INTRODUCTION Established in 1981 by seven people with an investment of $250 now known as Infosys Technologies Ltd. (NASDAQ: INFY).

They are well established global leaders in IT and consulting industry with revenues of over US$4 Billion.Infosys has a reputation of defining designing and delivering technological business solutions that help companies around the world to stay ahead of their competitors. Infosys has an added advantage in comparison to its competitors because they have complete range of services and business expertise and has strategic alliances with leading technology providers. Infosys offers a wide range of services- Business Process Outsourcing, System Integration, Technology consulting, Independent testing and validation services, Custom Software Development and IT Infrastructure Services to name a few. Infosys were the pioneers of Global Delivery Model (GDM), which brought about a revolution in the IT industry and hence saw an extraordinary rise in Offshore Outsourcing. Global Delivery Model ensured that work is taken to the location where right talent is present and wok done is cost effective and risk is minimized. Infosys has a Global presence with offices and development centres in India, China, Australia, Czech Republic, Poland, United Kingdom, Canada and Japan. Infosys believes and works on the strategy of long term client relationship as a result they have their 97% of revenues coming from existing customers. Tata Consultancy Services was established in the year 1968. TCS has pioneered in the Indian IT industry. Despite the government regulations, like the License Raj, the company has been successful in finding a place for itself in the Indian It INDUSTRY. It began as the Tata Computer Centre, a division of the Tata Group. Their main business was to provide computer services to other group companies. During the last few years it has been growing and is giving tough competition to Infosys. RECASTED FINANCIAL STATEMENTS The balance sheet of Infosys presents a healthy picture to the parties who are interested in investing in the company. The most striking thing of this balance sheet is the way in which the share capital has increased over the period of 5 yrs. It indicates that the company has increased its shareholder base rapidly by raising funds from the market to meet its requirements. The reserves also present a healthy picture & they indicate that the company has retained a lot of money with itself to meet its future requirements. The provisions have also increased substantially indicating that the company has kept aside sufficient funds to meet the contingencies that may happen. The fixed assets have also increased substantially along with the investments, cash & bank balances. The Profit & Loss A/c also indicates that the company is in a healthy state. The interest expenses are minimal but the depreciation costs have increased substantially over the period. The sales have shown a healthy rise over the given period. The cash flows indicate that the net cash generated from operating activities is increasing steadily over a period of 5 years. The cash in hand at the end of the year is also in a good position. COMMON SIZE STATEMENTS
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The common size balance sheet statement indicates that the company has a maximum of cash & bank balances which indicates the liquidity position of the company. The reserves have a maximum weight age on the liabilities side. This indicates that the company has a good policy regarding the utilisation of its profits. The current liabilities are decreasing over the period. RATIO ANALYSIS AND COMPARISON WITH PEER GROUP It is very necessary to compare the ratios of the company with those of a competitor. It is because the ratios give a proper picture about the companys performance against the performance of its competitor. The ratios give a proper comparison and indicate where the company is going wrong and what it can do to improve its performance. It also tells the strong & weak areas of the company. The company can use this analysis to improve its performance in the weak areas as well as sustain its good performance in certain areas. These ratios are used as tools by various parties to take important decisions regarding the relationship they want to maintain with the company. The following are the different parties who make use of these ratios: 1. INVESTORS-Investors can be classified into two types as follows: Short Term-These investors look for returns from their investments and are concerned with the Market Ratios. Long Term-These investors are concerned with the capital appreciation and therefore are concerned with the long term profitability ratios.

2. LENDERS- These people lend their money to the company and are concerned as to whether the enough funds to repay all its debts. Therefore this class is concerned with the Solvency Ratios of the firm. 3. SUPPLIERS- This class of stakeholders is concerned with the Activity/Turnover Ratios of the firm as they would like to get assurance that the company manages its resources effectively & efficiently. 4. MANAGEMENT- The management of a company is concerned with all the ratios as they need to take a holistic view of the company. They have to satisfy the needs of all the stakeholders of the company and therefore they need to take each of these ratios into consideration before taking any important decision. PROFITABILITY RATIO Profitability ratio is designed to evaluate the firms ability to generate earnings. These ratios tell us whether a business is making profits and if so whether at an acceptable rates.

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Operating Profit Margin It is the ratio of operating profit or earnings before interest and taxes to the net sales of period required generally for a year. Operating profit ratio for INFOSYS is 32.13 % in 2007-2008 then decreases to 31.72% in 2008-2009. It shows that there is decrease in variable cost or fixed cost or both and the decrease in sales in comparison to it is not very high. Operating profit ratio for TCS is 27.11% in 2007-2008 then decreases to 26.87% in 2008-2009. In my opinion it decreases operating profit ratio is not termed as healthy for a firm so that the company should look into the matter and try to decrease its expenses. Gross Profit Margin It is the ratio how well costs of production have been controlled, as opposed to distribution costs and administration costs. (Gross profit / Sales)*100 The gross profit ratio for Infosys is 28.57% for 2007-2008 and 28.23% for 2008-2009 showing decrease of 0.34%. The TCS saw 24.64% in 2007-008 and 25.01% in 2008-2009 a decrease of 0.37%. This decrease in the gross profit ratios may be due to decrease in direct expenses. As it is seen that decrease of this ratio is not acceptable for a firm so some urgent steps should be taken for its recovery. Net Profit Margin It is the ratio of net profit that is profit after tax to the net sales of the required period. Infosys net profit ratio for the year 2007-2008 is 28.72% and 2008-2009 saw 28.57%. TCS net profit ratio for the year 2007-2008 is 24.11% and 2008-2009 20.74%. While Infosys faced slight decline, TCS saw a decline by 3.37%. Overall there is decline in net profit ratio and certain steps should be done to overcome this decline like increase in indirect incomes and decrease in expenses. Return on capital employed (ROCE) It is the ratio of net profits to the capital employed in the business. Profit before interest and tax / Capital employed * 100 This ratio relates to the overall profitability of a company to the finance used to generate it. It is also the product of net profit margin and asset turnover: ROCE = Net profit margin x Asset turnover The ratio is clearly sensitive to investment in fixed assets, to the age of fixed assets (since older assets will have depreciated more than young ones) and to when assets were last revalue. Return on capital employed is the ratio for Infosys is 45.37% in 2007 -2008 and 41.38% in 2008-2009 and the TCS ratio was 42.92% and 43.27% in 2008-2009. Therefore we know that Infosys has utilized its capital more efficiently than TCS hence resulting in more favourable ROCE ratio. Return on Net worth It means the return on equity. It is the ratio of net profits to the total funds available for the equity shareholders or the net worth.
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Earnings after tax and preference dividends/ Shareholders fund Return on net worth for Infosys is 41.34% in 2007-2008 and 35.31% in 2008-2009. This sharp decrease is due to increase in cheap borrowing of loans both secured and unsecured. It should be known that increase in cheaper debts in the capital structure is good for a firm up to a limit but after a certain ratio these cheaper debts start to prove bad for the firm. So the firm should consider this and maintain an acceptable debt ratio in the capital structure. Return on Long Term Funds It means a long term investment made by the company. Return on long term funds ratio for Infosys was 37.77% for 2007-2008 with little increase to 39.80% in 2008-2008 while TCS saw 42.96% in 2007-2008 a slight increase to 43.27% in 2008-2009. An upward trend in this ratio is termed beneficial for the firm so the company should try and aim for it. It should invest intelligently keeping in view all the options. LIQUIDITY RATIO Current Ratio is the measure of a companys liability to meet is financial obligations as they fall due. It should be around two however it varies from industry to industry. Current assets / Current liabilities The current ratio for Infosys is 4.96 in 2007-2008 and 3.30 in 2008 -2009 and TCS is 1.98 in 2007-2008 and 1.83 in 2008-2009. Comparing the two companies Infosys has better current ratio than TCS. The higher the current ratio means current assets are more than current liabilities. Quick Ratio compares liquid current assets with short-term liabilities. It is the ratio of quick asset to quick liabilities. Quick asset means current assets less stock and prepaid expenses. Quick liability as current liabilities means less bank overdrafts. Current Assets Inventory = Quick Assets Quick Assets / Current Liabilities = Acid Test Ratio Quick Ratio for Infosys is 4.91 for 2007-2008 and 3.28 in 2008-2009 and for TCS it is 1.97 in 2007-2008 and 1.83 in 2008-2009. The same criteria of current ratio is applicable for the quick ratio, the more quick asset ratio the better it is the higher will be the liquidity of the firm. SOLVENCY RATIO Debt Equity Ratio It gives the average period of credit being taken by customers. If it is compared with a companys allowed credit period, it can give an indication of the efficiency of debtor administration. Debtors x 365 / Credit Sales

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It is the ratio of debt to equity in the capital structure. The ideal debt equity ratio is 2:1 which means that there is double the find I the firm to that of the debts present which is good as firm can pay off its debts with an ease. The debt equity ratio for TCS 0.01% has been consistent for the year 2007-2008 and 2008-2009. Had there been an increasing trend it would have been beneficial for the firm and the company could have continued. Interest Coverage Ratio It is the ratio of EBIT (earnings before interest and taxes) to the interest charges to be paid. It shows the ratio of funds available to pay the interest on the borrowed funds. MANAGEMENT EFFICIENCY RATIO Inventory Turnover Ratio It is also known as the stock turnover ratio. It is the ratio of cost of goods sold to the average stock for the year or for the required period. Stock Turnover Ratio = (Stock or Inventories/ Cost Sales)*365 The ratio shows how long it takes for a company to turn its stocks into sales. It can be done by separating the total stock figure into its component parts that is raw materials, work in progress and finished goods. The shorter the stock ratio, the lower is the cost to the company of holding stock. The value of ratio is very dependent on the need for stock and so will vary significantly depending on the nature of a companys business. Inventory turnover ratio is 1137.21 in 2007 and 1321.77 in 2008-2009. The ratio shows the number of times the inventory is being revised. The lower it is the better it is as it shows the funds blocked in the inventories over the period and as we can see that it has the decreasing trend so the cautious measures are to be taken in this regard. Debtors Turnover Ratio It is the ratio of net credit sales to the average debtors over the period. It shows the average debtor over the period that the number of times the debtors rotate in a firm. The debtors turnover ratio for Infosys is 5.74 times in 2007-2008 and 5.06 times in 2008-2009. For TCS the debtors turnover ratio is 5.66% in 2007-2008 and 6.00 times in 2008-2009. The lower the turnover ratio means blockage of funds in debtors is less since we can see that the ratio in case of TCS is increasing that clearly states that the payment received from the debtors is not in time. CASH FLOW INDICATOR RATIO Earnings per share

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It is regarded as a key ratio by stock market investors. It is the ratio of total earnings available for equity shareholders to the number of equity shares issued. The higher the ratio the better it is as the market price of the share depends upon the earnings it is giving to the equity share holder. Earnings after tax and preference dividends / Number of issued ordinary shares. The earnings per share of Infosys is 33.83% for 2007-2008 and decreased by 5.43% to 28.40% for 2008-2009 and TCS 66.11% in 2007-2008 and increased by 6.70% to 72.81% in the year 2008-2009. EFFECTS OF CREDIT CRUCH AND RECESSION ON INFOSYS AND TCS Credit Crunch It is also called credit squeeze. Credit crunch is a situation in which it will be harder to get money in the financial market. There is less availability of credit. This can happen due to many factors such as increased perception of risk on the part of lender, an imposition of credit controls or a restriction of the money supply. There is sudden reduction in the availability of loans and other types of credit from banks and capital market at given interest rates. The credit crunch started in United States sub prime Mortgage industry in year 2007. The effects of it spread throughout the U.S economy and into global markets. There was a general slowdown the US housing market. It led to an increase in the available supply of homes on the market, pushing down prices. Prior to this, millions of home owners had borrowed against the higher value of their homes. This boosted overall consumer spending. In fact such home equity withdrawals were estimated to account for more than 9% of the USs total disposable income in 2006. Then the value of the house fell. People found it difficult to cope. They could not pull money out of their homes, resulting in decrease in consumer spending in 2007 from previous years. The International Monetary Fund has recently released number that estimates how far the credit crunch has affected worldwide. The numbers show a $945 billion dollar loss on a global scale over the next two years. While several institutions based in United States are proving too resilient, the International Monetary Fund predicts that worst is not over just. The consumers and investors should prepare for a continual weakening of the economy. Effects of credit crunch and recession on Infosys Technologies Infosys Technologies has done away with performance-linked pay for its onsite engineers and expects to reduce number of onsite engineers by more than a one third another companies like Satyam, Wipro and TCS. Currently recession in US has posed a question for India IT stalwards, while it require for INDIAN IT industry will set out for a boom. By tradition the European and American markets have been stranglehold for Infosys serving it to attain fat bottom line but with the current recession in US. And its ripple effect in European economies, the demand for Infosys IT services has slowed down and companys executive are preparing for the tough
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time ahead. Infosys was the worst-performing stock on the benchmark Sensex stock index in the recent times. The other big players such as Satyam, Wipro or TCS have been affected too. But the decreasing bottom line and the job cuts may make us believe that Infosys technologies is expecting huge effect on recession but the management at Infosys technologies is expecting huge effect of recession but the management at Infosys is cautiously optimistic. Infosys is hoping for the best. Its managing director was cautiously optimistic at the time of recession. They did not stop the new recruitment in the light of demand upsurge. Mangers at Infosys are looking at the long term perspective in the economics like US, UK etc keeping in with the view of Bank of England & Federal Reserve which expect that effect of the recession will slow down 2010 onwards. Infosys employee strength is between 103,000 to 105000. They fired employees constitute 2% of the total workforce. As per Infosyss CEO they fired close to 5% workforce every year. According to them 2% is very less by global standards and is only expected from company. Infosys main capital is their people. It is not even alarming to think if this is the trend. The Indian IT foresees a threat in the next few quarters. Many of the companies including Infosys and TCS projected a bleak outlook for the earnings season. Indian IT as per Economic Times might shed some 75000 jobs in the following years. This is a significant number.

Luckily for Indian IT, that did not affect very much. After Satyam scandal it has turned up some cash and is close to generating profits. This is a good indication that the global outsourcing industry is intertwined. India is an important link in that. Indian IT also got lucky with Japan opening its gates to its software services market. Patni Computers got a recent contract from one of the Japanese companies. Indian IT services are estimated to be at $5bn. Infosys has less than a percent market share in India. It will do good if it continues to improve on it. So will the other IT companies. TCS Credit Crunch and Recession During recession, TCS move to cut the salary of the employees on falling short of its projected revenues for the quarter has taken the IT fraternity by surprise. There is a universal support building up among IT staff in the form of a web campaign condemning the move. Tactics were employed by the management of TCS. It was perfectly legal. But the sudden implementation has had a bad impact on the workforce. There is a fear among the whole software industry as to if the IT companies would take a cue from the TCS initiative and make such salary pruning a regular practice to show profits in the future. The most affected parties of the salary adjustment were reportedly the confirmed employees of TCS located in the US and India. These people saw their paycheques lesser by Rs 10,000 during February and March 2008. The justification for this, however, as per the companys internal notification is: In Q3 this year, we met our revenue target but we fell short of meeting our EVA target due to a combination of internal and external factors.. On the audited results the EVAStudent Id No 1076717 Page 7

based variable payout amounts to Rs. 293 crore for the quarter. The actual variable payout based on expected EVA given in advance amounts to Rs. 376 crore. The advance payment that had to be adjusted amounts to Rs. 83 crore, which will be recovered during Q4 from the employees. The recovery would be reflected in your salary in the months of February and March 2008. The steep gradation off cut irritated the TCS employees who suggested that since they are one lakh strong organisation, even Rs 1000 from everyone would have easily made up for the shortage. There is fear that soon other top companies such as Infosys and Wipro too may adopt the practice owing to the appreciating rupee value against dollar. And this has resulted in blog and email campaigns mustering support against the move. Whatever be it, the woes of TCS staff do not seem to end only with this quarter. TCS posted a net profit of Rs 1,331 crore, up 6.72 per cent, in the third quarter of 200708.

RECOMMENDATION AND CONCLUSION Infosys today is the benchmark in the Indian Information and Technology Industry. The company has emerged from a normal "Body-Shopping" outfit to an End-To-End solution provider through a strong process orientation and an enabling culture. The factors that have helped Infosys to become a leader in IT sector can be seen as. Infosys is a global delivery model which gives it a key competitive advantage over its competitors. It focuses on human resource. The training and development offered at Infosys is world-class, the ESOPs are offered for sustaining the employee motivation. It is also one of the few organisations in India, which is using economic value added (EVA) as a tool for performance measurement. It has strong brand presence and long standing client relationship over the years has emerged as a brand and they have a history of client retention. They derive a significant proportion of revenues from repeat clients. Infosys has a superior quality and process execution. It is known for its innovation and leadership. The company is facing many threats. These are economic environment, pricing pressure and rising wages in India and overseas. This could have a negatively impact its revenues and operating results. Infosys revenues are highly dependent on clients primarily located in the United States and Europe, as well as on clients concentrated in certain industries. Economic slowdowns or factors that affect the economic health of the United States, Europe or these industries may affect its business. Their revenues are highly dependent upon a small number of clients, and the loss of any one of their major clients could significantly impact their business. The operations may be effected by currency fluctuations. Infosys foresees certain risks and uncertainties like the revenues and expenses are difficult to predict. It can vary significantly from period to period. It could cause
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Infosys share price to decline. Our revenues are highly dependent on clients primarily located in the United States and Europe, as well as on clients concentrated in certain industries. Economic slowdowns or factors that affect the economic health of the United States, Europe or these industries may affect our business. The legislation in certain of the countries, in which we operate, including the United States and the United Kingdom, may restrict companies in those countries from outsourcing work overseas. To execute our Global Delivery Model, which could be caused by disruption in telecommunications by system failure or virus attacks could result in client dissatisfaction and a reduction of our revenues. Our earnings have been and will continue to be adversely affected by the change to our accounting policies with respect to the expensing of stock options. The markets in which we operate are subject to the risk of earthquakes, floods and other natural disasters. Our business and prospects could be affected due to changes in the policies of the government of India or political instability further delaying by liberalisation of Indian economy and affect economic conditions in India. FUTURE OUTLOOK OF IT INDUSTRY The internet and globalization have made todays market very competitive which leads to changing economic and business condition and rapid technological innovations. Customers are increasingly demanding improved products at lower prices with quick delivery. To address these needs, corporations are using outsourced technology service providers to help improve productivity, develop new products, conduct research, reduce business risk and manage operations more efficiently. Technology is playing pivotal role in all business entities. To achieve business and customer needs has become a competitive advantage. It is necessary to design, implement and maintain advanced technology. The need for more dynamic technology solutions and the increased complexity, cost and risk associated with them have created a growing need for specialists to help drove business strategy. At the same time, corporations are reluctant to expand their internal IT departments with fear of increasing costs. These factors have increased corporations dependence on their outsourced technology service providers. It is expected to continue to drive future growth for such services. During 2008 there had been slight slowdown in the purchase of IT services. Outsourcing the development, management and ongoing maintenance of technology platforms and solutions has become very important. Corporations are increasingly turning to offshore technology service providers to meet their need for high quality, cost competitive technology solutions. As a result, offshore technology service providers have become main stream in the industry. In
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addition, technology companies are also recognizing the benefits of offshore technology service providers in software research and development and related support functions, and are outsourcing a greater portion of these activities. The range of services delivered offshore is also increasing. A leading analyst firm has forecasted that outsourcing expenditure on services will increase from US $226 billion in 2006 to an estimated US $328 billion by 2011. According to a fact sheet published by NASSCOM in February 2008, IT services (excluding BPO, product development and engineering services) exports from India are expected to cross US $23 billion in fiscal 2008 and BPO exports from India are expected to cross US $10.9 billion. So we can see that future prospects of both global and local market for ITeS (Information Technology enabled services) are bright and there are high chances that IT sector will keep growing like this. APPENDIX

Z Score of the Firm

2003 Working Capital 1791.24 2004 2155.80 6587.77 1904.38 2498.99 135.29 6587.77 6859.66 2.71 2005 3989.00 9114.00 2421.00 3134.00 138.00 9114.00 9028.00 2.60 2006 6600.00 12986.0 0 3783.00 4605.00 286.00 12986.0 0 13149.0 0 2.73 2007 8039.00 17221.00 4470.00 5647.00 286.00 17221.00 15648.00 2.49

Total Assets 5111.29 Cumulative Retained Earnings 1243.47 EBIT Shareholder's Equity (At Mkt. Value) Total Liabilities Sales Z-Score 1702.12 33.32 5111.29 4760.89 2.42

Z-Score-Less than 1.81-High probability of bankruptcy. Z-Score-Between 1.81 and 2.90-Gray or Ambiguous area. Z-Score-More than 2.90-Low probability of bankruptcy.

Infosys is showing Z-scores of approximately 2.5 - 3 for the past 5 years. Thus according to Altman its in the gray area.

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Quarterly Results Of The Company

PARTICULARS Software development and business process management expenses Income from software services, products and business process management Gross profit EPS(basic) EPS(diluted) SEGMENT WISE Financial services Manufacturing Telecom Retail PROFIT (SEGMENT WISE) Financial services Manufacturing Telecom Retail 481 246 351 174 360 135 282 109 33.61% 82.22% 24.47% 59.63% 1674 894 959 590 1361 512 831 407 23.00% 74.61% 15.40% 44.96%

Jul08
2754 4854 2100 22.75 22.7

Jul08
2169 3773 1604 18.82 18.82

% Chang e
26.97% 28.65% 30.92% 20.88% 20.62%

The Group has posted a net profit after tax & minority interest of Rs 13020 million for the quarter ended June 30, 2008 as compared to Rs 10790 million for the quarter ended June 30, 2007. Total Income has increased from Rs 40260 million for the quarter ended June 30, 2007 to Rs 49710 million for the quarter ended June 2008

SHARE HOLDING PATTERN

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Category

Shareholder s (No.)

Voting strength (%)

No. of shares held

Founders holding Indian founders Total of founders holding Public shareholding Institutional investors Mutual funds Banks, financial insurance companies institutions and 184 71 563 2.92 4.20 33.36 1,67,18,693 2,40,36,054 19,08,21,914 19 19 16.52 16.52 9,44,95,978 9,44,95,978

Foreign institutional investors Others Private corporate bodies Indian public NRIs / OCBs / Foreign nationals Trusts Total public shareholding Equity shares underlying ADS Total

4,066 5,42,914 7,696 48 5,55,542 1 5,55,562

2.86 17.53 2.94 0.50 64.31 19.17 100.00

1,63,48,351 10,01,92,778 1,68,69,562 28,55,406 36,78,42,758 10,96,57,022 57,19,95,758

AUDIT REPORT The audit of the company is done by Chartered Accountant Natrajan Ramkrishna Bangalore Partner on April 15, 2008. The auditor audited the attached Balance Sheet of Infosys Technologies Limited as at 31 March 2008, the Profit and Loss Account of the Company and the Cash Flow Statement of the Company for the year ended on 31-march-2008. Audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Auditor stated that he obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. Audit is done in accordance with auditing standards generally accepted in India. (i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2008.
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(ii) In the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date. (iii) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date POINTS TO NOTE The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. Fixed assets disposed off during the year were not substantial, and therefore, do not affect the going concern assumption. The Company is a service company, primarily rendering information technology services. Accordingly it does not hold any physical inventories. The Company has granted a loan to Infosys China, a wholly- owned subsidiary, being a body corporate covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year and the year-end balance of such loan amounted to Rs. 32, 01, 60,000. There are no overdue amounts of more than rupees one lakh in respect of the loan granted to a body corporate listed in the register maintained under Section 301 of the Companies Act, 1956. The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Company is not dealing or trading in shares, securities, debentures and other investments. Company has not given any guarantee for loans taken by others from banks or financial institutions. The Company did not have any term loans outstanding during the year. The Company has not raised any funds on short-term basis. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956. The Company did not have any outstanding debentures during the year. The Company did not have any dues on account of Employees State Insurance, Customs duty and Excise duty. The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year. No undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Income-tax, Sales tax, Wealth tax, Service tax and other material statutory dues were in arrears as at 31 March 2008 for a period of more than six months from the date they became payable.
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