SUBSIDIARY ANNUAL REPORT - files.techmahindra.com

1 SUBSIDIARY ANNUAL REPORT . VOLUME - I-II & III. INDEX. VOLUME - I. 1 Tech Mahindra (Americas) Inc.. 1. 2 Tech Talenta Inc.. 28. 3 Tech Mahindra Technologies Inc.. 41. 4 Tech Mahindra LLC .. 56. 5 Tech Mahindra GmbH .. 68. 6 Mad*Pow Media Solutions LLC .. 83. 7 The CJS Solutions Group, LLC .. 97. 8 Objectwise Consulting group Inc .. 114. 9 Tech Mahindra (Singapore) Pte Limited .. 121. 10 Tech Mahindra (Beijing) IT Services Limited .. 151. 11 Tech Mahindra (Bahrain) Limited .. 181. 12 Tech Mahindra (Shanghai) Co. Ltd .. 198. 13 Tech Mahindra (Nanjing) Co. Ltd .. 216. 14 Tech Mahindra Netherlands .. 233. 15 TechM IT-Services GmbH .. 251. 16 Tech Mahindra Norway AS .. 268. 17 Tech Mahindra Servicos De Informatica .. 279. 18 Citisoft Plc.. 297. 19 Citisoft Inc.. 318. 20 NTH Dimension Ltd .. 331. 21 Tech Mahindra Business Services Limited.

2 344. 22 Tech Mahindra Sweden AB .. 396. 23 vCustomer Philippines, Inc.. 407. 24 vCustomer Philippines (Cebu), 443. 25 PF Holdings .. 479. 26 Pininfarina .. 495. 27 Tech Mahindra Vietnam Company Limited .. 571. VOLUME - II. 28 Mahindra Engineering Services (Europe) Limited .. 588. 29 TC Inter-Informatics .. 603. 30 Tech Mahindra Communications Japan Co. Ltd .. 624. 31 The Bio Agency Limited .. 628. 32 Satyam Venture Engineering Services Private 648. 33 Satyam Venture Engineering Services (Shanghai) Co Limited .. 746. 34 Satven GmbH .. 759. 35 Dynacommerce Holding .. 766. 36 Dynacommerce .. 777. 37 Born Group Pte. Ltd .. 788. 38 Born Commerce Private Limited .. 807. 39 Comviva Technologies Limited .. 847. 40 Comviva Technologies Madagascar Sarlu .. 1001. 41 YABX Technologies (Netherlands) .. 1009. 42 Comviva Technologies Singapore Pte.

3 Limited .. 1016. 43 Comviva Technologies FZ-LLC .. 1024. 44 Comviva Technologies .. 1047. 45 Comviva Technologies do Brasil Industria Comercio, Importacao e Exportacao Ltda .. 1064. 46 Comviva Technologies Colombia .. 1080. 47 Comviva Technologies (Australia) Pty Ltd .. 1100. 48 Emagine International Pty Ltd .. 1107. 49 Comviva Technologies Nigeria Limited .. 1116. 50 Comviva Technologies (Argentina) .. 1125. 51 Comviva Technologies Myanmar Limited .. 1147. 52 Comviva Technologies USA Inc.. 1167. VOLUME - III. 53 Yabx India Private Limited .. 1172. 54 Tech Mahindra Luxembourg .. 1201. 55 Tenzing Limited .. 1206. 56 Tenzing Australia Limited .. 1214. 57 Momenton Pty Ltd .. 1221. 58 Perigord Asset Holdings Limited .. 1226. 59 Perigord Premedia (India) Private Limited .. 1230. 60 Perigord Data Solutions (India) Private Limited.

4 1242. 61 Tech Mahindra Cerium Private Limited .. 1252. 62 Lightbridge Communications Corporation .. 1304. 63 Zen3 Infosolutions (America) Inc .. 1329. 64 Zen3 Infosolutions Private Limited .. 1334. 65 Tech Mahindra Arabia Limited .. 1367. 66 Tech Mahindra Fintech Holdings Limited .. 1384. 67 Target Group Limited .. 1401. 68 Tech Mahindra (Switzerland) SA .. 1434. 69 LCC Network Services, .. 1441. 70 Tech Mahindra DRC SARLU .. 1450. 71 Tech Mahindra (Thailand) Limited .. 1509. 72 PT Tech Mahindra Indonesia .. 1523. 73 Tech Mahindra (Nigeria) Limited .. 1542. 74 Tech Mahindra South Africa (Pty) Limited .. 1571. 75 Tech Mahindra De Mexico .. 1585. 76 Tech Mahindra ICT Services (Malaysia) SDN. BHD .. 1608. 77 Sofgen Holdings Limited .. 1636. 78 Tech Mahindra Foundation .. 1669. 79 Mahindra Educational Institutions.

5 1693. tech mahindra (americas), inc. TECH MAHINDRA (AMERICAS), INC. Board of Directors Mr. Manish Vyas Mr. Lakshmanan Chidambaram Mr. T N Manoharan Mr. Arvind Malhotra (Resigned effective 9th December, 2020). Mr. Guru Prasad R Iyengar Business Office 5700, Democracy Drive Suite # 2000, Plano TX 75024 USA. Bankers HSBC Bank JPMorgan Chase Bank Citi Bank DBS. Auditors Catrakilis Kraitzick Hrabova, CPAs and Advisors, LLC. 1. tech mahindra (americas), inc. DIRECTORS' REPORT TO THE SHAREHOLDERS. Your Directors present their REPORT together with the audited accounts of your Corporation for the year ended March 31, 2021. financial Results: For the year ended March 31 2021 2021 2020 2020. USD INR USD INR. Income 992,012,421 72,526,028,385 1,100,243,365 83,200,403,261. Profit/(Loss) before tax 83,608,349 6,112,606,419 67,229,708 5,083,910,519.

6 Profit/(Loss)after tax 63,278,329 4,626,278,651 54,278,222 4,104,519,148. Review of operations: During the fiscal year under review, the Corporation achieved an income of US$ Million (equivalent to INR 7,252. Crores). The Corporation continues to invest in strengthening its business in the USA which is the largest IT market in the World. The increase in business and the focus on right sizing the USA operations while preparing for the next level of growth has helped the Corporation to earn healthy level of profits in the last few years. Acquisitions / Mergers / Incorporations / Investments: During year , Corporation has acquired 100% stake in Zen3 Infosolutions (America) Inc. for the total purchase consideration of USD 64 Million with an upfront consideration of USD 35 Million. The balance amount shall be paid as a deferred consideration in terms of Share Purchase Agreement and Amendments there too.

7 Incorporated a wholly owned SUBSIDIARY under the laws of State of Delaware, United States of America in the name of Tech Mahindra Credit Solutions, Inc on August 17, 2020. On October 21, 2020, the Corporation acquired a 6% stake in Vitaltech Holdings ( Vitaltech ) to the value of $3 million. Changes in Director: During the year under review, Mr. Arvind Malhotra resigned as Director of the Corporation. The Board placed on record its appreciation for the assistance and guidance provided by Mr Arvind Malhotra during his tenure as Director of the Corporation. Mr. Manish Vyas, Mr. Lakshmanan Chidambaram, Mr. T N Manoharan, Mr. Guru Prasad R Iyengar are the other members of the Board of Directors. Outlook for the current year : The Corporation believes that the investments made over the last few years in cultivating long term relationships with existing & prospective customers will result in further increase in business.

8 Acknowledgements: Your Directors gratefully acknowledge the contributions made by the employees towards the success of the Corporation. Your Directors also thank the customers, suppliers, bankers, State and Federal Government Authorities and the shareholder(s). for the co-operation and assistance received from them. Manish Vyas Director Place: Texas Date: May 29, 2021. 2. tech mahindra (americas), inc. Independent Auditor's REPORT Board of Directors Tech Mahindra (Americas), Inc. a New Jersey Corporation, a wholly owned SUBSIDIARY of Tech Mahindra Limited, an India Corporation Plano, Texas Opinion We have audited the accompanying financial statements of Tech Mahindra (Americas), Inc., (a New Jersey Corporation), which comprise the balance sheets as of March 31, 2021 and 2020, and the related statements of operations and comprehensive income, cash flows and changes in stockholders' equity, for the years then ended , and the related notes to the financial statements.

9 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tech Mahindra (Americas), Inc. as of March 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Qualified Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America ( US. GAAP ). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the financial Statements section of our REPORT . We are required to be independent of Tech Mahindra (Americas), Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits.

10 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. The group's accounting policies require the Corporation to consolidate its subsidiaries with controlling interest. For the purposes of these US GAAP financial Statements, the Balance Sheet and Statement of Operations and Comprehensive Income of its subsidiaries, Lightbridge Communications Corporation, Tech Talenta, Inc., Objectwise Consulting Group, Zen3 Infosolutions (America) Inc. Tech Mahindra Healthcare Systems Holdings, LLC and Mad*Pow Media Solutions, have not been consolidated. The non-consolidation of the above-mentioned controlling interest subsidiaries is not in accordance with the group's accounting policies. The effects of this departure from the group's accounting policies on the Balance Sheet and Statement of Profit and Loss, have not been determined.