="mso-bidi-font-style: normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black"></span></i></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">In accordance with the Payment of Gratuity Act, 1972, Infosys provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Liabilities with regard to the Gratuity Plan are determined by actuarial valuation. The company fully contributes all ascertained liabilities to the Infosys Technologies Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPO, contributions are made to the Infosys BPO's Employees' Gratuity Fund Trust. Trustees administer contributions made to the Trusts and contributions are invested in specific designated instruments as permitted by law and investments are also made in mutual funds that invest in the specific designated instruments. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The company recognizes the funded status of a defined benefit plan in the statement of financial position as an asset or liability if the plan is overfunded or underfunded, respectively in accordance with SFAS No.&nbsp;158, <em><span style="font-family:"Arial","sans-serif"">Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans - An Amendment of FASB Statements No.&nbsp;87, 88, 106, and 132R.</span></em> Changes in the funded status of a plan are recognized in the year in which the changes occur, and reported in comprehensive income as a separate component of stockholders' equity. </span></span></p> <p style="text-align:justify"><span ><em><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">1.18.2&nbsp;&nbsp;Superannuation</span></b></em></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"> </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Certain employees of Infosys are also participants in a defined contribution plan. Until March 2005, the company made monthly contributions under the superannuation plan (the Plan) to the Infosys Technologies Limited Employees Superannuation Fund Trust (Infosys Superannuation Trust) based on a specified percentage of each covered employees salary. The company has no further obligations to the Plan beyond its monthly contributions. Certain employees of Infosys BPO were also eligible for superannuation benefit. Upto March 31, 2005, Infosys BPO made monthly contributions under the superannuation plan based on a specified percentage of each covered employees salary. Infosys BPO has no further obligations to the superannuation plan beyond its monthly contribution which were periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Effective April 1, 2005, a portion of the monthly contribution amount was paid directly to the employees as an allowance and the balance amount was contributed to the Infosys Superannuation Trust. </span></span></p> <p style="text-align:justify"><span ><em><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">1.18.3&nbsp;&nbsp;Provident fund</span></b></em></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"> </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Eligible employees of Infosys receive benefits from a provident fund, which is a defined contribution plan. Both the employee and the company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employees salary. The company contributes a part of the contributions to the Infosys Technologies Limited Employees Provident Fund Trust. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the government. The company has an obligation to fund any shortfall on the yield of the trusts investments over the administered interest rates. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">In respect of Infosys BPO, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the employee and Infosys BPO make monthly contributions to this provident fund plan equal to a specified percentage of the covered employees salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. </span></span></p><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} p {mso-style-priority:99; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC47576103e9b848a396b53bf58a89a9fe"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.16<span style="mso-spacerun:yes"> </span>Concentration of risk </span></i></b></a></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">Financial instruments that potentially subject the company to concentrations of credit risk consist principally of cash equivalents, trade accounts receivable, investment securities and hedging instruments. By nature, all such financial instruments involve risk, including the credit risk of non-performance by counterparties. In managements opinion, as of March 31, 2007 and 2008 there was no significant risk of loss in the event of non-performance of the counterparties to these financial instruments, other than the amounts already provided for in the financial statements, if any. Exposure to credit risk is managed through credit approvals, establishing credit limits and monitoring procedures. The factors which affect the fluctuations in the company's provisions for bad debts and write offs of uncollectible accounts include the financial health and economic environment of the clients. The company specifically identifies the credit loss and then makes the provision. The companys cash resources are invested with corporations, financial institutions and banks with high investment grade credit ratings. Limits are established by the company as to the maximum amount of cash that may be invested with any such single entity.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC451fb61104034777b467ad4097c4145d"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.6 Prepaid expenses and other current assets </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Prepaid expenses and other current assets consist of the following: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions) </span></i></span><span ><i style="mso-bidi-font-style: normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman""></span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="703" style="width:527.4pt;border-collapse:collapse;mso-yfti-tbllook:480;mso-padding-alt: 0in 5.4pt 0in 5.4pt"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="493" valign="top" style="width:369.9pt;border:none;border-top:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="210" colspan="2" valign="top" style="width:157.5pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""><span style="mso-spacerun:yes"> </span>As of March 31, </span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="493" valign="top" style="width:369.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-top-alt:solid windowtext ..5pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2007 </span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman""></span></b></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">2008</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="493" valign="top" style="width:369.9pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Rental deposits</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;border:none;mso-border-top-alt: solid windowtext ..5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$6</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="493" valign="top" style="width:369.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Security deposits with service providers</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="493" valign="top" style="width:369.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Current portion of loans to employees</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">24</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="493" valign="top" style="width:369.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Prepaid expenses</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="493" valign="top" style="width:369.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Mark to market gain on derivative financial instruments </span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td width="493" valign="top" style="width:369.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Interest accrued and not due on deposits</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">47</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td width="493" valign="top" style="width:369.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other current assets</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9;mso-yfti-lastrow:yes"> <td width="493" valign="top" style="width:369.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid black 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-top-alt:solid windowtext ..5pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$48</span></span></p> </td> <span ></span> <td width="108" valign="top" style="width:81.0pt;border:none;border-bottom:solid black 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-top-alt:solid windowtext ..5pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$107</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="text-align:justify"><span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Other current assets primarily represent advance payments to vendors for supply of goods and rendering of services, travel advances, other recoverables from customers and advance withholding tax. Security deposits with service providers relate principally to leased telephone lines and electricity supplies.</span></span></p> <p class="MsoNormal" style="text-align:justify"><span ><b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2.10 Loans to employees</span></i></b></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The company provides loans to eligible employees in accordance with policy. The employee loans are repayable over fixed periods ranging from 1 to 100 months. The annual rates of interest at which the loans have been made to employees vary between 0% through 4%. Loans aggregating $28 million and $29 million were outstanding as of March&nbsp;31, 2007 and March 31, 2008.</span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">No loans have been made to employees in connection with purchase of the companys equity securities by employees.</span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The required repayments of employee loans outstanding as of March 31, 2008 are as detailed below:</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border-top:solid black 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid black .75pt;mso-border-bottom-alt:solid windowtext .5pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ending March 31,</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border-top:solid black 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Repayment</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2009 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$27</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2010 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$29</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="text-align:justify"><span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; color:black">The estimated fair value of loans to employees amounted to $26 million as of March 31, 2007 and $28 million as of March 31, 2008. These amounts have been determined using available market information and appropriate valuation methodologies. Considerable judgment is required to develop these estimates of fair value. Consequently, these estimates are not necessarily indicative of the amounts that the company could realize in the market.</span></span></p><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} p {mso-style-priority:99; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC5126c427f05f46b9a256b13a48637225"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.20 Derivative financial instruments </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company uses derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in foreign exchange rates on accounts receivable and forecasted cash flows denominated in certain foreign currencies. The counterparty for these contracts is generally a bank. Infosys held foreign exchange forward contracts of $170 million, Euro 2 million and United Kingdom Pound Sterling 6 million as of March 31, 2007 and $586 million, Euro15 million and United Kingdom Pound Sterling 3 million as of March 31, 2008, respectively. The foreign exchange forward contracts mature between 1 to 12 months. As of March 31, 2007, the company held range barrier options of $207 million and United Kingdom Pound Sterling 8 million, Euro Accelerator of Euro 24 million and Target Redemption Structure of United Kingdom Pound Sterling 16 million. As of March 31, 2008, the company held range barrier options of $100 million and United Kingdom Pound Sterling 8 million, Euro Accelerator of Euro 12 million and Euro Forward Extra of Euro 5 million. </span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">The company recorded a loss of $15 million in fiscal 2006 and a gain of $14 million and $26 million in fiscal 2007 and 2008, respectively, on account of foreign exchange forward and option contracts, which are included in other income. </span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC73dd28fc8ea040eeadf275e468688267"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.17. Derivative financial instruments </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company uses derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in foreign exchange rates on accounts receivable and forecasted cash flows denominated in certain foreign currencies. The counterparty for these contracts is generally a bank. Although the company believes that these financial instruments constitute hedges from an economic perspective, they do not qualify for hedge accounting under SFAS 133, Accounting for Derivative Instruments and Hedging Activities, as amended. Any derivative that is either not designated a hedge, or is so designated but is ineffective per SFAS 133, is marked to market and recognized in earnings immediately and included in other income, net.<b><i></i></b></span></span></p><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC5d697c6d11fd49fdab5b90adb7d1270b"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.17 Employees' Stock Offer Plans (ESOP)</span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1998 Employees Stock Offer Plan (the 1998 Plan): </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The Companys 1998 Plan provides for the grant of non-statutory stock options and incentive stock options to employees of the company. The establishment of the 1998 Plan was approved by the Board of Directors in December&nbsp;1997 and by the stockholders in January&nbsp;1998. The Government of India has approved the 1998 Plan, subject to a limit of 11,760,000 equity shares representing 11,760,000 ADS to be issued under the 1998 Plan. All options granted under the 1998 Plan are exercisable for equity shares represented by ADSs. The options under the 1998 Plan vest over a period of one through four years and expire five years from the date of completion of vesting. The 1998 Plan is administered by a compensation committee comprising four members, all of who are independent members of the Board of Directors. The term of the 1998 Plan ended on January 6, 2008, and consequently no further shares will be issued to employees under this plan.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1999 Stock Offer Plan (the 1999 Plan): </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">In fiscal 2000, the company instituted the 1999 Plan. The stockholders and the Board of Directors approved the 1999 Plan in June&nbsp;1999. The 1999 Plan provides for the issue of 52,800,000 equity shares to employees. The 1999 Plan is administered by a compensation committee comprising four members, all of whom are independent members of the Board of Directors. Under the 1999 Plan, options will be issued to employees at an exercise price, which shall not be less than the fair market value (FMV) of the underlying equity shares on the date of grant. Under the 1999 Plan, options may also be issued to employees at exercise prices that are less than FMV only if specifically approved by the members of the company in a general meeting. All options under the 1999 Plan are exercisable for equity shares. The options under the 1999 Plan vest over a period of one through six years, although accelerated vesting based on performance conditions is provided in certain instances and expire over a period of 6 months through five years from the date of completion of vesting.</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The activity in the 1998 Plan and the 1999 Plan in fiscal 2006, 2007 and 2008 are set out below. </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1998 Plan: </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Outstanding at the beginning of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6,108,580 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4,546,480 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2,084,124</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$21</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Forfeited and expired </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(190,696) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$26 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(171,143) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$41 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(53,212)</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$51</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exercised </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(1,371,404) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$18 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2,291,213) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$18 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(500,465)</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$19</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Outstanding at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4,546,480 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2,084,124 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$21 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,530,447</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exercisable at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3,810,724 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$22 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2,084,124 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$21 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,530,447</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1999 Plan: </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Outstanding at the beginning of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">28,109,874 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19,179,074 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,897,840 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$26 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Granted </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">638,761 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$49 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Forfeited and expired </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(333,342) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(111,306) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$12 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(117,716)</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$44</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exercised </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(8,597,458) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$12 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(17,808,689) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(285,431)</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$16</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:13"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Outstanding at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19,179,074 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,897,840 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$26 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,494,693</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$29</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:14;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exercisable at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16,954,352 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,259,079 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$14 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,089,041</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The weighted-average fair value of options granted under the 1999 Plan during fiscal 2007 is $14. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The aggregate intrinsic value of options exercised under the 1998 Plan during fiscal 2006, 2007 and 2008 was $49 million, $65 million and $14 million, respectively. The aggregate intrinsic value of options exercised under the 1999 Plan during fiscal 2006, 2007 and 2008 was $280 million, $519 million and $8 million, respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The aggregate fair value of options vested under the 1998 Plan during fiscal 2006 and 2007 was $12 million and $6 million, respectively. The aggregate fair value of options vested under the 1999 Plan during fiscal 2006, 2007 and 2008 was $32 million, $10 million and $2 million, respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As of March 31, 2008 options outstanding under the 1998 Plan and the 1999 Plan had an intrinsic value of $25 million and $20 million, respectively. As of March 31, 2008 options exercisable under the 1998 Plan and 1999 Plan had an intrinsic value of $25 million and $20 million, respectively. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As of March 31, 2008, the unamortized stock compensation expenses under the 1999 Plan was $2&nbsp;million and the same is expected to be amortized over a weighted average period of approximately 1.27 years. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table summarizes information about stock options outstanding and exercisable as of March 31, 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="3" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Options outstanding </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td colspan="3" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Options exercisable </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Range of exercise prices per share ($) </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">No. of shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted Average remaining contractual life </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">No. of shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted Average remaining contractual life </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1998 Plan:</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4-15 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">621,953</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.45</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$12</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">621,953</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.45</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$12</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16-30 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">746,834</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.93</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""><span style="mso-spacerun:yes"></span>$22</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">746,834</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.93</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""><span style="mso-spacerun:yes"></span>$22</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31-45 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">101,880</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.94</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$38</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">101,880</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.94</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$38</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">46-60 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">29,860</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.65</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$54</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">29,860</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.65</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$54</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">61-83</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">29,920</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.87</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$68</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">29,920</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.87</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$68</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,530,447</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.03</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,530,447</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.03</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1999 Plan: </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">7-15 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">526,359</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.11</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$11</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">526,359</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.11</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$11</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16-30 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">413,030</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.28</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">413,030</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.28</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31-53 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">555,304</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.83</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$53</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">149,652</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.95</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$52</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:13;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,494,693</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.78</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$29</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,089,041</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.44</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Pending clarifications by government on applicability and computation methodology of Fringe Benefit Tax, the company had imposed restrictions for exercise of vested options during the period April 2007 to December 2007. Consequent to this restriction, options expiring during the specified period were suitably extended for 360 employees. The incremental cost due to such modification was not considered material. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Infosys BPO's 2002 Plan (the 2002 Plan) provides for the grant of stock options to its employees and was approved by its Board of Directors and stockholders in June&nbsp;2002. All options under the 2002 Plan are exercisable for equity shares. The 2002 Plan is administered by a Compensation Committee whose members are directors of Infosys BPO. The 2002 Plan provides for the issue of 5,250,000 equity shares to employees, at an exercise price, which shall not be less than the FMV. Options may also be issued to employees at exercise prices that are less than FMV only if specifically approved by the members of Infosys BPO in a general meeting. The options issued under the 2002 Plan vest in periods ranging between one through six years, although accelerated vesting based on performance conditions is provided in certain instances. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The activity in the 2002 Plan in fiscal 2006, 2007 and 2008 are set out below. </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Shares arising out of options </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Weighted average exercise price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2002 Plan: </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Outstanding at the beginning of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3,116,518 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1.18 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2,452,330 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3.01 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2,200 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2.72 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Granted </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,156,520 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$4.97 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">593,300 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13.16 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Forfeited and expired </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(1,032,960) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1.41 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(490,516) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$4.57 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2,200)</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2.72</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exercised </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(787,748) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$0.76 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(815,822) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2.23 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Purchased by Infosys (*) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(1,218,732) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3.64 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Swapped with Infosys options (*) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(518,360) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$13.03 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Outstanding at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2,452,330 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3.01 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2,200 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2.72 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exercisable at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">514,413 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1.32 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,900 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2.45 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(*) These options are held by Infosys. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The weighted average fair value of options granted under the 2002 Plan during fiscal 2006 and 2007 were $2.00 and $6.65 respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The aggregate intrinsic value of options exercised under the 2002 Plan for fiscal 2006 and 2007 was $4 million and $8 million, respectively.<span style="mso-spacerun:yes"> </span></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;color:black;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA">The company recorded stock compensation expense of $5 million and $3 million for the years ended March 31, 2007 and March 31, 2008, respectively.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCa258f925437f42edb68f239d2ea1a78b"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.13<span style="mso-spacerun:yes"> </span>Earnings per share </span></i></b></a></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Basic earnings per share is computed by dividing net income for the period by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the diluted weighted average number of equity shares outstanding during the period. Diluted earnings per share reflect the potential dilution from equity shares issuable through employee stock options. The dilutive effect of employee stock options is reflected in diluted earnings per share by application of the treasury stock method. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the if-converted method. If securities have been issued by a subsidiary that enable their holders to obtain the subsidiarys common stock, the earnings of the subsidiary shall be included in the consolidated diluted earnings per share computations based on the companys holding of the subsidiarys securities. </span></span></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">If the number of equity shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of basic and diluted earnings per share are adjusted retroactively for all periods presented to reflect that change in capital structure. If such changes occur after the close of the reporting period but before issuance of the financial statements, the per-share computations for that period and any prior-period financial statements presented are based on the new number of shares.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCa0c0ba2ea3324521948e6d289963ddb0"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.12<span style="mso-spacerun:yes"> </span>Foreign currency </span></i></b></a></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">The functional currency of Infosys and Infosys BPO is the Indian Rupee. The functional currencies for Infosys Australia, Infosys China, Infosys Consulting and Infosys Mexico are the respective local currencies. The consolidated financial statements are reported in U.S. dollars. The translation of functional currencies to U.S. dollars is performed for balance sheet accounts using the exchange rate in effect at the balance sheet date and for revenue, expense and cash-flow items using a monthly average exchange rate for the respective periods. The gains or losses resulting from such translation are included in other comprehensive income, a separate component of stockholders equity. </span></span></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">Foreign-currency denominated assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the balance sheet date. The gains or losses resulting from such translations are included in earnings. Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net income for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC46447022735e43fb84c2437711b13dbb"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.9<span style="mso-spacerun:yes"> </span>Goodwill and Intangible assets </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Following is a summary of movement in the carrying amount of goodwill: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Balance at the beginning of the year </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$8 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$128</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Goodwill relating to acquisitions<span style="mso-spacerun:yes"> </span></span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">115 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Effect of translation adjustments </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Balance at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$128 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$150</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><br> Goodwill has been allocated to the following reportable segments: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Segment </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman""><span style="mso-spacerun:yes"></span>As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Financial services </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$52 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$56 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Manufacturing </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">24</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Telecom </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Retail </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">44 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">48</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">18 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$128 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$150 </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Following is a summary of carrying amount of intangible assets: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Customer contracts</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; &nbsp; Gross carrying value </span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$27</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""><span style="mso-spacerun:yes"> </span>Acquired during the year </span></span></p> </td> <span ></span> <td valign="top" style="background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$23</span></span></p> </td> <span ></span> <td valign="top" style="background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; &nbsp; Accumulated amortization </span></span></p> </td> <span ></span> <td valign="top" style="background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(3) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(13)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; &nbsp; Net carrying value </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$20 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$25</span></span></p> </td> <span ></span> </tr> </table> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The aggregate amortization expense for fiscal 2007 and 2008 amounted to $3 million and $8 million, respectively. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The estimated aggregate amortization expense for intangible assets for each of the five succeeding annual fiscal periods as of March 31, 2008 is as detailed below.</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ending March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="top" style="width:15.0%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Amortization cost </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2009 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$8 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2010 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2011 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2012</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes;height:9.9pt"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:white;padding:0in 0in 0in 0in; height:9.9pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2013<span style="mso-spacerun:yes"> </span></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:white;padding:0in 0in 0in 0in; height:9.9pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2</span></span></p> </td> <span ></span> </tr> </table><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; 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mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC81a8692942f14da9badc32420b8f98d3"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.9<span style="mso-spacerun:yes"> </span>Goodwill </span></i></b></a></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Goodwill represents the cost of the acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is tested for impairment on an annual basis, relying on a number of factors including operating results, business plans and future cash flows. Recoverability of goodwill is evaluated using a two-step process. The first step involves a comparison of the fair value of a reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the fair value and carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">1.10<span style="mso-spacerun:yes"> </span>Intangible assets </span></i></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. </span></span></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds the fair value of the assets.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC3df6e07c077f4eb695e3c0d877938dfd"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.18<span style="mso-spacerun:yes"> </span>Income taxes </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The provision for income taxes in the statement of income comprises: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="3" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Current taxes </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Domestic taxes </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$19 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$38 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$133</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Foreign taxes </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">56 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">52 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">88</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">75 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">90 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">221</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Deferred taxes </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Domestic taxes </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(47)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Foreign taxes </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(3) </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(4) </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(3)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(5) </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(6) </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(50)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Aggregate taxes </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$70 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$84 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$171</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Current foreign taxes for fiscal 2007 and 2008 include a net tax benefit of $29 million and $30 million, respectively, for reversal of income tax liability no longer required.<span style="mso-spacerun:yes"> </span></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Income taxes have been allocated as follows: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="3" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Income from continuing operations </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$70 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$84 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$171</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Stockholders' equity for: </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;&nbsp; Initial adoption of SFAS 158 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(1) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""><span style="mso-spacerun:yes"> </span>Defined benefit plan amendment </span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;&nbsp; Income tax benefit arising on exercise of stock options </span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(4) </span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(4) </span></span></p> </td> <span ></span> <td valign="top" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(6)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total income tax expense</span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$66</span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$79 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E7F3FF;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$168</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><br> The income before income taxes and minority interest for each of the fiscal years 2006, 2007 and 2008 is primarily from domestic entities.</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The tax effects of significant temporary differences that resulted in deferred tax assets and liabilities are as follows: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="709" style="width:531.9pt;border-collapse:collapse;mso-yfti-tbllook:480;mso-padding-alt: 0in 5.4pt 0in 5.4pt"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="457" valign="top" style="width:342.9pt;border:none;border-top:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="252" colspan="2" valign="top" style="width:189.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><span style="mso-spacerun:yes"> </span>As of March 31,</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="457" valign="top" style="width:342.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2007</span></b></span><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black"></span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2008</span></b></span><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black"></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="457" valign="top" style="width:342.9pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Deferred tax assets:</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Property, plant and equipment</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$17</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$23</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Loss carry-forwards in subsidiary </span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">7</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">14</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto !msorm;mso-margin-bottom-alt: auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-align: justify;line-height:normal;mso-prop-change:Geetika_Arora 20080425T1222"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Incentive accruals in subsidiary </span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">7</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">6</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Minimum alternate tax credit carry-forwards</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">-</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">44</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Investments </span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Others</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">6</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">7</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Total gross deferred tax assets</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">38</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">95</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Less: Valuation allowance</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(15)</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(21)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><span style="mso-spacerun:yes"></span></span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">23</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">74</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:13"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Deferred tax liabilities:</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:14"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Intangible asset</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(2)</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(3)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:15"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Others</span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">-</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(3)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:16;height:8.5pt"> <td width="457" valign="top" style="width:342.9pt;padding:0in 5.4pt 0in 5.4pt; height:8.5pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Total gross deferred tax liabilities </span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;height:8.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(2)</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;height:8.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(6)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:17;mso-yfti-lastrow:yes;height:8.5pt"> <td width="457" valign="top" style="width:342.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:8.5pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Net deferred tax assets </span></span></p> </td> <span ></span> <td width="120" valign="top" style="width:1.25in;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black ..75pt; padding:0in 5.4pt 0in 5.4pt;height:8.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$21</span></span></p> </td> <span ></span> <td width="132" valign="top" style="width:99.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black ..75pt; padding:0in 5.4pt 0in 5.4pt;height:8.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$68</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As at April 1, 2005 and 2006, the valuation allowance was $1 million each. During fiscal 2007 and 2008, the valuation allowance increased by $14 million and $6 million, respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes that it is more likely than not the company will realize the benefits of those deductible differences, net of the existing valuation allowance at March 31, 2008. The valuation allowance primarily relates to loss carry-forwards in a foreign subsidiary. The amount of the deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Pursuant to the enacted changes in the Indian Income Tax Laws effective April 1, 2007, a Minimum Alternate Tax (MAT) has been extended to income in respect of which a deduction may be claimed under sections 10A and 10B of the Income Tax Act; consequently the company has calculated its tax liability for current domestic taxes after considering MAT. The excess tax paid under MAT provisions being over and above regular tax liability can be carried forward and set off against future tax liabilities computed under regular tax provisions. The company was required to pay MAT during fiscal 2008, and, accordingly, a deferred tax asset of $44 million has been recognized on the balance sheet as of March 31, 2008, which can be carried forward for a period of 7 years. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The tax loss carry-forwards of $36 million as of March&nbsp;31, 2008 relating to a foreign subsidiary will expire at various dates through March 31, 2028. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below:</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="3" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Income before income taxes and minority interest</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$630 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$936 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,326</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Enacted tax rates in India </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">33.66% </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">33.66% </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">33.99%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Computed expected tax expense </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$212 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$315 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$451</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Tax effect due to non-taxable income for Indian tax purposes </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(160) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(224) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(282)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Change in liability for unrecognized tax benefits </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(29) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(30)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Interest and penalties relating to unrecognized tax benefits</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Effect of differential foreign tax rates </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">15 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Change in valuation allowances </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Income tax expense </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$70 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$84 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$171</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The provision for foreign taxes is due to income taxes payable overseas, principally in the United States of America. The company benefits from certain significant tax incentives provided to software firms under Indian tax laws. These incentives presently include those for facilities set up under the Special Economic Zones Act, 2005 and an exemption from payment of Indian corporate income taxes for a period of ten consecutive years of operation of software development facilities designated as Software Technology Parks (the STP Tax Holiday). The Government of India has amended the tax incentives available to companies set up in designated STPs. The period of the STP Tax Holiday available to such companies is restricted to ten consecutive years, beginning from the financial year when the unit started producing computer software or April 1, 1999, whichever is earlier. The tax holidays on all facilities under STPs expire in stages by 2009. However, o</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">n April 29, 2008, the Finance Minister of India announced that the Government of India proposed to extend the availability of the 10-year tax holiday by a period of one year such that the tax holiday will be available until the earlier of fiscal year 2010 or 10 years after the commencement of a companys undertaking, although such extension is not effective. </span></span><span ><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black"><span style="mso-spacerun:yes"></span>Under the Special Economic Zones Act, 2005 scheme, units in designated special economic zones which begin providing services on or after April 1, 2005 will be eligible for a deduction of 100 percent of profits or gains derived from the export of services for the first five years from commencement of provision of services and 50 percent of such profits or gains for a further five years. Certain tax benefits are also available for a further five years subject to the unit meeting defined conditions.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The per share (basic) effect of the tax holiday was $0.29, $0.40 and $0.51 for fiscal 2006, 2007 and 2008, respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Infosys is subject to a 15% Branch Profit Tax (BPT) in the U.S. to the extent its U.S. branchs net profit during the year is greater than the increase in the net assets of the&nbsp;U.S. branch during the fiscal year, computed in accordance with the Internal Revenue Code. As at March 31, 2008, Infosys US branch net assets amounted to approximately $471 million. As of March 31, 2008, the company has not triggered the BPT and intends to maintain the current level of its net assets in the US, as it is consistent with its business plan. Accordingly, a BPT provision has not been recorded. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Effective April 1, 2007 the company adopted the provisions of FIN 48. Upon adoption of FIN 48, the companys policy to include interest and penalties relating to gross unrecognized tax benefits within the provision for income taxes did not change. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: </span></span></p> <p class="MsoNormalCxSpMiddle" align="right" style="mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-add-space:auto;text-align:right;line-height: normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black"><span style="mso-tab-count:4"> </span><span style="mso-spacerun:yes"> </span>(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="margin-left:5.4pt;border-collapse:collapse;mso-yfti-tbllook:1184; mso-padding-alt:0in 5.4pt 0in 5.4pt"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="576" valign="top" style="width:6.0in;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Year ended <br> March 31, 2008</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="576" valign="top" style="width:6.0in;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Balance as of April 1, 2007</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$124</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Increases related to prior year tax positions</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">34</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Increases related to current year tax positions</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">25</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Decreases related to prior year tax positions</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(53)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Decreases related to settlements with taxing authorities</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(2)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Decreases related to lapsing of statute of limitations</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(12)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td width="576" valign="top" style="width:6.0in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Balance as of March 31, 2008</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$116</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The Companies total unrecognized tax benefits (net of state tax benefits), if recognized, would reduce the tax provisions by $113 million and $107 million as of April 1, 2007 and March 31, 2008, respectively, and thereby would affect the companys effective tax rate. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As of April 1, 2007 (the date of adoption of FIN 48) and as of March 31, 2008, the company had an accrual of $7 million&nbsp;and $18 million, respectively, towards interest and penalties. Interest and penalties included in the provision for income taxes were&nbsp;$11 million for fiscal 2008. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The companys two major tax jurisdictions are India and the U.S., though the company also files tax returns in other foreign jurisdictions. In India, the assessment is not yet completed for fiscal year 2005 and onwards. In the U.S, certain state tax returns pertaining to fiscal years 2001 to 2004 remain subject to examination. Further, U.S federal and state tax returns pertaining to fiscal year 2005 onwards and certain state tax returns pertaining to fiscal year 2004 are open to examination in accordance with the statute of limitation prescribed by the relevant authorities. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Significant changes in the amount of unrecognized tax benefits within the next 12 months cannot be reasonably estimated as the changes would depend upon the progress of tax examinations with various tax authorities.<span style="mso-spacerun:yes"> </span></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Income taxes have not been provided for on $31 million of undistributed earnings of a foreign subsidiary, as such earnings have been indefinitely reinvested in the overseas business. As of March 31, 2008, the unrecognized deferred tax liability associated with these earnings amounted to approximately $11 million.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} ..MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCeaf558fc6271405891d06a0e66708216"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.14<span style="mso-spacerun:yes"> </span>Income taxes </span></i></b></a></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred tax assets and liabilities is recognized as income or expense in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits of which future realization is not more likely than not. Changes in valuation allowance from period to period are reflected in the income statement of the period of change. Deferred taxes are not provided on the undistributed earnings of subsidiaries outside India where it is expected that the earnings of the foreign subsidiary will be indefinitely reinvested. Tax benefits of deductions earned on exercise of employee stock options in excess of compensation charged to earnings are credited to additional paid in capital. The company recognizes interest and penalties related to unrecognized tax benefits in income tax expense.</span></span></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">The company adopted FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109, on April 1, 2007. This Interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements in accordance with SFAS No. 109, Accounting for Income Taxes and prescribes a recognition threshold of more-likely-than-not to be sustained upon examination. Accounting and disclosures of tax positions taken or expected to be taken by the company are based on the recognition threshold and measurement attribute prescribed by FIN 48.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} ..MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC54955baa3a314618bdfd270076f5fe91"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.6<span style="mso-spacerun:yes"> </span>Investments </span></i></b></a></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Investments in non-readily marketable equity securities of other entities where the company is unable to exercise significant influence and for which there are no readily determinable fair values are recorded at cost. Any decline in value that is judged to be other than temporary is included in earnings. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Investment securities designated as 'available for sale' are carried at their fair value. Fair value is based on quoted market prices. Temporary unrealized gains and losses, net of the related tax effect are reported as a separate component of stockholders' equity until realized. Realized gains and losses and declines in value judged to be other than temporary on available for sale securities are included in earnings. </span></span></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">The cost of securities sold is based on the specific identification method. Interest and dividend income are recognized when earned.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC47f4d5b4882747c6abd0431c35eb3224"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.3 Trade accounts receivable </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Trade accounts receivable as of March 31, 2007 and 2008, net of allowance for doubtful accounts of $5 million and $10 million, amounted to $565 million and $824 million. The age profile of trade accounts receivable, net of allowances, is given below:</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">In percentage </span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Period (in days) </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0 30 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">58.6 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">58.1</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31 60 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">36.6 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">30.0</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">61 - 90 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.1 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3.7</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">More than 90 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.7 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.2</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">100.0 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid black 1.0pt;border-right:none;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">100.0</span></span></p> </td> <span ></span> </tr> </table><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCcf2b13c6e974462c99f4f83d89bf2bd4"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.5 Acquisition of minority interest in Infosys BPO </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black;mso-bidi-font-weight:bold">During fiscal 2007 Infosys increased its share-holding in Infosys BPO by:</span></span></p> <ul type="disc"> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l0 level1 lfo1; tab-stops:list ..5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">acquiring 8,750,000 equity shares of Infosys BPO from Citicorp International Finance Corporation (CIFC) on June 30, 2006 for a consideration of $116 million; </span></span></li> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l0 level1 lfo1; tab-stops:list .5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">repurchasing 1,139,469 equity shares, of Infosys BPO from minority shareholders through Infosys BPO on December 29, 2006 for a consideration of $16 million; </span></span></li> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l0 level1 lfo1; tab-stops:list .5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">acquiring 211,909 shares, of Infosys BPO in January 2007 and committing to purchase 360,417 shares of Infosys BPO, from minority shareholders by February 2008 for a consideration of $9 million; and</span></span></li> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l0 level1 lfo1; tab-stops:list ..5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">acquiring 1,737,092 options from the option holders of Infosys BPO in March 2007 by purchasing 1,218,732 options of Infosys BPO for a consideration of $13 million and swapping 518,360 options of Infosys BPO for 151,933 Infosys options having an aggregate fair value of $3 million out of which $2 million has been recorded as post-acquisition stock compensation expense. </span></span></li> </ul> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The aggregate purchase price of $154 million including $6 million paid in February 2008 has been allocated based on managements estimates and independent appraisals of fair values as follows:</span></span></p> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;margin-bottom: 0in;margin-bottom:.0001pt;text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style: normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Component </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="20%" valign="top" style="width:20.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Purchase&nbsp;price allocated</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Property, plant and equipment </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net current assets </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Deferred tax liabilities </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2) </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Intangible assets - Customer contracts</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">22 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Goodwill </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">115</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Total purchase price </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">$154 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> </table> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">The company believes that these transactions resulted in recognition of goodwill primarily because of the acquired company's market position, skilled employees, management strength and potential to serve as a platform for enhancing business opportunities in the business process management area. The identified intangible customer contracts are being amortized over a period of four years, being management's estimate of the useful life of the asset. As of March 31, 2008, Infosys holds 99.98% of the outstanding equity shares of Infosys BPO.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:Wingdings; panose-1:5 0 0 0 0 0 0 0 0 0; mso-font-charset:2; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:0 268435456 0 0 -2147483648 0;} @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} ..MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} /* List Definitions */ @list l0 {mso-list-id:515462650; mso-list-template-ids:437182396;} @list l0:level1 {mso-level-number-format:bullet; mso-level-text:; mso-level-tab-stop:.5in; mso-level-number-position:left; text-indent:-.25in; mso-ansi-font-size:10.0pt; font-family:Symbol;} ol {margin-bottom:0in;} ul {margin-bottom:0in;} --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC0d351db2c45243a79311c37ffcad2e1f"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.15<span style="mso-spacerun:yes"> </span>Operating leases </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company has various operating leases, mainly for office buildings, that are renewable on a periodic basis. Rental expense for operating leases in fiscal 2006, 2007 and 2008 were $12 million, $15 million and $22 million, respectively. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The schedule of future minimum rental payments in respect of non-cancellable operating leases is set out below. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border-top:solid black 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid black .75pt;mso-border-bottom-alt:solid windowtext .5pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ending March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border-top:solid black 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2009 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$16</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2010 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2011 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2012 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2013</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">7</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Thereafter </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$71</span></span></p> </td> <span ></span> </tr> </table><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC71cad992631245e184c9ede436fa9654"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.1<span style="mso-spacerun:yes"> </span>Company overview</span></i></b></a></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">Infosys Technologies Limited (Infosys), along with its majority owned and controlled subsidiary, Infosys BPO Limited (Infosys BPO) and wholly-owned subsidiaries Infosys Technologies (Australia) Pty. Limited (Infosys Australia), Infosys Technologies (China) Co. Limited (Infosys China), Infosys Consulting Inc. (Infosys Consulting) and Infosys Technologies S. DE R.L. de C.V. (Infosys Mexico) is a leading global technology services firm. The company provides end-to-end business solutions that leverage technology. The company provides solutions that span the entire software life cycle encompassing technical consulting, design, development, software re-engineering, maintenance, systems integration, package evaluation and implementation, testing and infrastructure management services. In addition, the company offers software products for the banking industry and business process management services.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p style="text-align:justify"><a name="_AUCf9d002d2a708497aba19a3be0cc82bc0"><em><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">2.25&nbsp;&nbsp;Amendment to the Gratuity Plan</span></b></em></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Effective July 1, 2007, the company amended its Gratuity Plan, to suspend the voluntary defined death benefit component of the Gratuity Plan. This amendment resulted in a reduction of the companys projected benefit obligation amounting to $9 million, which is being amortized to income on a straight-line basis over the average remaining service period of employees which is 10 years. </span></span></p> <p style="text-align:justify"><span ><em><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">2.26&nbsp;&nbsp;Provision for health insurance </span></b></em></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Until fiscal 2007, the company was recognizing health insurance costs based on the maximum individual claimable amounts by employees. During the year ended March 31, 2008, the company completed its reconciliation of amounts actually claimed by employees to date, including past years, with the aggregate amount of recorded liability and the net excess provision of $18 million was reversed. </span></span></p> <p style="text-align:justify"><span ><em><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">2.27 &nbsp;California wage settlement</span></b></em></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;color:black;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA">During the year ended March 31, 2008, the company voluntarily settled with the California Division of Labor Standards Enforcement (DLSE) towards possible overtime payment to certain employees in California for a total amount of $26 million.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} p {mso-style-priority:99; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCf7c14794ca9c4c4d9e5d0e051798464c"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.12<span style="mso-spacerun:yes"> </span>Employee post-retirement benefits </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.12.1<span style="mso-spacerun:yes"> </span>Gratuity </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following tables set out the funded status of the gratuity plans and the amounts recognized in the company's financial statements in fiscal 2006, 2007 and 2008. The measurement date used is March 31 of the relevant fiscal year. </span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="98%" style="width:98.8%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="75%" valign="top" style="width:75.72%;border:none;border-top:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="24%" colspan="2" valign="top" style="width:24.28%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31,</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="75%" valign="top" style="width:75.72%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.14%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.14%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change in benefit obligations </span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Benefit obligations at the beginning of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$41 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$51</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Actuarial (gain) / loss </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Service cost </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">14</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Interest cost </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Benefits paid </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(4) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(6)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Plan amendments </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(9)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Effect of exchange rate changes </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Benefit obligations at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$51 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$56</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change in plan assets </span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fair value of plan assets at the beginning of the year </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$38 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$51</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:13"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Actual return on plan assets </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:14"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Employer contributions </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:15"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Benefits paid </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(4) </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(6)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:16"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Effect of exchange rate changes </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:17"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Plan assets at the end of the year </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$51 </span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid windowtext 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$59</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:18"> <td width="75%" valign="top" style="width:75.72%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Funded status </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:19;mso-yfti-lastrow:yes"> <td width="75%" valign="top" style="width:75.72%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Prepaid benefit </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">- </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3 </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Net gratuity cost for fiscal 2006, 2007 and 2008 comprises the following components: </span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="3" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Service cost </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$8 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$9 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$14</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Interest cost </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Expected return on assets </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(3) </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(4)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Actuarial (gain) / loss</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(3)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Plan amendments</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(1)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net gratuity cost </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$8 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$9 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$10</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The weighted-average assumptions used to determine benefit obligations as of March 31, 2007 and 2008 are set out below:</span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="98%" style="width:98.8%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="75%" valign="top" style="width:75.72%;border:none;border-top:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="24%" colspan="2" valign="top" style="width:24.28%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31,</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="75%" valign="top" style="width:75.72%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.14%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.14%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="75%" valign="top" style="width:75.72%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Discount rate </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0% </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">7.9%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td width="75%" valign="top" style="width:75.72%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Rate of increase in compensation levels </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.1% </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.1%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The weighted-average assumptions used to determine net periodic benefit cost for the years ended March 31, 2006, 2007 and 2008 are set out below:</span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="36%" colspan="3" valign="top" style="width:36.0%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31,</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Discount rate </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">7.5% </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0% </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Rate of increase in compensation levels </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.1% </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.1% </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.1%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Rate of return on plan assets </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">7.5% </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0% </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company contributes all ascertained liabilities to the Infosys Technologies Limited Employees' Gratuity Fund Trust. In case of Infosys BPO, contributions are made to the Infosys BPO Employees' Gratuity Fund Trust. Trustees administer contributions made to the trust and contributions are invested in specific designated instruments as permitted by Indian law and investments are also made in mutual funds that invest in the specific designated instruments. As of March 31, 2008, all of the plan assets are invested in debt securities. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company's overall expected long-term rate-of-return on assets has been determined based on consideration of available market information, current provisions of Indian law specifying the instruments in which investments can be made, and historical returns. Historical returns during fiscal 2006, 2007 and 2008 have not been lower than the expected rate of return on plan assets estimated for those years. The discount rate is based on the Government securities yield. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Accumulated benefit obligation was $19 million and $27 million as of March 31, 2007 and 2008, respectively. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="2" valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions) </span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border-top:solid black 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid black .75pt;mso-border-bottom-alt:solid windowtext .5pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ending March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border-top:solid black 1.0pt;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:none;mso-border-top-alt: solid black .75pt;mso-border-bottom-alt:solid windowtext .5pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2009 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$6 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2010 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2011 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2012 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2013 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2014-2018</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$53</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The expected benefits are based on the same assumptions used to measure the company's benefit obligations as of March 31, 2008. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company expects to contribute approximately $7 million to the gratuity trusts during fiscal 2009. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.12.2<span style="mso-spacerun:yes"> </span>Superannuation </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The company contributed $4 million, $7 and $11 million to the superannuation plan in fiscal 2006, 2007 and 2008. During fiscal 2008, a substantial portion of the monthly contribution amount has been paid directly to the employees as an allowance and a nominal amount has been contributed to the plan. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.12.3<span style="mso-spacerun:yes"> </span>Provident fund </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">The company contributed $15 million, $21 million and $30 million to the provident fund in fiscal 2006, 2007 and 2008.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; 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margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCd4a3e371f5774aae8beee89d170659d4"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.7 Property, plant and equipment, net </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Property, plant and equipment consist of the following: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions) </span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Land </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$39 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$57 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Buildings </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">343 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">489</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Furniture and fixtures </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">136 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">154</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Computer equipment </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">240 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">271</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Plant and equipment </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">183 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">218</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Capital work-in-progress </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">224 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">331</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,165 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,520</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Accumulated depreciation </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(427) </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(498) </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$738 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,022 </span></span></p> </td> <span ></span> </tr> </table> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Depreciation expense amounted to $99 million, $115 million and $149 million for fiscal 2006, 2007 and 2008, respectively. The amount of third party software expensed during fiscal 2006, 2007 and 2008 was $32 million, $45 million and $56 million, respectively.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC597f66e819e446a5a5926b90fde32c47"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.7<span style="mso-spacerun:yes"> </span>Property, plant and equipment </span></i></b></a></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Property, plant and equipment are stated at cost, less accumulated depreciation. The company depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows: </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-padding-alt:0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="25%" valign="top" style="width:25.0%;padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">Buildings </span></span></p> </td> <span ></span> <td width="25%" valign="top" style="width:25.0%;padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">15&nbsp;years </span></span></p> </td> <span ></span> <td width="25%" valign="top" style="width:25.0%;padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">Vehicles </span></span></p> </td> <span ></span> <td width="25%" valign="top" style="width:25.0%;padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">5&nbsp;years</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">Plant and equipment </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">5&nbsp;years </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">Computer equipment </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">2-5&nbsp;years</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2;mso-yfti-lastrow:yes"> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">Furniture and fixtures </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">5&nbsp;years</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">The cost of software purchased for internal use is accounted under SOP 98-1, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use. Deposits paid towards the acquisition of these long lived assets outstanding at each balance sheet date and the cost of assets not put to use before such date are disclosed under Capital work-in-progress. Costs of improvements that substantially extend the useful life of particular assets are capitalized. Repairs and maintenance cost are charged to earnings when incurred. The cost and related accumulated depreciation are removed from the consolidated financial statements upon sale or disposition of the asset.</span></span></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">The company evaluates the recoverability of these assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds the fair value. Assets to be disposed are reported at the lower of the carrying value or the fair value less the cost to sell.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} p {mso-style-priority:99; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> 1.11 Research and development Research and development costs are expensed as incurred. Software product development costs are expensed as incurred until technological feasibility is achieved. Research and development costs and software development costs incurred under contractual arrangements with customers are accounted as cost of revenues. <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC160e91ba13f04caf89d0c199d8131001"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.16. Research and development </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Research and development expenses were $23 million, $37 million and $50 million for fiscal 2006, 2007 and 2008.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} ..MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCc937a7c6da114064b86b0f444553e5cd"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1.4<span style="mso-spacerun:yes"> </span>Revenue recognition</span></i></b></a></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">The company derives revenues primarily from software development and related services, from business process management services and from the licensing of software products. Arrangements with customers for software development and related services are either on a fixed price, fixed timeframe or on a time and material basis</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Revenue on time-and-material contracts is recognized as the related services are performed and revenue from the end of the last billing to the balance sheet date is recognized as unbilled revenues. Revenue from fixed-price, fixed-timeframe contracts is recognized as per the percentage-of-completion method. Guidance has been drawn from paragraph 95 of Statement of Position (SOP) 97-2, Software Revenue Recognition, to account for revenue from fixed price arrangements for software development and related services in conformity with SOP 81-1. The input (efforts expended) method has been used to measure progress towards completion as there is a direct relationship between input and productivity. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. Costs and earnings in excess of billings are classified as unbilled revenue while billings in excess of costs and earnings are classified as unearned revenue. Maintenance revenue is recognized ratably over the term of the underlying maintenance agreement. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">The company provides its clients with a fixed-period warranty for corrections of errors and telephone support on all its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of revenues. The company estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">In arrangements with software development and related services and maintenance services, the company has specifically applied the guidance in paragraph 9 of EITF Issue 00-21 to determine whether the software development and related services can be considered a separate unit of accounting. The arrangements generally meet the criteria for software development and related services to be considered a separate unit of accounting. The company uses the relative fair value method to allocate revenue to maintenance services and the software development and related services. In cases where the company is unable to establish objective and reliable evidence of fair value for the software development and related services, the company has used the residual method to allocate the arrangement consideration. Maintenance revenues are recognized ratably over the term of the underlying maintenance arrangement while software development and related services revenues are recognized using the percentage-of-completion method.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">In accordance with SOP 97-2, license fee revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the license fee is fixed and determinable, and the collection of the fee is probable. Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). The company has applied the principles in SOP 97-2 to account for revenue from these multiple element arrangements. Vendor specific objective evidence (VSOE) of fair value has been established for ATS. VSOE of fair value is the price charged when the element is sold separately. When other services are provided in conjunction with the licensing arrangement, the revenue from such contracts are allocated to each component of the contract using the residual method, whereby revenue is deferred for the undelivered services and the residual amounts are recognized as revenue for delivered elements. In the absence of an established VSOE of fair value for implementation, the entire arrangement fee for license and implementation is recognized as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the services are performed. ATS revenue is recognized ratably over the period in which the services are rendered.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Revenues from business process management and other services are derived from both, time-and-material and fixed-price contracts. Revenue on time-and-material contracts is recognized as the related services are rendered. Revenue from fixed-price contracts is recognized as per the proportional performance method using an output measure of performance.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">When the company receives advances for services and products, such amounts are reported as client deposits until all conditions for revenue recognition are met.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">The company accounts for volume discounts and pricing incentives to customers using the guidance in EITF Issue 01-09, Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor's Products). The discount terms in the company's arrangements with customers generally entitle the customer to discounts if the customer completes a specified cumulative level of revenue transactions.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">In some arrangements, the level of discount varies with increases in the levels of revenue transactions. The discounts are passed on to the customer either as direct payments or as a reduction of payments due from the customer. The company recognizes discount obligations as a reduction of revenue based on the ratable allocation of the discount to each of the underlying revenue transactions that result in progress by the customer toward earning the discount. The company recognizes the liability based on its estimate of the customer's future purchases. Also, when the level of discount varies with increases in levels of revenue transactions, the company recognizes the liability based on its estimate of the customer's future purchases. If the company cannot reasonably estimate the customer's future purchases, then the liability is recorded based on the maximum potential level of discount. The company recognizes changes in the estimated amount of obligations for discounts using a cumulative catch-up adjustment. Furthermore, the company does not recognize any revenue up front for breakages immediately on the inception of an arrangement.</span></span></p> <span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold;mso-bidi-font-style:italic">Consistent with the guidance in EITF Issue 06-03, How taxes collected From Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation), which became applicable to the company on April 1, 2007, the company continues to present revenues net of sales and value-added taxes in its consolidated statements of income.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUCf968ce394bcd45f8929edda3bf862b3f"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.19 Earnings per share </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="3" valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <div style="mso-element:para-border-div;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal;border:none;mso-border-top-alt: solid black .75pt;padding:0in;mso-padding-alt:0in 0in 0in 0in"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </div> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Basic earnings per equity share - weighted average number of equity shares outstanding </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">543,160,222 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">554,018,739 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold"><span style="mso-spacerun:yes"> </span>568,564,740 </span></span></p> <span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Effect of dilutive common equivalent shares - stock options outstanding </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">14,807,564 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12,091,843 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,804,235</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Diluted earnings per equity share - weighted average number of equity shares and common equivalent shares outstanding </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">557,967,786 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">566,110,582 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">570,368,975</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Options to purchase 267,674 shares, 114,703 shares and 81,500 shares for fiscal 2006, 2007 and 2008, respectively under the 1998 Plan and 68,249 shares, 34,091 shares and 573,552 shares for fiscal 2006, 2007 and 2008, respectively under the 1999 Plan were not considered for calculating diluted earnings per share as their effect was anti-dilutive. </span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">The computation of basic and diluted earnings per share has also been adjusted retroactively for all periods presented to reflect the effect of 1:1 stock split effected in the form of a stock dividend.</span></span><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC1a6652b0a9a043d08aa4436c34b2eb91"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.8<span style="mso-spacerun:yes"> </span>Other assets </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Other assets consist of the following: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td colspan="2" valign="top" style="border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">As of March 31, </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Non-current portion of loans to employees </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$4 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Non-current deposits with corporations </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">30 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">40</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Prepaid gratuity benefit</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">-</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">3</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$37 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$45</span></span></p> </td> <span ></span> </tr> </table><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC0444c48e69fd4eb2b446f2082c87d86e"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.14<span style="mso-spacerun:yes"> </span>Non-Operating income </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In fiscal 2005, the company sold its investment in Yantra Corporation. The carrying value of the investment in Yantra Corporation was completely written down in fiscal 1999. Consideration received from the sale resulted in a gain of $11 million during fiscal 2005. Further consideration of $1 million was received during the fiscal 2007 resulting in a gain of $1&nbsp;million. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Other income, net, consists of the following: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="709" style="width:531.9pt;border-collapse:collapse;mso-yfti-tbllook:480;mso-padding-alt: 0in 5.4pt 0in 5.4pt"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:12.9pt"> <td width="409" valign="top" style="width:306.9pt;border:none;border-top:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="96" valign="top" style="width:1.0in;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt;height:12.9pt"><span ></span> <p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></b></span></p> </td> <span ></span> <td width="204" colspan="2" valign="top" style="width:153.0pt;border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:12.9pt"> <p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Year ended March 31,</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1;height:12.9pt"> <td width="409" valign="top" style="width:306.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="96" valign="top" style="width:1.0in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2006</span></b></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid black 1.0pt; mso-border-top-alt:solid black .75pt;mso-border-top-alt:solid black .75pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2007</span></b></span><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black"></span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid black 1.0pt; mso-border-top-alt:solid black .75pt;mso-border-top-alt:solid black .75pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2008</span></b></span><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black"></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2;height:13.75pt"> <td width="409" valign="top" style="width:306.9pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;height:13.75pt"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Interest income</span></span></p> </td> <span ></span> <td width="96" valign="top" style="width:1.0in;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;height:13.75pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$31</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;mso-border-top-alt: solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:13.75pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$43</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt; height:13.75pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$169</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;height:12.9pt"> <td width="409" valign="top" style="width:306.9pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Foreign exchange gains/(losses), net</span></span></p> </td> <span ></span> <td width="96" valign="top" style="width:1.0in;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(18)</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">8</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;height:12.9pt"> <td width="409" valign="top" style="width:306.9pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Income from mutual fund investments</span></span></p> </td> <span ></span> <td width="96" valign="top" style="width:1.0in;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">17</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">27</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5;height:13.75pt"> <td width="409" valign="top" style="width:306.9pt;padding:0in 5.4pt 0in 5.4pt; height:13.75pt"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Others</span></span></p> </td> <span ></span> <td width="96" valign="top" style="width:1.0in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:13.75pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt; height:13.75pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">5</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt; height:13.75pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;height:12.9pt"> <td width="409" valign="top" style="width:306.9pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="96" valign="top" style="width:1.0in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$31</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid black 1.0pt; mso-border-top-alt:solid black .75pt;mso-border-top-alt:solid black .75pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$83</span></span></p> </td> <span ></span> <td width="102" valign="top" style="width:76.5pt;border:none;border-bottom:solid black 1.0pt; mso-border-top-alt:solid black .75pt;mso-border-top-alt:solid black .75pt; mso-border-bottom-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt; height:12.9pt"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$175</span></span></p> </td> <span ></span> </tr> </table><style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} ..MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC65ff5009fd664843bf2169d6c95050ee"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.21 Segment reporting </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The company's operations predominantly relate to providing IT solutions, delivered to customers located globally, across various industry segments. The Chief Operating Decision Maker evaluates the company's performance and allocates resources based on an analysis of various performance indicators by industry classes and geographic segmentation of customers. Accordingly, revenues represented along industry classes comprise the principal basis of segmental information set out in these financial statements. Secondary segmental reporting is performed on the basis of the geographical location of customers. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the summary of significant accounting policies. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Industry segments for the company are primarily financial services comprising enterprises providing banking, finance and insurance services, manufacturing enterprises, enterprises in the telecommunications (telecom) and retail industries, and others such as utilities, transportation and logistics companies. Geographic segmentation is based on business sourced from that geographic region and delivered from both on-site and off-shore. North America comprises the United States of America, Canada and Mexico; Europe includes continental Europe (both the east and the west), Ireland and the United Kingdom; and the Rest of the World comprising all other places except those mentioned above and India.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Revenue in relation to segments is categorized based on items that are individually identifiable to that segment, while expenditure is categorized in relation to the associated turnover of the segment. Allocated expenses of segments include expenses incurred for rendering services from the companys offshore software development centers and on-site expenses. Certain expenses such as depreciation, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as unallocated and adjusted only against the total income of the company.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Fixed assets used in the companys business are not identified to any of the reportable segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Geographical information on revenue and industry revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.21.1 Industry segments </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Financial services </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Manufacturing </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Telecom </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Retail </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Others </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Total </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$775 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$299 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$354 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$219 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$505 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2,152 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Identifiable operating expenses </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">330 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">132 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">132 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">90 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">204 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">888 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Allocated expenses </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">203 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">77 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">85 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">59 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">144 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">568 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Segmental operating income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">242 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">90 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">137 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">70 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">157 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">696 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Unallocable expenses </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">97 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating income </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">599 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other income, net </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before income taxes and minority interest </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">630 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for income taxes </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">70 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before minority interest </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">560 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Minority interest </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Net income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$555 </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal"><span >&nbsp;</span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA"><br clear="all" style="page-break-before:always"> </span></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Financial services </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Manufacturing </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Telecom </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Retail </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Others </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Total </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,157 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$416 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$598 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$311 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$608 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3,090 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Identifiable operating expenses </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">493 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">174 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">229 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">128 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">244 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,268 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Allocated expenses </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">316 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">114 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">164 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">85 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">167 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">846 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Segmental operating income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">348 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">128 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">205 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">98 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">197 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">976 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Unallocable expenses </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">124 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating income </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">852 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Gain on sale of long term investment </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other income, net </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">83 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before income taxes and minority interest </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">&nbsp; </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">&nbsp; </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">&nbsp; </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">&nbsp; </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">&nbsp; </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">936 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for income taxes </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">84 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before minority interest </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">852 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Minority interest </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:13;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Net income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$850 </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><br clear="all" style="page-break-before:always"> </span></b></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Year ended March 31, 2008 </span></b></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Financial services </span></b></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Manufacturing </span></b></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Telecom </span></b></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Retail </span></b></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Others </span></b></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Total </span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Revenues </span></b></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">$1,494</span></b></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">$615</span></b></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">$900</span></b></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">$492</span></b></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">$675</span></b></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">$4,176</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Identifiable operating expenses </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">611</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">270</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">327</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">205</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">277</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1,690</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Allocated expenses </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">420</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">172</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">253</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">139</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">189</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1,173</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Segmental operating income </span></b></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">463</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">173</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">320</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">148</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">209</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1,313</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Unallocable expenses </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">162</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Operating income </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1,151</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Other income, net </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">175</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Income before income taxes</span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">1,326</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Provision for income taxes </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">171</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">Net income </span></b></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$1,155</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></i></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.21.2 Geographic segments </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions) </span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, 2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">North America</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Europe</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">India</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Rest of the World </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" valign="top" style="width:12.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Total </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,394 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$528 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$38 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$192 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-top:solid black 1.0pt;mso-border-top-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2,152 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Identifiable operating expenses </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">584 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">213 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">75 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">888 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Allocated expenses </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">357 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">129 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">72 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">568 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Segmental operating income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">453 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">186 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">45 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">696 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Unallocable expenses </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">97 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating income </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">599 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other income, net </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before income taxes and minority interest </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">630 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for income taxes </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">70 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before minority interest </span></b></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">560 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Minority interest </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12;mso-yfti-lastrow:yes"> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Net income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$555 </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal"><span >&nbsp;</span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="102%" style="width:102.9%;mso-cellspacing:0in;margin-left:-5.4pt;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-row-margin-left:1.02%; mso-row-margin-right:1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;background: #E5F1F8;padding:0in 0in 0in 0in"><span ><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family: Calibri;mso-bidi-font-family:"Times New Roman";mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><br clear="all" style="page-break-before:always"> </span></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Year ended March 31, 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">North America</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Europe</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">India</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Rest of the World </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;background: #E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Total </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:1;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,955 </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$815 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$50 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$270 </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3,090 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:2;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Identifiable operating expenses </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">842 </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">319 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">95 </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1,268 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:3;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Allocated expenses </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">537 </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">223 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">73 </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">846 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:4;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Segmental operating income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">576 </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">273 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">25 </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">102 </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">976 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:5;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Unallocable expenses </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">124 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:6;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating income </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">852 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:7;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Gain on sale of long term investment </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:8;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other income, net </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">83 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:9;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before income taxes and minority interest </span></b></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">936 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:10;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for income taxes </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">84 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:11;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">Income before minority interest </span></b></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">852 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:12;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Minority interest </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;background:#E5F1F8;padding: 0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:13;mso-row-margin-left:1.02%;mso-row-margin-right: 1.8%"> <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> <td width="38%" colspan="2" valign="top" style="width:38.88%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Net income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" valign="top" style="width:11.66%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.68%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="11%" colspan="3" valign="top" style="width:11.62%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$850 </span></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in" width="1%"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:14;height:14.15pt;mso-row-margin-right:12.06%"> <td width="87%" colspan="10" valign="top" style="width:87.94%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></i></b></span></p> <span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">&nbsp;</span></i></b></span></p> </td> <span > <td style="mso-cell-special:placeholder;border:none;border-bottom:solid black 1.0pt" width="12%" colspan="3"><p class="MsoNormal">&nbsp;</td> </span> </tr> <tr style="mso-yfti-irow:15;height:26.5pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;border-top:solid black 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:26.5pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic">&nbsp;Year ended March 31, 2008</span></b></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:26.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black;mso-bidi-font-style:italic">North America</span></b><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic"> </span></b></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:26.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black;mso-bidi-font-style:italic">Europe</span></b></span><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic"></span></b></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:26.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black;mso-bidi-font-style:italic">India</span></b></span><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic"></span></b></span></p> </td> <span ></span> <td width="12%" nowrap colspan="3" valign="top" style="width:12.52%;border-top: solid black 1.0pt;border-left:none;border-bottom:solid black 1.0pt; border-right:none;mso-border-top-alt:solid black .75pt;mso-border-bottom-alt: solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:26.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic">Rest of the <br> World </span></b></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid black 1.0pt;mso-border-top-alt:solid black .75pt; mso-border-top-alt:solid black .75pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:26.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic">Total</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:16;height:14.15pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;border:none; mso-border-top-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic">Revenues</span></b></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">$2,589</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">$1,172</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">$55</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">$360</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">$4,176</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:17;height:12.6pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:12.6pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Identifiable operating expenses</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;padding:0in 5.4pt 0in 5.4pt; height:12.6pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">1,094</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:12.6pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">452</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:12.6pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">11</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:12.6pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">133</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:12.6pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">1,690</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:18;height:14.15pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Allocated expenses</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">727</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">329</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">16</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">101</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:14.15pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">1,173</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:19;height:17.25pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:17.25pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic">Segmental operating income</span></b></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;border:none; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:17.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">768</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;border:none; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:17.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">391</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:17.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">28</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;border:none; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:17.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">126</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:17.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">1,313</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:20;height:10.1pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:10.1pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Unallocable expenses</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;padding:0in 5.4pt 0in 5.4pt; height:10.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:10.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:10.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:10.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:10.1pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">162</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:21;height:13.25pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Operating income</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; mso-border-top-alt:solid black .75pt;padding:0in 5.4pt 0in 5.4pt;height:13.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">1,151</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:22;height:13.25pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Other income, net</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:13.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">175</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:23;height:17.5pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:17.5pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic">Income before income taxes</span></b></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;padding:0in 5.4pt 0in 5.4pt; height:17.5pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:17.5pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:17.5pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:17.5pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; mso-border-top-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt; height:17.5pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">1,326</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:24;height:11.1pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;padding:0in 5.4pt 0in 5.4pt; height:11.1pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Provision for income taxes</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;padding:0in 5.4pt 0in 5.4pt; height:11.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:11.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;padding:0in 5.4pt 0in 5.4pt; height:11.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;padding:0in 5.4pt 0in 5.4pt; height:11.1pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:11.1pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">171</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:25;mso-yfti-lastrow:yes;height:13.25pt"> <td width="38%" colspan="2" valign="top" style="width:38.64%;border:none; border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:13.25pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-style: italic">Net income </span></b></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.92%;border:none; border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="2" valign="top" style="width:12.52%;border:none; border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt;height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" colspan="3" valign="top" style="width:12.52%;border:none; border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt;height:13.25pt"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">&nbsp;</span></span></p> </td> <span ></span> <td width="11%" colspan="2" valign="top" style="width:11.7%;border:none; border-bottom:solid black 1.0pt;mso-border-top-alt:solid windowtext .5pt; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; padding:0in 5.4pt 0in 5.4pt;height:13.25pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">$1,155</span></span></p> </td> <span ></span> </tr> <![if !supportMisalignedColumns]> <tr height="0"> <td width="8" style="border:none"></td> <td width="290" style="border:none"></td> <td width="10" style="border:none"></td> <td width="90" style="border:none"></td> <td width="90" style="border:none"></td> <td width="7" style="border:none"></td> <td width="83" style="border:none"></td> <td width="7" style="border:none"></td> <td width="83" style="border:none"></td> <td width="10" style="border:none"></td> <td width="3" style="border:none"></td> <td width="76" style="border:none"></td> <td width="14" style="border:none"></td> </tr> <![endif]> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.21.3 Significant clients </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">No client individually accounted for more than 10% of the revenues in fiscal 2006, 2007 and 2008.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} ..MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> 1.19 Stock-based compensation The company recognizes compensation expense relating to share-based payments in net income using a fair-value measurement method in accordance with SFAS No.123 (revised 2004), Share-Based Payment (SFAS 123R). Under the fair value method, the estimated fair value of awards is charged to income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The company includes a forfeiture estimate in the amount of compensation expense being recognized. The fair value of each option is estimated on the date of grant using the Black-Scholes-Merton valuation model. The expected term of an option is estimated based on the vesting term and contractual term of the option, as well as expected exercise behavior of the employee who receives the option. Expected volatility during the expected term of the option is based on historical volatility, during a period equivalent to the expected term of the option, of the observed market prices of the companys publicly traded equity shares. Expected dividends during the expected term of the option are based on recent dividend activity. Risk-free interest rates are based on the government securities yield in effect at the time of the grant. The fair value of each option granted under the 1999 Plan is estimated on the date of grant using the Black-Scholes-Merton valuation model with the following assumptions: 2007 Dividend yield % 0.2% Expected Life 2 6 years Risk free interest rate 7 7.27% Volatility 34 54% There were no grants made by the company in fiscal 2006 and 2008 under the 1999 Plan. The fair value of each option granted under the 2002 Plan is estimated on the date of grant using the Black-Scholes-Merton valuation model with the following assumptions: 2006 2007 Dividend yield % - - Expected Life 1 6 years 1 6 years Risk free interest rate 7.5% 7.6 8.1% Volatility 50% 50% There were no grants made by the company in fiscal 2008 under the 2002 Plan. The following table illustrates the effect on net income and earnings per share for fiscal 2006 if the company had applied the fair value recognition provisions of SFAS 123, Accounting for Stock-Based Compensation, to stock-based employee compensation. (Dollars in millions except per share data) Year ended March 31, 2006 Net income, as reported $555 Deduct: Total stock-based employee compensation expense determined under fair value based method for all awards, net of related tax effects (10) Pro forma net income $545 Earnings per share: Basic - as reported $1.02 Basic - pro forma $1.00 Diluted - as reported $0.99 Diluted - pro forma $0.98 <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC89a0abb95ddf4fb58fcb6321cbdc84c0"><b><i><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">2.13<span style="mso-spacerun:yes"> </span>Stockholders' equity </span></i></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Infosys has only one class of capital stock referred to as equity shares. All references in these financial statements to number of shares, per share amounts and exercise price of stock option grants are retroactively restated to reflect the effect of 1:1 stock split effected in the form of a stock dividend on July 14, 2006.</span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The rights of equity shareholders are set out below.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.13.1<span style="mso-spacerun:yes"> </span>Voting </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.13.2<span style="mso-spacerun:yes"> </span>Dividends </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Should the company declare and pay dividends, such dividends will be paid in Indian Rupees. Indian law mandates that any dividend be declared out of distributable profits only after the transfer of a specified percentage of net income computed in accordance with current regulations to a general reserve. Moreover, the remittance of dividends outside India is governed by Indian law on foreign exchange and is subject to applicable taxes. Cash dividend per equity share for fiscal 2006, 2007 and 2008 were $0.15, $0.53 and $0.31, respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.13.3<span style="mso-spacerun:yes"> </span>Liquidation </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In the event of liquidation of the company, the holders of common stock shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The amounts will be in proportion to the number of equity shares held by the stockholders. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">2.13.4<span style="mso-spacerun:yes"> </span>Stock options </span></i></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">There is no voting, dividend or liquidation rights to the holders of options issued under the company's stock option plans.</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";} p {mso-style-priority:99; mso-margin-top-alt:auto; margin-right:0in; mso-margin-bottom-alt:auto; margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt; mso-ascii-font-family:Calibri; mso-fareast-font-family:Calibri; mso-hansi-font-family:Calibri;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} - --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> 1.3 Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to, accounting for costs and efforts expected to be incurred to complete performance under software development arrangements, allowance for uncollectible accounts receivable, future obligations under employee benefit plans, provisions for post-sales customer support, the useful lives of property, plant, equipment and intangible assets and income tax valuation allowances. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financials statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements. <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><a name="_AUC0e20d68308634949889d9b39edf5d7de"><b><span style="font-size:9.0pt; mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Item 5. Operating and Financial Review and Prospects </span></b></a><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">OPERATING RESULTS</span></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">This information is set forth under the caption 'Management's discussion and analysis of financial condition and results of operations' below and such information is incorporated herein by reference </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">LIQUIDITY AND CAPITAL RESOURCES</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> <br> <br> This information is set forth under the caption 'Management's discussion and analysis of financial condition and results of operations' below and such information is incorporated herein by reference. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We have committed and expect to continue to commit in the future, a material portion of our resources to research and development. Efforts towards research and development are focused on refinement of methodologies, tools and techniques, implementation of metrics, improvement in estimation process and the adoption of new technologies. <br> <br> Our research and development expenses for the fiscal years ended March 31, 2006, 2007 and 2008, were $23 million, $37 million and $50 million, respectively.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">TREND INFORMATION</span></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">This information is set forth under the caption 'Management's Discussion and Analysis of Financial Condition and Results of Operations' below.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Investors are cautioned that this discussion contains forward-looking statements that involve risks and uncertainties. When used in this discussion, the words 'anticipate', 'believe', 'estimate', 'expect', 'intend', 'project', 'seek', 'should', 'will' and other similar expressions as they relate to us or our business are intended to identify such forward-looking statements. Actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those described under the heading 'Risk Factors' and elsewhere in this Annual Report. Readers are cautioned not to place undue reliance on these forward-looking statements, as they speak only as of the date of this Annual Report. The following discussion and analysis should be read in conjunction with our financial statements included herein and the notes thereto. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. </span></span></p> <p style="text-align:justify"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:"Arial","sans-serif"; color:black">Overview </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"><br> <br> We are a leading global technology services company founded in 1981, and headquartered in Bangalore, India. We provide comprehensive end-to-end business solutions that leverage technology for our clients, including technical consulting, design, development, product engineering, maintenance, systems integration, package evaluation and implementation, validation and infrastructure management services. We also provide software products to the banking industry. Through Infosys BPO, we provide business process management services such as offsite customer relationship management, finance and accounting, and administration and sales order processing. Our clients rely on our solutions to enhance their business performance.</span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Our professionals deliver high quality solutions through our Global Delivery Model through which we divide projects into components that we execute simultaneously at client sites and at our development centers in India and around the world. We seek to optimize our cost structure by maintaining the flexibility to execute project components where it is most cost effective. Our sales, marketing and business development teams are organized to focus on specific geographies and industries and this helps us to customize our service offerings to our clients needs. Our primary geographic markets are North America, Europe and the Asia Pacific region. We serve clients in financial services, manufacturing, telecommunications, retail, utilities, logistics and other industries. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">There is an increasing need for highly skilled technology professionals in the markets in which we operate. At the same time, corporations are reluctant to expand their internal IT departments and increase costs. These factors have increased corporations reliance on their outsourced technology service providers and are expected to continue to drive future growth for outsourced technology services. Since the effective use of offshore technology services offers lower total costs of ownership of IT infrastructure, lower labor costs, improved quality and innovation, faster delivery of technology solutions and more flexibility in scheduling, corporations are increasingly turning to offshore technology service providers. India, in particular, has become a premier destination for offshore technology services. The key factors contributing to the growth of IT and IT enabled services in India include high quality delivery, significant cost benefits and availability of abundant skilled resources. Our proven Global Delivery Model, our comprehensive end to end solutions, our commitment to superior quality and process execution, our long standing client relationships and our ability to scale make us one of the leading offshore service providers in India. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">There are numerous risks and challenges affecting the business. These risks and challenges are discussed in detail in the section entitled Risk Factors and elsewhere in this Annual Report.</span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We completed our initial public offering of equity shares in India in 1993 and our initial public offering of ADSs in the United States in 1999. We completed three sponsored secondary ADS offering in the United States in August 2003, June 2005 and November 2006. We did not receive any of the proceeds from any of our sponsored secondary offerings.<span style="mso-spacerun:yes"> </span></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">On December 18, 2006 we were added to the NASDAQ-100 Index and became the first Indian company to be a part of one of the major global indices. </span></span></p> <p><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black;mso-bidi-font-weight: bold">During fiscal 2007 Infosys increased its share-holding in Infosys BPO by:</span></span></p> <p style="margin-left:.5in;text-indent:-.25in;mso-list:l10 level1 lfo26; tab-stops:list .5in"><span ><![if !supportLists]><span style="font-size:10.0pt;mso-bidi-font-size:9.0pt;font-family:Symbol;mso-fareast-font-family: Symbol;mso-bidi-font-family:Symbol;color:black;mso-bidi-font-weight:bold"><span style="mso-list:Ignore"><span style="font:7.0pt "Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; color:black;mso-bidi-font-weight:bold">acquiring 8,750,000 equity shares of Infosys BPO from Citicorp International Finance Corporation (CIFC) on June 30, 2006; </span></span></p> <p style="margin-left:.5in;text-indent:-.25in;mso-list:l10 level1 lfo26; tab-stops:list .5in"><span ><![if !supportLists]><span style="font-size:10.0pt;mso-bidi-font-size:9.0pt;font-family:Symbol;mso-fareast-font-family: Symbol;mso-bidi-font-family:Symbol;color:black;mso-bidi-font-weight:bold"><span style="mso-list:Ignore"><span style="font:7.0pt "Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; color:black;mso-bidi-font-weight:bold">repurchasing 1,139,469 equity shares, of Infosys BPO from minority shareholders through Infosys BPO on December 29, 2006; </span></span></p> <p style="margin-left:.5in;text-indent:-.25in;mso-list:l10 level1 lfo26; tab-stops:list .5in"><span ><![if !supportLists]><span style="font-size:10.0pt;mso-bidi-font-size:9.0pt;font-family:Symbol;mso-fareast-font-family: Symbol;mso-bidi-font-family:Symbol;color:black;mso-bidi-font-weight:bold"><span style="mso-list:Ignore"><span style="font:7.0pt "Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; color:black;mso-bidi-font-weight:bold">acquiring 211,909 shares, of Infosys BPO in January 2007 and committing to purchase 360,417 shares of Infosys BPO, from minority shareholders by February 2008; and</span></span></p> <p style="margin-left:.5in;text-indent:-.25in;mso-list:l10 level1 lfo26; tab-stops:list .5in"><span ><![if !supportLists]><span style="font-size:10.0pt;mso-bidi-font-size:9.0pt;font-family:Symbol;mso-fareast-font-family: Symbol;mso-bidi-font-family:Symbol;color:black;mso-bidi-font-weight:bold"><span style="mso-list:Ignore"><span style="font:7.0pt "Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; color:black;mso-bidi-font-weight:bold">acquiring 1,737,092 options from the option holders of Infosys BPO in March 2007 by purchasing 1,218,732 options of Infosys BPO in cash and swapping 518,360 options of Infosys BPO for 151,933 Infosys options based on fair values. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black;mso-bidi-font-weight: bold">An aggregate consideration of $148 million was paid in cash and 151,933 Infosys options were granted to the minority shareholders and options holders for consummating the above transactions. Consequent to the above acquisitions a cumulative amount of $115 million had been recorded as goodwill.</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black;mso-bidi-font-weight: bold">In February 2008, the committed purchase of 360,417 Infosys BPO shares from minority shareholders of IBPO was completed by paying an amount of $6 million. As of March 31, 2008, Infosys holds 99.98% of the outstanding equity shares of Infosys BPO. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">On October 1, 2007, Infosys BPO acquired 100% of the equity shares of P-Financial Services Holding B.V. This business acquisition was conducted by entering into a Sale and Purchase Agreement with Koninklijke Philips Electronics N.V. (Philips), a company incorporated under the laws of the Netherlands, for acquiring the shared service centres of Philips for finance, accounting and procurement business in Poland, Thailand and India for a consideration of $27 million of which $1 million is yet to be paid. The acquisition of Poland and India centers were consummated on October 1, 2007 and Thailand center on December 3, 2007. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">At our Annual General Meeting held on June&nbsp;22, 2007, our shareholders approved a final dividend of $0.16 per equity share which resulted in a cash outflow of $107 million, including corporate dividend tax. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Our Board of Directors, in their meeting held on October&nbsp;11, 2007, approved payment of an interim dividend of $0.15 per equity share for fiscal 2008. The dividend payment resulted in a cash outflow of $102&nbsp;million including corporate dividend tax. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Further, our Board of Directors, in their meeting on April 15, 2008 proposed a final dividend of approximately $0.18 per equity share and a special dividend of $0.50 per equity share. The proposal is subject to the approval of shareholders at the Annual General Meeting to be held on June 14, 2008 and, if approved, would result in a cash outflow of approximately $390 million excluding corporate dividend tax of $66 million. Our current financial policy is to pay dividends of up to 20% of net profits. However, the Board of Directors has decided to increase the dividend pay-out ratio to up to 30% of net profits effective fiscal 2009.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Senior Management Changes</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Effective June 22, 2007 the following changes were made to the senior management: </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; line-height:normal;mso-list:l14 level1 lfo34"><span ><![if !supportLists]><span style="font-size:9.0pt;font-family:Symbol;mso-fareast-font-family:Symbol; mso-bidi-font-family:Symbol;color:black"><span style="mso-list:Ignore"><span style="font:7.0pt "Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; color:black">Mr. Nandan M. Nilekani assumed the role of the Co-Chairman of the Board</span></span></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; line-height:normal;mso-list:l14 level1 lfo34"><span ><![if !supportLists]><span style="font-size:9.0pt;font-family:Symbol;mso-fareast-font-family:Symbol; mso-bidi-font-family:Symbol;color:black"><span style="mso-list:Ignore"><span style="font:7.0pt "Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; color:black">Mr. S. Gopalakrishnan assumed the role of the Chief Executive Officer and Managing Director</span></span></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in; line-height:normal;mso-list:l14 level1 lfo34"><span ><![if !supportLists]><span style="font-size:9.0pt;font-family:Symbol;mso-fareast-font-family:Symbol; mso-bidi-font-family:Symbol;color:black"><span style="mso-list:Ignore"><span style="font:7.0pt "Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; color:black">Mr. S. D. Shibulal assumed the role of the Chief Operating Officer</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our growth in revenues, net income and number of employees from fiscal 2004 to fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="4" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2004 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Compound Annual Growth Rate % </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Revenues </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,063 </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$4,176</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">40.8%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net income </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$270 </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,155</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">43.8%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Approximate number of employees at the end of the fiscal year </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">25,700 </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">91,200</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">37.3%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><br> The following table sets forth our growth in revenues and net income for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="4" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Revenues </span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3,090 </span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$4,176</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">35.1%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net income </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$850 </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,155</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">35.9%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our revenue growth is attributable to a number of factors including an increase in the size and number of projects executed for clients, as well as an expansion in the solutions that we provide to our clients. For fiscal 2007 and fiscal 2008, 95.3% and 97.0% of our revenue came from repeat business, which we define as revenue from a client who also contributed to our revenue during the prior fiscal year. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our business is designed to enable us to seamlessly deliver our onsite and offshore capabilities using a distributed project management methodology, which we refer to as our Global Delivery Model. We divide projects into components that we execute simultaneously at client sites and at our geographically dispersed development centers in India and around the world. Our Global Delivery Model allows us to provide clients with high quality solutions in reduced time-frames enabling them to achieve operational efficiencies.&nbsp; </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our revenues by geographic segments for fiscal 2007 and 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:21.15pt"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in;height:21.15pt"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="45%" style="width:45.44%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Geographic Segments</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="27%" style="width:27.28%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 (Percentage of Revenues)</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="27%" style="width:27.28%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008 (Percentage of Revenues)</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">North America</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">63.3%</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">62.0% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Europe</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">26.4%</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">28.1% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">India</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.6%</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.3% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Rest of the World </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.7%</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.6% </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our revenues are generated principally from technology services provided on either a time-and-materials or a fixed-price, fixed-timeframe basis. Revenues from services provided on a time-and-materials basis are recognized as the related services are performed. Revenues from services provided on a fixed-price, fixed-timeframe basis are recognized pursuant to the percentage of completion method. Most of our client contracts, including those that are on a fixed-price, fixed-timeframe basis can be terminated by clients with or without cause, without penalties and with short notice periods of between 0 and 90 days. Since we collect revenues on contracts as portions of the contracts are completed, terminated contracts are only subject to collection for portions of the contract completed through the time of termination. Most of our contracts do not contain specific termination-related penalty provisions. In order to manage and anticipate the risk of early or abrupt contract terminations, we monitor the progress on all contracts and change orders according to their characteristics and the circumstances in which they occur. This includes a focused review of our ability and our client's ability to perform on the contract, a review of extraordinary conditions that may lead to a contract termination, as well as historical client performance considerations. Since we also bear the risk of cost overruns and inflation with respect to fixed-price, fixed-timeframe projects, our operating results could be adversely affected by inaccurate estimates of contract completion costs and dates, including wage inflation rates and currency exchange rates that may affect cost projections. Losses on contracts, if any, are provided for in full in the period when determined. Although we revise our project completion estimates from time to time, such revisions have not, to date, had a material adverse effect on our operating results or financial position. We also generate revenue from software application products, including banking software. Such software products represented 3.9% of our total revenues for fiscal 2007 and 3.6% of our total revenues for fiscal 2008.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We experience from time to time, pricing pressure from our clients. For example, clients often expect that as we do more business with them, they will receive volume discounts. Additionally, clients may ask for fixed-price arrangements or reduced rates. We attempt to use fixed-price arrangements for works where the specifications are complete, so individual rates are not negotiated. We are also adding new services at higher price points. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Cost of Revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Cost of revenues represented 58.7% of total revenues for fiscal 2008. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Our cost of revenues primarily consists of salary and other compensation expenses, depreciation, overseas travel expenses, cost of software purchased for internal use, cost of technical subcontractors, rent and data communication expenses. We depreciate our personal computers and servers over two years and mainframe computers over periods of up to three years. Third party software is expensed over the estimated useful life. Cost of revenues also includes stock compensation expenses. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Beginning April 1, 2006, we adopted SFAS No.123 (revised 2004), Share-Based Payment using the modified prospective approach. We recorded stock-based compensation expense of $1 million in cost of revenues during the year ended March 31, 2008 using the fair value recognition provisions contained in SFAS No. 123(R). </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We typically assume full project management responsibility for each project that we undertake. Approximately 71.6% and 73.3% of the total billed person-months for our services during fiscal 2007 and 2008 respectively, were performed at our global development centers in India, and the balance of the work was performed at client sites and global development centers located outside India. The proportion of work performed at our facilities and at client sites varies from quarter to quarter. We charge higher rates and incur higher compensation and other expenses for work performed at client sites and global development centers located outside India. Services performed at a client site or global development centers located outside India typically generate higher revenues per-capita at a lower gross margin than the same services performed at our facilities in India. As a result, our total revenues, cost of revenues and gross profit in absolute terms and as a percentage of revenues fluctuate from quarter to quarter based on the proportion of work performed outside India. Additionally, any increase in work performed at client sites or global development centers located outside India can decrease our gross profits. We hire subcontractors on a limited basis from time to time for our own technology development needs, and we generally do not perform subcontracted work for other technology service providers. For fiscal 2007 and 2008, approximately 3.6% and 2.7% of our cost of revenues was attributable to cost of technical subcontractors. We do not anticipate that our subcontracting needs will increase significantly as we expand our business. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Revenues and gross profits are also affected by employee utilization rates. We define employee utilization as the proportion of total billed person months to total available person months excluding support personnel. We manage utilization by monitoring project requirements and timetables. The number of software professionals that we assign to a project will vary according to size, complexity, duration, and demands of the project. An unanticipated termination of a significant project could also cause us to experience lower utilization of technology professionals, resulting in a higher than expected number of unassigned technology professionals. In addition, we do not utilize our technology professionals when they are enrolled in training programs, particularly during our 14-week training course for new employees. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Selling and Marketing Expenses </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Selling and marketing expenses represented 5.5% of total revenues for fiscal 2008. </span></span><span ><span style="font-size:9.0pt;font-family: "Arial","sans-serif";color:black">Our selling and marketing expenses primarily consist of expenses relating to salaries and other compensation expenses of sales and marketing personnel, overseas travel expenses, brand building, commission charges, rental for sales and marketing offices and telecommunications. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We recorded stock-based compensation expense of $1 million in selling and marketing expenses during the year ended March 31, 2008 using the fair value recognition provisions contained in SFAS No. 123(R). We may increase our selling and marketing expenses as we seek to increase brand awareness among target clients and promote client loyalty and repeat business among existing clients. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">General and Administrative Expenses </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">General and administrative expenses represented 8.0% of total revenues for fiscal 2008. </span></span><span ><span style="font-size:9.0pt;font-family: "Arial","sans-serif";color:black">Our general and administrative expenses primarily consist of expenses relating to salaries and other compensation expenses of senior management and other support personnel, travel expenses, legal and other professional fees, telecommunications, office maintenance, power and fuel charges, insurance, other miscellaneous administrative costs and provisions for doubtful accounts receivable. The factors which affect the fluctuations in our provisions for bad debts and write offs of uncollectible accounts include the financial health of our clients and of the economic environment in which they operate. </span></span><span ><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">We recorded stock-based compensation expense of $1 million in general and administrative expenses during the year ended March 31, 2008 using the fair value recognition provisions contained in SFAS No. 123(R).</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Amortization of Intangible Assets</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our amortization of intangible assets relates to identified intangibles arising from purchase price allocations for business combinations. We amortize intangible assets over their estimated useful lives. We recorded amortization expense of $8&nbsp;million during the year ended March 31, 2008. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Other Income, net </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Other income, net includes interest income, income from liquid mutual fund investments, foreign currency exchange gains / (losses) including marked to market gains / (losses) on foreign exchange forward and option contracts, and provisions for losses on investments. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Functional Currency and Foreign Exchange<span style="mso-spacerun:yes"> </span></span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The functional currency of Infosys and Infosys BPO is the Indian rupee. The functional currencies for Infosys Australia, Infosys China, Infosys Consulting and Infosys Mexico are the respective local currencies. The financial statements included in this Annual Report are reported in US dollars. The translation of functional currencies to dollars is performed for the balance sheet accounts using the exchange rate in effect at the balance sheet date, and for revenue and expense accounts using a monthly average exchange rate for the respective periods. The gains or losses resulting from such translation are reported as other comprehensive income.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Generally, Indian law requires residents of India to repatriate any foreign currency earnings to India to control the exchange of foreign currency. More specifically, Section 8 of the Foreign Exchange Management Act, or FEMA, requires an Indian company to take all reasonable steps to realize and repatriate into India all foreign currency earned by the company outside India, within such time periods and in the manner specified by the Reserve Bank of India, or RBI. The RBI has promulgated guidelines that require the company to repatriate any realized foreign currency back to India, and either:</span></span></p> <ul type="disc"> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l25 level1 lfo27; tab-stops:list ..5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">sell it to an authorized dealer for rupees within seven days from the date of receipt of the foreign currency; </span></span></li> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l25 level1 lfo27; tab-stops:list ..5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">retain it in a foreign currency account such as an Exchange Earners Foreign Currency, or EEFC, account with an authorized dealer; or </span></span></li> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l25 level1 lfo27; tab-stops:list ..5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">use it for discharge of debt or liabilities denominated in foreign currency. </span></span></li> </ul> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We typically collect our earnings and pay expenses denominated in foreign currencies using a dedicated foreign currency account located in the local country of operation. In order to do this, we are required to, and have obtained, special approval from the RBI to maintain a foreign currency account in overseas countries like the United States. However, the RBI approval is subject to limitations, including a requirement that we repatriate all foreign currency in the account back to India within a reasonable time, except an amount equal to our local monthly operating cost for our overseas branch. We currently pay such expenses and repatriate the remainder of the foreign currency to India on a regular basis. We have the option to retain those in an EEFC account (foreign currency denominated) or an Indian-rupee-denominated account. We convert substantially all of our foreign currency to rupees to fund operations and expansion activities in India. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our failure to comply with these regulations could result in RBI enforcement actions against us. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Income Taxes </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our net income earned from providing software development and other services outside India is subject to tax in the country where we perform the work. Most of our tax paid in countries other than India can be applied as a credit against our Indian tax liability to the extent that the same income is subject to tax in India. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Currently, we benefit from the tax holidays the Government of India gives to the export of software from specially designated software technology parks in India and for facilities set up under the Special Economic Zones Act, 2005. As a result of these incentives, our operations have been subject to relatively low tax liabilities. These tax incentives include a 10-year tax holiday from Indian corporate income taxes for the operation of most of our Indian facilities. As a result of these tax exemptions, a substantial portion of our pre-tax income has not been subject to significant tax in recent years. These tax incentives resulted in a decrease in our income tax expense of $224 million and $282 million for fiscal 2007 and 2008 respectively, compared to the effective tax amounts that we estimate we would have been required to pay if these incentives had not been available. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The Finance Act, 2000 phases out the ten-year tax holiday over a ten-year period from fiscal 2000 through fiscal 2009. Accordingly, facilities set up in India on or before March 31, 2000 have a ten-year tax holiday, new facilities set up on or before March 31, 2001 have a nine-year tax holiday and so forth until March 31, 2009. After March 31, 2009, the tax holiday will no longer be available to new facilities. Our current tax holidays expire in stages by 2009. However, on April 29, 2008, the Finance Minister of India announced that the Government of India proposed to extend the availability of the 10-year tax holiday by a period of one year such that the tax holiday will be available until the earlier of fiscal year 2010 or 10 years after the commencement of a companys undertaking, although such extension is not yet effective. Some of our new facilities are being set up under the Special Economic Zones Act, 2005. Under this scheme, units in designated special economic zones which begin providing services on or after April 1, 2005 will be eligible for a deduction of 100 percent of profits or gains derived from the export of services for the first five years from commencement of provision of services and 50 percent of such profits or gains for a further five years. Certain tax benefits are also available for a further five years subject to the unit meeting defined conditions. When our tax holidays expire or terminate, our tax expense will materially increase, reducing our profitability. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><span style="mso-spacerun:yes"></span></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As a result of such tax incentives and a credit of $30 million, net, being liability no longer required, our effective tax rate for fiscal 2008 was 12.9% which would have been 15.2% without considering the credit of $30 million. Our Indian statutory tax rate for the same period was 33.99%. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Pursuant to the changes in the Indian Income Tax Laws, a Minimum Alternate Tax (MAT) has been extended to income in respect of which a deduction may be claimed under sections 10A and 10B of the Income Tax Act; consequently, we have calculated our tax liability for current domestic taxes after considering MAT. The excess tax paid under MAT provisions over and above regular tax liability can be carried forward and set off against future tax liabilities computed under regular tax provisions. We were required to pay MAT during the year ended March 31, 2008, and, accordingly, we recognized a deferred tax asset of $44 million as of March 31, 2008, which can be carried forward for a period of 7 years.</span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We have adopted FIN 48, <em><span style="font-family:"Arial","sans-serif"">Accounting for Uncertainty in Income Taxes</span></em> - an interpretation of FASB Statement No. 109, on April 1, 2007. Our adoption of FIN 48 has had no impact on our financial statements.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Minority interest</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Minority interest represents the share of minority shareholders in the profits of Infosys BPO, our majority owned and consolidated subsidiary. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Results of Operations</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="4" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth certain financial information as a percentage of revenues: </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt: solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">2008</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Revenues </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">100.0 % </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">100.0%</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">100.0%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Cost of revenues</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.8% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.5%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">58.7%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Gross profit </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42.2% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42.5%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">41.3%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating Expenses: </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Selling and marketing expenses </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6.3% </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6.8%</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.5%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">General and administrative expenses </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0% </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0%</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Amortization of intangible assets </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.1%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.2%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total operating expenses </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">14.3% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">14.9%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13.7%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating income </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.9% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.6%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.6%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other income, net </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.4% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.7%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4.2%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:13"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Income before income taxes and minority interest</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">29.3% </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">30.3%</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31.8%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:14"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for income taxes</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3.3% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">2.7%</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4.1%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:15"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Income before&nbsp;minority interest </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">26.0% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.6%</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.7%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:16"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Minority interest </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.2% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">0.1%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:17;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net income </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">25.8% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.5%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.7%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Results for Fiscal 2008 compared to Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth the growth in our revenues from fiscal 2007 to fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Revenues</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3,090</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$4,176</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,086</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">35.1%</span></span></p> </td> <span ></span> </tr> </table> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Revenues increased in almost all segments of our business. The increase in revenues is attributable primarily to an increase in business from existing clients, particularly in industries such as manufacturing, telecommunication and retail. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our revenues by industry segments for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Industry Segments </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Financial services </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">37.4%</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">35.8% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Manufacturing </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13.5%</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">14.7% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Telecommunication </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19.3%</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">21.6% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Retail </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10.1%</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11.8% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others including utilities, logistics and services</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19.7%</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16.1% </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Revenues from services represented 96.1% of total revenues for fiscal 2007 as compared to 96.4% for fiscal 2008. We also generate revenue from software application products, including banking software. Such software products represented 3.9% of our total revenues for fiscal 2007 and 3.6% of our total revenues for fiscal 2008. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth the revenues from fixed-price, fixed-timeframe contracts and time-and-materials contracts as a percentage of total services revenues for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of total services revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt: solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fixed-price, fixed-timeframe contracts</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">26.7%</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31.0%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Time-and-materials contracts </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">73.3%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">69.0%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><br style="mso-special-character:line-break"> <![if !supportLineBreakNewLine]><br style="mso-special-character:line-break"> <![endif]></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our revenues by geographic segments for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Geographic Segments</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">North America</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">63.3%</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">62.0% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Europe</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">26.4%</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">28.1% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">India</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.6%</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.3% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Rest of the World </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.7%</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.6% </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">During fiscal 2008 the total billed person-months for our services other than business process management grew by 27.6% compared to fiscal 2007. The onsite and offshore billed person-months growth for our services other than business process management were 22.9% and 29.9% during fiscal 2008 compared to fiscal 2007. We have recently experienced an increase in pricing on engagements with some of our customers. During fiscal 2008 there was 6.9% increase in onsite rates and a 6.1% increase in offshore rates compared to fiscal 2007 for our services other than business process management. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Cost of revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our cost of revenues for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Cost of revenues</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,777 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2,453 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$676</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">38.0%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.5%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">58.7%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="99%" style="width:99.72%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="50%" style="width:50.0%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="17%" style="width:17.24%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2007</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="16%" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2008</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Change</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="50%" valign="bottom" style="width:50.0%;background:white;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Personnel costs</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$1,394 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$1,976 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$582 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Depreciation</span></span><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>115 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>149 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>34 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Overseas travel expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>102 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>126 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>24 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Cost of software packages for own use</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>45 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>56 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>11 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Provision for post-sales client support</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>12 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>9 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Rent</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>8 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>13 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>5 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Communication expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>15 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>19 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>4 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Cost of technical sub-contractors</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>64 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>66 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Computer maintenance</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>5 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>1 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Other expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>26 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>30 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>4 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11;mso-yfti-lastrow:yes"> <td width="50%" style="width:50.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,777</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2,453</span></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$676</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The increase in personnel costs can be attributed to an increase in the number of employees and the compensation review affected in April 2007. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Personnel costs include payments to California Division of Labor Standards Enforcement towards possible overtime payment of $24 million and reversal of overseas health insurance liabilities of $17 million.</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Gross profit </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our gross profit for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Gross profit </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,313 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,723 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$410</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">31.2%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42.5%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">41.3%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The decrease in gross profit as a percentage of revenues from fiscal 2007 to fiscal 2008 is attributable to a 38.0% increase in cost of revenues for fiscal 2008 offset by a 35.1% increase in revenues in the same period compared to fiscal 2007. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Selling and marketing expenses</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><br> <br> The following table sets forth our selling and marketing expenses for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Selling and marketing expenses </span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$209 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$230 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$21</span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10.0%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6.8%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.5%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="52%" style="width:52.16%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="17%" style="width:17.12%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2007</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="15%" style="width:15.36%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2008</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="15%" valign="top" style="width:15.36%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Change</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="52%" valign="bottom" style="width:52.16%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Personnel costs</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.12%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$124 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$153 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$29 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="52%" valign="bottom" style="width:52.16%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Overseas travel expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.12%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>24 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>26 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="52%" valign="bottom" style="width:52.16%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Brand building</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.12%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>16 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>14 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>(2)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="52%" valign="bottom" style="width:52.16%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Commission charges</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.12%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>23 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>16 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>(7)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="52%" valign="bottom" style="width:52.16%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Other expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.12%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>22 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>21 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>(1)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td width="52%" style="width:52.16%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.12%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$209</span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$230</span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.36%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$21 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The number of our sales and marketing personnel increased from 537 as of March 31, 2007 to 604 as of March 31, 2008. The increase in personnel costs can be attributed to an increase in the number of employees and the compensation review affected in April 2007. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Personnel costs include reversal of overseas health insurance liabilities of $1 million and commission charges include $16 million earnout, accrued towards payment to the employees of Infosys Consulting on their achievement of defined financial and non-financial performance goals.</span></span><span ><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">General and administrative expenses </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our general and administrative expenses for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">General and Administrative expenses </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$249 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$334 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$85</span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">34.1%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes;height:14.85pt"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in;height:14.85pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in;height:14.85pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in;height:14.85pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in;height:14.85pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in;height:14.85pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="51%" style="width:51.28%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="16%" style="width:16.82%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2007</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="15%" style="width:15.96%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2008</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="15%" valign="top" style="width:15.94%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Change</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="51%" valign="bottom" style="width:51.28%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Personnel costs</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$63 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$89 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1612"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>$26 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Professional charges</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>34 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>48 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>14 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Office maintenance</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>24 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>34 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>10 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Power and fuel</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>22 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>30 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>8 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Telephone charges</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>26 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>33 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>7 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Travelling and conveyance</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>21 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>25 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>4 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Provision for bad and doubtful debts</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>11 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>5 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Rates and taxes </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>9 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Rent</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>4 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Repairs and maintenance</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>5 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Postage and courier</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>1 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Printing and stationery</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>5 </span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:13"> <td width="51%" valign="bottom" style="width:51.28%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Other expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>35 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>36 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.94%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>1 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:14;mso-yfti-lastrow:yes"> <td width="51%" style="width:51.28%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.82%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$249</span></span></p> </td> <span ></span> <td width="15%" valign="bottom" style="width:15.96%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$334</span></span></p> </td> <span ></span> <td width="15%" valign="top" style="width:15.94%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$85</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Rates and taxes includes </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">a penalty of $2 million to California Division of Labor Standards Enforcement towards possible overtime payments. The factors which affect the fluctuations in our provisions for bad and doubtful debts and write offs of uncollectible accounts include the financial health of our clients and the economic environment in which they operate. No one client has contributed significantly to a loss, and we have had no significant changes in our collection policies or payment terms. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Amortization of intangible assets </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The amortization of intangible assets for fiscal 2008 represents $8 million of amortization of the identified customer contract intangibles arising on the allocation of purchase price consequent to the acquisition of minority interest of Infosys BPO and business acquisition of Philips. The amortization of intangible assets for fiscal 2007 was $3 million. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Operating income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our operating income for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating income</span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$852 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,151 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$299</span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">35.1%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.6%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.6%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Other income, net </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our other income, net for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other income, net </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$83</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$175</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$92</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">110.8%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Other income, net, consists mainly of interest and income from investment in liquid mutual fund units, foreign exchange gains/(losses) and provision for investments. Interest income and income from investment in liquid mutual fund units was approximately $70 million and $171 million during fiscal 2007 and 2008, respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We recorded foreign exchange gain of $8 million in fiscal 2007 compared to $2 million gain in fiscal 2008. Foreign exchange gains and losses arise from the appreciation and depreciation of the rupee against other currencies in which we transact business and from foreign exchange forward and option contracts. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth the currency in which our revenues for fiscal 2007 and 2008 are denominated: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Currency </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">72.9%</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">69.5%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12.5%</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">14.9%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4.8%</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.7%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9.8%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9.9%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth information on the foreign exchange rates in rupees per US dollar, United Kingdom Pound Sterling and Euro for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 (Rs.) </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008 (Rs.) </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Appreciation / (Depreciation) in percentage </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Average exchange rate during the period </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">45.06 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">40.00</span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11.2%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">86.00 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">80.52</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6.4%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">58.29 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.24</span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.8%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 (Rs.)</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008 (Rs.) </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exchange rate at the beginning of the period </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">44.48 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">43.10</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">77.36 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">84.84</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">53.99 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.64</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exchange rate at the end of the period </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">43.10 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">40.02</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">84.84 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">79.46</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.64 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">63.25</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Appreciation / (Depreciation) during the period in percentage </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3.1% </span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">7.1%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(9.7)% </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6.3%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(6.8)% </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(9.7)%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">For the year ended March 31, 2008, every percentage point depreciation/ appreciation in the exchange rate between the Indian rupee and the U.S. dollar, has affected our operating margins by approximately 0.5%.&nbsp; The exchange rate between the rupee and dollar has fluctuated substantially in recent years and may continue to do so in the future. We are unable to predict the impact that future fluctuations may have on our operating margins</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We have recorded a gain of $14 million for fiscal 2007 compared to a gain of $26 million for fiscal 2008 on account of foreign exchange forward and option contracts, which are included in total foreign currency exchange gains / losses. Our accounting policy requires us to mark to market and recognize the effect in earnings immediately of any derivative that is either not designated a hedge, or is so designated but is ineffective as per SFAS 133. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Provision for income taxes</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our provision for income taxes and effective tax rate for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for income taxes</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$84 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$171</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$87 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">103.6%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Effective tax rate</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9.0%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12.9%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The provision for tax for the year ended March 31, 2008 included a credit of $30 million, net, for liability no longer required for taxes payable. Due to the tax credit the effective tax rate for the year ended March 31, 2008 has decreased to a reported rate of 12.9% as against a rate of 15.2% computed without considering the tax credit.<span style="mso-spacerun:yes"> </span></span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Due to the tax credit of $29 million, the effective tax rate for fiscal 2007 had decreased to a reported rate of 9.0% as against a rate of 12.1% computed without considering the tax credit. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The increase in the effective tax rate to 15.2% without considering the tax credit included in provision for taxes for fiscal 2008 from 12.1% is mainly due to higher onsite profitability, expiry of tax holiday with respect to certain Software Technology Park (STP) units and increase in interest income which is subject to full taxes in India.&nbsp;&nbsp;</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Net income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our net income for fiscal 2007 and fiscal 2008: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net income </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$850 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,155</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$305</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">35.9%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.5%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.7%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">The increase in net income as a percentage of revenues from fiscal 2007 to fiscal 2008 is attributable to an increase in other income and decrease in selling and marketing expenses, offset partially by<span style="mso-spacerun:yes"> </span>increase in cost of revenues and provision for income taxes. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Results for Fiscal 2007 compared to Fiscal 2006</span></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth the growth in our revenues from fiscal 2006 to fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Revenues</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$2,152</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$3,090</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$938</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">43.6%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Revenues increased in most segments of our services except for a decrease in transportation services. The increase in revenues was attributable to an increase in business from both existing clients and from new clients, particularly in industries such as financial services and telecommunications.</span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our revenues by industry segments for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Industry Segments </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Financial services </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">36.0% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">37.4%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Manufacturing </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13.9% </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">13.5%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Telecommunication </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16.4% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19.3%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Retail </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10.2% </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">10.1%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others including utilities,</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">logistics and services</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">23.5%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">19.7%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Revenues from services represented 96.1% of total revenues for fiscal 2007 as compared to 96.2% for fiscal 2006. We also generate revenue from software application products, including banking software. Such software products represented 3.9% of our total revenues for fiscal 2007 and 3.8% of our total revenues for fiscal 2006. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth the revenues from fixed-price, fixed-timeframe contracts and time-and-materials contracts as a percentage of total services revenues for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of total services revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt: solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fixed-price, fixed-timeframe contracts</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">28.1% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">26.7%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Time-and-materials contracts </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">71.9%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">73.3%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><br> The following table sets forth our revenues by geographic segments for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Geographic Segments</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">North America</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">64.8% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">63.3%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Europe</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">24.5% </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">26.4%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">India</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""> </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.8% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">1.6%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Rest of the World </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.9%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.7%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">During fiscal 2007 the total billed person-months for our services other than business process management grew by 35.6% compared to fiscal 2006. The onsite and offshore billed person-months growth for our services other than business process management were 40.9% and 33.1% during fiscal 2007 compared to fiscal 2006. We have recently experienced an increase in pricing on engagements with some of our customers. During fiscal 2007 there was 4.4% increase in onsite rates and a 2.7% increase in offshore rates compared to fiscal 2006 for our services other than business process management. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Cost of revenues </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our cost of revenues for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Cost of revenues</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,244 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,777 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$533 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42.8%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.8% </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.5%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="99%" style="width:99.72%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="50%" style="width:50.0%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="17%" style="width:17.24%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2006</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="16%" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Fiscal 2007</span></b></span><span ><b style="mso-bidi-font-weight:normal"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></b></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Change</span></b></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="50%" valign="bottom" style="width:50.0%;background:white;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Personnel costs</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>961 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>1,394 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>433 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Cost of technical sub-contractors</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>36 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>64 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>28 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Overseas travel expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>78 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>102 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>24 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Depreciation</span></span><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>99 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>115 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>16 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Cost of software packages-own use</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>31 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>45 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>14 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Provision for post-sales client support</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>(3)</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Travelling and conveyance</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>8 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>5 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Other expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>39 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>46 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>7 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9;mso-yfti-lastrow:yes"> <td width="50%" style="width:50.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,244</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,777</span></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$533</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Gross profit </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our gross profit for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Gross profit </span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$908 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,313 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$405 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">44.6%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42.2% </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42.5%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The increase in gross profit as a percentage of revenues from fiscal 2006 to fiscal 2007 is attributable to a 43.6% increase in revenues for fiscal 2007 substantially offset by a 42.8% increase in cost of revenues in the same period compared to fiscal 2006. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Selling and marketing expenses</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><br> <br> The following table sets forth our selling and marketing expenses for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Selling and marketing expenses</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$136 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$209 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$73 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">53.7%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6.3% </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6.8%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"><span style="mso-spacerun:yes"></span><i style="mso-bidi-font-style:normal">(Dollars in millions)</i></span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="99%" style="width:99.72%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="50%" style="width:50.0%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="17%" style="width:17.24%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">Fiscal 2006</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">Fiscal 2007</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">Change</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="50%" valign="bottom" style="width:50.0%;background:white;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Personnel costs</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>83 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>124 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>41 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Commission charges</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>7 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>23 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>16 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Overseas travel expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>18 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>24 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Brand building</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>11 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>16 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>5 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Marketing expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Other expenses</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>14 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>16 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td width="50%" style="width:50.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$136</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$209</span></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$73</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The number of our sales and marketing personnel increased from 444 as of March 31, 2006 to 537 as of March 31, 2007</span></span><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black"></span></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">General and administrative expenses </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our general and administrative expenses for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">General and administrative expense</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$173 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$249 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$76 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">43.9%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0% </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.0%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black">(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="99%" style="width:99.72%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="50%" style="width:50.0%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="17%" style="width:17.24%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">Fiscal 2006</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">Fiscal 2007</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";mso-bidi-font-weight:bold">Change</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="50%" valign="bottom" style="width:50.0%;background:white;padding: 0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Personnel costs</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>40 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span>63 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>23 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Professional charges</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>24 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span>34 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>10 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Telephone charges</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"></span><span style="mso-spacerun:yes"> </span>19 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span>26 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>7 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Office maintenance</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>17 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span>24 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>7 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Travelling and conveyance</span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>15 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>21 </span></span><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Power and fuel</span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>16 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span>22 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>6 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Provision for bad and doubtful debts</span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span>6 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>4 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Rates and taxes </span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-bidi-font-weight: bold"><span style="mso-spacerun:yes"> </span>6 </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Research grants</span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>-<span style="mso-spacerun:yes"> </span></span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Repairs to building</span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>3 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"></span>5 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>2 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td width="50%" valign="bottom" style="width:50.0%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black; mso-bidi-font-weight:bold">Other expenses</span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>34 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>39 </span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;background:#E5F1F8; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto !msorm; mso-margin-bottom-alt:auto !msorm;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal;mso-prop-change: Geetika_Arora 20080422T1604"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif""><span style="mso-spacerun:yes"> </span>5 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12;mso-yfti-lastrow:yes"> <td width="50%" style="width:50.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td width="17%" valign="bottom" style="width:17.24%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$173</span></span></p> </td> <span ></span> <td width="16%" valign="bottom" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$249</span></span></p> </td> <span ></span> <td width="16%" valign="top" style="width:16.38%;border:none;border-bottom: solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white; padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;margin-left:10.0pt;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$76</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The factors which affect the fluctuations in our provisions for bad debts and write offs of uncollectible accounts include the financial health of our clients and economic environment in which they operate. We specifically identify the credit loss and then make the provision. No one client has contributed significantly to a loss, and we have had no significant changes in our collection policies or payment terms. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Amortization of intangible assets </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The amortization of intangible assets for fiscal 2007 represents $3 million of amortization of the identified customer contract intangibles arising on the allocation of purchase price consequent to the acquisition of minority interest of Infosys BPO. There was no amortization of intangible assets for fiscal 2006. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Operating income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our operating income for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="10%" style="width:10.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating income</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$599</span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$852 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$253 </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">42.2%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <div style="mso-element:para-border-div;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal;border:none;mso-border-bottom-alt: solid black .75pt;padding:0in;mso-padding-alt:0in 0in 0in 0in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.9%</span></span></p> </div> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.6%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">&nbsp;</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">&nbsp;</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Gain on sale of long term investment</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We had no gain on sale of long term investment in fiscal 2006. In fiscal 2005, we sold our investment in Yantra Corporation and the consideration received from the sale resulted in a gain of $11&nbsp;million. The carrying value of the investment in Yantra Corporation was completely written down in fiscal 1999. Further consideration of $1&nbsp;million was received during the year ended March 31, 2007, resulting in a gain of $1 million for the year. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Other income, net </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our other income, net for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other income, net </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$31 </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$83 </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$52 </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">167.7%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Other income, net, consists mainly of interest and income from investment in liquid mutual fund units, foreign exchange gains/(losses) and provision for investments. Interest income and income from investment in liquid mutual fund units was approximately $48 million and $70 million during fiscal 2006 and 2007. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We recorded foreign exchange losses of $18 million in fiscal 2006 compared to an $8 million gain in fiscal 2007. Foreign exchange gains and losses arise from the appreciation and depreciation of the rupee against other currencies in which we transact business and from foreign exchange forward and option contracts. </span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth the currency in which our revenues for fiscal 2006 and 2007 are denominated: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="2" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage of Revenues</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Currency </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006 </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">77.4% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">72.9%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">8.6% </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">12.5%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4.5% </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4.8%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Others</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9.5% </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9.8%</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth information on the foreign exchange rates in rupees per US dollar, United Kingdom Pound Sterling and Euro for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006 (Rs.) </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 (Rs.) </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Appreciation / (Depreciation) in percentage </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Average exchange rate during the period </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">44.21 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">45.06 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(1.9)% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">78.63 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">86.00 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(9.4)% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">53.72 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">58.29 </span></span></p> </td> <span ></span> <td valign="top" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(8.5)% </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006 (Rs.)</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="15%" style="width:15.0%;border:none;border-top:solid black 1.0pt; mso-border-top-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007 (Rs.) </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exchange rate at the beginning of the period </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td style="border:none;border-top:solid black 1.0pt;mso-border-top-alt:solid black .75pt; padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">43.62 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">44.48 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">82.18 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">77.36 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">56.52 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">53.99 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Exchange rate at the end of the period </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"><span ></span> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">44.48 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">43.10 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">77.36 </span></span></p> </td> <span ></span> <td valign="top" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">84.84 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:8"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">53.99 </span></span></p> </td> <span ></span> <td valign="top" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">57.64 </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:9"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Appreciation / (Depreciation) during the period in percentage </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp; </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:10"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">US dollar </span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(2.0)% </span></span></p> </td> <span ></span> <td valign="bottom" style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3.1% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:11"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"">United Kingdom</span><span style="font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman""> Pound Sterling </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5.9% </span></span></p> </td> <span ></span> <td valign="bottom" style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(9.7)% </span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:12;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Euro </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">4.5% </span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(6.8)% </span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We had recorded losses of $15 million on account of foreign exchange forward contracts for fiscal 2006 while we have recorded a gain of $14 million for fiscal 2007, which are included in total foreign currency exchange gains/losses. Our accounting policy requires us to mark to market and recognize the effect in earnings immediately of any derivative that is either not designated a hedge, or is so designated but is ineffective as per SFAS 133. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Provision for income taxes</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our provision for income taxes and effective tax rate for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Provision for income taxes</span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$70</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$84 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$14 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">20.0%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Effective tax rate</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">11.1%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">9.0%</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The provision for tax for fiscal 2007 included a credit of $29 million for liability no longer required for taxes payable in foreign jurisdictions consequent to expiry of a limitation period and completion of assessment by taxation authorities. Due to the tax credit the effective tax rate for fiscal 2007 has decreased to a reported rate of 9.0% as against a rate of 12.1% computed without considering the tax credit. The increase in the effective tax rate to 12.1% without considering the tax credit included in provision for taxes for fiscal 2007 from 11.1% is mainly due to higher onsite profitability and expiry of tax holiday in certain STP units. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Minority Interest</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Minority interest of $2 million for fiscal 2007 represents the share of minority shareholders in the profits of Infosys BPO, our majority owned and consolidated subsidiary. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Net income </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The following table sets forth our net income for fiscal 2006 and fiscal 2007: </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="5" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in millions)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal 2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Percentage Change</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net income </span></span></p> </td> <span ></span> <td style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$555</span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$850 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$295 </span></span></p> </td> <span ></span> <td valign="bottom" style="background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">53.2%</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">As a percentage of revenues</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">25.8%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">27.5%</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The increase in net income as a percentage of revenues from fiscal 2006 to fiscal 2007 is attributable to a 44.6% increase in gross profit for fiscal 2007 compared to fiscal 2006. Further, there has been an increase in selling and marketing expenses, general and administrative expenses and provision for income taxes of 53.7%, 43.9% and 20.0% respectively offset by an increase of 167.7% in other income and a decrease of 60.0% in minority interest. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Liquidity and Capital Resources </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Our growth has been financed largely by cash generated from operations and, to a lesser extent, from the proceeds from the sale of equity. In 1993, we raised approximately $4.4 million in gross aggregate proceeds from our initial public offering of equity shares in India. In 1994, we raised an additional $7.7 million through private placements of our equity shares with foreign institutional investors, mutual funds, Indian domestic financial institutions and corporations. On March 11, 1999, we raised $70.4 million in gross aggregate proceeds from our initial public offering of ADSs in the United States. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As of March 31, 2008, we had $2,558 million in working capital, including $2,058 million in cash and cash equivalents and $18 million invested in liquid mutual fund units, and no outstanding bank borrowings. We believe that our current working capital is sufficient to meet our present requirements. We believe that a sustained reduction in IT spending, a longer sales cycle, and a continued economic downturn in any of the various geographic locations or industry segments, in which we operate, could result in a decline in our revenue and negatively impact our liquidity and cash resources. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Net cash provided by operating activities was $862 million and $1,149 million for fiscal 2007 and 2008, respectively. Net cash provided by operations consisted primarily of net income adjusted for depreciation and amortization, stock compensation expenses, deferred taxes and increases in income taxes and other current liabilities, offset in part by increase in accounts receivable, unbilled revenue and prepaid expenses and other current assets. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Trade accounts receivable increased by $184 million during fiscal 2007, compared to an increase of $207 million during fiscal 2008. Accounts receivable as a percentage of last 12 months revenues represented 18.3% and 19.7% as of March 31, 2007 and 2008. Other current liabilities increased by $95 million during fiscal 2007, compared to an increase of $100 million during fiscal 2008. There was an increase in unbilled revenues of $24 million during fiscal 2007, compared to an increase of $40 million during fiscal 2008. Unbilled revenues represent revenues that are recognized but not yet invoiced. Unearned revenues increased by $26 million during fiscal 2007, compared to a decrease of $6 million during fiscal 2008. Unearned revenue resulted primarily from advance client billings on fixed-price, fixed-timeframe contracts for which related efforts have not been expended. Revenues from fixed-price, fixed-timeframe contracts and from time-and-materials contracts represented 26.7% and 73.3% of total services revenues for the fiscal 2007, as compared to 31.0% and 69.0% in fiscal 2008. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Net cash used in investing activities was $334 million and $423 million in fiscal 2007 and 2008, respectively. Net cash used in investing activities, relating to our acquisition of additional property, plant and equipment for fiscal 2007 and 2008 was $336 million and $374 million, respectively. During fiscal 2007, we invested $1,002 million in liquid mutual funds, $14 million in non-current deposits with corporations, and redeemed mutual fund investments of $1,163 million. During fiscal 2008, we invested $511 million in liquid mutual funds, $7 million in non-current deposits with corporations, and redeemed mutual fund investments of $500 million. The proceeds realized from the redemption of mutual fund investments were used in our day to day business activities.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">On October 1, 2007, Infosys BPO acquired 100% of the equity shares of P-Financial Services Holding B.V. This business acquisition was conducted by entering into a Sale and Purchase Agreement with Koninklijke Philips Electronics N.V. (Philips), a company incorporated under the laws of the Netherlands, for acquiring the shared service centres of Philips for finance, accounting and procurement business in Poland, Thailand and India for a consideration of $27 million of which $1 million is yet to be paid. The acquisition of Poland and India centers were consummated on October 1, 2007 and Thailand center on December 3, 2007. The transaction was completed during the year and accounted as business combination which resulted in goodwill of $10 million. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In February 2008, the committed purchase of Infosys BPO shares from minority shareholders of IBPO was completed by paying an amount of $6 million. As of March 31, 2008, Infosys holds 99.98% of the outstanding equity shares of Infosys BPO.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Previously, we provided various loans to employees including car loans, home loans, personal computer loans, telephone loans, medical loans, marriage loans, personal loans, salary advances, education loans and loans for rental deposits. These loans were provided primarily to employees in India who were not executive officers or directors. Housing and car loans were available only to middle level managers, senior managers and non-executive officers. These loans were generally collateralized against the assets of the loan and the terms of the loans ranged from 1 to 100 months. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We have discontinued fresh disbursements under all of these loan schemes except for personal loans and salary advances which we continue to provide primarily to employees in India who are not executive officers or directors. We also provide allowances for purchase of cars and houses for our middle level managers. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The annual rates of interest for these loans vary between 0% and 4%. Loans aggregating $28 million and $29 million were outstanding as of March 31, 2007 and 2008 respectively. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Net cash used in financing activities for fiscal 2007 was $55 million. This primarily comprised of dividend payments of $336 million partially offset by $277 million of cash raised by issuance of equity shares on exercise of stock options by employees. Net cash used in financing activities for fiscal 2008 was $186 million. This primarily comprised of dividend payments of $209 million partially offset by $17 million of cash raised by issuance of equity shares on exercise of stock options by employees. Our employees exercised approximately 2.29 million options and 17.81 million options under our 1998 ADS stock option plan and 1999 equity stock option plan respectively during fiscal 2007 as against 0.5 million options and 0.3 million options under our 1998 ADS stock option plan and 1999 equity stock option plan respectively during fiscal 2008.<span style="mso-spacerun:yes"> </span></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our Board of Directors, in their meeting on April 15, 2008, proposed a final dividend of approximately $0.18 per equity share and a special dividend of $0.50 per equity share. The proposal is subject to the approval of our shareholders at the Annual General Meeting to be held on June 14, 2008 and, if approved, would result in a cash outflow of approximately $390 million excluding corporate dividend tax of $66 million.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As of March 31, 2007, we had contractual commitments for capital expenditure of $158 million, compared to $166 million as of March 31, 2008. These commitments include approximately $137 million in commitments for domestic purchases as of March 31, 2007, compared to $150 million as of March 31, 2008, and $21 million in commitments for imports of hardware, supplies and services to support our operations generally as of March 31, 2007, compared to $16 million as of March 31, 2008, which we expect to be significantly completed by September 2008.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Reconciliation between Indian and U.S. GAAP</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">All financial information in this Annual Report is presented in accordance with U.S. GAAP, although we also report for Indian statutory purposes under Indian GAAP. The material differences that affect us are primarily attributable to U.S. GAAP requirements for the:</span></span></p> <ul type="disc"> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l28 level1 lfo10; tab-stops:list ..5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">accounting for stock-based compensation under SFAS 123R and; </span></span></li> <li class="MsoNormal" style="color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:justify;line-height:normal;mso-list:l28 level1 lfo10; tab-stops:list ..5in"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">amortization of intangible assets. </span></span></li> </ul> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Reconciliation of Net Income</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="4" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">(Dollars in million)</span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td colspan="3" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Fiscal</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="border:none;border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt: solid windowtext .5pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">&nbsp;</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2006</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2007</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">2008</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net profit as per Indian GAAP </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$555 </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$858</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,166</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Stock compensation expense (SFAS 123R)</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(5)</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(3)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Amortization of intangible assets </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(3)</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">(8)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Net income as per U.S. GAAP </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$555</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$850</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$1,155</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Quantitative and Qualitative Disclosures about Market Risk</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">General</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Market risk is attributable to all market sensitive financial instruments including foreign currency receivables and payables. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market risk sensitive instruments. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our exposure to market risk is a function of our revenue generating activities and any future borrowing activities in foreign currency. The objective of market risk management is to avoid excessive exposure of our earnings and equity to loss. Most of our exposure to market risk arises out of our foreign currency accounts receivable. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Risk Management Procedures</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We manage market risk through treasury operations. Our treasury operations' objectives and policies are approved by senior management and our audit committee. The activities of treasury operations include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, if any, and ensuring compliance with market risk limits and policies. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Components of Market Risk</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Exchange rate risk. </span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Our exposure to market risk arises principally from exchange rate risk. Even though our functional currency is the Indian rupee, we transact a major portion of our business in foreign currencies, particularly the US dollar, the United Kingdom Pound Sterling and the Euro. The exchange rate between the rupee and the dollar has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of our operations are adversely affected as the rupee appreciates against dollar. For fiscal 2007 and 2008, US dollar denominated revenues represented 72.9% and 69.5% of total revenues. For the same periods, revenues denominated in United Kingdom Pound Sterling represented 12.5% and 14.9% of total revenues while revenues denominated in the Euro represented 4.8% and 5.7% of total revenues. Our exchange rate risk primarily arises from our foreign currency revenues, receivables and payables. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We use derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in foreign exchange rates on accounts receivable and forecasted cash flows denominated in certain foreign currencies. The counterparty for these contracts is generally a bank. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">As of March 31, 2007 and 2008 we had outstanding forward contracts of $170 million, Euro 2 million and United Kingdom Pound Sterling 6 million and $586 million, Euro 15 million and United Kingdom Pound Sterling 3 million, respectively. </span></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As of March 31, 2007, we held range barrier options of $207 million and United Kingdom Pound Sterling 8 million, Euro Accelerator options of Euro 24 million and Target Redemption Structure options of United Kingdom Pound Sterling 16 million. As of March 31, 2008 we held range barrier options of $100 million and United Kingdom Pound Sterling 8 million, Euro Accelerator options of Euro 12 million and Euro Forward Extra of Euro 5 million. The forward contracts typically mature within one to twelve months, must be settled on the day of maturity and may be cancelled subject to the payment of any gains or losses in the difference between the contract exchange rate and the market exchange rate on the date of cancellation. We use these derivative instruments only as a hedging mechanism and not for speculative purposes. We may not purchase adequate instruments to insulate ourselves from foreign exchange currency risks. In addition, any such instruments may not perform adequately as a hedging mechanism. The policies of the Reserve Bank of India may change from time to time which may limit our ability to hedge our foreign currency exposures adequately. We may, in the future, adopt more active hedging policies, and have done so in the past.<span style="mso-spacerun:yes"> </span></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><i><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Fair value. </span></i></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The fair value of our market rate risk sensitive instruments approximates their carrying value. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Recent Accounting Pronouncements</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span><span ><span class="MsoCommentReference"><span style="font-size:8.0pt"></span></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (SFAS 157). SFAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 does not require any new fair value measurements but provides guidance on determination of fair value and lays down the fair value hierarchy to classify the source of information used in fair value measurements. Upon adoption of the Statement, difference between the carrying amounts and the fair values of instruments should be accounted for as a cumulative-effect adjustment to the beginning balance of retained earnings. SFAS 157 is effective for fiscal years beginning after November 15, 2007. In February 2008, the FASB issued FASB Staff Position No. SFAS 157-2 (FSP FAS 157-2) which delays the effective date of SFAS 157 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). This FSP partially defers the effective date of SFAS 157 to fiscal years beginning after November 15, 2008 for items within the scope of this FSP. We have evaluated the impact of this Statement, except as it applies to those nonfinancial assets and nonfinancial liabilities as noted in FSP FAS 157-2, and believe that adoption of SFAS 157, prospectively, on April 1, 2008, will not have a material effect on our consolidated financial statements.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (SFAS 159). SFAS 159 permits entities to measure eligible financial assets and liabilities, firm commitments and other eligible items at fair value, on an instrument-by-instrument basis, that is otherwise not permitted under other generally accepted accounting principles. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. At the effective date, on adopting this irrevocable fair value option for eligible items that exist on that date, the effect of such re-measurement to fair value should be accounted for as a cumulative-effect adjustment to the beginning balance of retained earnings. We have evaluated the impact of this Statement and believe that adoption of SFAS No. 159, prospectively, on April 1, 2008, will not have a material effect on our consolidated financial statements.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In December 2007, FASB issued SFAS No. 141 (Revised 2007), Business Combinations (SFAS 141R). This Statement replaces SFAS No. 141, Business Combinations. SFAS 141R requires an acquirer to recognize the assets acquired, the liabilities assumed including contingencies and non-controlling interest in the acquiree, at the acquisition date, measured at their fair value, with limited exceptions specified in the statement. In a business combination achieved in stages, this Statement requires the acquirer to recognize the identifiable assets and liabilities as well as the non-controlling interest in the acquiree at full amounts of their fair values. This Statement requires the acquirer to recognize contingent consideration at the acquisition date, measured at its fair value at that date. We will be required to apply this new Statement prospectively to business combinations consummated in fiscal years beginning after December 15, 2008.<span style="mso-spacerun:yes"> </span>Early adoption is prohibited.<span style="mso-spacerun:yes"> </span></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In December 2007, FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements An Amendment of ARB No. 51 (SFAS 160). SFAS 160 establishes new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This Statement requires the recognition of a non-controlling interest as equity in the consolidated financial statements and separate from the parents equity.<span style="mso-spacerun:yes"> </span>Purchases or sales of equity interests that do not result in a change in control will be accounted for as equity transactions.<span style="mso-spacerun:yes"> </span>We will be required to adopt this new Statement prospectively to all non-controlling interest including any that arose before the effective date, for fiscal years, beginning after December 15, 2008. Early adoption is prohibited. We are currently evaluating the requirements of SFAS 160 and have not yet determined the impact this Statement may have on our consolidated financial statements.</span></span></p> <p class="MsoBodyText" style="margin:0in;margin-bottom:.0001pt;text-align:justify"><span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; color:black">In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities An Amendment of FASB Statement No. 133 (SFAS 161). SFAS 161 requires enhanced disclosures on derivative and hedging activities by requiring objectives to be disclosed for using derivative instruments in terms of underlying risk and accounting designation. This Statement requires disclosures on the need of using derivative instruments, accounting of derivative instruments and related hedged items, if any, under SFAS 133 and the effect of such instruments and related hedge items, if any, on the financial position, financial performance and cash flows. We will be required to adopt this new Statement prospectively, for fiscal years beginning after November 15, 2008. We are currently evaluating the requirements of SFAS 161 and have not yet determined the impact this Statement may have on our consolidated financial statements.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Uncertainty in Income Taxes </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Effective April 1, 2007 the company adopted the provisions of FIN 48. Upon adoption of FIN 48, the companys policy to include interest and penalties relating to gross unrecognized tax benefits within the provision for income taxes did not change. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: </span></span></p> <p class="MsoNormalCxSpMiddle" align="right" style="mso-margin-top-alt:auto; mso-margin-bottom-alt:auto;mso-add-space:auto;text-align:right;line-height: normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman";color:black"><span style="mso-tab-count:4"> </span><span style="mso-spacerun:yes"> </span>(Dollars in millions)</span></i></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="margin-left:5.4pt;border-collapse:collapse;mso-yfti-tbllook:1184; mso-padding-alt:0in 5.4pt 0in 5.4pt"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="576" valign="top" style="width:6.0in;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt"><span ></span> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">&nbsp;</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:solid windowtext ..5pt; padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Year ended <br> March 31, 2008</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td width="576" valign="top" style="width:6.0in;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Balance as of April 1, 2007</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;border:none;mso-border-top-alt: solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$124</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Increases related to prior year tax positions</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">34</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Increases related to current year tax positions</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">25</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Decreases related to prior year tax positions</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(53)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Decreases related to settlements with taxing authorities</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(2)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td width="576" valign="top" style="width:6.0in;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Decreases related to lapsing of statute of limitations</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">(12)</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td width="576" valign="top" style="width:6.0in;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Balance as of March 31, 2008</span></span></p> </td> <span ></span> <td width="126" valign="top" style="width:94.5pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-top-alt:solid windowtext .5pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">$116</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The Companies total unrecognized tax benefits (net of state tax benefits), if recognized, would reduce the tax provisions by $113 million and $107 million as of April 1, 2007 and March 31, 2008, respectively, and thereby would affect the companys effective tax rate. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">As of April 1, 2007 (the date of adoption of FIN 48) and as of March 31, 2008, the company had an accrual of $7 million&nbsp;and $18 million, respectively towards interest and penalties. Interest and penalties included in the provision for income taxes were&nbsp;$11 million for fiscal 2008. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">The companys two major tax jurisdictions are India and the U.S., though the company also files tax returns in other foreign jurisdictions. In India, the assessment is not yet completed for fiscal year 2005 and onwards. In the U.S certain state tax returns pertaining to fiscal years 2001 to 2004 remain subject to examination. Further, U.S federal and state tax returns pertaining to fiscal year 2005 onwards and certain state tax returns pertaining to fiscal year 2004 are open to examination in accordance with the statute of limitation prescribed by the relevant authorities.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Significant changes in the amount of unrecognized tax benefits within the next 12 months cannot be reasonably estimated as the changes would depend upon the progress of tax examinations with various tax authorities.</span></span><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black"></span></b></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Critical Accounting Policies </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We consider the policies discussed below to be critical to an understanding of our financial statements as their application places the most significant demands on management's judgment, with financial reporting results relying on estimation about the effect of matters that are inherently uncertain. Specific risks for these critical accounting policies are described in the following paragraphs. For all of these policies, future events rarely develop exactly as forecast, and the best estimates routinely require adjustment.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Estimates </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We prepare financial statements in conformity with U. S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and efforts during the financial reporting period. We primarily make estimates related to contract costs expected to be incurred to complete development of software, allowances for doubtful accounts receivable, our future obligations under employee retirement and benefit plans, useful lives of property, plant and equipment, future income tax liabilities and contingencies and litigation. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We continually evaluate these estimates and assumptions based on the most recently available information, our own historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Revenue Recognition </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We derive our revenues primarily from software development and related services, licensing of software products and from business process management services. We make and use significant management judgments and estimates in connection with the revenue that we recognize in any accounting period. Material differences might result in the amount and timing of our revenue for any period, if we made different judgments or utilized different estimates. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Arrangements with customers for software development and related services are either on a fixed-price, fixed-timeframe or on a time-and-material basis. Revenue on time-and-material contracts is recognized as the related services are rendered. Revenue from the end of the last billing to the balance sheet date is recognized as unbilled revenues. Maintenance revenues are recognized ratably over the term of the underlying maintenance arrangement. When the company receives advances for services and products, such amounts are reported as client deposits until all conditions for revenue recognition are met. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Revenue from our fixed-price arrangements for software development and related services that involves significant production, modification or customization of the software, is accounted for in conformity with ARB No. 45, using the guidance in Statement of Position (SOP) 81-1, and the Accounting Standards Executive Committee's conclusion in paragraph 95 of SOP 97-2. Fixed-price arrangements, which are similar to 'contracts to design, develop, manufacture, or modify complex aerospace or electronic equipment to a buyer's specification or to provide services related to the performance of such contracts' and 'contracts for services performed by architects, engineers, or architectural or engineering design firms', as laid out in Paragraph 13 of SOP 81-1, are also accounted for in conformity with SOP 81-1. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In the above mentioned fixed price arrangements, revenue has been recognized using the percentage-of-completion method. Costs and earnings in excess of billings are classified as unbilled revenue while billings in excess of costs and earnings are classified as unearned revenue. In measuring progress towards completion, we have selected a method that we believe is reliable and best approximates the progress to completion. The input (efforts expended) method has been used to measure progress towards completion as there is a direct relationship between hourly labor input and productivity and the method indicates the most reliable measure of progress. However, we evaluate each contract and apply judgment to ensure the existence of a relationship between hourly labor input and productivity. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">At the end of every reporting period, we evaluate each project for estimated revenue and estimated efforts. Any revisions or updates to existing estimates are made wherever required by obtaining approvals from officers having the requisite authority. Management regularly reviews and evaluates the status of each contract in progress to estimate the profit or loss. As part of the review, detailed actual efforts and a realistic estimate of efforts to complete all phases of the project is compared with the details of the original estimate and the total contract price. To date, we have not had any fixed-price, fixed-timeframe contracts that resulted in a material loss. However, our policy is to establish a provision for losses on a contract as soon as losses become evident. We evaluate change orders according to their characteristics and the circumstances in which they occur. If such change orders are considered by the parties to be a normal element within the original scope of the contract, no change in the contract price is made. Otherwise, the adjustment to the contract price may be routinely negotiated. Contract revenue and costs are adjusted to reflect change orders approved by the client and us, regarding both scope and price. Changes are reflected in revenue recognition only after the change order has been approved by both parties. The same principle is also followed for escalation clauses. Costs that are incurred for a specific anticipated contract that will result in no future benefits unless the contract is obtained are not included in contract costs or deferred costs before the signing of the contract. Such costs are deferred only if the costs can be directly associated with a specific anticipated contract and if their recoverability from that contract is determined to be probable. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We provide our clients with a fixed-period warranty for corrections of errors and telephone support on all fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of revenues. We estimate such costs based on historical experience, and review estimates on a periodic basis for any material changes in assumptions and likelihood of occurrence. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In arrangements with respect to software development and related services and maintenance services, we have specifically applied the guidance in paragraph 9 of EITF Issue 00-21 to determine whether the software development and related services can be considered a separate unit of accounting.&nbsp;Our arrangements generally meet the criteria for software development and related services to be considered a separate unit of accounting.&nbsp;We use the relative fair value method to allocate revenue to maintenance services and software development and related services.&nbsp;In cases where we are unable to establish objective and reliable evidence of fair value for the software development and related services, we have used the residual method to allocate the arrangement consideration.&nbsp;Maintenance revenues are recognized ratably over the term of the underlying maintenance arrangement while software development and related services revenues are recognized using the percentage-of-completion method.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">In accordance with SOP 97-2, Software Revenue Recognition, license fee revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the license fee is fixed and determinable, and the collection of the fee is probable. Arrangements to deliver our software product generally have three elements: license, implementation and Annual Technical Services, or ATS. We have applied the principles in SOP 97-2 to account for revenue from these multiple element arrangements. Vendor Specific Objective Evidence, or VSOE, of fair value has been established for ATS. VSOE of fair value is the price charged when the element is sold separately. When other services are provided in conjunction with the licensing arrangement, the revenue from such contracts are allocated to each component of the contract using the residual method, whereby revenue is deferred for the undelivered services and the residual amounts are recognized as revenue for delivered elements. In the absence of an established VSOE of fair value for implementation, the entire arrangement fee for license and implementation is recognized as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the services are performed. ATS revenue is recognized ratably over the period in which the services are rendered. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Revenues from business process management and other services are recognized on both the time-and-material and fixed-price, fixed-timeframe bases. Revenue on time-and-material contracts is recognized as the related services are rendered. Revenue from fixed-price, fixed-timeframe contracts is recognized as per the proportional performance method using an output measure of performance. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We recognize revenue only on collectability being probable and hence credit losses do not have an impact on our revenue recognition policy. Fluctuations in our provisions for bad debts and write offs of uncollectible accounts depend on the financial health and economic environment governing our clients. Our provisions are based on specific identification of the credit loss. No one client has contributed significantly to credit losses. We have had no significant changes in our collection policies or payment terms. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">We account for volume discounts and pricing incentives to customers using the guidance in EITF Issue 01-09, Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor's Products). The discount terms in our arrangements with customers generally entitle the customer to discounts if the customer completes a specified cumulative level of revenue transactions. In some arrangements, the level of discount varies with increases in the levels of revenue transactions. The discounts are passed on to the customer either as check payments or as a reduction of payments due from the customer. We recognize discount obligations as a reduction of revenue based on the ratable allocation of the discount to each of the underlying revenue transactions that result in progress by the customer toward earning the discount. We recognize the liability based on our estimate of the customer's future purchases. Also, when the level of discount varies with increases in levels of revenue transactions, we recognize the liability based on our estimate of the customer's future purchases. If we cannot reasonably estimate the customer's future purchases, then the liability is recorded based on the maximum potential level of discount. We recognize changes in the estimated amount of obligations for discounts using a cumulative catch-up adjustment. Furthermore, we do not recognize any revenue up front for breakages immediately on the inception of an arrangement.</span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Consistent with the guidance in EITF Issue 06-03, How taxes collected From Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation), which became applicable to us on April 1, 2007, we continue to present revenues net of sales and value-added taxes in our consolidated statements of income. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Income Tax </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">As part of our financial reporting process, we are required to estimate our liability for income taxes in each of the tax jurisdictions in which we operate. This process requires us to estimate our actual current tax exposure together with an assessment of temporary differences resulting from differing treatment of items, such as depreciation on property, plant and equipment, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our balance sheet. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We face challenges from domestic and foreign tax authorities regarding the amount of current taxes due. These challenges include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. Based on our evaluation of our tax positions and the information presently available to us, we believe we have adequately accrued for exposures that do not meet the more likely than not threshold as of March 31, 2007 and March 31, 2008. We recognize interest and penalties related to unrecognized tax benefits as income tax expense.</span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">Our deferred tax liabilities mainly arise from taxable basis differences in intangible assets and defined benefit plan amendments. Our deferred tax assets mainly comprise assets arising from basis differences in depreciation on property, plant and equipment, loss carry-forwards in a subsidiary, MAT credit entitlement, investments for which the ultimate realization of the tax asset may be dependent on the availability of future capital gains, and provisions for doubtful accounts receivable. </span></span><span ><span style="font-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:"Arial","sans-serif"; color:black;mso-bidi-font-weight:bold;mso-bidi-font-style:italic">Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. </span></span><span ><span style="font-size:9.0pt;font-family: "Arial","sans-serif";color:black">We assess the likelihood that our deferred tax assets will be recovered from future taxable income. This assessment takes into consideration tax planning strategies, including levels of historical taxable income and assumptions regarding the availability and character of future taxable income over the periods in which the deferred tax assets are deductible. We believe it is more likely than not that we will realize the benefits of those deductible differences, net of the existing valuation allowance at March 31, 2007 and March 31, 2008. The ultimate amount of deferred tax assets realized may be materially different from those recorded, as influenced by potential changes in income tax laws in the tax jurisdictions where we operate. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">To the extent we believe that realization of a deferred tax asset is not likely, we establish a valuation allowance or increase this allowance in an accounting period and include an expense within the tax provision in our statements of income. As of March 31, 2007 and March 31, 2008, we recorded valuation allowance of $15 million and $21 million due to uncertainties related to our ability to utilize some of our deferred tax assets comprising primarily of loss carry-forwards in a subsidiary. In the event that actual results differ from these estimates of valuation allowance or if we adjust these estimates in future periods, we may need to establish an additional valuation allowance, which could materially impact our financial position and results of operations. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We account for uncertainty in income taxes in the financial statements in accordance with FIN 48, <em><span style="font-family:"Arial","sans-serif"">Accounting for Uncertainty in Income Taxes</span></em> - an interpretation of FASB Statement No. 109, <em><span style="font-family:"Arial","sans-serif"">Accounting for Income Taxes.</span></em> The accounting and disclosures of tax positions taken or expected to be taken on a tax return are based on the recognition threshold and measurement attribute as prescribed by FIN 48. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">Business Combinations, Goodwill and Intangible Assets</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"> </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We account for business combinations in accordance with SFAS No. 141, <em><span style="font-family:"Arial","sans-serif"">Business Combinations</span></em>. Cash and amounts of consideration that are determinable at the date of acquisition are included in determining the cost of the acquired business. The accounting for contingent consideration based on earnings or other performance measures is a matter of judgment that depends on the relevant facts and circumstances. If the substance of the contingent consideration is to provide compensation for services, use of property, or profit sharing, we account for the additional consideration as an expense of the appropriate period. Otherwise, the additional consideration paid is recorded as an additional cost of the acquired business. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: Calibri;color:black">Goodwill represents the cost of the acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. We generally seek the assistance of independent valuation experts in determining the fair value of the identifiable tangible and intangible net assets of the acquired business. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We test goodwill for impairment on an annual basis. In this process, we rely on a number of factors including operating results, business plans and future cash flows. Recoverability of goodwill is evaluated using a two-step process. The first step involves a comparison of the fair value of a reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the fair value and carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Goodwill of a reporting unit will be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We amortize intangible assets over their respective individual estimated useful lives on a straight-line basis. Our estimates of the useful lives of identified intangible assets are based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">We evaluate intangible assets for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds the fair value of the assets. </span></span></p> <p style="text-align:justify"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:black">In evaluating goodwill and intangible assets for impairment, we may seek the assistance of independent valuation experts, perform internal valuation analyses and consider other information that is publicly available. The results of our evaluation may be dependent on a number of factors including estimates of future market growth and trends, forecasted revenue and costs, discount rates and other variables. While we use assumptions which we believe are fair and reasonable, actual future results may differ from the estimates arrived at using the assumptions. </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">OFF-BALANCE SHEET ARRANGEMENTS</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">None </span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black">CONTRACTUAL OBLIGATIONS</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black"></span></span></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Set forth below are our outstanding contractual obligations as of March 31, 2008. </span></span></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td colspan="6" style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:white;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal"><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;mso-bidi-font-size: 11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; mso-bidi-font-weight:bold">(Dollars in millions)</span></i></span><span ><i style="mso-bidi-font-style:normal"><span style="font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman""></span></i></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:1"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Contractual obligations </span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Total</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">Less than 1 year</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">1-3 years</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">3-5 years</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><b><span style="font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"">More than 5 years</span></b></span><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman""></span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:2"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Operating lease obligations </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$71</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$16</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$21</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$15</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$19</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:3"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Purchase obligations </span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">167</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">164</span></span></p> </td> <span ></span> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">3</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:4"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Liabilities related to unrecognized tax benefits</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">77</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">77</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:5"> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Other liabilities </span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">16</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5</span></span></p> </td> <span ></span> <td style="padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">5</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">-</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:6"> <td style="background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Post retirement benefits obligations </span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt: solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">99</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt: solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">6</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt: solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">17</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">23</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;background:#E5F1F8;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">53</span></span></p> </td> <span ></span> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">Total </span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$430</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$268</span></span></p> </td> <span ></span> <td style="border:none;border-bottom:solid black 1.0pt;mso-border-bottom-alt: solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$46</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$44</span></span></p> </td> <span ></span> <td width="12%" style="width:12.0%;border:none;border-bottom:solid black 1.0pt; mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> <p class="MsoNormal" align="right" style="mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:right;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"">$72</span></span></p> </td> <span ></span> </tr> </table> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; text-align:justify;line-height:normal"><span ><span style="font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black">Purchase obligation means an agreement to purchase goods or services that is enforceable and legally binding on the Company that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.</span></span></p> <span ><span style="font-size:9.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Post retirement<span style="mso-spacerun:yes"> </span>benefits obligations are the benefit payments, which are expected to be paid under our gratuity plans</span></span><style> st1:*{behavior:url(#ieooui) } <!-- /* Font Definitions */ @font-face {font-family:Wingdings; panose-1:5 0 0 0 0 0 0 0 0 0; mso-font-charset:2; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:0 268435456 0 0 -2147483648 0;} @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:1; mso-generic-font-family:roman; mso-font-format:other; mso-font-pitch:variable; mso-font-signature:0 0 0 0 0 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; 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