(i) Bank of India - Jersey Channel Islands

Foreign Currency Term Loan Aggregating to Rs, 3075.31 Lacs (Euro 45 Lacs) Secured by mortgage of Land at Hinjewadi, Pune.Rs, 3075.31 Lacs is repayable in 4 half yearly installment of Rs, 683.4 Lacs for first 3 installment & Last Installment of Rs, 1025.11 Lacs from July 11 to January 2013. However since the Company has made default in repayment of Principal and Interest thereon, Bank has demanded repayment total loan.

Notes to Financial Statements for the year ended March 31, 2015 ( Rs, in Lacs)

(ii) State Bank of Bikaner & Jaipur

Rupee Term Loan Aggregating to Rs, 4,000 Lacs Secured by mortgage of building owned by subsidiary Mihir Properties Pvt. Ltd. Rs, 4,000 Lacs is repayable in 12 Quarterly installment of Rs, 333.33 Lacs from April, 2012 to January 2015. Company has made default in repayment of Principal and Interest thereon, therefore, Bank has demanded repayment loan.

(b) IDBI Bank Ltd.(Term Loan) :-

The loan is recalled by the Bank by invoking the pledge of shares. However the bank did not recover the total outstanding amount for the reasons not attributable to the company, accordingly the outstanding balance is not accepted by the Company. Pending clearance of dispute the outstanding is continued in books as demanded by the Bank.

1. Disclosure as per Accounting Standard 15 (Revised) - Employee Benefits:

The Company has classified various benefits provided to employees as under:

I Defined Contribution Plans

a Provident Fund

b State Defined Contribution Plans

i. Employers Contribution to Labor Welfare Fund

ii. Employers Contribution to Employee's Pension Scheme 1995

vii Expected Contribution to Gratuity Fund for the next year Rs, Nil lacs (Previous Year: Rs, 4.03 lacs).

viii Details of Present Value of Obligation, Plan Assets and Experience Adjustment are not applicable for the current year.

(ii) Other Significantly influenced Related Parties with whom transactions have taken place during the year After Employees Welfare Trust# Significantly influenced by After employees Gratuity Assurance Scheme Key Management Personnel Elven Technologies Pvt Ltd (Controlled entities)

(iii) Key Management Personnel Mr. Ranjit M Dhuru Mr. Nitin K Shukla Mr. Mukul Dalal Note:-

- Aftek Employees' Welfare Trust (Unregistered) was created for the benefit of employees including Executive Directors. The purpose of the trust inter alia is to purchase/invest in the shares or other securities of After Limited for the benefit of employees. As per the conditions of the trust deed, an interest free loan has been provided by the Company which is to be used for the purchase of equity shares of After Limited. These shares may be allocated to the employees or the amount of profit earned on the sale of these shares may be distributed amongst the employees. During the year the trust has not sold any shares and made payment against loan.

2. Segment Reporting:

Primary Segment Information

The Company is in the business of sale of software services which is viewed by the management as a single primary segment,

i.e. business segment.

3. Foreign Currency Convertible Bonds

The Company had raised in aggregate USD 34.5 million through an issue of 3000 numbers of 1% Foreign Currency Convertible Bonds Due 2010 of USD 10,000 each ("FCCB") in June 2005 followed by 450 numbers of additional FCCB in July 2005 on account of exercise of green shoe option of 15%. The FCCBs bear interest @ 1% per annum with redemption at 128.25% of their principal amount. At the option of the Bondholders, FCCBs were convertible into Equity Shares/Global Depository Receipts ("GDRs") within a period of 5 years from the date of the original issue i.e. June 24, 2005 at the revised conversion price of Rs, 75.20 per share effective from June 25, 2006 (initial conversion price being Rs, 94/- per share) pursuant to the provisions of the Trust Deed executed in respect of the FCCBs.

At the behest of the majority bondholders, the Company had initiated the process of re-setting the conversion price of the FCCBs in line with the applicable pricing guidelines. Approval of Reserve Bank of India for the same was received vide their letter No. FED/CO/ECBD/10308/03.02.775/11-12 dated October 31, 2011. The holders of the FCCBs vide their Written Resolution of 25th July, 2012 have consented, inter alia, to the revision of Conversion Price of FCCBs from Rs, 75.20 to Rs, 13.76 and elongation of maturity period from 25th June, 2010 to 21st December, 2012 as well as waiver of events of defaults and interest payments. Accordingly, the Company has executed a Supplemental Trust Deed on 25th July, 2012 with Bank of New York Mellon, the Trustees for giving effect to the aforesaid amendments.

No FCCBs were converted during the year. 354 FCCBS were outstanding which, if converted into GDRs/Equity Shares at the reset conversion price of Rs, 13.76 would result into issuance of additional 1,12,10,428 numbers of equity shares of Rs, 2/- each.

4. Global Depository Receipts (GDRs)

The Company had issued 1,333,100 Global Depository Receipts (GDRs) on February 07, 2003 at a price of USD 11.25, per GDR with each GDR representing 3 equity shares of Rs, 10 each. Pursuant to Special Resolution passed at the Annual General Meeting held on December 29, 2003, equity shares of Rs, 10 each were sub-divided into smaller denomination of Rs, 2 each for which the Company had fixed January 29, 2004 as the Record Date. Corresponding increase was made to the number of GDRs from one to five in order to maintain the GDR to Equity proportion of 1:3.

Further, pursuant to the Special Resolution passed at the Annual General Meeting held on December 28, 2004, bonus shares in the proportion of one equity share for every two equity shares held on the record date of January 28, 2005 were allotted on January 31, 2005 resulting in increase in the number of GDRs.

No GDRs (PY No GDRs) were outstanding as at March, 2015.

As stated at Note No. 37, above, 354 numbers of 1% Foreign Currency Convertible Bonds Due 2010 were outstanding as at March, 31, 2014. If these FCCBs are converted into GDRs, it would resulted into issuance of 37,36,809 numbers of GDRs representing 1,12,10,428 numbers of equity shares of Rs, 2/- each at the reset conversion price of Rs, 13.76

5. In view of the on-going slowdown in the European and US markets, there have been delays in receivables. Considering the size and standing of its debtors, the Company has not made any provision at this stage towards amount of Rs, 22,398.36 Lacs outstanding for a period of more than 12 months.

6. The company has given certain capital advances and made some investments totaling to Rs, 6975.20 Lacs against the building under constructions at Hinjewadi, Pune. The said Plot of land is mortgaged to Bank of India -Jersey Channel Islands against the term loan. However since the Company has made default in repayment of Principal and Interest thereon, Bank has demanded repayment total loan and taken the possession of the land along with the construction in progress. Pending the settlement of the vendors to whom advances are paid, the same is continued to be considered as capital advances. No Contingent liability is considered for the unexecuted Capital Contract.

7. The company has invested on purchases of IPRs for various ongoing projects. Due to the delay in the projects, IPRs are yet to be put to use as on the date of balance sheet amounting to Rs,19910.32 Lacs which includes the software services sold which is called back. The company is of the opinion that with the improved market conditions all the IPRs will be profitably used by the company in the future projects.

8. Dues to Micro, Small and Medium Enterprises (MSME)

The Company has not received any intimation from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 (the 'Act') and hence disclosure regarding following has not been provided.

a) Amount due and outstanding to MSME suppliers as at the end of the accounting year.

b) Interest paid during the year to MSME

c) Interest payable at the end of the accounting year.

d) Interest accrued and unpaid at the end of the accounting year to MSME The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act. Management believes that the figures for disclosure will not be significant.

9. In view of the Company's current position, the Managerial Remuneration booked as provisions for the earlier year i.e. 2013-2014 and for the period from 01-04-2014 upto 31-12-2014 has been revised.

10. Previous year's figures have been regrouped or reclassified to conform with the current years' presentation wherever considered necessary.