|
CALIFORNIA
(State or other jurisdiction
of incorporation or organization) |
| |
77-0309142
(I.R.S. Employer
Identification No.) |
|
|
5 PENN PLAZA, 14th FLOOR
NEW YORK, NY (Address of principal executive offices) |
| |
10001
(Zip code) |
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ (Do not check if a smaller reporting company) | | | Smaller reporting company ☐ | |
| | |
Page
|
| |||
PART I. | | | |||||
| | | | 1 | | | |
| | | | 10 | | | |
| | | | 25 | | | |
| | | | 25 | | | |
| | | | 25 | | | |
| | | | 25 | | | |
PART II. | | | | | | | |
| | | | 26 | | | |
| | | | 26 | | | |
| | | | 27 | | | |
| | | | 42 | | | |
| | | | 44 | | | |
| | | | 44 | | | |
| | | | 44 | | | |
| | | | 44 | | | |
PART III. | | | |||||
| | | | 45 | | | |
| | | | 52 | | | |
| | | | 71 | | | |
| | | | 72 | | | |
| | | | 75 | | | |
PART IV. | | | |||||
| | | | 76 | | | |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | | | | | | | |
SIGNATURES | | | | | | | |
EXHIBIT INDEX | | | | | | | |
Area of Product/Service
|
| |
Competitors
|
|
Internally developed software |
| |
Many large insurance companies have sufficient IT resources to maintain and augment their own proprietary internal systems, or consider developing new custom systems.
|
|
IT services firms
|
| | Firms such as Accenture, CSC, Cognizant, CGI, Mphasis and Tata Consultancy Services Limited offer software and systems or develop custom, proprietary solutions for the insurance industry. | |
Insurance software
vendors |
| | Vendors such as Accenture, Guidewire Software, Inc., FINEOS, Innovation Group, ISCS, OneShield, Inc., StoneRiver, Inc., Sapiens International Corporation, Exigen, and TIA Technology A/S provide software solutions that are specifically designed to meet the needs of insurance carriers. | |
Horizontal software vendors |
| |
Vendors such as Pegasystems Inc. and SAP AG offer software that can be customized to address the needs of insurance carriers.
|
|
| | |
Fiscal Year
Ended March 31, 2015 |
| |
Fiscal Year
Ended March 31, 2014 |
| |
Fiscal Year
Ended March 31, 2013 (Nine Months) |
| |||||||||
Revenues
|
| | | $ | 79,282 | | | | | $ | 82,837 | | | | | $ | 68,272 | | |
Income (loss) before income tax
|
| | | | (792) | | | | | | 4,813 | | | | | | 1,407 | | |
Net income (loss)
|
| | | | (651) | | | | | | 2,920 | | | | | | 426 | | |
Net income per share – basic
|
| | | | (0.00) | | | | | | 0.02 | | | | | | 0.00 | | |
Net income per share – diluted
|
| | | | (0.00) | | | | | | 0.02 | | | | | | 0.00 | | |
| | |
As of March 31,
|
| |||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 6,262 | | | | | $ | 7,016 | | | | | $ | 9,317 | | |
Working capital
|
| | | | 6,275 | | | | | | 4,854 | | | | | | 12,127 | | |
Total assets
|
| | | | 46,545 | | | | | | 48,438 | | | | | | 49,860 | | |
Short-term debt (capital lease obligations)
|
| | | | 17 | | | | | | 24 | | | | | | 21 | | |
Long-term debt (Borrowing/capital lease obligations)
|
| | | | 3,031 | | | | | | 43 | | | | | | 65 | | |
Stockholders’ equity
|
| | | | 20,556 | | | | | | 20,538 | | | | | | 16,434 | | |
| Owned Buildings | | | 25 – 30 years | |
| Leasehold Improvements | | | 5 years or over the primary period of lease whichever is less | |
| Computers | | | 2 years | |
| Plant and Equipment | | | 2 – 5 years | |
| Furniture and Fixtures | | | 5 years | |
| Vehicles | | | 5 years | |
| Office Equipment | | | 2 – 5 years | |
| | |
Fiscal Years Ended
|
| |||||||||||||||||||||||||
(U.S. Dollars; dollar amounts in thousands):
|
| |
March 31, 2015
|
| |
%
|
| |
March 31, 2014
|
| |
%
|
| ||||||||||||||||
Total Revenues
|
| | | $ | 79,282 | | | | | | | | | | | $ | 82,837 | | | | | | | | | ||||
Total cost of revenues
|
| | | | 48,776 | | | | | | 62% | | | | | | 45,748 | | | | | | 55% | | | ||||
Total gross profit
|
| | | | 30,506 | | | | | | | | | | | | 37,089 | | | | | | | | | ||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Research and development expenses
|
| | | | 10,344 | | | | | | 13% | | | | | | 10,102 | | | | | | 12% | | | ||||
Selling, general and administrative expenses
|
| | | | 21,000 | | | | | | 26% | | | | | | 22,746 | | | | | | 27% | | | ||||
Restructuring costs
|
| | | | 1,120 | | | | | | | | | | | | | | | | | | | | | ||||
Total operating expenses:
|
| | | | 32,464 | | | | | | | | | | | | 32,848 | | | | | | | | | ||||
Income from operations
|
| | | | (1,958) | | | | | | | | | | | | 4,241 | | | | | | | | | ||||
Interest income
|
| | | | 185 | | | | | | | | | | | | 89 | | | | | | | | | ||||
Interest expense
|
| | | | (200) | | | | | | | | | | | | (63) | | | | | | | | | ||||
Other income (expenses), net
|
| | | | 1,181 | | | | | | | | | | | | 546 | | | | | | | | | ||||
Income before provision for income taxes
|
| | | | (792) | | | | | | | | | | | | 4,813 | | | | | | | | | ||||
Income taxes (benefit)
|
| | | | (141) | | | | | | | | | | | | 1,893 | | | | | | | | | ||||
Net income
|
| | | $ | (651) | | | | | | (1)% | | | | | $ | 2,920 | | | | | | 4% | | | ||||
|
| | |
Fiscal years ended
|
| |||||||||||||||||||||||||
(U.S. dollars; dollar amounts in thousands):
|
| |
March 31, 2015
|
| |
%
|
| |
March 31, 2014
|
| |
%
|
| ||||||||||||||||
Geography: North America | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Legal Entity | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Majesco
|
| | | $ | 12,233 | | | | | | 19% | | | | | $ | 17,007 | | | | | | 25% | | | ||||
Majesco Insurance Software and Solutions Inc.
|
| | | | 49,336 | | | | | | 75% | | | | | | 44,878 | | | | | | 65% | | | ||||
Vector Insurance Services, LLC
|
| | | | 515 | | | | | | 1% | | | | | | 1,443 | | | | | | 2% | | | ||||
Majesco Canada Ltd., Canada
|
| | | | 3,209 | | | | | | 5% | | | | | | 5,715 | | | | | | 8% | | | ||||
| | | | $ | 65,293 | | | | | | 82% | | | | | $ | 69,043 | | | | | | 83% | | | ||||
Geography: The United Kingdom | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Legal Entity
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||
Majesco UK Limited, UK
|
| | | $ | 6,828 | | | | | | 9% | | | | | $ | 8,684 | | | | | | 11% | | | ||||
Geography: Other | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Legal Entity
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||
Majesco Sdn. Bhd., Malaysia
|
| | | $ | 5,347 | | | | | | 7% | | | | | $ | 3,511 | | | | | | 69% | | | ||||
Majesco (Thailand) Co. Ltd., Thailand
|
| | | | 448 | | | | | | 0.6% | | | | | | 900 | | | | | | 18% | | | ||||
Majesco Software and Solutions India Private Limited, India
|
| | | | 1,366 | | | | | | 1.4% | | | | | | 699 | | | | | | 14% | | | ||||
| | | | $ | 7,161 | | | | | | 10% | | | | | $ | 5,110 | | | | | | 6% | | | ||||
Total Revenues
|
| | | $ | 79,282 | | | | | | | | | | | $ | 82,837 | | | | | | | | | ||||
|
| | |
Fiscal years ended
|
| |||||||||
(U.S. dollars; in thousands):
|
| |
March 31, 2015
|
| |
March 31, 2014
|
| ||||||
Net Income (loss)
|
| | | $ | (651) | | | | | $ | 2,920 | | |
Add: | | | | | | | | | | | | | |
Provision (benefit) for income taxes
|
| | | | (141) | | | | | | 1,893 | | |
Depreciation and amortization
|
| | | | 2,425 | | | | | | 2,522 | | |
Interest expense
|
| | | | 200 | | | | | | 63 | | |
Less: | | | | | | | | | | | | | |
Interest income
|
| | | | 185 | | | | | | 89 | | |
Other income (expenses), net
|
| | | | 1,181 | | | | | | 546 | | |
EBITDA
|
| | | $ | 467 | | | | | $ | 6,763 | | |
Add: | | | | ||||||||||
Restructuring costs
|
| | | | 1,120 | | | | | | — | | |
Reversal of accrued revenue
|
| | | $ | 1,410 | | | | | | — | | |
Adjusted EBITDA
|
| | | | 2,997 | | | | | | 6,763 | | |
Revenue
|
| | | | 79,282 | | | | | | 82,837 | | |
Adjusted EBITDA as a % of Revenue
|
| | | | 3.8% | | | | | | 8.2% | | |
| | |
Fiscal Years Ended
|
| |||||||||||||||||||||||||
(U.S. Dollars; dollar amounts in thousands):
|
| |
March 31, 2014
(12 months) |
| |
%
|
| |
March 31, 2013
(9 months) |
| |
%
|
| ||||||||||||||||
Total Revenues
|
| | | $ | 82,837 | | | | | | | | | | | $ | 82,837 | | | | | | | | | ||||
Total cost of revenues
|
| | | | 45,748 | | | | | | 55% | | | | | | 45,748 | | | | | | 55% | | | ||||
Total gross profit
|
| | | | 37,089 | | | | | | | | | | | | 37,089 | | | | | | | | | ||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Research and development expenses
|
| | | | 10,102 | | | | | | 12% | | | | | | 10,102 | | | | | | 12% | | | ||||
Selling, general and administrative expenses
|
| | | | 22,746 | | | | | | 27% | | | | | | 22,746 | | | | | | 27% | | | ||||
Total operating expenses:
|
| | | | 32,848 | | | | | | | | | | | | 32,848 | | | | | | | | | ||||
Income from operations
|
| | | | 4,241 | | | | | | | | | | | | 4,241 | | | | | | | | | ||||
Interest income
|
| | | | 89 | | | | | | | | | | | | 89 | | | | | | | | | ||||
Interest expense
|
| | | | (63) | | | | | | | | | | | | (63) | | | | | | | | | ||||
Other income (expenses), net
|
| | | | 546 | | | | | | | | | | | | 546 | | | | | | | | | ||||
Income before provision for income taxes
|
| | | | 4,813 | | | | | | | | | | | | 4,813 | | | | | | | | | ||||
Income taxes
|
| | | | 1,893 | | | | | | | | | | | | 1,893 | | | | | | | | | ||||
Net income
|
| | | $ | 2,920 | | | | | | 4% | | | | | $ | 2,920 | | | | | | 4% | | | ||||
|
| | |
Fiscal years ended
|
| |||||||||||||||||||||||||
(U.S. dollars; dollar amounts in thousands):
|
| |
March 31, 2014
(12 months) |
| |
%
|
| |
March 31, 2013
(9 months) |
| |
%
|
| ||||||||||||||||
Geography: North America | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Legal Entity
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||
Majesco
|
| | | $ | 17,007 | | | | | | 25% | | | | | $ | 19,030 | | | | | | 34% | | | ||||
Majesco Insurance Software and Solutions Inc.
|
| | | | 44,878 | | | | | | 65% | | | | | | 33,210 | | | | | | 58% | | | ||||
Vector Insurance Services, LLC
|
| | | | 1,443 | | | | | | 2% | | | | | | 1,084 | | | | | | 2% | | | ||||
Majesco Canada Ltd., Canada
|
| | | | 5,715 | | | | | | 8% | | | | | | 3,449 | | | | | | 6% | | | ||||
| | | | $ | 69,043 | | | | | | 83% | | | | | $ | 56,773 | | | | | | 83% | | | ||||
Geography: The United Kingdom | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Legal Entity
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||
Majesco UK Limited, UK
|
| | | $ | 8,684 | | | | | | 11% | | | | | $ | 7,470 | | | | | | 11% | | | ||||
Geography: Other | | | | | | | | | | | | | | | | | | | | | |||||||||
Legal Entity
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||
Majesco Sdn. Bhd., Malaysia
|
| | | $ | 3,511 | | | | | | 69% | | | | | $ | 2,866 | | | | | | 71% | | | ||||
Majesco (Thailand) Co. Ltd., Thailand
|
| | | | 900 | | | | | | 18% | | | | | | 758 | | | | | | 19% | | | ||||
Majesco Software and Solutions India Private Limited, India
|
| | | | 699 | | | | | | 14% | | | | | | 405 | | | | | | 10% | | | ||||
| | | | $ | 5,110 | | | | | | 6% | | | | | $ | 4,029 | | | | | | 6% | | | ||||
Total Revenues
|
| | | $ | 82,837 | | | | | | | | | | | $ | 68,272 | | | | | | | | | ||||
|
| | |
Fiscal years ended
|
| |||||||||
(U.S. dollars; in thousands):
|
| |
March 31, 2014
(12 months) |
| |
March 31, 2013
(9 months) |
| ||||||
Net Income
|
| | | $ | 2,920 | | | | | $ | 426 | | |
Add: | | | | | | | | | | | | | |
Provision for income taxes
|
| | | | 1,893 | | | | | | 981 | | |
Depreciation and amortization
|
| | | | 2,522 | | | | | | 3,881 | | |
Interest expense
|
| | | | 63 | | | | | | 31 | | |
Less: | | | | | | | | | | | | | |
Interest income
|
| | | | 89 | | | | | | 35 | | |
Other income (expenses), net
|
| | | | 546 | | | | | | 73 | | |
EBITDA
|
| | | $ | 6,763 | | | | | $ | 5,211 | | |
Revenue
|
| | | | 82,837 | | | | | | 68,272 | | |
EBITDA as a % of Revenue
|
| | | | 8.2% | | | | | | 7.6% | | |
Contractual Obligations
|
| |
Total
|
| |
Less
than 1 Year |
| |
1 – 3
Years |
| |
3 – 5
Years |
| |
More than
5 Years |
| ||||||||||||||||||||
Capital Leases
|
| | | $ | 58 | | | | | $ | 23 | | | | | $ | 35 | | | | | | — | | | | | $ | — | | | |||||
Operating Leases
|
| | | | 1,045 | | | | | | 655 | | | | | | 390 | | | | | | — | | | | | | — | | | |||||
Purchase Obligations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Long-Term Debt
|
| | | | 3,000 | | | | | | — | | | | | | 3,000 | | | | | | — | | | | | | — | | | |||||
Majesco Credit Facility
|
| | | | 1,470 | | | | | | 1,470 | | | | | | — | | | | | | — | | | | | | — | | | |||||
Other Obligations – Contingent Consideration
|
| | | | 1,712 | | | | | | 723 | | | | | | 989 | | | | | | — | | | | | | — | | | |||||
Total
|
| | | $ | 7,285 | | | | | $ | 2,871 | | | | | $ | 4,414 | | | | | $ | — | | | | | $ | — | | | |||||
|
| | |
Asset
|
| |
Liability
|
| ||||||||||||||||||||||
| | |
Noncurrent*
|
| |
Current*
|
| |
Noncurrent*
|
| |
Current*
|
| ||||||||||||||||
As of March 31, 2015
Designated as hedging instruments under Cash Flow Hedges (in thousands) |
| | | | | | | | | | | | | | | | | | | | | | | | | ||||
Foreign exchange forward contracts
|
| | | $ | 28 | | | | | $ | 545 | | | | | $ | 13 | | | | | $ | 15 | | | ||||
Foreign exchange par forward contracts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
| | | | $ | 28 | | | | | $ | 545 | | | | | $ | 13 | | | | | $ | 15 | | | ||||
Not designated as hedging instruments | | | | | | ||||||||||||||||||||||||
Foreign exchange forward contracts
|
| | | $ | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
| | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | ||||
Total
|
| | | $ | 28 | | | | | $ | 545 | | | | | $ | 13 | | | | | $ | 15 | | | ||||
|
Name
|
| |
Age
|
| |
Position
|
|
Ketan Mehta | | |
56
|
| | President, Chief Executive Officer and Director | |
Farid Kazani | | |
48
|
| | Chief Financial Officer and Treasurer | |
Edward Ossie | | |
61
|
| | Chief Operating Officer | |
Chad Hersh | | |
42
|
| | Executive Vice President | |
William Freitag | | |
52
|
| | Executive Vice President | |
Prateek Kumar | | |
39
|
| | Executive Vice President | |
Lori Stanley | | |
49
|
| | General Counsel and Corporate Secretary | |
Arun K. Maheshwari | | |
70
|
| | Chairman of the Board of Directors | |
Ashank Desai(1) | | |
63
|
| | Director | |
Atul Kanagat | | |
59
|
| | Director | |
Name
|
| |
Position with the Combined Company
|
|
Ketan Mehta | | | President and Chief Executive Officer | |
Farid Kazani | | | Chief Financial Officer and Treasurer | |
Edward Ossie | | | Chief Operating Officer | |
Manish D. Shah | | | Executive Vice President | |
Chad Hersh | | | Executive Vice President | |
William Freitag | | | Executive Vice President | |
Prateek Kumar | | | Executive Vice President | |
Lori Stanley | | | General Counsel and Corporate Secretary | |
Ann F. Massey | | | Senior Vice President of Finance | |
Name and principal position
|
| |
Fiscal year
|
| |
Base salary
|
| |
Bonus
|
| |
Nonequity
incentive plan compensation(1) |
| |
Other
compensation |
| |
Total
|
| ||||||||||||||||||
Ketan Mehta,
President and Chief Executive Officer |
| | | | 2015 | | | | | $ | 300,000 | | | | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | 300,000 | | |
| | | 2014 | | | | | $ | 287,500 | | | | | $ | 103,466 | | | | | $ | — | | | | | | — | | | | | $ | 390,966 | | | ||
Anil Chitale,
Chief Product Evangelist and Senior Vice President) |
| | | | 2015 | | | | | $ | 287,500 | | | | | | — | | | | | $ | — | | | | | $ | 236,780(2) | | | | | $ | 524,280 | | |
| | | 2014 | | | | | $ | 250,000 | | | | | | — | | | | | $ | 114,288 | | | | | | — | | | | | $ | 364,288 | | | ||
Erik Stockwell,
Senior Vice President & Head (North America Life & Annuity Insurance) |
| | | | 2015 | | | | | $ | 243,173 | | | | | | — | | | | | $ | — | | | | | $ | 91,076(3) | | | | | $ | 334,248 | | |
| | | 2014 | | | | | $ | 250,000 | | | | | | — | | | | | $ | 83,182 | | | | | | — | | | | | $ | 333,182 | | | ||
Prateek Kumar,
Senior Vice President, Sales and Account Management |
| | | | 2015 | | | | | $ | 253,000 | | | | | | — | | | | | $ | — | | | | | $ | 999(5) | | | | | $ | 253,999 | | |
| | | 2014 | | | | | $ | 210,000 | | | | | | — | | | | | $ | 95,163 | | | | | | — | | | | | $ | 305,161 | | |
Name
|
| |
Fees earned or
paid in cash |
| |
Options awards
|
| |
Total
|
| |||||||||
Atul Kanagat
|
| | | $ | 35,000 | | | | | | —(1) | | | | | $ | 35,000 | | |
Dr. Rajendra Sisodia(2)
|
| | | $ | 35,000 | | | | | | —(3) | | | | | $ | 35,000 | | |
Ashank Desai
|
| | | $ | 30,000(4) | | | | | | — | | | | | $ | 30,000 | | |
Arun Maheshwari
|
| | | $ | 25,000(5) | | | | | | — | | | | | $ | 25,000 | | |
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable(1) |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(1) |
| |
Option
Exercise Price ($)(2) |
| |
Option Expiration Date
|
| |||||||||
Prateek Kumar
|
| | | | 3750 | | | | | | — | | | | | $ | 5.50 | | | |
October 13, 2018(3)
|
|
| | | | | 3750 | | | | | | — | | | | | | 5.50 | | | |
October 13, 2019(3)
|
|
| | | | | 3750 | | | | | | — | | | | | | 5.50 | | | |
October 13, 2020(3)
|
|
| | | | | 3750 | | | | | | — | | | | | | 5.50 | | | |
October 13, 2021(3)
|
|
| | | | | 2500 | | | | | | — | | | | | $ | 2.83 | | | |
April 14, 2019(4)
|
|
| | | | | 2500 | | | | | | — | | | | | | 2.83 | | | |
April 14, 2020(4)
|
|
| | | | | 2500 | | | | | | — | | | | | | 2.83 | | | |
April 14, 2021(4)
|
|
| | | | | — | | | | | | 2500 | | | | | | 2.83 | | | |
April 14, 2022(4)
|
|
| | | | | 10000 | | | | | | — | | | | | $ | 1.95 | | | |
June 29, 2020(5)
|
|
| | | | | 10000 | | | | | | — | | | | | | 1.95 | | | |
June 29, 2021(5)
|
|
| | | | | — | | | | | | 10000 | | | | | | 1.95 | | | |
June 29, 2022(5)
|
|
| | | | | — | | | | | | 10000 | | | | | | 1.95 | | | |
June 29, 2023(5)
|
|
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable(1) |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(1) |
| |
Option
Exercise Price ($)(2) |
| |
Option Expiration Date
|
| |||||||||
| | | | | — | | | | | | 20000 | | | | | $ | 3.03 | | | |
May 23, 2022(6)
|
|
| | | | | — | | | | | | 20000 | | | | | | 3.03 | | | |
May 23, 2023(6)
|
|
| | | | | — | | | | | | 20000 | | | | | | 3.03 | | | |
May 23, 2024(6)
|
|
| | | | | — | | | | | | 20000 | | | | | | 3.03 | | | |
May 23, 2025(6)
|
|
| | | | | — | | | | | | 7,192 | | | | | $ | 0.08 | | | |
May 23, 2022(6)
|
|
| | | | | — | | | | | | 7,192 | | | | | | 0.08 | | | |
May 23, 2023(6)
|
|
| | | | | — | | | | | | 7,193 | | | | | | 0.08 | | | |
May 23, 2024(6)
|
|
| | | | | — | | | | | | 7,193 | | | | | | 0.08 | | | |
May 23, 2025(6)
|
|
Name and Address of Beneficial Owner
|
| |
Number of
Shares of Common Stock Beneficially Owned |
| |
Percentage of
Common Stock |
| ||||||
Five percent or more beneficial owners | | | | ||||||||||
Majesco Limited(1)
|
| | | | 153,180,750 | | | | | | 83.5% | | |
MNDC, MBP-P136, 136A, Mahape, Navi
Mumbai 400 710, India |
| | | ||||||||||
Mastek Limited(2)
|
| | | | 30,269,250 | | | | | | 16.5% | | |
Unit 106, SDF 4, SEEPZ, Andheri (East)
Mumbai 400 096, India |
| | | ||||||||||
Named Executive Officers and Directors | | | | ||||||||||
Ketan Mehta(1)
|
| | | | — | | | | | | — | | |
Prateek Kumar
|
| | | | — | | | | | | — | | |
Arun K. Maheshwari
|
| | | | — | | | | | | — | | |
Ashank Desai(1)
|
| | | | — | | | | | | — | | |
Atul Kanagat
|
| | | | — | | | | | | — | | |
All executive officers and directors as a group (10 persons)
|
| | | | — | | | | | | — | | |
Payment by:
|
| |
Fiscal Year Ended
March 31, 2015 |
| |||
Majesco
|
| | | $ | 169,253 | | |
Majesco Software & Solutions
|
| | | | 25,502,181 | | |
Majesco Canada
|
| | | | 738,543 | | |
Majesco UK
|
| | | | 4,638,760 | | |
Majesco Malaysia
|
| | | | 2,946,944 | | |
Fee Category:
|
| |
Fiscal Year Ended
March 31, 2015 |
| |
Fiscal Year Ended
March 31, 2014 |
| ||||||
Audit Fees
|
| | | $ | 40,000 | | | | | $ | 79,528 | | |
Audit-Related Fees
|
| | | | 0 | | | | | | 0 | | |
Tax Fees
|
| | | | 0 | | | | | | 0 | | |
All Other Fees
|
| | | | 0 | | | | | | 0 | | |
Total Fees
|
| | | $ | 40,000 | | | | | $ | 79,528 | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | |
| | |
March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
ASSETS | | | | ||||||||||||
CURRENT ASSETS
|
| | | ||||||||||||
Cash and cash equivalents
|
| | | $ | 6,262 | | | | | $ | 7,016 | | | ||
Short term investments
|
| | | | 270 | | | | | | 3,025 | | | ||
Restricted cash
|
| | | | 305 | | | | | | 301 | | | ||
Accounts receivables, net
|
| | | | 7,758 | | | | | | 9,309 | | | ||
Unbilled accounts receivable
|
| | | | 5,615 | | | | | | 7,827 | | | ||
Deferred income tax assets
|
| | | | 2,168 | | | | | | 1,120 | | | ||
Prepaid expenses and other current assets
|
| | | | 2,911 | | | | | | 2,813 | | | ||
Total current assets
|
| | | | 25,289 | | | | | | 31,411 | | | ||
Property and equipment, net
|
| | | | 1,173 | | | | | | 1,229 | | | ||
Intangible assets, net
|
| | | | 3,434 | | | | | | 1,456 | | | ||
Deferred income tax assets
|
| | | | 2,182 | | | | | | 2,441 | | | ||
Other assets
|
| | | | 271 | | | | | | 225 | | | ||
Goodwill
|
| | | | 14,196 | | | | | | 11,676 | | | ||
Total Assets
|
| | | $ | 46,545 | | | | | $ | 48,438 | | | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | ||||||||||||
CURRENT LIABILITIES
|
| | | ||||||||||||
Capital lease obligation
|
| | | $ | 17 | | | | | $ | 24 | | | ||
Accounts payable
|
| | | | 442 | | | | | | 188 | | | ||
Accrued expenses and other liabilities
|
| | | ||||||||||||
Related Parties
|
| | | | 3,520 | | | | | | 9,745 | | | ||
Others
|
| | | | 10,209 | | | | | | 10,335 | | | ||
Deferred revenue
|
| | | | 4,826 | | | | | | 6,265 | | | ||
Total current liabilities
|
| | | | 19,014 | | | | | | 26,557 | | | ||
Capital lease obligation, net of current portion
|
| | | | 31 | | | | | | 43 | | | ||
Retirement benefit obligation
|
| | | | — | | | | | | 457 | | | ||
Term loan- bank
|
| | | | 3,000 | | | | | | — | | | ||
Others
|
| | | | 3,944 | | | | | | 843 | | | ||
Total Liabilities
|
| | | $ | 25,989 | | | | | $ | 27,900 | | | ||
Commitments and contingencies
|
| | | ||||||||||||
STOCKHOLDERS’ EQUITY
|
| | | ||||||||||||
Common stock, par value $0.002 per share – 300,000,000 shares authorized as of March 31, 2015 and 2014, 183,450,000 shares issued and outstanding as of March 31, 2015 and 2014
|
| | | $ | 367 | | | | | $ | 367 | | | ||
Additional paid-in capital
|
| | | | 38,743 | | | | | | 38,412 | | | ||
Accumulated deficit
|
| | | | (20,798) | | | | | | (20,823) | | | ||
Accumulated other comprehensive income
|
| | | | 2,244 | | | | | | 2,509 | | | ||
Total equity of common stockholder
|
| | | | 20,556 | | | | | | 20,465 | | | ||
Non-controlling Interest
|
| | | | — | | | | | | 73 | | | ||
Total stockholders’ equity
|
| | | | 20,556 | | | | | | 20,538 | | | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 46,545 | | | | | $ | 48,438 | | | ||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months
ended March 31, 2013 |
| |||||||||
Revenue
|
| | | $ | 79,282 | | | | | $ | 82,837 | | | | | $ | 68,272 | | |
Cost of revenue
|
| | | | 48,776 | | | | | | 45,748 | | | | | | 41,503 | | |
Gross profit
|
| | | $ | 30,506 | | | | | $ | 37,089 | | | | | $ | 26,769 | | |
Operating expenses | | | | | |||||||||||||||
Research and development expenses
|
| | | $ | 10,344 | | | | | $ | 10,102 | | | | | $ | 5,929 | | |
Selling, general and administrative expenses
|
| | | | 21,000 | | | | | | 22,746 | | | | | | 19,510 | | |
Restructuring costs
|
| | | | 1,120 | | | | | | — | | | | | | — | | |
Total operating expenses
|
| | | $ | 32,464 | | | | | $ | 32,848 | | | | | $ | 25,439 | | |
(Loss)/Income from operations
|
| | | $ | (1,958) | | | | | $ | 4,241 | | | | | $ | 1,330 | | |
Interest income
|
| | | | 185 | | | | | | 89 | | | | | | 35 | | |
Interest expense
|
| | | | (200) | | | | | | (63) | | | | | | (31) | | |
Other income (expenses),net
|
| | | | 1,181 | | | | | | 546 | | | | | | 73 | | |
(Loss)/Income before provision for income taxes
|
| | | $ | (792) | | | | | $ | 4,813 | | | | | $ | 1,407 | | |
(Benefit)/Provision for income taxes
|
| | | | (141) | | | | | | 1,893 | | | | | | 981 | | |
Net (Loss)/Income
|
| | | $ | (651) | | | | | $ | 2,920 | | | | | $ | 426 | | |
Less : Net income/(loss) attributable to Non-controlling interests
|
| | | $ | 15 | | | | | $ | 16 | | | | | $ | (13) | | |
Owners of the Company
|
| | | | (666) | | | | | | 2,904 | | | | | | 439 | | |
| | | | $ | (651) | | | | | $ | 2,920 | | | | | | 426 | | |
Earnings per share: | | | | | |||||||||||||||
Basic
|
| | | $ | (0.00) | | | | | $ | 0.02 | | | | | $ | 0.00 | | |
Diluted
|
| | | | (0.00) | | | | | | 0.02 | | | | | | 0.00 | | |
Weighted average number of common shares outstanding | | | | | |||||||||||||||
Basic and diluted
|
| | | | 183,450,000 | | | | | | 183,450,000 | | | | | | 183,450,000 | | |
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months
ended March 31, 2013 |
| ||||||||||||
Net (Loss)/Income
|
| | | $ | (651) | | | | | $ | 2,920 | | | | | $ | 426 | | | |||
Other comprehensive income (loss), net of tax: | | | | | ||||||||||||||||||
Foreign currency translation adjustments
|
| | | | (324) | | | | | | (14) | | | | | | 44 | | | |||
Unrealized gains on cash flow hedges
|
| | | | 60 | | | | | | 877 | | | | | | 1,244 | | | |||
Other comprehensive income
|
| | | $ | (264) | | | | | $ | 863 | | | | | $ | 1,288 | | | |||
Comprehensive (Loss)/Income
|
| | | $ | (915) | | | | | $ | 3,783 | | | | | $ | 1,714 | | | |||
Less: Comprehensive income attributable to the non-controlling interest
|
| | | $ | 15 | | | | | $ | 16 | | | | | $ | (13) | | | |||
Comprehensive (Loss)/Income attributable to Owners of the Company
|
| | | $ | (930) | | | | | $ | 3,767 | | | | | $ | 1,727 | | | |||
|
| | |
Common Stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income |
| |
Non-controlling
interests |
| |
Total
Stockholders’ equity |
| |||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |||||||||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2012
|
| | | | 183,450,000 | | | | | $ | 367 | | | | | $ | 37,768 | | | | | $ | (24,166) | | | | | $ | 358 | | | | | $ | 70 | | | | | $ | 14,397 | | | |||||||
Stock based compensation
|
| | | | — | | | | | | — | | | | | | 323 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
323
|
| | |||||||
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 439 | | | | | | — | | | | | | (13) | | | | |
|
426
|
| | |||||||
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 44 | | | | | | — | | | | |
|
44
|
| | |||||||
Unrealized gains on cash flow hedges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,244 | | | | | | — | | | | |
|
1,244
|
| | |||||||
Balance as of March 31, 2013
|
| | | | 183,450,000 | | | | | $ | 367 | | | | | $ | 38,091 | | | | | $ | (23,727) | | | | | $ | 1,646 | | | | | $ | 57 | | | | | $ | 16,434 | | | |||||||
Stock based compensation
|
| | | | — | | | | | | — | | | | | | 321 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
321
|
| | |||||||
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,904 | | | | | | — | | | | | | 16 | | | | |
|
2,920
|
| | |||||||
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14) | | | | | | — | | | | |
|
(14)
|
| | |||||||
Unrealized gains on cash flow hedges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 877 | | | | | | — | | | | |
|
877
|
| | |||||||
Balance as of March 31, 2014
|
| | | | 183,450,000 | | | | | $ | 367 | | | | | $ | 38,412 | | | | | $ | (20,823) | | | | | $ | 2,509 | | | | | $ | 73 | | | | | $ | 20,538 | | | |||||||
Stock based compensation
|
| | | | — | | | | | | — | | | | | | 248 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
248
|
| | |||||||
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (666) | | | | | | — | | | | | | 15 | | | | |
|
(651)
|
| | |||||||
Reorganisation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 691 | | | | | | — | | | | | | — | | | | |
|
691
|
| | |||||||
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (325) | | | | | | — | | | | |
|
(325)
|
| | |||||||
Unrealized gains on cash flow hedges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60 | | | | | | — | | | | |
|
60
|
| | |||||||
Non-controlling interest bought back
|
| | | | — | | | | | | — | | | | | | 83 | | | | | | — | | | | | | — | | | | | | (88) | | | | |
|
(5)
|
| | |||||||
Balance as of March 31, 2015
|
| | | | 183,450,000 | | | | | $ | 367 | | | | | $ | 38,743 | | | | | $ | (20,798) | | | | | $ | 2,244 | | | | | $ | — | | | | | $ | 20,556 | | | |||||||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months
ended March 31, 2013 |
| |||||||||
Cash flows from operating activities | | | | | |||||||||||||||
Net income
|
| | | $ | (651) | | | | | $ | 2,920 | | | | | $ | 426 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | |||||||||||||||
Depreciation and amortization
|
| | | | 2,425 | | | | | | 2,522 | | | | | | 3,881 | | |
Share based payment expenses
|
| | | | 248 | | | | | | 321 | | | | | | 323 | | |
Provision/(Recovery) for doubtful receivables
|
| | | | 530 | | | | | | (9) | | | | | | (41) | | |
Deferred tax benefit
|
| | | | (877) | | | | | | 748 | | | | | | 178 | | |
Changes in assets and liabilities: | | | | | |||||||||||||||
Accounts receivables
|
| | | | 2,173 | | | | | | 2,026 | | | | | | 5,256 | | |
Unbilled accounts receivable
|
| | | | 2,212 | | | | | | (785) | | | | | | 1,838 | | |
Prepaid expenses and other current assets
|
| | | | (24) | | | | | | 980 | | | | | | 149 | | |
Other assets
|
| | | | (48) | | | | | | (129) | | | | | | (62) | | |
Accounts payable
|
| | | | (53) | | | | | | (82) | | | | | | (62) | | |
Accrued expenses and other liabilities – Others
|
| | | | (1,562) | | | | | | (442) | | | | | | (1,787) | | |
Deferred revenue
|
| | | | (1,439) | | | | | | (793) | | | | | | (725) | | |
Other Liabilities
|
| | | | 1,211 | | | | | | (1,423) | | | | | | (1,787 | | |
Retirement benefit obligation
|
| | | | (457) | | | | | | (810) | | | | | | 62 | | |
Net cash generated from operating activities
|
| | | $ | 3,688 | | | | | $ | 3,084 | | | | | $ | 7,658 | | |
Cash flows from investing activities: | | | | | |||||||||||||||
Purchase of Property and equipment
|
| | | $ | (775) | | | | | $ | (1,007) | | | | | $ | (720) | | |
Purchase of Intangible assets
|
| | | | (744) | | | | | | (847) | | | | | | (566) | | |
Acquistion of Agile Technologies, LLC, net of $158 cash acquired
|
| | | | (2,842) | | | | | | — | | | | |||||
Sale/(Purchase) of investments
|
| | | | 2,755 | | | | | | (2,869) | | | | | | (156) | | |
Payment to related party
|
| | | | (5,907) | | | | | | — | | | | |||||
(Increase)/decrease in restricted cash
|
| | | | (3) | | | | | | (208) | | | | | | — | | |
Net cash used in investing activities
|
| | | $ | (7,516) | | | | | $ | (4,931) | | | | | $ | (1,442) | | |
Cash flows from financing activities: | | | | | |||||||||||||||
Payment of Capital lease obligation
|
| | | $ | (29) | | | | | $ | (22) | | | | | $ | (10) | | |
Receipt of Term loan
|
| | | | 3,000 | | | | | | — | | | | | | — | | |
Payment for buy back of Non-controlling Interest
|
| | | | (5) | | | | | | — | | | | | | — | | |
Net cash used in financing activities
|
| | | $ | 2,966 | | | | | $ | (22) | | | | | $ | (10) | | |
Effect of foreign exchange rate changes on cash and cash equivalents
|
| | | | 107 | | | | | | (432) | | | | | | 187 | | |
Net (Decrease)/Increase in cash and cash equivalents
|
| | | $ | (755) | | | | | $ | (2,301) | | | | | $ | 6.393 | | |
Cash and cash equivalents, beginning of the period
|
| | | | 7,016 | | | | | | 9,317 | | | | | | 2,924 | | |
Cash and cash equivalents at end of the period
|
| | | $ | 6,261 | | | | | $ | 7,016 | | | | | $ | 9,317 | | |
Supplementary disclosure of non-cash items | | | | | |||||||||||||||
Cash paid for interest
|
| | | $ | 200 | | | | | $ | 64 | | | | | $ | 31 | | |
Cash paid for income taxes (net of refunds received)
|
| | | | 1,278 | | | | | | 2,238 | | | | | | 596 | | |
Supplementary disclosure of non-cash items | | | | | |||||||||||||||
Non-cash items – Assets acquired under Capital leases
|
| | | $ | 12 | | | | | $ | 11 | | | | | $ | 48 | | |
| Owned Buildings | | | 25 – 30 years | |
|
Leasehold Improvements
|
| |
5 years or over the primary period of lease whichever is less
|
|
| Computers | | | 2 years | |
| Plant and Equipment | | | 2 – 5 years | |
| Furniture and Fixtures | | | 5 years | |
| Vehicles | | | 5 years | |
| Office Equipment | | | 2 – 5 years | |
| Non-compete agreements | | | 3 years | |
| Leasehold benefit | | | 7 years | |
| Internal-use Software | | | 1 – 5 years | |
| Customer Contracts | | | 1 year | |
| Customer Relationships | | | 6 years | |
| | |
As of March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
Assets | | | | | | | | | | | | | | ||
Level 2 | | | | | | | | | | | | | | ||
Derivative financial instruments (included in the following line items in the Combined balance sheet)
|
| | | | | | | | | | | | | ||
Other assets
|
| | | $ | 28 | | | | | $ | 132 | | | ||
Other liabilities
|
| | | | (15) | | | | | | (2) | | | ||
Prepaid expenses and other current assets
|
| | | | 545 | | | | | | 607 | | | ||
Accrued expenses and other liabilities
|
| | | | (13) | | | | | | (294) | | | ||
| | | | $ | 545 | | | | | $ | 443 | | | ||
Level 3 | | | | | | | | | | | | | | ||
Contingent consideration
|
| | | ||||||||||||
Other liabilities
|
| | | $ | (989) | | | | | $ | (228) | | | ||
Accrued expenses and other liabilities
|
| | | | (723) | | | | | | (400) | | | ||
| | | | $ | (1,712) | | | | | $ | (628) | | | ||
Total | | | | $ | (1,167) | | | | | $ | (185) | | | ||
|
| | |
As of March 31,
|
| ||||||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Opening balance
|
| | | $ | (628) | | | | | $ | (924) | | | | | $ | (1,084) | | | |||
Additions
|
| | | | (1,610) | | | | | | — | | | | | | — | | | |||
Total (Losses)/gains recognized in Statement of Operations
|
| | | | (526) | | | | | | (52) | | | | | | 22 | | | |||
Settlements
|
| | | | — | | | | | | 348 | | | | | | 138 | | | |||
Closing balance
|
| | | $ | (1,712) | | | | | $ | (628) | | | | | $ | (924) | | | |||
|
| | |
As of March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
Leasehold improvements
|
| | | $ | 13 | | | | | $ | 18 | | | ||
Computers
|
| | | | 3,907 | | | | | | 3,809 | | | ||
Plant and Equipment
|
| | | | 2,878 | | | | | | 3,056 | | | ||
Furniture and Fixtures
|
| | | | 3,179 | | | | | | 3,144 | | | ||
Vehicles
|
| | | | 83 | | | | | | 112 | | | ||
Office Equipment
|
| | | | 618 | | | | | | 605 | | | ||
Total | | | | $ | 10,678 | | | | | $ | 10,744 | | | ||
Less: Accumulated depreciation
|
| | | | (9,505) | | | | | | (9,515) | | | ||
Property and Equipment, net
|
| | | $ | 1,173 | | | | | $ | 1,229 | | | ||
|
| | |
Weighted
Average amortisation period (in years) |
| |
As of March 31, 2015
|
| |
As of March 31, 2014
|
| ||||||||||||||||||||||||||||||||||||||||
| | |
Gross
carrying amount |
| |
Accumulated
amortization |
| |
Net
carrying value |
| |
Gross
carrying amount |
| |
Accumulated
amortization |
| |
Net
carrying value |
| |||||||||||||||||||||||||||||||
Customer contracts
|
| | | | 1 | | | | | $ | 540 | | | | | | (132) | | | | | | 408 | | | | | $ | — | | | | | | — | | | | | | — | | | |||||||
Customer relationships
|
| | | | 6 | | | | | | 2,260 | | | | | | (94) | | | | | | 2,166 | | | | | | | | | | | | | | | | | | | | | |||||||
Leasehold benefit
|
| | | | 7 | | | | | | 1,085 | | | | | | (1,085) | | | | | | — | | | | | | 1,085 | | | | | | (943) | | | | | | 142 | | | |||||||
Non-compete agreements
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 134 | | | | | | (134) | | | | | | — | | | |||||||
Software
|
| | | | 3 | | | | | | 5,553 | | | | | | (4,693) | | | | | | 860 | | | | | | 4,931 | | | | | | (3,617) | | | | | | 1,314 | | | |||||||
Total | | | | | 4 | | | | | $ | 9,438 | | | | | | (6,003) | | | | | | 3,434 | | | | | $ | 6,150 | | | | | | (4,694) | | | | | | 1,456 | | | |||||||
|
Year ended March 31,
|
| |
Future
Amortisation |
| ||||
2016
|
| | | $ | 1,620 | | | |
2017
|
| | | | 389 | | | |
2018
|
| | | | 387 | | | |
2019
|
| | | | 378 | | | |
2020
|
| | | | 377 | | | |
Thereafter
|
| | | | 283 | | | |
Total | | | | $ | 3,434 | | | |
|
| | |
As of March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
Customers (trade)
|
| | | $ | 8,322 | | | | | $ | 9,607 | | | ||
Less: Allowance for doubtful receivables
|
| | | | (564) | | | | | | (298) | | | ||
Accounts receivables
|
| | | $ | 7,758 | | | | | $ | 9,309 | | | ||
|
| | |
As of March 31,
|
| ||||||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Opening balance
|
| | | $ | 298 | | | | | $ | 314 | | | | | $ | 353 | | | |||
Current period provision
|
| | | | 450 | | | | | | 61 | | | | | | 140 | | | |||
Reversals during current period
|
| | | | (110) | | | | | | (70) | | | | | | (181) | | | |||
Foreign currency translation adjustments
|
| | | | (74) | | | | | | (7) | | | | | | 2 | | | |||
Closing balance
|
| | | $ | 564 | | | | | $ | 298 | | | | | $ | 314 | | | |||
|
| | |
As of March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
Prepaid expenses
|
| | | $ | 636 | | | | | $ | 597 | | | ||
Advance for expenses
|
| | | | 459 | | | | | | 423 | | | ||
Loans and advance to employees
|
| | | | 73 | | | | | | 128 | | | ||
Loans and advances to related parties
|
| | | | — | | | | | | 200 | | | ||
Derivative financial instruments
|
| | | | 545 | | | | | | 607 | | | ||
Advance tax
|
| | | | 1,067 | | | | | | 967 | | | ||
Other advances and receivables
|
| | | | 131 | | | | | | 91 | | | ||
Total | | | | $ | 2,911 | | | | | $ | 3,013 | | | ||
Less: Allowance for doubtful loan
|
| | | | — | | | | | | (200) | | | ||
Total | | | | $ | 2,911 | | | | | $ | 2,813 | | | ||
|
Year ended March 31,
|
| |
Amount
|
| ||||
2016
|
| | | $ | 23 | | | |
2017
|
| | | | 24 | | | |
2018
|
| | | | 8 | | | |
2019
|
| | | | 3 | | | |
2020
|
| | | | — | | | |
Total minimum lease payments
|
| | | $ | 58 | | | |
Less: Interest portion
|
| | | | 10 | | | |
Present value of net minimum capital leases payments
|
| | | $ | 48 | | | |
|
| | |
2015 – 16
|
| |
2016 – 17
|
| |
2017 – 18
|
| |
Total
|
| ||||||||||||
Maturities of Debt
|
| | | | — | | | | | | 750 | | | | | | 2,250 | | | | | | 3,000 | | |
| | |
As of March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
Accrued expenses
|
| | | $ | 3,935 | | | | | $ | 3,174 | | | ||
Payable to related parties as reorganization consideration
|
| | | | 3,520 | | | | | | 9,745 | | | ||
Statutory payments
|
| | | | 236 | | | | | | 145 | | | ||
Provision for taxation
|
| | | | 890 | | | | | | 1,137 | | | ||
Leave encashment
|
| | | | 1,054 | | | | | | 1,960 | | | ||
Derivative financial instruments
|
| | | | 15 | | | | | | 294 | | | ||
Others
|
| | | | 4,079 | | | | | | 3,625 | | | ||
Accrued expenses and other liabilities
|
| | | $ | 13,729 | | | | | $ | 20,080 | | | ||
|
| | |
Asset
|
| |
Liability
|
| ||||||||||||||||||||||
| | |
Noncurrent*
|
| |
Current*
|
| |
Noncurrent*
|
| |
Current*
|
| ||||||||||||||||
As of March 31, 2015 | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Designated as hedging instruments under Cash Flow Hedges | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Foreign exchange forward contracts
|
| | | $ | 28 | | | | | $ | 545 | | | | | $ | 13 | | | | | $ | 15 | | | ||||
Total | | | | $ | 28 | | | | | $ | 545 | | | | | $ | 13 | | | | | $ | 15 | | | ||||
As of March 31, 2014 | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Designated as hedging instruments under Cash Flow Hedges | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Foreign exchange forward contracts
|
| | | $ | 132 | | | | | $ | 599 | | | | | $ | 2 | | | | | $ | 242 | | | ||||
Foreign exchange par forward contracts
|
| | | | — | | | | | | — | | | | | | — | | | | | | 52 | | | ||||
| | | | $ | 132 | | | | | $ | 599 | | | | | $ | 2 | | | | | $ | 294 | | | ||||
Not designated as hedging instruments | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Foreign exchange forward contracts
|
| | | $ | — | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | ||||
| | | | $ | — | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | ||||
Total | | | | $ | 132 | | | | | $ | 607 | | | | | $ | 2 | | | | | $ | 294 | | | ||||
|
| | |
Amount of
Gain/(Loss) recognised in AOCI (effective portion) |
| |
Amount of
Gain/(Loss) reclassified from AOCI to Statement of Operations (Revenue) |
| ||||||||
For the year ended March 31, 2015 | | | | | | | | | | | | | | ||
Foreign exchange forward contracts
|
| | | $ | 633 | | | | | $ | 543 | | | ||
Total | | | | $ | 633 | | | | | $ | 543 | | | ||
For the year ended March 31, 2014 | | | | | | | | | | | | | | ||
Foreign exchange forward contracts
|
| | | $ | (17) | | | | | $ | (378) | | | ||
Foreign exchange par forward contracts
|
| | | | (825) | | | | | | (1,793) | | | ||
Total | | | | $ | (842) | | | | | $ | (2,171) | | | ||
For the nine months ended March 31, 2013 | | | | | | | | | | | | | | ||
Foreign exchange forward contracts
|
| | | $ | 270 | | | | | $ | (2) | | | ||
Foreign exchange par forward contracts
|
| | | $ | 937 | | | | | $ | (675) | | | ||
Total | | | | $ | 1,207 | | | | |
$
|
(677)
|
| | ||
|
| | |
Derivative
instruments not designated as hedges |
| |
Derivative
instruments designated as hedges (ineffective portion) |
| ||||||||
For the year ended March 31, 2015 | | | | | | | | | | | | | | ||
Foreign exchange forward contracts
|
| | | $ | — | | | | | $ | — | | | ||
Foreign exchange par forward contracts
|
| | | | — | | | | | | — | | | ||
Total | | | | $ | — | | | | | $ | — | | | ||
For the year ended March 31, 2014 | | | | | | | | | | | | | | ||
Foreign exchange forward contracts
|
| | | $ | 7 | | | | | $ | — | | | ||
Foreign exchange par forward contracts
|
| | | | — | | | | | | (21) | | | ||
Total | | | | $ | 7 | | | | | $ | (21) | | | ||
For the nine months ended March 31, 2013 | | | | | | | | | | | | | | ||
Foreign exchange forward contracts
|
| | | $ | (9) | | | | | $ | — | | | ||
Foreign exchange par forward contracts
|
| | | | — | | | | | | (55) | | | ||
Total | | | | $ | (9) | | | | | $ | (55) | | | ||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine Months
ended March 31, 2013 |
| ||||||||||||
Group’s Total Contributions to plan
|
| | | $ | 1,420 | | | | | $ | 701 | | | | | $ | 569 | | | |||
| | | | $ | 1,420 | | | | | $ | 701 | | | | | $ | 569 | | | |||
|
| | |
As of March 31,
|
| |||||||||
| | |
2015
|
| |
2014
|
| ||||||
Total plan assets
|
| | | $ | 6,054 | | | | | $ | 3,600 | | |
Actuarial present value of accumulated plan benefits
|
| | | | 5,591 | | | | | | 4,509 | | |
Total contributions received by the plan from all employers (for the period ended)
|
| | | | 2,648 | | | | | | 1,384 | | |
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Before
tax |
| |
Tax
effect |
| |
Net of
Tax |
| |
Before
tax |
| |
Tax
effect |
| |
Net of
Tax |
| |
Before
tax |
| |
Tax
effect |
| |
Net of
Tax |
| ||||||||||||||||||||||||||||||||||||
Other comprehensive income | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Opening balance
|
| | | $ | 2,209 | | | | | | — | | | | | | 2,209 | | | | | $ | 2,223 | | | | | | — | | | | | | 2,223 | | | | | $ | 2,179 | | | | | | — | | | | | | 2,179 | | | |||||||||
Change in foreign currency translation adjustments
|
| | | | (325) | | | | | | — | | | | | | (325) | | | | | | (14) | | | | | | — | | | | | | (14) | | | | | | 44 | | | | | | — | | | | | | 44 | | | |||||||||
Closing balance
|
| | | $ | 1,884 | | | | | | — | | | | | | 1,884 | | | | | $ | 2,209 | | | | | | — | | | | | | 2,209 | | | | | $ | 2,223 | | | | | | — | | | | | | 2,223 | | | |||||||||
Unrealized gains/(losses) on cash flow hedges | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Opening balance
|
| | | $ | 455 | | | | | | (155) | | | | | | 300 | | | | | $ | (874) | | | | | | 297 | | | | | | (577) | | | | | $ | (2,758) | | | | | | 938 | | | | | | (1,820) | | | |||||||||
Unrealized gains/(losses) on cash flow hedges
|
| | | | 633 | | | | | | (215) | | | | | | 418 | | | | | | (842) | | | | | | 286 | | | | | | (556) | | | | | | 1,207 | | | | | | (411) | | | | | | 796 | | | |||||||||
Reclassified to Revenue
|
| | | | (543) | | | | | | 185 | | | | | | (358) | | | | | | 2,171 | | | | | | (738) | | | | | | 1,433 | | | | | | 677 | | | | | | (230) | | | | | | 447 | | | |||||||||
Net change
|
| | | $ | 90 | | | | | | (30) | | | | | | 60 | | | | | $ | 1,329 | | | | | | (452) | | | | | | 877 | | | | | $ | 1,884 | | | | | | (641) | | | | | | 1,243 | | | |||||||||
Closing balance
|
| | | $ | 545 | | | | | | (185) | | | | | | 360 | | | | | $ | 455 | | | | | | (155) | | | | | | 300 | | | | | $ | (874) | | | | | | 297 | | | | | | (577) | | | |||||||||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| ||||||||||||
United States
|
| | | $ | (3,351) | | | | | $ | 2,954 | | | | | $ | 1,461 | | | |||
Foreign
|
| | | | 2,559 | | | | | | 1,859 | | | | | | (54) | | | |||
(Loss) / Income before provision for income taxes
|
| | | $ | (792) | | | | | $ | 4,813 | | | | | $ | 1,407 | | | |||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| ||||||||||||
Current: | | | | | ||||||||||||||||||
U.S. Federal and state
|
| | | $ | 142 | | | | | $ | 995 | | | | | $ | 1,509 | | | |||
Foreign
|
| | | | 1,004 | | | | | | 189 | | | | | | 94 | | | |||
Total current
|
| | | $ | 1,146 | | | | | $ | 1,184 | | | | | $ | 1,603 | | | |||
Prior Period – Current Tax: | | | | | ||||||||||||||||||
U.S. Federal and state
|
| | | $ | (410) | | | | | $ | (39) | | | | | $ | (800) | | | |||
Total Prior Period – Current Tax
|
| | | $ | (410) | | | | | $ | (39) | | | | | $ | (800) | | | |||
Deferred: | | | | | ||||||||||||||||||
U.S. Federal and state
|
| | | $ | (1,326) | | | | | $ | 350 | | | | | $ | 202 | | | |||
Foreign
|
| | | | 449 | | | | | | 398 | | | | | | (24) | | | |||
Total deferred
|
| | | $ | (877) | | | | | $ | 748 | | | | | $ | 178 | | | |||
Provision for income taxes recognized in Statement of Operations
|
| | | $ | (141) | | | | | $ | 1,893 | | | | | $ | 981 | | | |||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| ||||||||||||
Net (loss) / income before taxes
|
| | | | (792) | | | | | | 4,813 | | | | | | 1,407 | | | |||
Computed tax expense
|
| | | | (311) | | | | | | 1,891 | | | | | | 553 | | | |||
Non-deductible expenses | | | | | | | | | | | | | | | | | | | | |||
– Stock based compensation
|
| | | | 97 | | | | | | 126 | | | | | | 127 | | | |||
– Others
|
| | | | 103 | | | | | | 164 | | | | | | 910 | | | |||
Valuation allowance
|
| | | | 302 | | | | | | (5) | | | | | | 154 | | | |||
Tax charge/(credit) of earlier year assessed in current year
|
| | | | (172) | | | | | | 159 | | | | | | (626) | | | |||
Net tax credit on R&D and Sec 199 deduction
|
| | | | (238) | | | | | | (197) | | | | | | (174) | | | |||
Difference arising from different tax jurisdiction
|
| | | | 90 | | | | | | (141) | | | | | | (32) | | | |||
Others
|
| | | | (12) | | | | | | (104) | | | | | | 69 | | | |||
Total taxes recognized in Statement of Operations
|
| | | | (141) | | | | | | 1,893 | | | | | | 981 | | | |||
|
| | |
As of March 31,
|
| |||||||||
| | |
2015
|
| |
2014
|
| ||||||
Deferred tax assets / (liability): | | | | ||||||||||
Employee benefits
|
| | | | 908 | | | | | | 1,087 | | |
Property and equipment
|
| | | | 743 | | | | | | 971 | | |
Goodwill
|
| | | | 1,188 | | | | | | 1,276 | | |
Allowance for impairment of accounts receivables
|
| | | | 55 | | | | | | 68 | | |
Carry forwarded income tax losses
|
| | | | 2,582 | | | | | | 536 | | |
Tax credit for R&D expenses
|
| | | | 169 | | | | | | 195 | | |
Derivative financial instruments
|
| | | | (185) | | | | | | (150) | | |
Others
|
| | | | — | | | | | | 309 | | |
Gross deferred tax assets
|
| | | | 5,460 | | | | | | 4,292 | | |
Less: Valuation allowance
|
| | | | (1,110) | | | | | | (731) | | |
Net deferred tax assets
|
| | | | 4,350 | | | | | | 3,561 | | |
Current portion of deferred tax assets
|
| | | | 2,168 | | | | | | 1,120 | | |
Non-current portion of deferred tax assets
|
| | | | 2,182 | | | | | | 2,441 | | |
| | |
As of March 31,
|
| ||||||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Opening balance
|
| | | $ | 172 | | | | | $ | 80 | | | | | $ | — | | | |||
Increase in unrecognized tax benefits – due to tax
positions taken in current period for prior periods |
| | | | 138 | | | | | | 92 | | | | | | 80 | | | |||
Closing balance
|
| | | $ | 310 | | | | | $ | 172 | | | | | $ | 80 | | | |||
|
Particulars
|
| |
Plan III
|
| |
Plan IV
|
| |
Plan V
|
| |
Plan VI
|
| |
Plan VII
|
|
Years of issue | | | 2004 | | | 2007 | | | 2008 | | | 2010 | | | 2013 | |
No. of stock options
|
| | 1,400,000* | | | 1,000,000 | | | 1,500,000 | | | 2,000,000 | | | 2,500,000 | |
First vesting of stock options |
| | Completion of 1 Year from the grant date |
| | Completion of 1 Year from the grant date |
| | Completion of 1 Year from the grant date |
| | Completion of 1 Year from the grant date |
| | Completion of 1 Year from the grant date |
|
Exercise Period | | | Within 2 Years from the date of vesting |
| | Within 7 Years from the date of vesting |
| | Within 7 Years from the date of vesting |
| | Within 7 Years from the date of vesting |
| | Within 7 Years from the date of vesting |
|
Exercise Price | | | Market Price on the grant date |
| | Market Price on the grant date |
| | Refer below note** |
| | Refer below note** |
| | Refer below note** |
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months
ended March 31, 2013 |
| ||||||||||||
Cost of revenue
|
| | | $ | 41 | | | | | $ | 50 | | | | | $ | 17 | | | |||
Research and development expenses
|
| | | | 8 | | | | | | 24 | | | | | | 18 | | | |||
Selling, general and administrative expenses
|
| | | | 199 | | | | | | 247 | | | | | | 288 | | | |||
Total | | | | $ | 248 | | | | | $ | 321 | | | | | $ | 323 | | | |||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| |||||||||||||||||||||||||||
Particulars
|
| |
Number
of options |
| |
Weighted
Average Exercise Price* |
| |
Number
of options |
| |
Weighted
Average Exercise Price* |
| |
Number
of options |
| |
Weighted
Average Exercise Price* |
| ||||||||||||||||||
Outstanding at the beginning of the year
|
| | | | 1,337,775 | | | | | $ | 2.85 | | | | | | 858,623 | | | | | $ | 3.23 | | | | | | 860,575 | | | | | $ | 3.64 | | |
Granted during the year
|
| | | | 848,389 | | | | | | 2.37 | | | | | | 563,750 | | | | | | 2.31 | | | | | | 40,000 | | | | | | 2.42 | | |
Forfeited during the year
|
| | | | (546,805) | | | | | | 2.94 | | | | | | (82,598) | | | | | | 3.43 | | | | | | (30,418) | | | | | | 3.19 | | |
Expired during the year
|
| | | | (300) | | | | | | 5.07 | | | | | | (2,000) | | | | | | 5.87 | | | | | | (11,534) | | | | | | 5.81 | | |
Exercised during the year
|
| | | | (143,294) | | | | | | 2.08 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Transfer adjustments
|
| | | | 103,250 | | | | | | 2.27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding at the end of the year
|
| | | | 1,599,015 | | | | | $ | 1.45 | | | | | | 1,337,775 | | | | | $ | 2.85 | | | | | | 858,623 | | | | | | 3.57 | | |
Exercisable at the end of the year
|
| | | | 503,156 | | | | | $ | 2.33 | | | | | | 422,387 | | | | | $ | 4.00 | | | | | | 297,038 | | | | | | 5.05 | | |
| | |
As of March 31,
|
| ||||||
Variables (range)
|
| |
2015
|
| |
2014
|
| |
2013
|
|
Expected term of share options
|
| |
6 Years
|
| |
6 Years
|
| |
6 Years
|
|
Risk-free interest rates
|
| |
8.70%
|
| |
7.90%
|
| |
8.12%
|
|
Expected volatility
|
| |
47.77%
|
| |
48.94%
|
| |
49.97%
|
|
Expected dividend yield
|
| |
2.56%
|
| |
2.91%
|
| |
1.54%
|
|
Exercise Price Range*
|
| |
Number of
shares arising out of options |
| |
Wtd. Avg.
Exercise Price* |
| |
Wtd. Avg.
remaining contractual life |
| ||||||||||||
$0.1 – $3
|
| | | | 1,342,000 | | | | | | 2.21 | | | | | | 9.72 | | | |||
$3.1 – $6
|
| | | | 247,015 | | | | | | 4.38 | | | | | | 2.84 | | | |||
$6.1 – $7
|
| | | | 10,000 | | | | | | 6.38 | | | | | | 5.79 | | | |||
Total | | | | | 1,599,015 | | | | | | 2.57 | | | | | | 8.63 | | | |||
|
Exercise Price Range*
|
| |
Number of
shares arising out of options |
| |
Wtd. Avg.
Exercise Price* |
| |
Wtd. Avg.
remaining contractual life |
| ||||||||||||
$0.1 – $3
|
| | | | 271,141 | | | | | | 1.94 | | | | | | 8.02 | | | |||
$3.1 – $6
|
| | | | 222,015 | | | | | | 4.40 | | | | | | 4.82 | | | |||
$6.1 – $7
|
| | | | 10,000 | | | | | | 6.38 | | | | | | 5.79 | | | |||
Total | | | | | 503,156 | | | | | | 3.12 | | | | | | 6.56 | | | |||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| ||||||||||||
(Loss) on derivative instruments not designated as hedges
and ineffective portion of derivative instruments designated as hedges |
| | | $ | — | | | | | $ | (14) | | | | | $ | (65) | | | |||
Foreign exchange gain
|
| | | | 187 | | | | | | 271 | | | | | | 32 | | | |||
Others
|
| | | | 994 | | | | | | 289 | | | | | | 106 | | | |||
Other income/(expenses)
|
| | | $ | 1,181 | | | | | $ | 546 | | | | | | 73 | | | |||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| |||||||||
Net income/(Loss)
|
| | | $ | (651) | | | | | $ | 2,904 | | | | | $ | 439 | | |
Basic and dilutive weighted average outstanding
equity shares |
| | | | 183,450,000 | | | | | | 183,450,000 | | | | | | 183,450,000 | | |
Earnings per share | | | | | |||||||||||||||
Basic
|
| | | $ | (0.00) | | | | | $ | 0.02 | | | | | $ | 0.00 | | |
Diluted
|
| | | | (0.00) | | | | | | 0.02 | | | | | | 0.00 | | |
| | |
As of
March 31, 2015 |
| |
As of
March 31, 2014 |
| ||||||||
Reorganization consideration payable to Majesco Ltd for MSSIPL
|
| | | $ | 3,520 | | | | | $ | 3,672 | | | ||
Reorganization consideration payable to Mastek Ltd for Mastek MSC Sdn Bhd., Malaysia
|
| | | | — | | | | | | 3,477 | | | ||
Reorganization consideration payable to Mastek Ltd for Majesco UK Ltd
|
| | | | — | | | | | | 1,871 | | | ||
Reorganization consideration payable to Mastek Ltd for Majesco Canada Ltd
|
| | | | — | | | | | | 725 | | | ||
| | | | $ | 3,520 | | | | | $ | 9,745 | | | ||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| ||||||||||||
USA
|
| | | $ | 62,084 | | | | | $ | 63,328 | | | | | $ | 53.324 | | | |||
UK
|
| | | | 6,828 | | | | | | 8,684 | | | | | | 7,470 | | | |||
Canada
|
| | | | 3,209 | | | | | | 5,715 | | | | | | 3,449 | | | |||
Malaysia
|
| | | | 5,347 | | | | | | 3,511 | | | | | | 2,866 | | | |||
Thailand
|
| | | | 448 | | | | | | 900 | | | | | | 758 | | | |||
India
|
| | | | 700 | | | | | | 213 | | | | | | 402 | | | |||
Others
|
| | | | 666 | | | | | | 486 | | | | | | 3 | | | |||
| | | | $ | 79,282 | | | | | $ | 82,837 | | | | | $ | 68,272 | | | |||
|
| | |
As of March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
USA
|
| | | $ | 474 | | | | | $ | 556 | | | ||
India
|
| | | | 698 | | | | | | 673 | | | ||
Canada
|
| | | | 1 | | | | | | — | | | ||
Malaysia
|
| | | | — | | | | | | — | | | ||
| | | | $ | 1,173 | | | | | $ | 1,229 | | | ||
|
| | |
Year ended
March 31, 2015 |
| |
Year ended
March 31, 2014 |
| |
Nine months ended
March 31, 2013 |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
% of
combined revenue |
| |
Amount
|
| |
% of
combined revenue |
| |
Amount
|
| |
% of
combined revenue |
| ||||||||||||||||||
Customer A | | | | | | | | ||||||||||||||||||||||||||||||
Revenue
|
| | | $ | 6,884 | | | | | | 8.7% | | | | | $ | 16,386 | | | | | | 19.8% | | | | | $ | 13,350 | | | | | | 19.6% | | |
Accounts receivables and unbilled accounts receivable
|
| | | $ | 41 | | | | | | 0.3% | | | | | $ | 1,873 | | | | | | 10.9% | | | | | $ | 2,309 | | | | | | 12.6% | | |
Customer B | | | | | | | | ||||||||||||||||||||||||||||||
Revenue
|
| | | $ | 5,903 | | | | | | 7.4% | | | | | $ | 4,769 | | | | | | 5.8% | | | | | $ | 7,120 | | | | | | 10.4% | | |
Accounts receivables and unbilled accounts receivable
|
| | | $ | 378 | | | | | | 2.8% | | | | | $ | 428 | | | | | | 2.5% | | | | | $ | 1,266 | | | | | | 6.9% | | |
Year ended March 31,
|
| |
Amount
|
| ||||
2016
|
| | | $ | 655 | | | |
2017
|
| | | | 320 | | | |
2018
|
| | | | 70 | | | |
2019
|
| | | | — | | | |
2020
|
| | | | — | | | |
Beyond 5 years
|
| | | | — | | | |
Total minimum lease payments
|
| | | $ | 1,045 | | | |
|
|
Cash
|
| | | $ | 3,000 | | | |
|
Deferred payments
|
| | | | 1,430 | | | |
|
Contingent consideration
|
| | | | 1,610 | | | |
|
Total consideration
|
| | | $ | 6,040 | | | |
|
| | |
Amount
|
| ||||
Cash
|
| | | $ | 158 | | | |
Accounts receivable
|
| | | | 1,152 | | | |
Prepaid expenses and other current assets
|
| | | | 74 | | | |
Property, plant and equipment
|
| | | | 20 | | | |
Customer contracts
|
| | | | 540 | | | |
Customer relationships
|
| | | | 2260 | | | |
Accounts payable and accrued expenses
|
| | | | (307) | | | |
Accrued payroll and payroll taxes
|
| | | | (283) | | | |
Other current liabilities
|
| | | | (95) | | | |
Total fair value of assets acquired
|
| | | | 3,520 | | | |
Fair value of consideration paid
|
| | | | 6,040 | | | |
Goodwill | | | | $ | 2,520 | | | |
|
| | |
As of March 31,
|
| |||||||||||
| | |
2015
|
| |
2014
|
| ||||||||
Opening value
|
| | | | 11,676 | | | | | | 11,676 | | | ||
Addition of goodwill related to acquisition of Agile
|
| | | | 2,520 | | | | | | — | | | ||
Closing value
|
| | | $ | 14,196 | | | | | | 11,676 | | | ||
|
| | |
Weighted average
amortisation period (in years) |
| |
Amount
assigned |
| |
Residual
value |
| ||||||||||||
Customer contracts
|
| | | | 1 | | | | | $ | 540 | | | | | | — | | | |||
Customer relationships
|
| | | | 6 | | | | | | 2,260 | | | | | | — | | | |||
Total
|
| | | | 5 | | | | | $ | 2,800 | | | | | | — | | | |||
|
| | |
Unaudited
Pro forma year ended March 31, 2015 |
| |
Unaudited
Pro forma year ended March 31, 2014 |
| ||||||
Revenue
|
| | | | 85,916 | | | | | | 91,191 | | |
Earnings/(loss)
|
| | | | (756) | | | | | | 1,642 | | |
| | |
(Unaudited) Quarter ended
|
| |||||||||||||||||||||
| | |
June 30, 2014
|
| |
September 30, 2014
|
| |
December 31, 2014
|
| |
March 31, 2015
|
| ||||||||||||
Revenue
|
| | | | 16,882 | | | | | | 19,074 | | | | | | 21,610 | | | | | | 21,716 | | |
Income from operations
|
| | | | (2,295) | | | | | | (290) | | | | | | 1,510 | | | | | | (883) | | |
Net Income
|
| | | | (862) | | | | | | (223) | | | | | | 1,369 | | | | | | (935) | | |
Net income/(loss) attributable to Owners of
the Company |
| | | | (874) | | | | | | (223) | | | | | | 1,365 | | | | | | (935) | | |
Basic EPS
|
| | | | (0.00) | | | | | | (0.00) | | | | | | 0.01 | | | | | | (0.01) | | |
Diluted EPS
|
| | | | (0.00) | | | | | | (0.00) | | | | | | 0.01 | | | | | | (0.01) | | |
| | |
(Unaudited) Quarter ended
|
| |||||||||||||||||||||
| | |
June 30, 2013
|
| |
September 30, 2013
|
| |
December 31, 2013
|
| |
March 31, 2014
|
| ||||||||||||
Revenue
|
| | | | 21,725 | | | | | | 20,368 | | | | | | 22,200 | | | | | | 18,544 | | |
Income from operations
|
| | | | 885 | | | | | | 1,846 | | | | | | 3,036 | | | | | | (1,526) | | |
Net Income
|
| | | | 571 | | | | | | 1,529 | | | | | | 1,762 | | | | | | (943) | | |
Net income/(loss) attributable to Owners of
the Company |
| | | | 564 | | | | | | 1,531 | | | | | | 1,755 | | | | | | (946) | | |
Basic EPS
|
| | | | 0.00 | | | | | | 0.01 | | | | | | 0.01 | | | | | | (0.01) | | |
Diluted EPS
|
| | | | 0.00 | | | | | | 0.01 | | | | | | 0.01 | | | | | | (0.01) | | |
| MAJESCO | | |||
| | | | | |
| By: | | | /s/ Ketan Mehta | |
| | | | Ketan Mehta President and Chief Executive Officer |
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Ketan Mehta
Ketan Mehta
|
| |
President and Chief Executive Officer
(Principal Executive Officer) |
| |
June 19, 2015
|
|
|
/s/ Farid Kazani
Farid Kazani
|
| |
Chief Financial Officer and Treasurer
(Principal Financial Officer) |
| |
June 19, 2015
|
|
|
/s/ Bithindra N. Bhattacharya
Bithindra N. Bhattacharya
|
| |
Finance Controller
(Principal Accounting Officer) |
| |
June 19, 2015
|
|
|
/s/ Arun K. Maheshwari
Arun K. Maheshwari
|
| |
Director
|
| |
June 19, 2015
|
|
|
/s/ Ashank Desai
Ashank Desai
|
| |
Director
|
| |
June 19, 2015
|
|
|
/s/ Atul Kanagat
Atul Kanagat
|
| |
Director
|
| |
June 19, 2015
|
|
| 2.1 | | | Agreement and Plan of Merger, dated as of December 14, 2014, by and between Majesco and Cover-All(1) | |
| 2.2 | | | Amendment No. 1 to Agreement and Plan of Merger dated as of February 18, 2015, by and among Majesco, Cover-All and RENN(1) | |
| 3.1 | | | Amended and Restated Articles of Incorporation of Majesco, dated March 20, 2011, as amended (incorporated by reference to Exhibit 3.1 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 3.2 | | | Bylaws of Majesco, dated April 6, 1993, as amended (incorporated by reference to Exhibit 3.3 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 4.1 | | | Form of common stock certificate of Majesco(incorporated by reference to Exhibit 4.1 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.1+ | | | Form of Majesco Indemnification Agreement with directors and executive officers (incorporated by reference to Exhibit 10.1 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.2+ | | | Majesco 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.3+ | | | Form of Incentive Stock Option Award Agreement (incorporated by reference to Exhibit 10.4 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.4+ | | | Form of Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.5 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.5+ | | | Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.6 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.6+ | | | Form of Employee Stock Option Scheme of Majesco Limited — Plan I (incorporated by reference to Exhibit 10.7 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.7+ | | | Form of Option Award Letter (incorporated by reference to Exhibit 10.8 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.8+ | | | Form of Majesco Performance Bonus Plan (incorporated by reference to Exhibit 10.9 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.9+ | | | Form of Majesco Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.10 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.10+ | | | Employment Letter Agreement between Majesco and Ketan Mehta, dated as of September 4, 2013 (incorporated by reference to Exhibit 10.11 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.11+ | | | Employment Letter Agreement between Majesco and William Freitag, dated as of January 1, 2015 (incorporated by reference to Exhibit 10.12 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.12+ | | | Employment Letter Agreement between Majesco and Edward Ossie, dated December 1, (incorporated by reference to Exhibit 10.13 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.13+ | | | Employment Letter Agreement between Majesco and Prateek Kumar, dated as of April 11, 2003 (incorporated by reference to Exhibit 10.14 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.14+ | | | Employment Letter Agreement between Majesco and Chad Hersh, dated as of November 14, 2014 (incorporated by reference to Exhibit 10.15 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.15+ | | | Employment Letter Agreement between Majesco and Lori Stanley, dated as of June 29, 2011(incorporated by reference to Exhibit 10.16 to Majesco’s registration statement on | |
| | | | form S-4 (333-202180) filed on April 1, 2015) | |
| 10.16 | | | Lease between 5 Penn Plaza LLC and Systems Task Group International Ltd. (as predecessor in interest to Majesco), dated as of March 1, 2005 (incorporated by reference to Exhibit 10.18 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.17 | | | Credit Facility Agreement between ICICI Bank Limited (“ICICI”), New York Branch and Majesco, dated as of March 25, 2011 (incorporated by reference to Exhibit 10.19 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.18 | | | Revolving Credit Note in Favor of ICICI dated as of March 25, 2011 (incorporated by reference to Exhibit 10.20 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.19 | | | Security Agreement between ICICI and Majesco, dated as of March 25, 2011 (incorporated by reference to Exhibit 10.21 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.20 | | | Guaranty Agreement between ICICI and Mastek Limited, dated as of June 10, 2012 (incorporated by reference to Exhibit 10.22 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.21 | | | Subordination Agreement between ICICI and Majesco, dated as of March 25, 2011 (incorporated by reference to Exhibit 10.23 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.22 | | | Facility Letter between Punjab National Bank (International) Limited and Majesco, dated as of January 9, 2015 (incorporated by reference to Exhibit 10.24 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.23 | | | Agreement between Punjab National Bank (International) Limited and Majesco, dated as of January 14, 2015 (incorporated by reference to Exhibit 10.25 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.24 | | | Standby Letter of Credit from YES Bank Ltd. in favor of Punjab National Bank (International) Limited, dated January 29, 2015, as amended (incorporated by reference to Exhibit 10.26 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.25 | | | Asset Purchase and Sale Agreement by and among Majesco, Agile Technologies, LLC and solely with respect to Sections 7.8 and 9, William K. Freitag, John M. Johansen and Robert Buhrle, dated December 12, 2014 (incorporated by reference to Exhibit 10.27 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015)(2) | |
| 10.26 | | | Amendment No. 1 to Amendment Asset Purchase and Sale Agreement, dated as of January 1, 2015, by and among Majesco, Agile Technologies, LLC, William K. Freitag, John M. Johansen and Robert Buhrle (incorporated by reference to Exhibit 10.28 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.27 | | | Share Purchase Agreement, dated September 15, 2014, between Mastek Limited and MajescoMastek, for shares of MajescoMastek Canada Limited (incorporated by reference to Exhibit 10.29 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.28 | | | Business Transfer Agreement, dated January 29, 2015, between Mastek (UK) Limited and Majesco UK Limited(1) (incorporated by reference to Exhibit 10.30 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.29 | | | Share Purchase Agreement, dated September 18, 2014, between Mastek Limited and MajescoMastek, for shares of Mastek MSC Sdn Bhd. (incorporated by reference to Exhibit 10.31 to Majesco’s registration statement on form S-4 (333-202180) filed on April 1, 2015) | |
| 10.30 | | | Scheme of Arrangement among Mastek Limited, Minefields Computers Limited, Majesco Software and Solutions India Private Limited and their respective shareholders and creditors (incorporated by reference to Exhibit 10.32 to Majesco’s registration statement on form S-4 (333-202180) filed on April 29, 2015)(2) | |
| 10.31 | | | Voting Agreement, dated December 14, 2014 by and between Majesco and RENN Universal Growth Investment Trust PLC(1) | |
| 21 | | | Subsidiaries of Majesco(1) | |
| 31.1 | | | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(1) | |
| 31.2 | | | Certification of the Chief Financial Officer pursuant to Rule13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(1) | |
| 32.1 | | | Certification of the Chief Executive Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3) | |
| 32.2 | | | Certification of the Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3) | |