2.2.0.25falsefalse0212 - Disclosure - SHARE BASED COMPENSATIONtruefalsefalse1falsefalseUSDfalsefalse4/1/2010 - 3/31/2011
USD ($)
USD ($) / shares
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<!-- Begin Block Tagged Note 12 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>12. SHARE BASED COMPENSATION</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Share-based compensation expense recognized during the years ended March 31, 2011, 2010 and 2009
were as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended March 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Share-based compensation recorded in
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Cost of revenue
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">938</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,730</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,647</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Selling, general and administrative expenses
</div></td>
<td> </td>
<td> </td>
<td align="right">3,076</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11,397</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,775</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total share-based compensation
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">4,014</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">15,127</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13,422</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Recognized income tax benefit
</div></td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(478</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(2,563</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(3,002</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2007, the Indian Government extended FBT to include stock options and RSUs issued to
employees in India. Under this legislation, on exercise of an option or RSU, employers were
responsible for a tax equal to the intrinsic value at its vesting date multiplied by the applicable
tax rate. The employer could seek reimbursement of the tax from the optionee, but could not
transfer the obligation to the optionee. The Company recovered the FBT from the optionees in India.
The options and RSUs issued subsequent to the introduction of the FBT were fair valued after
considering the FBT recovered from the optionees as an additional component of the exercise price
at the grant date. The FBT on options and RSUs payable to the Government of India is recorded as an
operating expense and the recovery from the employees is treated as additional exercise price and
recorded in equity. In August 2009, the Government of India passed the Indian Finance (No.2) Act,
2009 which withdrew the levy of FBT with effect from April 1, 2009. For the years ended March 31,
2011, 2010 and 2009, the Company recorded $nil, $459 and $446, respectively, as FBT charge to
operating expenses.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Consequent to the withdrawal of the levy of FBT, no FBT is recovered for options and RSUs issued to
Indian optionees, resulting in a reduction in the exercise price of the options and RSUs. The
Company considered the change in exercise price as a modification. As a result of that
modification, the Company recognized additional compensation expense of $601 and $2,473 for the
years ended March 31, 2011 and 2010, respectively. As at March 31, 2011, $586 of unrecognized
compensation cost arising from such modification, pertaining to unvested outstanding RSUs, net of
estimated forfeitures is expected to be recognized over a weighted average period of 0.9 years.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Share-based options</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has two share-based incentive plans, the 2002 Stock Incentive Plan adopted on July 1,
2002 and the 2006 Incentive Award Plan adopted on June 1, 2006, as amended and restated in February
2009 (collectively referred to as the “Plans”). Under the Plans, share based options may be granted
to eligible participants. Options are generally granted for a term of ten years and have a graded
vesting period of up to four years. The Company settles employee share-based option exercises with
newly issued ordinary shares. As at March 31, 2011, the Company had 685,035 ordinary shares
available for future grants. A summary of option activity under the Plans as at March 31, 2011, and
changes during the year then ended is presented below:
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b><br /><b>average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted <br />
average<br />
remaining<br />
contract</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>exercise </b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>term (in </b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>intrinsic</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>price</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at April 1, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">1,198,271</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">17.71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.02</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,785</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Exercised
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(127,904</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5.41</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Forfeited
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,381</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">23.48</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Lapsed
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(51,736</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6.02</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at March 31, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">1,015,250</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">19.84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.24</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">796</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="top">
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Options vested and expected to vest
</div></td>
<td> </td>
<td> </td>
<td align="right">1,015,250</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">19.84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.24</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">796</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Options exercisable
</div></td>
<td> </td>
<td> </td>
<td align="right">1,015,250</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">19.84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.24</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">796</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate intrinsic value of options exercised during the years ended March 31, 2011, 2010 and
2009 was $728, $5,914 and $652 respectively. The total grant date fair value of options vested
during the years ended March 31, 2011, 2010 and 2009 was $316, $2,677 and $3,840, respectively.
Total cash received as a result of option exercises during the year ended March 31, 2011 was
approximately $779.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As at March 31, 2011, there was $nil unrecognized compensation cost, including modification charge
related to unvested outstanding share options.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of options granted is estimated on the date of grant using the Black-Scholes-Merton
option-pricing model. No options were granted during the years ended March 31, 2011, 2010 and 2009.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The expected term of options is based on the historic exercise pattern of the Company’s employees.
The volatility was calculated based on the volatility of the Company’s share price. The risk free
rate is based on the United States Federal Reserve rates. Forfeitures are estimated based on the
Company’s historical analysis of actual stock option forfeitures. The Company does not currently
pay cash dividends on its ordinary shares and does not anticipate doing so in the foreseeable
future. Accordingly, the expected dividend yield is zero.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Restricted Share Units</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The 2006 Incentive Award Plan also allows for grant of RSUs. Each RSU represents the right to
receive one ordinary share and vests over a period of up to three years.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">A summary of RSU activity under the 2006 Incentive Award Plan as at March 31, 2011, and changes
during the year then ended is presented below:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted <br />
average<br />
remaining<br />
contract</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>term (in </b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>intrinsic</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>fair value</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding as at April 1, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">1,853,597</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">12.81</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7.50</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">19,889</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">433,872</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9.17</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Vested/exercised
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(534,465</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">15.26</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Forfeited
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(414,779</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">10.85</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding as at March 31, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">1,338,225</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11.22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8.37</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,118</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">RSUs expected to vest
</div></td>
<td> </td>
<td> </td>
<td align="right">1,178,763</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11.22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8.37</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">12,436</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">RSUs exercisable
</div></td>
<td> </td>
<td> </td>
<td align="right">291,201</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13.08</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7.47</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,072</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of RSUs is generally the market price of the Company’s shares on the date of grant.
For grants to employees based in India, the recovery of FBT, was considered as the exercise price
of the grants. Accordingly, the fair value of such RSUs was estimated on the date of grant using
the Black-Scholes -Merton option pricing model. The following table presents the weighted average
assumptions for estimating the fair value of RSUs granted to employees. The basis of these
assumptions is similar to the basis of assumptions used for estimating the fair value of options.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11" style="border-bottom: 1px solid #000000"><b>Year ended March 31,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected life
</div></td>
<td> </td>
<td colspan="3" align="center">2.0 years</td>
<td> </td>
<td colspan="3" align="center">2.3 years</td>
<td> </td>
<td colspan="3" align="center">2.4 years</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk free interest rates
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">0.5</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">1.3</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">2.2</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Volatility
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">68.8</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">57.4</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">33.7</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Dividend yield
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">0.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">0.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">0.0</td>
<td nowrap="nowrap">%</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As at March 31, 2011, there was $7,383 of unrecognized compensation cost related to unvested RSU,
net of forfeitures, including modification charge. This amount is expected to be recognized over a
weighted average period of 2.2 years. To the extent the actual forfeiture rate is different than
what the Company has anticipated, share based compensation related to these RSUs will be different
from the Company’s expectations.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The
weighted average grant date fair value of RSUs granted during the years ended March 31, 2011,
2010 and 2009 was $9.17, $10.28 and $13.39 per ADS, respectively. The aggregate intrinsic value of
RSUs exercised during the years ended March 31, 2011 and 2010 was $5,870 and $5,621, respectively.
The total grant date fair value of RSUs vested during the years ended March 31, 2011, 2010 and 2009
was $7,378, $12,234 and 4,811, respectively.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Performance Share Units</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The 2006 Incentive Award Plan also allows for grant of performance share units (“PSUs”). Each PSU
represents the right to receive one ordinary share based on the Company’s performance against
specified targets and vests over a period of up to four years.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">A summary of PSU activity under the 2006 Incentive Award Plan as at March 31, 2011, and changes
during the year then ended is presented below:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted <br />
average<br />
remaining<br />
contract</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>term (in </b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>intrinsic</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>fair value</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at April 1, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">316,409</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8.98</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Vested/exercised
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Forfeited
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(31,250</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">8.81</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at March 31, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">285,159</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9.42</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,008</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">PSUs expected to vest
</div></td>
<td> </td>
<td> </td>
<td align="right">241,729</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9.42</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,550</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">PSUs exercisable
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of PSUs is generally the market price of the Company’s shares on the date of grant,
and assumes that performance targets will be achieved. The fair value of PSUs was estimated on the
date of grant using the Black-Scholes -Merton option pricing model. The following table presents
the weighted average assumptions for estimating the fair value of PSUs granted to employees. The
basis of these assumptions is similar to the basis of assumptions used for estimating the fair
value of options.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Year ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>March 31,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2011</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected life
</div></td>
<td> </td>
<td colspan="3" align="center">3.2 years</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk free interest rates
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">0.8</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Volatility
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">69.3</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Dividend yield
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">0.0</td>
<td nowrap="nowrap">%</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As at March 31, 2011, there was $2,176 of unrecognized compensation cost related to unvested PSU,
net of forfeitures. This amount is expected to be recognized over a weighted average period of 2.6
years. Over the performance period, the number of shares that will be issued will be adjusted
upward or downward based upon the probability of achievement of the performance targets. The
ultimate number of shares issued and the related compensation cost recognized as expense will be
based on a comparison of the final performance metrics to the specified targets.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The weighted average grant date fair value of PSUs granted during the year ended March 31, 2011 was
$8.98 per ADS. The aggregate intrinsic value of PSUs exercised during the year ended March 31, 2011
was $nil. The total grant date fair value of RSUs vested during the year ended March 31, 2011 was
$nil.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the exercises of options and vesting of RSUs, the Company receives tax benefits
in the US and the UK tax jurisdiction, which is equal to the difference between the exercise price
and the market price on the date of exercise. Such tax benefit realized by the Company for the
years ended March 31, 2011, 2010 and 2009 were $62, $1,264 and $2,378, respectively. Of the net tax
benefits realized, the excess tax benefits from share-based compensation of $569, $1,825 and $2,226
were reclassified in the consolidated statements of cash flows from cash flows from operating
activities to cash flows from financing activities, for the years ended March 31, 2011, 2010 and
2009, respectively.
</div>
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<b>
</b>
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
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