1.  Revenue Recognition
 
 (Disclosure as per AS 9 Revenue Recognition issued by the Institute
 of Chartered Accountants of India) The contracts between the Company
 and its customers are either time and material contracts, fixed price
 contracts or other contracts like transaction fees, monthly commitment
 etc., with amounts to be billed upon completion of agreed milestones or
 application maintenance outsourcing contracts with amounts to be billed
 periodically.  
 
 (i) Time and material contracts
 
 Revenues from time and material services are recognized as the
 respective services are provided.  
 
 (ii) Fixed price, milestone based contracts
 
 Revenue from fixed-price development contracts are recognized using the
 percentage of completion method, under which the contract performance
 is determined by relating the actual work performed to date to the
 estimated total work for each contract. Any anticipated losses expected
 upon contract completion are recognized immediately. Changes in job
 performance, conditions and estimated profitability may result in
 revisions and corresponding revenues and costs are recognized in the
 period in which the changes are identified 
 
 (iii) Other Contracts
 
 Revenue from contracts with amounts to be billed on monthly basis is
 recognized on rendering of services as per the terms of the contracts.
 Revenue from unit priced contracts is recognized on rendering of the
 services as per the terms of the contracts. Unbilled receivables
 represent amounts recognized as revenues for the periods presented
 based on services performed in accordance with the terms of contracts
 that will be billed in subsequent periods. Deferred revenue represents
 amounts billed in excess of revenue earned for which related services
 are expected to be performed in the next operating cycle.
 
 5.  Foreign Currency Transactions
 
 (Disclosure as per AS 11 Accounting for Changes in Foreign Exchange
 rates issued by the Institute of Chartered Accountants of India)
 
 The Company has transactions in various foreign currencies. Foreign
 currency transactions are recorded at the rates of exchange in force on
 the dates of transactions.
 
 Financial statements of foreign branches are translated into Indian
 Rupees as follows:
 
 Revenues and expenses are translated into rupees at the month-end
 exchange rates.
 
 Depreciation/Amortization is translated at the rates used for the
 translation of the cost of the respective fixed assets and software
 products/licences.
 
 The net exchange difference resulting from the translation of items in
 the financial statements of the foreign branches is recognised as
 income or expense.
 
 6.  Taxes on income
 
 (Disclosure as per AS 22 Accounting for Taxes on Income issued by the
 Institute of Chartered Accountants of India) Taxes on income is
 computed using the tax effect accounting method whereby such taxes are
 accrued in the same period as the revenue and expense to which they
 relate. Current tax liability is measured using the applicable tax
 rates and tax laws and the necessary provision is made annually.
 Deferred tax asset/liability arising out of the tax effect of timing
 differences is measured using the tax rates and the tax laws that have
 been enacted/substantially enacted at the balance sheet date. Deferred
 tax assets are recognized only if there is a reasonable certainty of
 their realization. However, where the deferred tax asset arises on
 account of unabsorbed depreciation or carried forward loss, these are
 recognized only if there is virtual certainty of realization.
 
 7.  Earnings per Share
 
 (Disclosure as per AS 20 Earnings Per Share issued by the Institute
 of Chartered Accountants of India) In determining basic earnings per
 share, the Company considers the net profit after tax and includes the
 post-tax effect of any extra-ordinary items. The number of shares used
 in computing basic earnings per share is the weighted average number of
 shares outstanding during the period. The number of shares used in
 computing diluted earnings per share comprises the weighted average
 shares considered for deriving basic earnings per share, and also the
 weighted average number of equity shares which could have been issued
 on the conversion of all dilutive potential equity shares. The diluted
 potential equity shares are adjusted for the proceeds receivable, had
 the shares been actually issued at fair value (i.e., the average market
 value of the outstanding shares). Dilutive potential equity shares are
 deemed converted as of the beginning of the period, unless issued at a
 later date.
 
 9.  Delisting from Stock Exchanges
 
 On October 9, 2007, iCATE Corporation and iCATE Inc. (the Promoters)
 announced its intention to voluntary delist the equity shares of the
 company from the Bombay Stock Exchange Limited, the National Stock
 Exchange of India Limited and the Bangalore Stock Exchange Limited
 (Stock Exchanges). The Promoters had sought to acquire the outstanding
 equity shares of the company not held by them, being 6,055,284 fully
 paid up equity shares of Rs 4 each representing 1 9.09% of the issued
 and paid up equity share capital of the company. The shareholders
 approved the delisting in an Extraordinary General Meeting held on
 November 13, 2007.
 
 The delisting exercise was conducted successfully through the Reverse
 Book Building process pursuant to and in compliance with the Securities
 and Exchange Board of India (Delisting of Securities) Guidelines, 2003
 and the Promoters were able to acquire 5,661,1 52 equity shares taking
 their total equity interest to 98.1 6% of the paid up capital of the
 company.
 
 10 Employees Stock Option Plan
 
 The Companys stock based compensation plan for employees comprises the
 ESOP 2000 Scheme and ESOP 2003 Scheme allocating an aggregate of
 7,500,000 equity snares. The Company also has a Restricted Stock Unit
 Plan namely iGATE Global Solutions Limited Employee Restricted Stock
 Unit Plan 2006 (RSU 2006 Plan) with an allocation of 3,000,000 equity
 shares within the overall limits of ESOP 2000 and ESOP 2003 Schemes.
 These plans are summarized below: 
 
 ESOP 2000 Plan
 
 The ESOP 2000 plan was instituted for all eligible employees of the
 Company and approved by the members. ESOP 2000 plan provides for the
 issue of 3,000,000 equity shares of the face value of Rs 4 per share to
 the eligible employees on the recommendation of the Compensation
 Committee at an exercise price approved by the members of the Company.
 
 ESOP 2003 Plan
 
 The ESOP 2003 plan was instituted for all eligible employees of the
 Company and its Subsidiaries. ESOP 2003 plan was approved by the
 members. ESOP 2003 plan provides for the issue of 4,500,000 Equity
 shares of the face value of Rs.4 per share to the eligible employees on
 the recommendation of the Compensation Committee at an exercise price
 approved by the members of the Company.
 
 RSU 2006 Plan
 
 The RSU 2006 plan was instituted within the overall ceiling of
 7,500,000 equity shares allocated under the ESOP 2000 and ESOP 2003
 Schemes for all eligible employees of the Company and approved by the
 members. RSU 2006 plan provides for the issue of 3,000,000 equity
 shares of the face value of Rs.4 per share to the eligible employees on
 the recommendation of the compensation committee at an exercise price
 approved by the members of the Company.
 
 11. ESOP Compensation Reserve
 
 In accordance with the SEBI (Employee Stock Option Scheme and Employee
 Stock Purchase Scheme) Guidelines, 1 999, as amended on June 30, 2003,
 the excess of the market price of the underlying equity shares as on
 the date of grant of the options over the exercise price of the option
 is charged as ESOP compensation cost to the profit and loss account on
 a straight line basis over the vesting period. The aggregate discount
 on options granted net of the aggregate unamortized balance of ESOP
 compensation cost is disclosed under shareholders equity.
 
 The aggregate Option discounts in respect of outstanding options
 amounts to Rs.91 9 thousand of which Rs. 335 thousand has been charged
 during the year to the profit and loss account as ESOP compensation
 cost.
 
 12. Fixed Assets
 
 (Disclosue as per AS 10, Fixed Assets issued by the Institute of
 Chartered Accountants of India)
 
 Fixed assets are stated at their cost of acquisition, which includes
 direct costs attributable to bringing the assets to their present
 location and working condition for their intended use.
 
 Intangible assets including computer software products/ licences are
 stated at their cost of acquisition.
 
 iii. Based on the managements experience and assessment, the estimated
 life of certain equipements under Computer have been revised during the
 year from 36 months to 1 8 months. The depreciation for the year has
 been calculated based on the revised life. However, the same has no
 material impact on the profit for the year.
 
 iv.  Amortisation of Intangible Assets
 
 (Disclosue as per AS 26, Intangible Assets issued by the Institute of
 Chartered Accountants of India)
 
 Intangible assets are amortized over their estimated useful life on a
 straight-line basis from the date of their acquisition as under:
 
 Computer software products/licenses - Lower of 2 years or license
 period.
 
 Goodwill - 10 years
 
 At the end of every financial year, the amortization period and the
 amortization method is revised if necessary, to recognize any
 significant change in the expected useful life of the asset or the
 expected economic benefits from the asset or any impairment loss.
 
 14. Capital work In Progress
 
 Advances paid towards acquisition of fixed assets, direct costs and
 related incidental expenses incurred on assets that are not yet ready
 for their intended use or not put to use as on the balance sheet date
 are stated as Capital Work-in-progress.
 
 15. Capital Commitments
 
 Estimated amount of contracts remaining to be executed on capital
 account (net of advances) and not provided for Rs.347,422 thousand
 (Previous Year - Rs. 55,742 thousand).
 
 16.  Outstanding with Small Scale Industries
 
 (Disclosure as required by Schedule VI to the Companies Act)
 
 There are no outstanding dues to any Micro enterprises and Small
 enterprises as at March 31, 2008
 
 17.  Contingent liabilities
 
 Guarantees issued by Banks on behalf of the Company - Rs 1 7,694
 thousand (Previous Year - Rs. 1 6,974 thousand) Claims against the
 Company not acknowledged as debts - Rs 1,879 thousand (Previous Year -
 Rs. 21,049 thousand) Tax demands disputed by the Company - Rs 27,033
 thousand (Previous Year - Rs. 27,966 thousand)
 
 18.  Leave Encashment
 
 (Disclosure as per AS 15 (Revised), Accounting for Employee Benefits
 issued by the Institute of Chartered Accountants of India) Liability
 for leave encashment of employees, in accordance with the rules of the
 Company, is accrued for the un- availed encashable leave balance
 standing to the credit of employees as at the balance sheet
 date,supported by actuarial valuation for India-based employees.
 
 19.  Profit / Loss on sale of Investments
 
 Profit or loss on disposal of current investments is recognised by
 matching the cost of the investments sold on a first-in-first-out
 (FIFO) basis.
 
 20.  Forward Exchange Contracts
 
 The exchange difference on forward exchange contracts taken to hedge
 the foreign currency risk other than on account of firm commitments and
 / or highly probable forecast transactions is recognised in the profit
 and loss account of the relevant period. The premium or discount
 arising at the inception of such forward exchange contracts is
 amortised as expense or income over the life of the contract.
 
 In case of forward exchange contracts to hedge the foreign currency
 risk on account of firm commitments or highly probable forecast
 transactions, the gains or losses on cancellation or renewal of such
 forward exchange contracts and the premium or discount arising at the
 inception of such forward exchange contracts is recognized as income or
 expense in the period in which the transaction occurs.