Majesco and Subsidiaries

Consolidated Statements of Operations (Unaudited)
(All amounts are in thousands of US Dollars except per share data and as stated otherwise)

	Three Months ended June 30, 2016			Three Months ended June 30, 2015
Revenue	$	32,554		$	23,163
Cost of revenue		17,802			12,107
Gross profit	$	14,752		$	11,056

Operating expenses
Research and development expenses	$	4,528		$	3,151
Selling, general and administrative expenses		10,659			7,586
Reorganization costs		-			228
Total operating expenses	$	15,187		$	10,965
(Loss)/Income from operations	$	(435	)	$	91
Interest income		8			10
Interest expense		(208	)		(55	)
Other income (expenses), net		(2	)		136
(Loss)/ Income before provision for income taxes	$	(637	)	$	182
(Benefit)/Provision for income taxes		(87	)		100
Net (Loss)/Income	$	(550	)	$	82

(Loss)/Earnings per share:
Basic	$	(0.02	)	$	(0.00	)
Diluted	$	(0.02	)	$	(0.00	)

Weighted average number of common shares outstanding
Basic		36,451,606			30,836,171
Diluted		36,451,606			30,951,441

See accompanying notes to the Consolidated Financial Statements.

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Majesco and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)
(All amounts are in thousands of US Dollars)

	Three Months ended June 30, 2016			Three Months ended June 30, 2015
Net (Loss)/Income	$	(550	)	$	82
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustments		(205	)		(752	)
Unrealized gains on cash flow hedges		(88	)		(147	)
Other comprehensive loss	$	(293	)	$	(899	)
Comprehensive Loss	$	(843	)	$	(817	)

See accompanying notes to the Consolidated Financial Statements.

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Majesco and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)
(All amounts are in thousands of US Dollars)

	Three Months ended June 30, 2016			Three Months ended June 30, 2015
Net cash flows from operating activities
Profit / (Loss) after tax		(550	)		82
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation on plant, property & equipment		417			228
Amortization of intangibles		695			655
Stock based compensation		322			54
Unrealized cash flow hedges		(88	)		(147	)
Change in Assets and Liabilities:
(Increase) / decrease in accounts receivable, billed and unbilled		5,945			(7,056	)
Decrease in prepaid expenses and other current assets		445			627
(Increase) / decrease in deferred tax asset and other non-current assets		(395	)		(87	)
Increase in accounts payable		825			1,764
Increase / (decrease) in accrued expenses and other liabilities		(2,210	)		614
Increase / (decrease) in deferred revenue and other non-current liabilities		429			(39	)
Net cash generated/(used) from operating activities	$	5,835			(3,305	)
Net cash flows from investing activities
Purchase of property and equipment	$	(797	)		(199	)
Purchase of intangible assets		(162	)		-
Sale of tangible assets		62			-
Sale of intangible assets		6			-
Cash (used)/proceeds from investments		(39	)		270
Decrease in restricted cash		1			-
Cash acquired in business combination	$	-			2,990
Net cash generated/(used) by investing activities	$	(929	)		3,061
Net cash flows from financing activities
Payment of capital lease obligations		(32	)		(1	)
Repayment of loans		(4,652	)		-
Receipt of loan proceeds		8,600			3,501
Net cash generated by financing activities	$	3,916			3,500
Effect of foreign exchange rate changes on cash and cash equivalents		(159	)		(252	)
Net increase in cash and cash equivalents	$	8,663			3004
Cash and cash equivalents, beginning of the period		5,520			6,262
Cash and cash equivalents at end of the period	$	14,183			9,266

See accompanying notes to the Consolidated Financial Statements.

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Majesco and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)
(All amounts are in thousands of US Dollars except per share data and as stated otherwise)

DESCRIPTION OF BUSINESS

Majesco is a global provider of core insurance software, consulting and services for business transformation for the insurance industry. We offer core insurance software solutions for property and casualty/general insurance (“P&C”), life and annuity (“L&A”) and pensions group/employee benefits providers, allowing them to manage policy administration, claims management and billing management capabilities. In addition, we offer a variety of other technology-based solutions that are designed to enable organizations to automate and innovate business processes across the end-to-end insurance value chain and comply with policies and regulations across their organizations. Our solutions enable customers to respond to evolving market needs and regulatory changes, while improving the efficiency of their core operations, thereby increasing revenues and reducing costs.

Majesco’s customers are insurers, managing general agents and other risk providers from the P&C, L&A and group insurance segments worldwide.

Majesco was previously 100% owned (directly or indirectly) by Mastek Ltd. (“Mastek Ltd.”), a publicly traded limited company domiciled in India whose equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange (India). Mastek Ltd. underwent a demerger through a scheme of arrangement under India’s Companies Act, 1956 pursuant to which its insurance related business was separated from Mastek Ltd.’s non-insurance related business and the insurance related operations of Mastek Ltd. that were not directly owned by Majesco were contributed to Majesco (the “Reorganization”). The Reorganization was completed on June 1, 2015.

Majesco, along with its subsidiaries, operates in the United States, Canada, Mexico, the United Kingdom, Malaysia, Singapore, New Zealand, Thailand and India (hereinafter referred to as the “Group”).

Merger with Cover-All Technologies Inc.

On June 26, 2015, Cover-All Technologies Inc. (“Cover-All”), an insurance software company listed on NYSE MKT, merged into Majesco in a 100% stock-for-stock merger, with Majesco surviving the merger.

In connection with the merger, Majesco’s common stock was listed on the NYSE MKT and began trading on the NYSE MKT on June 29, 2015. Pursuant to the merger, Cover-All’s stockholders and holders of its options and restricted stock units received equity or equity interests in Majesco representing approximately 16.5% of the total capitalization of the combined company in the merger.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. The March 31, 2016 consolidated balance sheet was derived from our audited combined financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016 filed with the SEC on May 23, 2016 and amended on July 26, 2016 (the “Annual Report”), but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations and financial position have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report.

In connection with the merger with Cover-All, the Group’s Board of Directors and stockholders approved a one for six reverse stock split of the Group’s common stock. The reverse stock split became effective June 22, 2015. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid in capital.

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Mastek Ltd. maintained benefit and stock-based compensation programs at the parent company level. After the demerger of Mastek Ltd., which became effective on June 1, 2015, the Group employees who participated in those programs, were allotted options of Majesco’s parent company, Majesco Limited, in the same proportion in addition to the existing options of Mastek Ltd., which these employees already had. The consolidated Balance Sheets do not include any outstanding equity related to the stock-based compensation programs of Mastek Ltd. but include outstanding equity related to the stock-based compensation programs of Majesco Limited.

Significant Accounting Policies

For a description of significant accounting policies, see Note 2, Summary of Significant Accounting Policies, of the Notes to the consolidated financial statements included in our Annual Report. There have been no material changes to our significant accounting policies since the filing of the Annual Report.

Principles of Consolidation

The Group’s consolidated financial statements include the accounts of Majesco and its wholly owned subsidiaries, Cover-All Systems, Inc., Majesco Canada Ltd., Majesco Software and Solutions Inc., Majesco Sdn. Bhd., Majesco UK Limited, Majesco (Thailand) Co., Ltd., Majesco Software and Solutions India Private Limited and Mastek Asia Pacific Pte Ltd. as of June 30, 2016. All material intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an on-going basis, we evaluate our estimates, including those related to revenue recognition, cash equivalents and marketable securities, accounts receivable, income taxes, goodwill, and stock-based compensation.

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ASC 606”), which, when effective, will supersede the guidance in former ASC 605, Revenue Recognition. The new guidance requires entities to recognize revenue based on the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual periods beginning after December 15, 2016 and interim periods within that year for public companies and effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018 for private companies. Early adoption is not permitted. We will adopt this standard for the year ended March 31, 2019 and interim periods of the year ended March 31, 2020. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for the interim and annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements.

In September 2015, the FASB issued Accounting Standards Update 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). The FASB issued ASU 2015-16 to simplify US GAAP to require that the acquirer record, in the same period’s financial statements, the effect of changes to provisional, measurement period amounts calculated as if the accounting had been completed at the acquisition date and disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. We do not believe that this updated standard will have a material impact on our consolidated financial statements.

In November 2015, the FASB issued Accounting Standards Update 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). ASU 2015-17 removes the requirement that deferred tax assets and liabilities be classified as either current or noncurrent in a classified statement of financial position and instead considers deferred tax assets and liabilities to be classified as noncurrent. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We do not believe that this updated standard will have a material impact on our consolidated financial statements.

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In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of ASU 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. In addition, ASU 2016-02 requires the use of the modified retrospective method, which will require adjustment to all comparative periods presented in the consolidated financial statements. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact that the adoption of this guidance will have on our consolidated financial statements and the implementation approach to be used.

In March 2016, the FASB issued ASU 2016-9, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We will begin the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Emerging growth company

The Group is an “emerging growth company” under the federal securities laws and is subject to reduced public company reporting requirements. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Group has taken the advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be comparable to those of companies that comply fully with public company accounting standards.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Group’s financial instruments consist primarily of cash and cash equivalents, short term investments in time deposits, restricted cash, derivative financial instruments, accounts receivables, unbilled accounts receivable, accounts payable, contingent consideration liability and accrued liabilities. The carrying amount of cash and cash equivalents, short term investments in time deposits, restricted cash, accounts receivables, unbilled accounts receivable, accounts payable and accrued liabilities as of the reporting date approximates their fair market value due to their relatively short period of time of original maturity tenure of these instruments.

Basis of Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity, which require the Group to develop its own assumptions.

The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy as of June 30, 2016 and March 31, 2016:

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	As of
	June 30, 2016			March 31, 2016
Assets

Level 2
Derivative financial instruments (included in the following line items in the Condensed Combined balance sheet)
Other assets	$	-		$	-
Other liabilities		-			-
Prepaid expenses and other current assets		177			180
Accrued expenses and other liabilities		(4	)		(4	)
	$	173		$	176
Level 3
Contingent consideration
Other liabilities	$	(243	)	$	(229	)
Accrued expenses and other liabilities		(387	)		(364	)
	$	(630	)	$	(593	)
Total	$	(457	)	$	(417	)

The following table presents the change in level 3 instruments:

	As of
	June 30, 2016			March 31, 2016
Opening balance	$	(593	)	$	(1,712	)
Additions		-			-
Total (Losses)/gains recognized in Statement of Operations		(37	)		(344	)
Settlements		-			1,463
Closing balance	$	(630	)	$	(593	)

Contingent consideration pertaining to the acquisition of the consulting business of Agile Technologies, LLC, a New Jersey limited liability company (“Agile”), as of December 31, 2015 has been classified under level 3 as the fair valuation of such contingent consideration has been done using one or more of the significant inputs which are not based on observable market data. The fair value of the contingent consideration was estimated using a discounted cash flow technique with significant inputs that are not observable in the market. The significant inputs not supported by market activity included the Group’s probability assessments of expected future cash flows related to its acquisition of the consulting business of Agile during the earn-out period, appropriately discounted considering the uncertainties associated with the obligation, and calculated in accordance with the terms of the asset purchase agreement (the “Agile Agreement”) dated December 12, 2014, as amended on January 26, 2016. The fair value of the contingent consideration was estimated using a discounted cash flow technique with significant inputs that are not observable in the market. The significant inputs not supported by market activity included the Group’s probability assessments of expected future cash flows related to its acquisition of the Agile business during the earn-out period, appropriately discounted considering the uncertainties associated with the obligation, and calculated in accordance with the terms of the Agile Agreement, respectively.

The total (losses)/gains attributable to contingent consideration payable for the acquisition of the Agile business were $(37) and $(344) for the three months ended June 30, 2016 and the year ended March 31, 2016.

The fair value of derivative financial instruments is determined based on observable market inputs and valuation models. The derivative financial instruments are valued based on valuations received from the relevant counter-party (i.e., bank). The fair value of the foreign exchange forward contract and foreign exchange par forward contract has been determined as the difference between the forward rate on the reporting date and the forward rate on the original transaction, multiplied by the transaction’s notional amount (with currency matching). The Group paid $1,503 to Agile as earn out consideration in the fiscal year ended March 31, 2016.

CAPITAL LEASE OBLIGATIONS

The Group leases vehicles under capital leases which are stated at the present value of the minimum lease payments. The gross stated amounts for such capital leases are $126 and $86 and related accumulated depreciation recorded under capital leases are $56 and $19, respectively, as of June 30, 2016 and March 31, 2016. At the termination of the leases, the Group has an option to receive title to the assets at no cost or for a nominal payment.

Depreciation expenses in respect of assets held under capital leases were $7 for the three months ended June 30, 2016 compared to $5 for the three months ended June 30, 2015.

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The following is a schedule of the future minimum lease payments under our capital leases, together with the present value of these net minimum lease payments as of June 30, 2016:

Year ended	Amount
2017	$	131
2018		117
2019		10
2020		9
2021		2
Total minimum lease payments	$	269
Less: Interest portion		21
Present value of net minimum capital leases payments	$	248

BORROWINGS

Line of Credit

On March 25, 2011, the Group entered into a secured revolving working capital line of credit facility with ICICI Bank Limited (“ICICI”) under which the maximum borrowing limit is $5,000. The interest rate on the credit facility at June 30, 2016 was three-month LIBOR plus 375 basis points. The interest rate was 4.14% at June 30, 2016 and 4.13% at March 31, 2016. In case of unhedged foreign currency exposure, if any, ICICI reserves the right to increase the pricing of this facility. The credit facility is guaranteed by Mastek Ltd., subject to the terms and conditions set forth in the guarantee. The credit facility initially matured on November 11, 2015. On November 20, 2015, the Group extended this line of credit to February 11, 2016. The facility was further extended to May 9, 2016 and again extended to May 15, 2017. Majesco paid a processing fee of $12,5 in connection with the second extension and a processing fee of $50.83 in connection with the third extension. In connection with these extensions of the Majesco line of credit, Mastek Ltd. also extended its guarantee of such line of credit. Majesco has agreed to pay a fee and indemnify Mastek Ltd. against any payments made by Mastek Ltd. in connection with this guarantee.

This facility is secured by a continuing first priority lien on and security interest in, among other things, all of Majesco’s personal property and assets (both tangible and intangible), including accounts receivable, cash, certificated and uncertificated securities and proceeds of any insurance or indemnity payable to the Group with respect to the collateral. This facility contains financial covenants, as well as restrictions on, among other things, the ability of the Group to incur debt or liens; make loans and investments; enter into mergers, acquisitions and other business combinations; engage in asset sales; or amend its governing documents. This facility also restricts the Group from paying dividends upon and during the continuation of an event of default.

As of June 30, 2016, the Group had $5,000 of borrowings outstanding, and was in compliance with all covenants, under this facility.

PCFC Facilities

On June 30, 2015, the Group’s subsidiary, Majesco Software and Solutions India Pvt. Ltd. (“MSSIPL”) entered into a secured Pre Shipment in Foreign Currency and Post Shipment in Foreign Currency (“PCFC”) facility with Yes Bank under which MSSIPL may request 3 months pre-export advances and advances against export collection bills. The maximum borrowing limit is $5,656. The interest rate on this PCFC facility is LIBOR plus 150 basis points. The interest rate on this PCFC facility is determined at the time of each advance. This PCFC facility has a first pari passu charge over the current assets of MSSIPL. As of June 30, 2016, the Group had $2,700 of borrowings outstanding under this PCFC facility and was in compliance with the terms of this facility. The Group is currently in discussions with Yes bank to extend this facility.

The outstanding loans as on June 30, 2016 are as follows:

Date of loan	Repayable on	Outstanding as of June 30, 2016		Rate of interest (Libor + 1.5%)
April 11, 2016	July 10, 2016	$	700		2.13	%
April 29, 2016	July 28, 2016		2,000		3.14	%
Total		$	2,700

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the exchange rate on May 6, 2016) in short term borrowings for working capital, including software and related services. Interest rate on this facility is based on LIBOR plus a margin to be determined at the time of each draw by ICICI. In addition, this facility includes a bank guarantee facility of up to 5 million Indian rupees (approximately $75 at the exchange rate on May 6, 2016) bearing a commission of 0.40% annually plus applicable service tax. This facility has a first pari passu charge over the current assets of MSSIPL. This facility is available until July 8, 2016 and contains covenants and customary events of default. As of June 30, 2016, the Group had no amounts outstanding under this facility. The Group is currently in discussions with ICICI to extend this facility.

On August 28, 2015, MSSIPL entered into a Facility Letter with Standard Chartered Bank for pre-shipment financing and overdraft facilities. Under this facility MSSIPL may borrow up to 50 million Indian Rupees (approximately $750 at the exchange rate on May 6, 2016) in short term borrowings. Interest rate on this facility is based on a base rate or LIBOR plus a margin to be determined at the time of each draw by the lender. This facility has a first pari passu charge over the current assets of MSSIPL. This facility contains restrictive covenants on MSSIPL, its direct parent and their subsidiaries, including a negative pledge covenant and restrictions on assets sales outside the ordinary course of business or other substantial changes to the business. In addition, any change in ownership or control or merger transaction of MSSIPL, its direct parent or their subsidiaries will require consent from Standard Chartered Bank. Standard Chartered Bank may cancel a loan at any time. This facility also contains customary events of default provision and indemnification provisions whereby MSSIPL will indemnify Standard Chartered Bank against all losses or damages related to the facility. In addition, Standard Chartered Bank has a right of first refusal on future hedging transactions, refinancing of the facility or other similar transactions so long as any amounts remain owed to it under the facility. MSSIPL is also obligated to reimburse all costs and expenses of Standard Chartered Bank under this facility. As of June 30, 2016, the Group had no amounts outstanding under this facility.

Term Loan Facility

On March 23, 2016, Majesco entered into a Loan Agreement (the “Loan Agreement”) with HSBC Bank USA, National Association (“HSBC”) pursuant to which HSBC agreed to extend loans to Majesco in the amount of up to $10,000 and Majesco issued a promissory note to HSBC in the maximum principal amount of $10,000 or any lesser amount borrowed under the Loan Agreement (the “Note”, and together with the “Loan Agreement”, the “Facility”). The outstanding principal balance of the loan bears interest based on LIBOR plus a margin in effect on the first day of the relevant interest period. Until January 1, 2018, only interest will be payable under the loan. Commencing on January 1, 2018, and on each January 1 and July 1 thereafter until July 1, 2020, installments of principal in the amount of $1,666.67 shall be due and payable semi-annually. All principal and interest outstanding under the Note shall be due and payable on March 1, 2021. The Facility is unsecured and supported by a letter of credit issued by a bank of $10,000, which is secured by a cash pledge of the Group’s parent company, Majesco Limited. As of June 30, 2016, we had $10,000 outstanding under this Facility.

The Facility contains affirmative covenants that require Majesco to furnish financial statements to HSBC and cause Majesco Limited to maintain (1) a Net Debt-to-EBITDA Ratio (as defined in the Loan Agreement) of not more than (a) 5.00 to 1.00 as of the last day of its 2017 fiscal year and (b) 2.50 to 1.00 as of the last day of each fiscal year thereafter, and (2) a Debt Service Coverage Ratio (as defined in the Loan Agreement) of not less than 1.50 to 1.00 as of the last day of each fiscal year. The Facility contains restrictive covenants on Majesco, including restrictions on declaring or paying dividends upon and during the continuation of an event of default, incurring additional indebtedness, selling material portions of its assets or undertaking other substantial changes to the business, purchasing or holdings securities for investment, and extending credit to any person outside the ordinary course of business. The Facility also restricts any transfer or change in, or assignment or pledge of the ownership or control of Majesco which would cause Majesco Limited to directly own less than fifty one percent (51%) of the issued and outstanding equity interests in Majesco. The Facility also restricts Majesco Limited from incurring any Net Debt (as defined in the Loan Agreement) in excess of $25,000 at any time prior to April 1, 2017. The Facility also contains customary events of default provision and indemnification provisions whereby Majesco will indemnify HSBC against all losses or damages related to the Facility, provided, however, that Majesco shall not have any indemnification obligations to HSBC for any claims caused by HSBC’s gross negligence or willful misconduct. Majesco may use the loan proceeds solely for the purpose of refinancing existing indebtedness, capital expenditures and working capital and other general corporate purposes.

Majesco used the proceeds from the Facility to refinance its existing $3,000 term loan agreement with Punjab National Bank (International) Limited, capital expenditures and for working capital and other general corporate purposes.

DERIVATIVE FINANCIAL INSTRUMENTS

The following table provides information of fair values of derivative financial instruments:

	Asset				Liability
	Noncurrent*		Current*		Noncurrent*		Current*
As of June 30, 2016
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	0	$	48	$	0	$	5
Total	$	0	$	48	$	0	$	5

As of March 31, 2016
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	0	$	180	$	0	$	4
	$	0	$	180	$	0	$	4

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The noncurrent and current portions of derivative assets are included in ‘Other assets’ and ‘Prepaid expenses and other current assets’, respectively, and the noncurrent and current portions of derivative liabilities are included in ‘Other liabilities’ and ‘Accrued expenses and other liabilities’, respectively, in the consolidated balance sheet.

Cash Flow Hedges and Other Derivatives

We use foreign currency forward contracts and par forward contracts to hedge our risks associated with foreign currency fluctuations related to certain commitments and forecasted transactions. The use of hedging instruments is governed by our policies which are approved by our Board of Directors. We designate these hedging instruments as cash flow hedges. Derivative financial instruments we enter into that are not designated as hedging instruments in hedge relationships are classified as financial instruments at fair value through profit or loss.

Derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships are classified in financial instruments at fair value through profit or loss.

The aggregate contracted principal amounts of the Group’s foreign exchange forward contracts (sell) outstanding as of June 30, 2016 amounted to $5,280 and as of March 31, 2016 amounted to $10,660, respectively. The outstanding forward contracts as of June 30, 2016 mature between 1 month to 12 months. As of June 30, 2016, the Group estimates that $29, net of tax, of the net gains related to derivatives designated as cash flow hedges recorded in accumulated other comprehensive income (loss) is expected to be reclassified into earnings within the next 12 months.

The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities.

The following table provides information of the amounts of pre-tax gains/(losses) recognized in and reclassified from Accumulated Other Comprehensive Income (“AOCI”) of derivative instruments designated as cash flow hedges:

	Amount of Gain/(Loss) recognized in AOCI (effective portion)			Amount of gain/(Loss) reclassified from AOCI to Statement of Operations (Revenue)
For three months ended June 30, 2016
Foreign exchange forward contracts	$	(53	)	$	(80	)
Total	$	(53	)	$	(80	)

For three months ended June 30, 2015
Foreign exchange forward contracts	$	(6	)	$	(215	)
Total	$	(6	)	$	(215	)

ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in accumulated other comprehensive income by component were as follows:

	Three months ended June 30, 2016									Three months ended June 30, 2015
	Before tax			Tax effect			Net of Tax			Before tax			Tax effect			Net of Tax
Other comprehensive income
Foreign currency translation adjustments
Opening balance	$	222		$	-		$	222		$	1,883		$	—		$	1,883
Change in foreign currency translation adjustments		(205	)		-			(205	)		(752	)		—			(752	)
Closing balance	$	17		$	-		$	17		$	1,131		$	—		$	1,131

Unrealized gains/(losses) on cash flow hedges
Opening balance	$	176		$	(59	)	$	117		$	545		$	(186	)	$	360
Unrealized gains/(losses) on cash flow hedges		(53	)		18			(35	)		(6	)		2			(4	)
Reclassified to Revenue		(80	)		27			(53	)		(215	)		73			(142	)
Net change	$	(133	)	$	45		$	(88	)	$	(221	)	$	75		$	(146	)
Closing balance	$	43		$	(14	)	$	29		$	324		$	(111	)	$	214

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INCOME TAXES

The Group recognized income tax benefit of ($87) for the three months ended June 30, 2016 and recognized income tax provision/(benefit) of $100 for the three months ended June 30, 2015. The benefit during the three months ended June 30, 2016 is mainly on account of creation of deferred tax assets on the losses.

The effective tax rate of 14% for the three months ended June 30, 2016 differs from the statutory US federal income tax rate of 39.3% mainly due to stock based compensation, the impact of different tax jurisdictions and under accruals of prior periods.

10.

EMPLOYEE STOCK OPTION PLAN

Majesco 2015 Equity Incentive Plan

In the three months ended June 30, 2016, we recognized $322 in stock-based compensation expense in our consolidated financial statements compared to $54 in the three months ended June 30, 2015.

In June 2015, Majesco adopted the Majesco 2015 Equity Incentive Plan (the “2015 Plan”). Options and stock awards for the purchase of up to 3,877,263 shares may be granted by the Board of Directors to our employees, consultants and directors at an exercise or grant price determined by the Board of Directors on the date of grant. Options may be granted as incentive or nonqualified stock options with a term of not more than ten years. The 2015 Plan allows the Board of Directors to grant restricted or unrestricted stock awards or awards denominated in stock equivalent units or any combination of the foregoing which may be paid in common stock or other securities, in cash, or in a combination of common stock or other securities and cash. On June 30, 2016, an aggregate of 1,521,714 shares were available for grant under the 2015 Plan.

Majesco uses the Black-Scholes-Merton option-pricing model (“Black-Scholes”) to measure fair value of the share-based awards. The Black-Scholes model requires us to make significant judgments regarding the assumptions used within the model, the most significant of which are the expected stock price volatility, the expected life of the option award, the risk-free interest rate of return and dividends during the expected term.

Expected volatilities are based on peer entities as the historical volatility of Majesco’s common stock is limited.

In accordance with SAB Topic 14, Majesco uses the simplified method for estimating the expected term when measuring the fair value of employee stock options using the Black-Scholes option pricing model. Majesco believes the use of the simplified method is appropriate due to the employee stock options qualifying as “plain-vanilla” options under the criteria established by SAB Topic 14.

The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yields for an equivalent term at the time of grant.

Majesco does not anticipate paying dividends during the expected term.

	2016			2015

Expected volatility		41%–50	%		41%–50	%
Weighted-average volatility		41	%		41	%
Expected dividends		0	%		0	%
Expected term (in years)		3-5			3-5
Risk-free interest rate		0.46	%		0.46	%

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As of June 30, 2016, there was $3,642 of total unrecognized compensation costs related to non-vested share-based compensation arrangements previously granted by the Company. That cost is expected to be recognized over a weighted-average period of 2.8 years.

A summary of the outstanding common stock options under the 2015 Plan is as follows:

Exercise Price
Per Share

Weighted-Average
Remaining
Contractual Life

Weighted-Average
Exercise Price

Balance, June 30, 2016

2,353,885

4.81 – 7.72

9.09 years

5.31

Of the stock options outstanding, an aggregate of 571,707 are currently exercisable.

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options.

We follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, Accounting for Stock Options and Other Stock-Based Compensation. Among other items, ASC 718 requires companies to record the compensation expense for share-based awards issued to employees and directors in exchange for services provided. The amount of the compensation expense is based on the estimated fair value of the awards on their grant dates and is recognized over the required service periods. Our share-based awards include stock options and restricted stock awards. For restricted stock awards, the calculation of compensation expense under ASC 718 is based on the intrinsic value of the grant.

Warrants

As of June 30, 2016, there were warrants to purchase 334,064 shares of common stock outstanding. A summary of the terms of the outstanding warrants as of June 30, 2016 is as follows:

		Outstanding and Exercisable Warrants				Exercise Price Per Warrant				Weighted-Average Remaining Contractual Life				Weighted-Average Exercise Price
Balance, June 30, 2016			334,064		$		6.84 – 7.00				1.4			$	6.85

On September 11, 2012, Cover-All entered into a Loan and Security Agreement (“Loan Agreement”) by and among Imperium Commercial Finance Master Fund, LP, a Delaware limited partnership (“Imperium”), as lender, Cover-All Systems, Inc., a wholly-owned subsidiary of Cover-All (the “Subsidiary”), as borrower, and Cover-All as guarantor. The Loan Agreement provided for a three-year term loan to the Subsidiary of $2,000,000 and a three-year revolving credit line to the Subsidiary of up to $250,000, evidenced by a Revolving Credit Note in favor of Imperium (together with the Term Note, the “Imperium Notes”). Prior to the merger with Majesco, Cover-All paid in full the balance of the Imperium Notes.

In connection with the Loan Agreement, Cover-All issued to Imperium a five-year warrant (the “Stock Purchase Warrant”) to purchase 1,400,000 shares of Cover-All’s common stock at an exercise price of $1.48 per share. Cover-All also issued five-year warrants to purchase 42,000 shares, in the aggregate, of Cover-All’s common stock at an exercise price of $1.48 per share, to Monarch Capital Group, LLC (“Monarch”), which acted as Cover-All’s financial adviser in connection with the loan transaction, and an officer of Monarch. The Stock Purchase Warrants became exercisable on the date of the merger of Cover-All with Majesco. These issued and outstanding warrants to purchase shares of Cover-All common stock were not exercised or cancelled prior to the merger and were assumed by Majesco in accordance with their terms on the same terms and conditions as were applicable to such warrants immediately prior to the merger, with the number of shares subject to, and the exercise price applicable to, such warrants being appropriately adjusted based on the exchange ratio of 0.21641.

On September 1, 2015, Majesco issued to Maxim Partners LLC a five year warrant to purchase 25,000 shares of common

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stock of Majesco at an exercise price of $7.00 per share. The warrant was issued in connection with the engagement of the holder to perform certain advisory services to the Group. The number of shares issuable upon exercise of the warrant may be reduced under certain circumstances of non-performance under the services agreement. The warrant may be exercised at any time after September 1, 2016 and will expire, if unexercised, on September 1, 2020. The warrant contains certain anti-dilution adjustment protection in case of certain future issuances of securities, stock dividends, split and other transactions affecting Majesco’s securities. The holder of the warrant is entitled to piggyback registration rights in case of certain registered securities offerings by Majesco.

Employee Stock Option Scheme of Majesco Limited — Plan 1

Certain employees of the Group participate in the Group’s parent company Majesco Limited’s employee stock option plan. The plan termed as “ESOP plan 1”, became effective June 1, 2015, the effective date of the demerger of Mastek Ltd. Group employees who were having options in the earlier ESOP plans of Mastek Ltd. have now been given options of Majesco Limited. Under the plan, Majesco Limited during the year has also granted newly issued options to the employees of MSSIPL. During the period 30,000 options were granted. The options were granted at the market price on the grant date.

As of June 30, 2016, the total future compensation cost related to non-vested options not yet recognized in the Statement of Operations was $1,554 and the weighted average period over which these awards are expected to be recognized was 3 years. The weighted average remaining contractual life of options expected to vest as of June 30, 2016 is 10 years.

Majesco Limited calculated the fair value of each option grant on the date of grant using the Black-Scholes pricing method with the following assumptions:

	2016			2015
Weighted-average volatility		51.02	%		47.77	%
Expected dividends		0.00	%		2.56	%
Expected term (in years)		6 Years			6 Years
Risk-free interest rate		7.46	%		8.70	%

The summary of outstanding options of Majesco Limited as of June 30, 2016 is as follows:

	Outstanding and Exercisable		Exercise Price Per Share		Weighted-Average Remaining Contractual Life		Weighted-Average Exercise Price
Balance, June 30, 2016		1,099,426	$	0.1 - $3		8.12		1.40
		656,000	$	3.1 - $ 6		10.16		5.01
		199,000	$	6.1 - $ 7		10.65		8.44

Of the stock options of Majesco Limited outstanding and held by Group employees, an aggregate of 732,925 are currently exercisable.

Majesco Performance Bonus Plan

Majesco established the Majesco Performance Bonus Plan (the “Performance Bonus Plan”). The Performance Bonus Plan is administered by the Compensation Committee of the Board of Directors of Majesco. The purpose of the Performance Bonus Plan is to benefit and advance the interests of the Group by rewarding selected employees of the Group for their contributions to the Group’s financial success and thereby motivate them to continue to make such contributions in the future by granting them performance-based awards that are fully tax deductible to the Group.

Majesco Employee Stock Purchase Plan

Majesco established the Majesco Employee Stock Purchase Plan (the “ESPP”). The ESPP is intended to be qualified under Section 423 of the Internal Revenue Code. If a plan is qualified under Section 423, employees who participate in the ESPP enjoy certain tax advantages. The ESPP allows employees to purchase shares of Majesco common stock at a discount, without being subject to tax until they sell the shares, and without having to pay any brokerage commissions with respect to the purchases.

The purpose of the ESPP is to encourage the purchase of Majesco common stock by our employees, to provide employees with a personal stake in our business and to help us retain our employees by providing a long range inducement for such employee to remain in our employ.

The ESPP provides employees with the right to purchase shares of common stock through payroll deductions. The total number shares available for purchase under the ESPP is 2,000,000. The ESPP Plan became effective January 1, 2016. At June 30,

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2016, we issued 22,647 shares under the ESPP.

11.

EARNINGS PER SHARE

The basic and diluted earnings/(loss) per share were as follows:

	Three months ended June 30,
	2016			2015

Net (Loss)/ Income	$	(550	)	$	82

Basic weighted average outstanding equity shares		36,451,606			30,836,171

Adjustment for dilutive potential common stock

Options under Majesco 2015 Equity Plan		-			115,270

Dilutive weighted average outstanding equity shares		36,451,606			30,951,441

Earnings per share:
Basic	$	(0.02	)	$	0.00
Diluted		(0.02	)		0.00

Basic earnings per share amounts are calculated by dividing net income for the three months ended June 30, 2016 and 2015 attributable to common shareholders by the weighted average number of ordinary shares outstanding during the quarter.

Diluted earnings per share amounts are calculated by dividing the net income attributable to common shareholders by the sum of the weighted average number of ordinary shares outstanding during the quarter plus the weighted average number of common shares that would be issued on the conversion of all the dilutive potential common shares into common shares.

The calculation of diluted earnings per share for the three months ended June 30, 2016 and 2015 excluded 2,390,787 and 2,142,681 shares and options, respectively, granted to employees, as their inclusion would have been antidilutive.

12.

RELATED PARTIES TRANSACTIONS

The following tables summarize the liabilities to related parties:

	As of June 30, 2016		As of March 31, 2016
Reorganization consideration payable to Majesco Limited for MSSIPL business	$	—	$	—
Reimbursable expenses payable to Majesco Limited		1,094		927
	$	1,094	$	927

MSSIPL entered into an operating lease for its operation facilities in Mahape, India, as lessee, with Majesco Limited, Majesco’ s parent company, as lessor. The approximate aggregate annual rent payable to Majesco Limited under this lease agreement is expected to be $1,218. The lease is effective June 1, 2015 and expires on May 31, 2020.

MSSIPL also entered into a lease for facilities for its operations in Pune, India, with Mastek Ltd. as lessor. The approximate aggregate annual rent payable to Mastek Ltd. under this lease agreement is expected to be $289. The lease is effective June 1, 2015 and expires on May 31, 2020.

MSSIPL also entered into a lease for facilities for its operations in Ahmedabad, India, with Mastek Ltd. as lessor. The approximate aggregate annual rent payable to Mastek Ltd. under this lease agreement is expected to be $2. The lease was renewed in December 1, 2015 for a new term ending on October 31, 2016.

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	As of June 30, 2016		As of March 31, 2016
Security deposits paid to Majesco Limited by MSSIPL for use of Mahape premises	$	622	$	634
Security deposits paid to Mastek Ltd. by MSSIPL for use of Pune premises	$	160	$	163
Security deposits paid to Mastek Ltd. by MSSIPL for use of Ahmedabad premises	$	1	$	1

Rental expenses paid by MSSIPL to Majesco Limited for use of premises for the three months ended June 30, 2016 and June 30, 2015 was $315 and $NIL, respectively. Rental expenses paid by MSSIPL to Mastek Ltd. for use of premises for the three months ended June 30, 2016 and June 30, 2015 was $74 and $NIL, respectively.

On September 24, 2015, MSSIPL and Mastek (UK) Limited, a wholly owned subsidiary of Mastek Ltd. (“Mastek UK”), entered into a Joint Venture Agreement (the “Agreement”) pursuant to which the two companies agreed to work together to deliver services to third parties under the terms of the Agreement, which services comprise the delivery of development, integration and support services to third parties by use of Mastek Ltd.’s development, integration and support methodologies and tools. The Agreement is effective September 24, 2015 and will remain in force, unless terminated by either party upon three months’ notice in writing to the other of its intention to terminate the Agreement. The consideration for each party’s performance of its obligations under the Agreement is the performance of the other’s obligations under the same Agreement, being services to the other. The services shall comprise in the case of Mastek Ltd., Mastek Ltd.’s development, integration and support methodologies and tools and business development services. In the case of MSSIPL, the services comprise the provision of leading edge technical expertise and advice. The parties will also exchange technical, business and other information.

On October 31, 2015, Majesco Sdn. Bhd., a company incorporated under the laws of Malaysia and wholly-owned subsidiary of Majesco (“Majesco Malaysia”), entered into a Share Purchase Agreement with Mastek Ltd. pursuant to which Majesco Malaysia purchased from Mastek Ltd. all of the issued and outstanding shares of Mastek Asia Pacific Pte. Limited, a company incorporated under the laws of Singapore, for a total cash purchase consideration of 381,800 Singapore Dollars (USD $276,000). The acquisition closed on November 1, 2015.

On December 2, 2015, Majesco UK Limited, a company registered in England and Wales wholly owned by Majesco (“Majesco UK”), entered into a Services Agreement with Mastek UK, pursuant to which Mastek UK provides certain corporate and operational support services to Majesco UK, including managed office accommodation and facilities; managed office IT infrastructure and networks; and corporate support services, insurance coverage and subscription to professional associations and publications. The charges for these core services will consist of a monthly charge of 13,000 UK Pounds (USD $20,000) and a pass through of actual costs of providing the services. Any support services by Mastek UK staff not included in the core services will be charged on a basis to be determined separately between both parties but before provision of such services. Either party may at any time, by notice in writing to the other party, terminate this agreement for breach or if the other party becomes subject to insolvency issues. Either party for any reason or no reason may terminate this agreement by providing the other party written notice of the termination ninety (90) days in advance. The Services Agreement contains customary representations, warranties and indemnities of the parties. The effective date of this Services Agreement is January 1, 2015. The amount paid for the three months ended June 30, 2016 and June 30, 2015 were $56 and $NIL respectively.

On March 1, 2016, Majesco, and Digility Inc., a Delaware corporation (“Digility”) wholly-owned by Mastek UK, entered into a Services Agreement (the “Services Agreement”), pursuant to which Majesco will provide certain management and operational support services to Digility, including managed office accommodation and facilities, managed office IT infrastructure and networks, and corporate support services.

The charges for these services will consist of an initial set-up fee of $1,000, a monthly fee of $3,750 and a pass through of actual costs of providing the services incurred in excess of the monthly fee. Either party may at any time, by notice in writing to the other party, terminate the Services Agreement for breach or if the other party becomes subject to insolvency issues. Either party for any reason or no reason may terminate the Services Agreement by providing the other party written notice of the termination thirty (30) days in advance. The Services Agreement contains customary representations, warranties and indemnities of the parties. The effective date of the Services Agreement is March 1, 2016.

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Sublease Agreement will commence on March 1, 2016 and expire on July 31, 2017, unless terminated at an earlier date. Either party for any reason or no reason may terminate the Sublease Agreement by providing the other party written notice of the termination thirty (30) days in advance. The Sublease Agreement contains customary representations, warranties and indemnities of the parties

During the quarter ended June 30, 2016, Majesco paid $319 to Majesco Limited as arrangement fees and guarantee commission for the guarantee given by Majesco Limited to HSBC and ICICI Bank for the facilities taken by Majesco on its subsidiaries..

On August 2, 2016, Majesco Limited and MSSIPL entered into a master service agreement, effective as of June 30, 2016. Pursuant to which MSSIPL will provide software development services to Majesco Limited. Under this agreement, MSSIPL will charge Majesco Limited cost plus a margin for the services rendered.

On August 2, 2016, Majesco Limited and MSSIPL entered into a Memorandum of Understanding (the “MOU”) pursuant to which MSSIPL granted Majesco Limited a perpetual, royalty-free right to use the intellectual property rights of MSSIPL in “Elixir”, including any improvements and upgrades, in connection with Majesco Limited’s India insurance business.

13.

STOCKHOLDERS EQUITY

The Company’s amended and restated certificate of incorporation allows it to issue 50,000,000 shares of preferred stock. The preferred stock may be issued in one or more series with such rights, preferences and privileges and restrictions as the board of directors of Majesco may determine from time to time. Presently, Majesco does not have plans to issue any shares of preferred stock.

14.

SEGMENT INFORMATION

The Group operates in one segment as software solutions provider for the insurance industry. The Group’s chief operating decision maker (the “CODM”) is its Chief Executive Officer. The CODM manages the Group’s operations on a consolidated basis for purposes of allocating resources. When evaluating the Group’s financial performance, the CODM reviews all financial information on a consolidated basis. A majority of the Group’s principal operations and decision-making functions are located in the United States.

The following table sets forth revenues by country based on the billing address of the customer:

	Three Months ended June 30. 2016		Three Months ended June 30. 2015
USA	$	28,721	$	19,183
UK		2,384		1,964
Canada		340		866
Malaysia		759		1,150
Thailand		-		-
Others		350		-
	$	32,554	$	23,163

The following table sets forth the Group’s property and equipment, net by geographic region:

	As of June 30, 2016		As of March 31, 2016
USA	$	1,799	$	1.668
India		1,970		1,788
Canada		-		-
UK		4		5
Malaysia		1		1
	$	3,774	$	3,462

We provide a significant volume of services to a number of significant customers. Therefore, the loss of a significant

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customer could materially reduce our revenues. The Group had one customer for the three months ended June 30, 2016 and no customer for the three months ended June 30, 2015 that accounted for 10% or more of total revenue. The Group had one customer as of June 30, 2016 and no customer as of June 30, 2015 that accounted for 10% or more of total accounts receivables and unbilled accounts receivable. Presented in the table below is information about our major customers:

	Three months ended June 30, 2016					Three months ended June 30, 2015
	Amount		% of combined revenue			Amount		% of combined revenue
Customer A
Revenue	$	3,722		11	%	$	1,640		7	%
Accounts receivables and unbilled accounts receivable	$	4,518		19	%	$	40		-
Customer B
Revenue	$	1,617		5	%	$	1,366		6	%
Accounts receivables and unbilled accounts receivable	$	557		2	%	$	1,039		5	%

15.

COMMITMENTS

Capital Commitments

The Group had outstanding contractual commitments of $859 and $842 as of June 30, 2016 and March 31, 2016, respectively, for capital expenditures relating to the acquisition of property, equipment and new network infrastructure.

Operating Leases

The Group leases certain office premises under operating leases. Many of these leases include a renewal option on a periodic basis at the Group’s option, with the renewal periods extending in the range of 2 – 5 years. Rental expense for operating leases amounted to $763 for the three months ended June 30, 2016 compared to $418 for the three months ended June 30, 2015, respectively. The schedule for future minimum rental payments over the lease term in respect of operating leases is set out below.

Quarter ended June 30	Amount
2017	$	2,201
2018		2,758
2019		2,713
2020		2,752
2021		684
Beyond 5 years		972
Total minimum lease payments	$	12,080

Facility Leases

Our subsidiary in India, MSSIPL, has entered into a lease for its operations in Mahape, India, as lessee, with Majesco Limited as lessor. The approximate aggregate annual rent payable to Majesco Limited under this lease agreement is expected to be $1,218. The lease is effective June 1, 2015 and expires on May 31, 2020. MSSIPL paid Majesco Limited $315 in rent under the lease during the three months ended June 30, 2016 and NIL during the three months ended June 30, 2015. MSSIPL may terminate the lease after three years with six months’ prior written notice to Majesco Limited. Majesco Limited may terminate the lease after five years with six months’ prior written notice to MSSIPL.

MSSIPL also entered into a lease for its operations in Pune, India, with Mastek Ltd. as lessor. The approximate aggregate annual rent payable to Mastek Ltd. under this lease agreement is expected to be $289. The lease is effective June 1, 2015 and expires on May 31, 2020. MSSIPL paid Mastek Ltd. $71 in rent under the lease during the three months ended June 30, 2016 and $NIL in rent under the lease during the three months ended June 30, 2015. MSSIPL may terminate the lease after three years with six months’ prior written notice to Mastek Ltd. Mastek Ltd. may terminate the lease after five years.

MSSIPL also entered into a lease for its operations in Ahmedabad, India, with Mastek Ltd. as lessor. The approximate aggregate annual rent payable to Mastek Ltd. under this lease agreement is expected to be $2. The lease was renewed in December 1, 2015 for a new term ending on October 31, 2016. MSSIPL paid Mastek Ltd. $1 and NIL during the three months ended June 30, 2016 and June 30, 2015, respectively. Either party may terminate the lease with 30 days’ prior written notice to the other party.

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16.

ACQUISITION

On December 14, 2014, Majesco entered into a definitive merger agreement with Cover-All. The merger was completed on June 26, 2015. Cover-All licenses and maintains software products for the property/casualty insurance industry throughout the United States and Puerto Rico. Majesco merged with Cover-All to expand its insurance business in the United States.

The following table summarizes the consideration paid in the merger of Cover-All into Majesco and the amounts of identified assets acquired and liabilities assumed at the merger date:

Fair value of consideration transferred
Common stock	$	12
Additional paid-in capital		29,708
Total consideration	$	29,720

The merger of Cover-All and Majesco was a stock-for-stock merger with each share of Cover-All common stock issued and outstanding immediately prior to the merger converted into the right to receive the number of shares of Majesco common stock multiplied by the exchange ratio. The exchange ratio in the merger was 0.21641. Accordingly, at the closing of the merger, Cover-All in the aggregate represented 16.5% of the total capitalization of the combined company.

In the merger, 5,844,830 shares of Majesco common stock were issued to the shareholders of Cover-All and 197,081 equity incentives were issued to the holders of options and restricted stock units of Cover-All. Consequently, common stock of Majesco is increased by $12 and additional paid in capital is increased by $29,708.

Recognized amount of identifiable assets acquired and liabilities assumed

	Amount
Cash	$	2,990
Accounts receivable		1,592
Prepaid expenses and other current assets		629
Property, plant and equipment		454
Other assets		148
Customer contracts		2,410
Customer relationships		4,460
Technology		3,110
Defer tax asset on NOL		459
Accounts payable		(1,120	)
Accrued expenses		(623	)
Deferred revenue		(2,515	)
Capital lease liability		(294	)

Total fair value of assets acquired		11,700
Fair value of consideration paid		29,720
Goodwill	$	18,020

The goodwill of $18,020 arising from the merger consists largely of the synergies and economies of scale expected from combining the operations of Majesco and Cover-All. Further, though workforce has been valued, it is not recognized separately, but subsumed in goodwill. Goodwill deductible for tax purpose amounts to Nil.

On October 31, 2015, Majesco Sdn. Bhd. (MSC) entered into a Share Purchase Agreement with Mastek Ltd. for the purchase of the issued and authorized shares of Mastek Asia Pacific Pte Limited, Singapore.

Recognized amount of identifiable assets acquired and liabilities assumed

	Amount
Cash	$	212
Accounts receivable		18
Other assets		1
Accrued expenses		(14	)

Total fair value of assets acquired		217
Fair value of consideration paid		276
Goodwill	$	59

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The following table summarizes the consideration paid to Mastek Ltd. and the amounts of identified assets acquired and liabilities assumed at the effective date:

The changes in the varying amount of goodwill are as follows:

Changes in carrying amount of the goodwill

	As of June 30, 2016		As of March 31, 2016

Opening value	$	32,275	$	14,196
Addition of goodwill related to acquisition		0		18,079
Addition on account of currency fluctuation		4		0
Closing value	$	32,279	$	32,275

No impairment loss has been recognized on goodwill.

Details of identifiable intangible assets acquired are as follows:

	Weighted average amortization period (in years)	Amount assigned		Residual value
Customer contracts	3	$	2,410		-
Customer relationships	8		4,460		-
Technology	6		3,110		-
Total	6	$	9,980		-

Revenues and earnings specific to the Cover-All business for the period June 26, 2015 to June 30, 2015 were $233 and $47, respectively. Revenues and earnings specific to the Cover-All business for the period July 1, 2015 to March 31, 2016 were $17,636 and $1,260, respectively.

Pro-Forma Financial Information (Unaudited):

The following unaudited pro-forma financial information is presented to illustrate the estimated effect of the Cover-All merger and Mastek Asia Pacific Pte. Limited acquisition, the related financing of funds and tax effects from these transactions.

The unaudited pro-forma information for the periods set forth below gives effect to 2015 transactions as if they had occurred as of April 1, 2015. Majesco has a fiscal year-end of March 31^st and Cover-All has a fiscal year-end of December 31^st. The unaudited pro-forma financial information for the three months ended June 30, 2015 reflects the statement of operations of Majesco for the three months ended June 30, 2015 and Cover-All for the three months ended June 30, 2015.

The unaudited pro-forma financial information is presented for illustrative purposes only, and is not necessarily indicative of the financial condition or results of operations of future periods or the financial condition or results of operations that actually would have been realized had the entities been combined during the periods presented.

The following unaudited pro-forma summary presents consolidated information of Majesco as if the business combination had occurred on April 1, 2015:

	Unaudited Pro forma three months ended June 30, 2015
Revenue	$	28,219
Net Income (Loss)	$	283

There are no material non-recurring pro forma adjustments directly attributable to the merger included in the reported pro forma revenue and earnings. These pro-forma amounts have been calculated after applying Majesco’s accounting policies and adjusting the results of Cover-All to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied from April 1, 2015 with consequential

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tax effects.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion together with “Selected Financial and Other Data,” and the consolidated financial statements and related notes included in our Annual Report on Form 10-K for our fiscal year ended March 31, 2016 and referred to herein as the "Annual Report," and the consolidated financial statements and related notes for the quarter ended June 30, 2016 included in Part I, Item I of this report on Form 10-Q. The statements in this discussion regarding expectations of our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described below in “Special Note Regarding Forward-Looking Statements” and in Part II, Item 1A "Risk Factors." Our actual results may differ materially from those contained in or implied by any forward-looking statements.

All currency amounts in this MD&A are in thousands unless indicated otherwise. Except where the context requires otherwise, references in this MD&A to “Majesco,” “we” or “us” are to Majesco and its subsidiaries on a worldwide consolidated basis after giving effect to the Majesco Reorganization.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact could be deemed forward-looking statements. Statements that include words such as “may,” “will,” “might,” “projects,” “expects,” “plans,” “believes,” “anticipates,” “targets,” “intends,” “hopes,” “aims,” “can,” “should,” “could,” “would,” “goal,” “potential,” “approximately,” “estimate,” “pro forma,” “continue” or “pursue” or the negative of these words or other words or expressions of similar meaning may identify forward-looking statements. For example, forward-looking statements include any statements of the plans, strategies and objectives of management for future operations, including the execution of integration and restructuring plans and the anticipated timing of filings; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing.

These forward-looking statements are found at various places throughout this report on Form 10-Q and the other documents referred to and relate to a variety of matters, including, but not limited to, other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. Furthermore, if such forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all.

These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in “Item 1A. Risk Factors” and elsewhere in this report on Form 10-Q and in our Annual Report. Important factors that could cause actual results to differ materially from those described in forward-looking statements contained herein include, but are not limited to:

•

our ability to achieve increased market penetration for our product and service offerings and obtain new customers;

•

our ability to raise future capital as needed to fund our growth and innovation plans;

•

growth prospects of the property & casualty and life & annuity insurance industry;

•

the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs;

•

our ability to protect our intellectual property rights;

•

our ability to compete successfully against other providers and products;

•

our dependence on certain key customers and the risk of loss of these customers;

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•

the unauthorized disclosure of sensitive or confidential client and customer data and cybersecurity risks;

•

the risk of telecommunications or technology disruptions;

•

our exposure to additional scrutiny and increased expenses as a result of being a public company;

•

our ability to identify and complete acquisitions, manage growth and successfully integrate acquisitions;

•

our financial condition, financing requirements and cash flow;

•

market expectations regarding our potential growth and ability to implement our short and long-term strategies; and

•

the risk of loss of strategic relationships.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report on Form 10-Q. We disclaim any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this report on Form 10-Q or to reflect the occurrence of unanticipated events, except as required by law.

Overview

We are a global provider of core insurance software consulting and services for business transformation for the insurance industry. We operate in the United States, India, Canada, the United Kingdom, Malaysia, Thailand, Singapore, New Zealand and Mexico. We offer core insurance software solutions for P&C, L&A and Pensions & Group / Employee Benefits providers, allowing them to manage policy management, claims management and billing management capabilities. In addition, we offer a variety of other technology-based solutions that are designed to enable organizations to automate and innovate business processes across the end-to-end insurance value chain and comply with policies and regulations across their organizations. Our solutions enable customers to respond to evolving market needs and regulatory changes, while improving the efficiency of their core operations, thereby increasing revenues and reducing costs.

Long-term, strong customer relationships are a key component of our success given the long-term nature of our contracts, opportunity for deeper relationships with our portfolio of solutions and the importance of customer references for new sales. Our customers range from some of the largest global tier one insurance carriers in the industry to startups, greenfields, and mid-market insurers, including specialty, mutual and regional carriers. As of June 30, 2016, we served approximately 149 insurance customers on a worldwide basis.

We generate revenues primarily from the licensing of our proprietary software and related implementation, support and maintenance fees pursuant to contracts with our customers. In general, we license software which requires significant modification or customization. In such cases, license revenue is not accounted for separately, but rather is accounted for along with software services revenue, as the services are an integral part of software functionality and include significant modification or customization of the software.

Our license agreements with our customers typically have terms ranging from fixed-year terms (which maybe renewable) to perpetual terms. Support services are provided to customers pursuant to multi-year support agreements, which are typically renewable on an annual basis. We bill customers for license fees in accordance with the terms of the applicable license agreement, typically payable upon the signing of the agreement and achievement of milestones over the course of a defined period of time. Support fees are payable in advance by the customer on an annualized, quarterly or monthly basis. We primarily derive service revenues from implementation and training services performed for our customers under the terms of a service contract on a time and materials or fixed-price basis.

Three Months Ended June 30, 2016 Highlights

A few of our highlights of our three months ended June 30, 2016 were:

•

Revenues of $32.6 million with a gross profit of 45.3%;

•

$4.5 million (13.9% of revenue) in research and development expenses;

•

$10.7 million (32.7% of revenue) in sales, general and administrative expenses;

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•

Net loss of $0.6 million; and

•

Adjusted EBITDA of $1.0 million, representing 3.07% of revenue.

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use EBITDA as a supplemental measure of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance. We define Adjusted EBITDA as EBITDA before one-time non-recurring exceptional costs related to the merger with Cover-All and the listing of the Majesco common stock on the NYSE MKT in connection with the merger and stock based compensation.

The terms EBITDA and Adjusted EBITDA are not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing our operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect our actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on U.S. GAAP results and using EBITDA and Adjusted EBITDA only supplementally.

For an unaudited reconciliation of U.S. GAAP net income to EBITDA and Adjusted EBITDA for the three months ended June 30, 2016 and June 30, 2015, see “— Results of Operations — Three Months Ended June 30, 2016 Compared to Three Months Ended June 30, 2015.”

Agile Asset Acquisition

On January 1, 2015, we acquired substantially all of the insurance consulting business of Agile, a business and technology management consulting firm. We estimate the total consideration for the Agile asset acquisition will amount to approximately $8.5 million, with a total maximum of $9.2 million possible depending on earn-out payments. Of the estimated approximately $8.5 million total consideration, (1) $1.0 million was paid in connection with the execution of the acquisition agreement and $2.0 million was paid in connection with the closing of the acquisition with available cash on hand, (2) approximately $390,000 will be paid in cash as deferred payments over three years to certain former Agile employees who became employees of Majesco in connection with the acquisition and (3) up to $5.1 million will be paid by way of earn-out over three years based on the satisfaction of certain time milestones and performance targets, with maximum potential aggregate earn-out payments of up to $5.8 million if performance targets are exceeded. We funded the consideration for this acquisition and all related costs to date using available cash on hand. We subsequently refinanced a portion of the consideration for this acquisition and related costs through borrowings of approximately $3 million under a term loan.

Through this acquisition, we acquired the insurance-focused IT consulting business of Agile, as well as business process optimization capabilities and additional technology services including data architecture strategy and services. In connection with this acquisition, over 55 insurance technology professionals and other personnel formerly employed or engaged by Agile became our employees or independent contractors. This acquisition also resulted in the addition of approximately 20 customers to our customer base. In connection with this acquisition, we assumed office leases under which Agile was lessee in New Jersey, Georgia and Ohio, and acquired certain trademarks, service marks, domain names and business process framework of Agile.

On January 26, 2016, we amended the asset purchase and sale agreement with Agile and its members to amend the terms and conditions of the earn-out. The amendment added in the calculation of revenue for purposes of determining the earn-out for 2015 five percent of the initial order book revenue of Majesco software (intellectual property) deals closed by the Agile Division and 40% of revenue and EBITDA for Data Center of Excellence projects that have been signed in calendar year 2015. For determining the earn-out for 2016 and 2017, the amendment provides that the earn-out performance metrics will be determined at the Majesco level and not the Agile Division level and will be based only on revenue and EBITDA goals of Majesco as reported in Majesco’s consolidated financial statements. The amendment also provides that 50% of the earn-out in the amount of $583,333 will be fixed with the remainder of the earn-out (the “Variable Earn-Out”) payable to Agile on a percentage basis as calculated below only if Majesco achieves 90% of corporate revenue and EBITDA goals for 2016 and 2017. No Variable Earn-Out will be payable for achieving less than 90% of the corporate revenue and EBITDA goals for 2016 and 2017, respectively, and any additional earn-out will not exceed 20% of the Variable Earn-Out. For revenue and EBITDA between 90% and 120% of Majesco’s revenue and EBITDA goals, Majesco will pay Agile a Variable Earn-Out calculated on a percentage basis. The amendment also adjusts the earn-out periods determination over a period of three years with the first year commencing on January 1, 2015 and ending on December 31, 2015; the second year commencing on April 1, 2016 and ending on March 31, 2017; and the third year commencing on April 1, 2017 and ending on March 31, 2018. We paid approximately $1.5 million as earn-out to Agile in fiscal 2016.

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Cover-All Merger

On June 26, 2015, Cover-All, a provider of core insurance software and business analytics solution primarily focused on commercial lines for the property and casualty insurance industry listed on the NYSE MKT, merged into Majesco, with Majesco as the surviving corporation, in a stock-for-stock transaction. In the merger, each share of Cover-All common stock issued and outstanding immediately prior to the effective time of the merger (other than treasury shares) was automatically cancelled and extinguished and converted into the right to receive 0.21641 shares of common stock of Majesco. This exchange ratio resulted in holders of issued and outstanding Cover-All common stock and outstanding options and restricted stock units and other equity awards of Cover-All holding in the aggregate approximately 16.5% of the total capitalization of the combined company immediately following consummation of the merger.

Cover-All’s customers include insurance companies, agents, brokers and MGAs throughout the United States and Puerto Rico. Cover-All’s software solutions and services are designed to enable customers to introduce new products quickly, expand their distribution channels, reduce costs and improve service to their customers. Cover-All’s business analytics solution enables customers to leverage their information assets for real time business insights and for better risk selection, pricing and financial reporting. In 2013, Cover-All announced the general availability of Cover-All Dev Studio, a visual configuration platform for building new and maintaining existing pre-built commercial insurance products for Cover-All Policy. In 2011, Cover-All expanded its portfolio of insurance solutions by acquiring the assets of a recognized claims solution provider, Ho’ike Services, Inc. (doing business as BlueWave Technology).

Our success, in the near term, will depend, in large part, on our ability to: (a) successfully integrate Cover-All and the Agile business into our business, (b) build up momentum for new sales, (c) cross-sell to existing customers and (d) exceed customer satisfaction through our state of the art products and solutions.

Inflation

Although we cannot accurately determine the amounts attributable thereto, our net revenues and results of operations have been affected by inflation experienced in the U.S., India and other economies in which we operate through increased costs of employee compensation and other operational expenses during the three months ended June 30, 2016 and June 30, 2015. To the extent permitted by the marketplace for our products and services, we attempt to recover increases in costs by periodically increasing prices. However, there can be no assurance that we will be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.

Currency Fluctuations

We are affected by fluctuations in currency exchange rates with respect to our contracts. We hedge a substantial portion of our foreign currency exposure. For more information, see “Item 3. Quantitative and Qualitative Disclosures about Market Risks.”

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in accordance with U.S. GAAP. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. Critical accounting policies for us include revenue recognition, intangible assets, software development costs, and goodwill.

Revenue Recognition

Revenues are recognized when all of the following general revenue recognition criteria are met:

Persuasive evidence of an arrangement exists. Evidence of an arrangement consists of a written contract signed by both the customer and management prior to the end of the reporting period.

Delivery or performance has occurred. The Group’s software product has met the milestones contained in the software development contract, professional services are rendered, and any customer acceptance provisions have been satisfied.

Fees are fixed or determinable. Fees from customer arrangements are generally at a contractually fixed price or based upon agreed upon time and material rates.

Collectability is probable. Collectability is assessed on a customer-by-customer basis, based primarily on

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creditworthiness as determined by credit checks and analysis, as well as customer payment history. If it is determined prior to revenue recognition that collection of an arrangement fee is not probable, revenues are deferred until collection becomes probable or cash is collected, assuming all other revenue recognition criteria are satisfied.

We recognize some license revenue upon delivery, provided that collection is determined to be probable and no significant obligations remain. Some license revenues are not accounted separately from software services revenues as professional services are essential to the software functionality and include significant modification or customization to or development of the underlying software code. Since these software arrangements do not qualify as a separate unit of accounting, the software license revenues are recognized using the percentage of completion method. When contracts contain multiple software and software-related elements (for example, software license, and maintenance and professional services) wherein Vendor-Specific Objective Evidence (“VSOE”) exists for all undelivered elements, we account for the delivered elements in accordance with the “Residual Method.” VSOE of fair value for post-contract customer support services is established by a stated renewal rates charged in stand-alone sales. VSOE of fair value of hosting services is based upon stand-alone sales of those services. Revenue from support services is recognized ratably over the life of the contract. Revenue from professional consulting services is recognized when the service is provided.

Time and Material Contracts — Professional services revenue consists primarily of revenue received for assisting with the development, implementation of our software, on-site support, and other professional consulting services. In determining whether professional services revenue should be accounted, we look at the nature of our software products; whether they are ready for use by the customer upon receipt; the nature of our implementation services, which typically do involve significant customization to or development of the underlying software code; and whether milestones or acceptance criteria exist that affect the realization of the services rendered. Substantially all of our professional services arrangements are billed on a time and materials basis and, accordingly, are recognized as the services are performed. If there is significant uncertainty about the project completion or receipt of payment for professional services, revenue is deferred until the uncertainty is sufficiently resolved. Payments received in advance of rendering professional services are deferred and recognized when the related services are performed. Work performed and expenses incurred in advance of invoicing are recorded as unbilled receivables. These amounts are billed in the subsequent month.

Fixed Price Contracts — For arrangements that do not qualify for separate accounting for the license and professional services revenues, including arrangements that involve significant modification or customization of the software, that include milestones or customer specific acceptance criteria that may affect collection of the software license fees or where payment for the software license is tied to the performance of professional services, software license revenue is generally recognized together with the professional services revenue using the percentage-of-completion method. Under the percentage-of completion method, revenue recognized is equal to the ratio of costs expended to date to the anticipated total contract costs, based on current estimates of costs to complete the project. If there are milestones or acceptance provisions associated with the contract, the revenue recognized will not exceed the most recent milestone achieved or acceptance obtained. If the total estimated costs to complete a project exceed the total contract amount, indicating a loss, the entire anticipated loss would be recognized in the current period.

We also enter into multiple element revenue arrangements in which a customer may purchase a combination of a software license, hosting services, maintenance, and professional services. For multiple element arrangements that contain non-software related elements, for example our hosting services, we allocate revenue to each element based upon VSOE of the undelivered elements, we account for the delivered elements in accordance with the “Residual Method.” VSOE of fair value for the hosting, maintenance, and other post-contract customer support services (“PCS”) is established by a stated renewal rate charged in stand-alone renewals of each type of PCS.

Revenue is shown net of applicable service tax, sales tax, value added tax and other applicable taxes. We account for reimbursements received for out of pocket expenses incurred as revenues in the combined Statement of Operations.

Goodwill and Other Intangible Assets

Goodwill represents the cost of the acquired businesses in excess of the estimated fair value of assets acquired, identifiable intangible assets and liabilities assumed. Goodwill is not amortized but is tested for impairment at the reporting unit level at least annually or as circumstances warrant. If impairment is indicated and carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, then goodwill is written-down. There are no indefinite-lived intangible assets.

Intangible assets other than goodwill are amortized over their estimated useful lives on a straight line basis. The estimated useful life of an identifiable intangible asset is based on a number of factors, including the effects of obsolescence, demand, competition, the level of maintenance expenditures required to obtain the expected future cash flows from the asset and other economic factors (such as the stability of the industry, known technological advances, etc.).

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The estimated useful lives of tangible assets are as follows:

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

Impairment of Long-Lived Assets and Intangible Assets

We review long-lived assets and certain identifiable intangible assets subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During this review, we re-evaluate the significant assumptions used in determining the original cost and estimated lives of long-lived assets. Although the assumptions may vary from asset to asset, they generally include operating results, changes in the use of the asset, cash flows and other indicators of value. Management then determines whether the remaining useful life continues to be appropriate or whether there has been an impairment of long-lived assets based primarily upon whether expected future undiscounted cash flows are sufficient to support the assets’ recovery. If impairment exists, we adjust the carrying value of the asset to fair value, generally determined by a discounted cash flow analysis.

Change in Fiscal Year End

We changed our fiscal year-end from June 30 to March 31, effective with our fiscal year ended March 31, 2013.

Majesco Reorganization

The historical financial statements and information for Majesco and its subsidiaries presented in this Quarterly Report on Form 10-Q are presented on a consolidated basis giving effect to the Majesco Reorganization as if it had occurred as of the date of the historical balance sheet data presented in such historical financial statements, or as of the beginning of the periods presented in such historical financial statements, as applicable.

Results of Operations

Three Months Ended June 30, 2016 Compared to Three Months Ended June 30, 2015

The following table summarizes our consolidated statements of operations for the three months ended June 30, 2016 and June 30, 2015, including as a percentage of revenues:

Statement of Operations Data

	Three Months Ended
(U.S. Dollars; dollar amounts in thousands):	June 30, 2016			%			June 30, 2015			%
Total revenues	$	32,554					$	23,163
Total cost of revenues		17,802			55	%		12,107			52	%
Total gross profit		14,752						11,056
Operating expenses:
Research and development expenses		4,528			14	%		3,151			14	%
Selling, general and administrative expenses		10,659			33	%		7,586			33	%
Reorganization costs		-						228
Total operating expenses		15,187						10,965
Income/(loss) from operations		(435	)					91
Interest income		8						10
Interest expense		(208	)					(55	)
Other income (expenses), net		(2	)					136
Income/(Loss) before provision for income taxes		(637	)					182
Income taxes (benefit)		(87	)					100
Net income (loss)	$	(550	)		(2	)%	$	82			-

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The following table represents revenues by each subsidiary and corresponding geographical region:

	Three Months Ended
(U.S. Dollars; dollar amounts in thousands):	June 30, 2016		%			June 30, 2015		%
Geography: North America
Legal Entity
Majesco	$	7,835		24	%	$	5,093		22	%
Majesco Software and Solutions Inc.		13,439		41	%		13,876		60	%
Majesco Canada Ltd., Canada		340		1	%		866		4	%
Cover-All Systems Inc.		7,447		23	%		-		-
	$	29,061		89	%	$	19,835		86	%
Geography: The United Kingdom
Legal Entity
Majesco UK Limited, UK	$	2,384		7	%	$	1,964		8	%
Geography: Other
Legal Entity
Majesco Sdn. Bhd., Malaysia	$	759		3	%	$	1,150		5	%
Majesco (Thailand) Co. Ltd., Thailand		-		-			-		-
Mastek Asia Pacific Pte. Ltd., Singapore⁽¹⁾		39		-			-		-
Majesco Software and Solutions India Private Limited, India		311		1	%		214		1	%
	$	1,109		4	%	$	1,364		6	%
Total Revenues	$	32,554				$	23,163

⁽¹⁾Mastek Asia Pacific Ptd Ltd. was acquired on November 1, 2015.

Revenues

Revenues for the three months ended June 30, 2016 were $32,554 compared to $23,163 for the three months ended June 30, 2015 reflecting an increase of 40.54%. The increase in revenues was primarily driven by the addition of Cover-All and expanding relationships with our current P&C and L&A customer base during the quarter.

Gross Profit

Gross profit was $14,752 for the three months ended June 30, 2016 compared to $11,056 for the three months ended June 30, 2015 an increase of 33.43%. The increase in gross profit is primarily due to an increase in revenues due to higher sales to property and casualty carriers, increased revenue in the L&A unit and the revenue contribution from Cover-All. Gross profit as a percentage of revenues for the three months ended June 30, 2016 decreased to 45.3% from 47.7% for the three months ended June 30, 2015 due to a change in revenue mix.

Salaries and consultant fees were $10,566 for the three months ended June 30, 2016 compared to $7,467 for the three months ended June 30, 2015. This represents an increase of 41% in salaries and consultant fees. We had 2,368 and 1,993 technical and technical support employees as of June 30, 2016 and 2015, respectively. As a percentage of revenues, salaries and consultant fees increased from 32.24% for the three months ended June 30, 2015 to 32.46% for the three months ended June 30, 2016.

Operating Expenses

Operating expenses were $15,187 for the three months ended June 30, 2016 compared to $10,965 for the three months ended June 30, 2015. The increase in operating expenses was primarily due to an increase in selling, general and administrative expenses of $3,073 offset by a decrease in reorganization costs of $228 due to the consummation of the Majesco Reorganization, and an increase in research and development costs of $1,377. As a percentage of revenues, operating expenses decreased to 46.7% for the three months ended June 30, 2016 from 47.3% for the three months ended June 30, 2015. The decrease in operating expenses, as a percentage of revenues, was a result of the consummation of the Majesco Reorganization, planned product investments in both the P&C and L&A segments, planned investment in our sales and marketing efforts and the expenses related to Cover-All.

Income from Operations

Income/(Loss) from operations was $(435) for the three months ended June 30, 2016 compared to a profit of $91 for the three months ended June 30, 2015. As a percentage of revenues, net loss from operations was 1.34% for the three months ended June 30, 2016 compared to a profit of 0.39% for the three months ended June 30, 2015 because of the higher increase in cost of revenue than proportionate increase in revenue.

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Other Income

Other income/(expenses) (net) was $(2) for the three months ended June 30, 2016 compared to $136 for the three months ended June 30, 2015. The decrease was due primarily to an increase in other financial charges of $47, an exchange loss of $72 and a decrease in non-operating revenues $17.

Tax provision

We recognized income tax benefit of ($87) for the three months ended June 30, 2016 and recognized income tax provision/(benefit) of $100 for the three months ended June 30, 2015. The benefit during the quarter is mainly on account of the creation of deferred tax assets on the losses during the quarter ended June 30, 2016.

Net Income

Net loss was $550 for the three months ended June 30, 2016 compared to net profit of $82 for the three months ended June 30, 2015. Net loss per share, basic and diluted, was $0.02 and $0.02, respectively, for the three months ended June 30, 2016 compared to net profit (loss) per share, basic and diluted, of $0.00 and $0.00, respectively, for the three months ended June 30, 2015.

Adjusted EBITDA

Adjusted EBITDA, a non-GAAP metric, was $999 for the three months ended June 30, 2016 compared to $1,202 for the three months ended June 30, 2015.

The following is an unaudited reconciliation of U.S. GAAP net income to EBITDA and Adjusted EBITDA for the three months ended June 30, 2016 and the three months ended June 30, 2015:

	Three Months ended
(U.S. dollars, in thousands):	June 30, 2016			June 30, 2015
Net (loss)/income	$	(550	)	$	82
Add:
Provision/(benefit) for income taxes		(87	)		100
Depreciation and amortization		1,112			883
Interest expense		208			55
Less:
Interest income		(8	)		(10	)
Other income/(expenses), net		2			(136	)
EBITDA	$	677		$	974
Add:
Reorganization costs		-			228
Stock-based compensation		322			-
Adjusted EBITDA		999			1,202
Revenue		32,554			23,163
Adjusted EBITDA as a % of revenue		3.07	%		5.2	%

Liquidity and Capital Resources

Our cash and cash equivalent and short term investments position was $14,856 at June 30, 2016 and $9,266 at June 30, 2015.

Net cash generated by operating activities was $5,835 for the three months ended June 30, 2016 and $(3,305) for the three months ended June 30, 2015. We had accounts receivable of $16,333 at June 30, 2016 and $22,503 at March 31, 2016. The overall net debt position has reduced by $4.7 million with improved collections during the three months ended June 30, 2016. Days outstanding are down to 67 days at the end of June 30, 2016 as compared to 84 days in the three months ended March 31, 2016

Net cash generated by investing activities amounted to $(929) for the three months ended June 30, 2016 compared to $3,061 for the three months ended June 30, 2015 primarily due to purchase of property, equipment and intangible assets in the current quarter. During the three months ended June 30, 2015, there was an increase on account of business combination of $2,990.

Net cash generated by financing activities was $3,917 for the three months ended June 30, 2016, compared to net cash generated by financing activities of $3,500 for the three months ended June 30, 2015 mainly due to increased borrowings under our secured PCFC facility, working capital line of credit and term loan.

We believe our cash flows from operations and available borrowings are sufficient to meet our liquidity requirements for the

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next 12 months, including capital expenditures.

Financing Arrangements

On March 25, 2011, we entered into a secured revolving working capital line of credit facility with ICICI Bank Limited (“ICICI”) under which the maximum borrowing limit is $5,000. The interest rate on the credit facility at March 31, 2016 was three-month LIBOR plus 350 basis points and increased to three-month LIBOR plus 375 basis points with the second extension of this facility described below. In case of unhedged foreign currency exposure, ICICI reserves the right to increase the pricing of this facility. The credit facility is guaranteed by Mastek Ltd. subject to the terms and conditions set forth in the guarantee. The credit facility initially matured on November 11, 2015.

On November 20, 2015, we extended this line of credit to February 11, 2016. The facility was further extended to May 9, 2016 and again extended to May 15, 2017. Majesco paid a processing fee of $12.50 in connection with the second extension and a processing fee of $50.83 in connection with the third extension. In connection with these extensions of the Majesco line of credit, Mastek Ltd. also extended its guarantee of such line of credit. We have agreed to pay a fee and indemnify Mastek Ltd. against any payments made by Mastek Ltd. in connection with this guarantee.

This facility is secured by a continuing first priority lien on and security interest in, among other things, all of Majesco’s personal property and assets (both tangible and intangible), including accounts receivable, cash, certificated and uncertificated securities and proceeds of any insurance or indemnity payable to us with respect to the collateral. This facility contains financial covenants applicable to us, as well as restrictions on, among other things, our ability to incur debt or liens; make loans and investments; enter into mergers, acquisitions and other business combinations; engage in asset sales; or amend our governing documents. This facility also restricts us from paying dividends upon and during the continuation of an event of default.

As of June 30, 2016, we had $5,000 of borrowings outstanding, and were in compliance with all covenants, under this facility.

On June 30, 2015, our subsidiary, MSSIPL, entered into a secured Pre Shipment in Foreign Currency and Post Shipment in Foreign Currency (“PCFC”) facility with YES Bank under which we may request 3 months pre-export advances and advances against export collection bills. The maximum borrowing limit is $5,656. The interest rate on this PCFC facility is LIBOR plus 150 basis points. The interest rate on this PCFC facility is determined at the time of each advance. This PCFC facility has a first pari passu charge over the current assets of our subsidiary Majesco Software and Solutions India Pvt. Ltd. (“MSSIPL”). As of June 30, 2016, we had $2,700 of borrowings outstanding under this PCFC facility. For further details regarding the terms and covenants of this PCFC facility and were in compliance with the terms of this facility. The Group is in discussion with Yes Bank to extend this facility.

On July 27, 2015, MSSIPL entered into a Credit Arrangement Letter with ICICI for packing credit in foreign currency and post-shipment credit in foreign currency. Under this facility MSSIPL may borrow up to 150 million Indian Rupees (approximately $2,252 at the exchange rate on May 6, 2016) in short term borrowings for working capital, including software and related services. Interest rate on this facility is based on LIBOR plus a margin to be determined at the time of each draw by ICICI. In addition, this facility includes a bank guarantee facility of up to 5 million Indian rupees (approximately $75 at the exchange rate on May 6, 2016) bearing a commission of 0.40% annually plus applicable service tax. This facility has a first pari passu charge over the current assets of MSSIPL. This facility is available until July 8, 2016 and contains covenants and customary events of default. As of June 30, 2016, we had no amounts outstanding under this facility. The Group is in discussion with ICICI to extend this facility.

On August 28, 2015, MSSIPL entered into a Facility Letter with Standard Chartered Bank for pre-shipment financing and overdraft facilities. Under this facility MSSIPL may borrow up to 50 million Indian Rupees (approximately $751 at the exchange rate on May 6, 2016) in short term borrowings. Interest rate on this facility is based on a base rate or LIBOR plus a margin to be determined at the time of each draw by the lender. This facility has a first pari passu charge over the current assets of MSSIPL. This facility contains restrictive covenants on MSSIPL, its direct parent and their subsidiaries, including a negative pledge covenant and restrictions on assets sales outside the ordinary course of business or other substantial changes to the business. In addition, any change in ownership or control or merger transaction of MSSIPL, its direct parent or their subsidiaries will require consent from Standard Chartered Bank. Standard Chartered Bank may cancel a loan at any time. This facility also contains customary events of default provision and indemnification provisions whereby MSSIPL will indemnify Standard Chartered Bank against all losses or damages related to the facility. In addition, Standard chartered Bank has a right of first refusal on future hedging transactions, refinancing of the facility or other similar transactions so long as any amounts remain owed to it under the facility. MSSIPL is also obligated to reimburse all costs and expenses of Standard Chartered Bank under this facility. As of June 30, 2016, we had no amounts outstanding under this facility.

On March 23, 2016, we entered into a Loan Agreement (the “Loan Agreement”) with HSBC Bank USA, National Association (“HSBC”) pursuant to which HSBC agreed to extend loans to us in the amount of up to $10,000 and we issued a promissory note to HSBC in the maximum principal amount of $10,000 or any lesser amount borrowed under the Loan Agreement (the “Note”, and together with the “Loan Agreement”, the “Facility”). On March 23, 2016, we borrowed $6,800 under the Facility and the remaining

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amount was borrowed on May 16, 2016. The outstanding principal balance of the loan bears interest based on LIBOR plus a margin in effect on the first day of the relevant interest period. Until January 1, 2018, only interest will be payable under the loan. Commencing on January 1, 2018, and on each January 1 and July 1 thereafter until July 1, 2020, installments of principal in the amount of $1,666.67 shall be due and payable semi-annually. All principal and interest outstanding under the Note shall be due and payable on March 1, 2021. The Facility is unsecured and supported by a letter of credit issued by a bank of $10,000, which is secured by a cash pledge of our parent company, Majesco Limited. As of June 30, 2016, we had $10,000 outstanding under this Facility.

The Facility contains affirmative covenants that require us to furnish financial statements to HSBC and cause Majesco Limited to maintain (1) a Net Debt-to-EBITDA Ratio (as defined in the Loan Agreement) of not more than (a) 5.00 to 1.00 as of the last day of its 2017 fiscal year and (b) 2.50 to 1.00 as of the last day of each fiscal year thereafter, and (2) a Debt Service Coverage Ratio (as defined in the Loan Agreement) of not less than 1.50 to 1.00 as of the last day of each fiscal year. The Facility contains restrictive covenants on us, including restrictions on declaring or paying dividends upon and during the continuation of an event of default, incurring additional indebtedness, selling material portions of our assets or undertaking other substantial changes to the business, purchasing or holdings securities for investment, and extending credit to any person outside the ordinary course of business. The Facility also restricts any transfer or change in, or assignment or pledge of the ownership or control of Majesco which would cause Majesco Limited to directly own less than fifty one percent (51%) of the issued and outstanding equity interests in Majesco. The Facility also restricts Majesco Limited from incurring any Net Debt (as defined in the Loan Agreement) in excess of $25,000 at any time prior to April 1, 2017. The Facility also contains customary events of default provision and indemnification provisions whereby we will indemnify HSBC against all losses or damages related to the Facility, provided, however, that we shall not have any indemnification obligations to HSBC for any claims caused by HSBC’s gross negligence or willful misconduct. We may use the loan proceeds solely for the purpose of refinancing existing indebtedness, capital expenditures and working capital and other general corporate purposes.

We used proceeds from the Facility to refinance our $3,000 term loan with Punjab National Bank (International) Limited, to fund capital expenditures and for working capital and other general corporate purposes.

Dividends and Redemption

We have declared and paid a cash dividend on our common stock only for our fiscal year 2000. It has otherwise been our policy to invest earnings in growth rather than distribute earnings as common stock dividends. This policy, is expected to continue, but is subject to regular review by our Board of Directors.

Contractual Obligations

In the normal course of our business, we are party to a variety of contractual obligations as summarized in our Annual Report. These contractual obligations are considered by us when assessing our liquidity requirements. There have been no material changes to our contractual obligations as disclosed in the Annual Report, other than those which occur in the ordinary course of business. We had borrowed $2,700 under the PCFC facility, $5,000 under our credit facility with ICICI and $10,000 under our term loan with HSBC at June 30, 2016 from $4,651, $2,300 and $6,800, respectively, on March 31, 2016.

Off-Balance Sheet Arrangements

We do not maintain any off-balance sheet arrangements, transactions, obligations or other relationships with unconsolidated entities that would be expected to have a material current or future effect upon our financial condition or results of operations.

Emerging growth company

We are an “emerging growth company” under the federal securities laws subject to reduced public company reporting requirements. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have taken the advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be comparable to those of companies that comply fully with public company accounting standards.

Item 3.

Quantitative And Qualitative Disclosures About Market Risks

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. We are exposed to market risk primarily due to fluctuations in foreign currency exchange rates and interest rates, each as described more fully below. We do not hold or issue derivative financial instruments for trading or speculative purposes.

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Interest Rate Sensitivity

Our exposure to market risk for changes in interest rates relates primarily to our cash and cash equivalents and investments. We do not use derivative financial instruments to hedge our interest rate exposure. Our cash and cash equivalents and investments as of June 30, 2016 were $14,183 and $673, respectively.

We invest primarily in highly liquid, money market funds and bank fixed deposits. Because of the short-term nature of the majority of the interest-bearing securities we hold, we believe that a 10% fluctuation in the interest rates applicable to our cash and cash equivalents and investments would not have a material effect on our financial condition or results of operations.

The rate of interest on our revolving line of credit facility with ICICI, PCFC facility and HSBC Facility which were in effect as of June 30, 2016, are variable and are based on LIBOR plus a fixed margin. As of June 30, 2016, we had $5,000 and $2,700 in borrowings outstanding under our revolving line of credit facility and PCFC facility, respectively. As of June 30, 2016, we had borrowed $10,000 under our term loan with HSBC. We believe that a 10% fluctuation in the interest rates applicable to our borrowings would not have a material effect on our financial condition or results of operations.

Foreign Currency Exchange Risk

Our reporting currency is the U.S. dollar. However, payments to us by customers outside the U.S. are generally made in the local currency. Accordingly, our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Canadian dollar, Indian rupee, British pound, Thai baht, Malaysian ringgit, Singapore dollar, New Zealand dollar and Mexican peso. The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy.

We generated approximately 10.73% and 13.45%, respectively, of our gross revenues outside of the United States for the three months ended June 30, 2016 and 2015. The effect of foreign exchange rate changes on cash and cash equivalents resulted in a loss of $(159) and a loss of $(252) for the three months ended June 30, 2016 and June 30, 2015, respectively. For the three months ended June 30, 2016 and June 30, 2015, we had a foreign exchange gain/(loss) of approximately $22.30 and $93.75, respectively.

The aggregate contracted U.S. dollar principal amounts of foreign exchange forward contracts (sell) outstanding as of June 30, 2016 amounted to $5,280. The outstanding forward contracts as of June 30, 2016 mature between 1 month to 12 months. As of June 30, 2016, we estimate that $28, net of tax, of the net gains/(losses) related to derivatives designated as cash flow hedges recorded in accumulated other comprehensive income (loss) are expected to be reclassified into earnings within the subsequent 12 months. The outstanding foreign exchange forward contracts in U.S. dollars as of June 30, 2016 are designated as in hedge relationship and there will be no impact on our statement of operations due to a strengthening or weakening of 10% in the foreign exchange rates.

The fair value of derivative financial instruments is determined based on observable market inputs and valuation models. The derivative financial instruments are valued based on valuations received from the relevant counterparty (i.e., bank). The fair value of the foreign exchange forward contract and foreign exchange par forward contract has been determined as the difference between the forward rate on reporting date and the forward rate on the original transaction, multiplied by the transaction’s notional amount (with currency matching). The following table provides information of fair values of derivative financial instruments:

	Noncurrent*		Current*		Noncurrent*		Current*
As of June 30, 2016
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	0	$	48	$	0	$	5
Total	$	0	$	48	$	0	$	5

The noncurrent and current portions of derivative assets are included in ‘Other Assets’ and ‘Prepaid Expenses And Other Current Assets’, respectively, and the noncurrent and current portions of derivative liabilities are included in ‘Other Liabilities’ and ‘Accrued Expenses And Other Liabilities’, respectively in the Consolidated Balance Sheet.

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For more information on foreign currency translation adjustments and cash flow hedges and other derivative financial instruments, see Notes 7 and 8 to our consolidated financial statements for the three months ended June 30, 2016.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations thereunder, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) under the Exchange Act, our management, under the supervision and with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2016. Based on such evaluation, our principal executive officer and principal financial officer have concluded that, as of June 30, 2016, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II: OTHER INFORMATION

Item 1A.

Risk Factors.

Risk factors that affect our business and financial results are discussed in Part I, Item 1A “Risk Factors,” in our Annual Report. There have been no material changes in our risk factors from those previously disclosed in our Annual Report. You should carefully consider the risks described in our Annual Report, which could materially affect our business, financial condition or future results. The risks described in our Annual Report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.

Item 6.

Exhibits.

Exhibit No.		Description

10.1		Extension Letter of the Credit Facility Agreement between ICICI Bank Limited and Majesco, dated as of June 2, 2016 (incorporated by reference to Exhibit 10.1 to Majesco’s Current Report on Form 8-K, filed with the SEC on June 27, 2016).

10.2		Supplemental Deed to the Deed of Corporate Guarantee between ICICI Bank Limited and Mastek Limited, dated as of June 27, 2016 (incorporated by reference to Exhibit 10.2 to Majesco’s Current Report on Form 8-K, filed with the SEC on June 27, 2016).

10.3		Amended and Restated Revolving Credit Note between ICICI Bank Limited and Majesco, dated as of June 2, 2016 (incorporated by reference to Exhibit 10.3 to Majesco’s Current Report on Form 8-K, filed with the SEC on June 27, 2016).

10.50		Credit Arrangement letter dated as of May 20, 2016 between Majesco and ICICI Bank Limited, New York Branch (incorporated by reference to Exhibit 10.50 to Majesco’s Annual Report on Form 10-K, filed with the SEC on May 23, 2016).

31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.1^*		The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of June 30, 2016 (Unaudited) and March 31, 2016; (ii) Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (Unaudited); (iii) Consolidated Statements of Cash Flows for the three months ended June 30, 2016 and 2015 (Unaudited); and (iv) Notes to Consolidated Financial Statements (Unaudited).

* Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files in Exhibit 101.1 hereto are not to be deemed “filed” or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, and are not to be deemed “filed” for purposes of Section 18 of the Exchange Act, and otherwise are not subject to liability under those sections, except as shall be expressly set forth by specific reference in such filing.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MAJESCO

Date: August 8, 2016	By:	/s/ Ketan Mehta
		Ketan Mehta, President and Chief Executive Officer

Date: August 8, 2016	By:	/s/ Farid Kazani
		Farid Kazani, Chief Financial Officer and Treasurer

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EX-31.1 2 t1601919_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of Chief Executive Officer of Majesco

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Ketan Mehta, certify that:

I have reviewed this quarterly report on Form 10-Q of Majesco;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2016

	/s/ Ketan Mehta
	Ketan Mehta
	President and Chief Executive Officer

EX-31.2 3 t1601919_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Certification of Chief Financial Officer of Majesco

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Farid Kazani, certify that:

I have reviewed this quarterly report on Form 10-Q of Majesco;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2016

	/s/ Farid Kazani
	Farid Kazani
	Chief Financial Officer and Treasurer

EX-32.1 4 t1601919_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

Statement of Chief Executive Officer

Pursuant to Section 1350 of Title 18 of the United States Code

Pursuant to Section 1350 of Title 18 of the United States Code as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Ketan Mehta, the President and Chief Executive Officer of Majesco (the “Company”), hereby certifies that based on the undersigned’s knowledge:

The Company’s quarterly report on Form 10-Q for the period ended June 30, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2016	/s/ Ketan Mehta
	Ketan Mehta
	President and Chief Executive Officer

EX-32.2 5 t1601919_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

Statement of Chief Financial Officer

Pursuant to Section 1350 of Title 18 of the United States Code

Pursuant to Section 1350 of Title 18 of the United States Code as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Farid Kazani, the Chief Financial Officer and Treasurer of Majesco (the “Company”), hereby certifies that based on the undersigned’s knowledge:

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2016	/s/ Farid Kazani
	Farid Kazani
	Chief Financial Officer and Treasurer

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white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Changes in accumulated other comprehensive income by component were as follows:</div> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.2in; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="10" nowrap="nowrap">Three months ended June 30, 2016</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="10" nowrap="nowrap">Three months ended June 30, 2015</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Before tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Tax effect</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Net of Tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Before tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Tax effect</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Net of  Tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-weight: bold;">Other comprehensive income</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-weight: bold;">Foreign currency translation adjustments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 480px; text-align: left;">Opening balance</td> <td style="width: 15px;"> </td> <td style="width: 15px; 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text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Change in foreign currency translation adjustments</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(205</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(205</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(752</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(752</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Closing balance</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,131</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">—</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,131</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-weight: bold;">Unrealized gains/(losses) on cash flow hedges</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Opening balance</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">176</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(59)</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">117</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">545</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(186</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">360</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Unrealized gains/(losses) on cash flow hedges</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(53</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(35</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(6</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Reclassified to Revenue</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(80</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">27</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(53</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(215</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">73</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(142</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Net change</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(133</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">45</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(88</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(221</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">75</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(146</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Closing balance</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">43</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(14</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">29</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">324</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(111</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">214</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> </div>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in; text-align: left;">10.</td> <td style="text-align: justify;">EMPLOYEE STOCK OPTION PLAN</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Majesco 2015 Equity Incentive Plan <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In the three months ended June 30, 2016, we recognized $322 in stock-based compensation expense in our consolidated financial statements compared to $54 in the three months ended June 30, 2015. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2015, Majesco adopted the Majesco 2015 Equity Incentive Plan (the “2015 Plan”). Options and stock awards for the purchase of up to 3,877,263 shares may be granted by the Board of Directors to our employees, consultants and directors at an exercise or grant price determined by the Board of Directors on the date of grant. Options may be granted as incentive or nonqualified stock options with a term of not more than ten years. The 2015 Plan allows the Board of Directors to grant restricted or unrestricted stock awards or awards denominated in stock equivalent units or any combination of the foregoing which may be paid in common stock or other securities, in cash, or in a combination of common stock or other securities and cash. On June 30, 2016, an aggregate of 1,521,714 shares were available for grant under the 2015 Plan. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Majesco uses the Black-Scholes-Merton option-pricing model (“Black-Scholes”) to measure fair value of the share-based awards. The Black-Scholes model requires us to make significant judgments regarding the assumptions used within the model, the most significant of which are the expected stock price volatility, the expected life of the option award, the risk-free interest rate of return and dividends during the expected term. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">-</td> <td>Expected volatilities are based on peer entities as the historical volatility of Majesco’s common stock is limited.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">-</td> <td>In accordance with SAB Topic 14, Majesco uses the simplified method for estimating the expected term when measuring the fair value of employee stock options using the Black-Scholes option pricing model. Majesco believes the use of the simplified method is appropriate due to the employee stock options qualifying as “plain-vanilla” options under the criteria established by SAB Topic 14.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">-</td> <td>The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yields for an equivalent term at the time of grant.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">-</td> <td>Majesco does not anticipate paying dividends during the expected term.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 41%–50</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 41%–50</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 933px; text-align: left;">Weighted-average volatility</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;" nowrap="nowrap"> </td> <td style="width: 219px; text-align: right;" nowrap="nowrap">41</td> <td style="width: 15px; text-align: left;">%</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;" nowrap="nowrap"> </td> <td style="width: 218px; text-align: right;" nowrap="nowrap">41</td> <td style="width: 14px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Expected dividends</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected term (in years)</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 3-5</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 3-5</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0.46</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0.46</td> <td style="text-align: left;">%</td> </tr> </table> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2016, there was $3,642 of total unrecognized compensation costs related to non-vested share-based compensation arrangements previously granted by the Company. That cost is expected to be recognized over a weighted-average period of 2.8 years. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">A summary of the outstanding common stock options under the 2015 Plan is as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Exercise Price Per Share</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Weighted-Average Remaining Contractual Life</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Weighted-Average Exercise Price</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 878px;">Balance, June 30, 2016</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 126px; text-align: right;">2,353,885</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 126px; text-align: right;" nowrap="nowrap">4.81 – 7.72    </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 156px; text-align: center;">9.09 years</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">5.31</td> <td style="width: 15px; text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Of the stock options outstanding, an aggregate of 571,707 are currently exercisable. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">We follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, Accounting for Stock Options and Other Stock-Based Compensation. Among other items, ASC 718 requires companies to record the compensation expense for share-based awards issued to employees and directors in exchange for services provided. The amount of the compensation expense is based on the estimated fair value of the awards on their grant dates and is recognized over the required service periods. Our share-based awards include stock options and restricted stock awards. For restricted stock awards, the calculation of compensation expense under ASC 718 is based on the intrinsic value of the grant. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Warrants <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2016, there were warrants to purchase 334,064 shares of common stock outstanding. A summary of the terms of the outstanding warrants as of June 30, 2016 is as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Outstanding and Exercisable Warrants</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Exercise Price Per Warrant</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Weighted-Average Remaining Contractual Life</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Weighted-Average Exercise Price</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 878px;">Balance, June 30, 2016</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 126px; text-align: right;">334,064</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;">$</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 126px; text-align: right;" nowrap="nowrap">6.84 – 7.00</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 125px; text-align: center;">1.4</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">6.85</td> <td style="width: 15px; text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On September 11, 2012, Cover-All entered into a Loan and Security Agreement (“Loan Agreement”) by and among Imperium Commercial Finance Master Fund, LP, a Delaware limited partnership (“Imperium”), as lender, Cover-All Systems, Inc., a wholly-owned subsidiary of Cover-All (the “Subsidiary”), as borrower, and Cover-All as guarantor. The Loan Agreement provided for a three-year term loan to the Subsidiary of  $2,000,000 and a three-year revolving credit line to the Subsidiary of up to $250,000, evidenced by a Revolving Credit Note in favor of Imperium (together with the Term Note, the “Imperium Notes”). Prior to the merger with Majesco, Cover-All paid in full the balance of the Imperium Notes. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In connection with the Loan Agreement, Cover-All issued to Imperium a five-year warrant (the “Stock Purchase Warrant”) to purchase 1,400,000 shares of Cover-All’s common stock at an exercise price of  $1.48 per share. Cover-All also issued five-year warrants to purchase 42,000 shares, in the aggregate, of Cover-All’s common stock at an exercise price of  $1.48 per share, to Monarch Capital Group, LLC (“Monarch”), which acted as Cover-All’s financial adviser in connection with the loan transaction, and an officer of Monarch. The Stock Purchase Warrants became exercisable on the date of the merger of Cover-All with Majesco. These issued and outstanding warrants to purchase shares of Cover-All common stock were not exercised or cancelled prior to the merger and were assumed by Majesco in accordance with their terms on the same terms and conditions as were applicable to such warrants immediately prior to the merger, with the number of shares subject to, and the exercise price applicable to, such warrants being appropriately adjusted based on the exchange ratio of 0.21641. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On September 1, 2015, Majesco issued to Maxim Partners LLC a five year warrant to purchase 25,000 shares of common stock of Majesco at an exercise price of $7.00 per share. The warrant was issued in connection with the engagement of the holder to perform certain advisory services to the Group. The number of shares issuable upon exercise of the warrant may be reduced under certain circumstances of non-performance under the services agreement. The warrant may be exercised at any time after September 1, 2016 and will expire, if unexercised, on September 1, 2020. The warrant contains certain anti-dilution adjustment protection in case of certain future issuances of securities, stock dividends, split and other transactions affecting Majesco’s securities. The holder of the warrant is entitled to piggyback registration rights in case of certain registered securities offerings by Majesco.</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #231f20; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Employee Stock Option Scheme of Majesco Limited — Plan 1 <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 5.85pt; color: #231f20; text-transform: none; text-indent: 19.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0in; color: #231f20; text-transform: none; text-indent: 19.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Certain employees of the Group participate in the Group’s parent company Majesco Limited’s employee stock option plan. The plan termed as “ESOP plan 1”, became effective June 1, 2015, the effective date of the demerger of Mastek Ltd. Group employees who were having options in the earlier ESOP plans of Mastek Ltd. have now been given options of Majesco Limited. Under the plan, Majesco Limited during the year has also granted newly issued options to the employees of MSSIPL. During the period 30,000 options were granted. The options were granted at the market price on the grant date. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 5.85pt; color: #000000; text-transform: none; text-indent: 19.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0in; color: #000000; text-transform: none; text-indent: 19.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2016, the total future compensation cost related to non-vested options not yet recognized in the Statement of Operations was $1,554 and the weighted average period over which these awards are expected to be recognized was 3 years. The weighted average remaining contractual life of options expected to vest as of June 30, 2016 is 10 years. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Majesco Limited calculated the fair value of each option grant on the date of grant using the Black-Scholes pricing method with the following assumptions: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 978.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Weighted-average volatility</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 169px; text-align: right;">51.02</td> <td style="width: 14px; text-align: left;">%</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 169px; text-align: right;">47.77</td> <td style="width: 14px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Expected dividends</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.56</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Expected term (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6 Years</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6 Years</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7.46</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8.70</td> <td style="text-align: left;">%</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The summary of outstanding options of Majesco Limited as of June 30, 2016 is as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Outstanding and Exercisable</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Exercise Price Per Share</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Remaining Contractual Life</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Exercise Price</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 743.4px; text-indent: -0.1in; padding-left: 0.1in;">Balance, June 30, 2016</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 157px; text-align: right;">1,099,426</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">0.1 - $3</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 156px; text-align: right;">8.12</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 156px; text-align: right;">1.40</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">656,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.1 - $ 6</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.01</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">199,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">6.1 - $ 7</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.65</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8.44</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Of the stock options of Majesco Limited outstanding and held by Group employees, an aggregate of 732,925 are currently exercisable. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Majesco Performance Bonus Plan <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Majesco established the Majesco Performance Bonus Plan (the “Performance Bonus Plan”). The Performance Bonus Plan is administered by the Compensation Committee of the Board of Directors of Majesco. The purpose of the Performance Bonus Plan is to benefit and advance the interests of the Group by rewarding selected employees of the Group for their contributions to the Group’s financial success and thereby motivate them to continue to make such contributions in the future by granting them performance-based awards that are fully tax deductible to the Group. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Majesco Employee Stock Purchase Plan <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Majesco established the Majesco Employee Stock Purchase Plan (the “ESPP”). The ESPP is intended to be qualified under Section 423 of the Internal Revenue Code. If a plan is qualified under Section 423, employees who participate in the ESPP enjoy certain tax advantages. The ESPP allows employees to purchase shares of Majesco common stock at a discount, without being subject to tax until they sell the shares, and without having to pay any brokerage commissions with respect to the purchases. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The purpose of the ESPP is to encourage the purchase of Majesco common stock by our employees, to provide employees with a personal stake in our business and to help us retain our employees by providing a long range inducement for such employee to remain in our employ. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The ESPP provides employees with the right to purchase shares of common stock through payroll deductions. The total number shares available for purchase under the ESPP is 2,000,000. The ESPP Plan became effective January 1, 2016. At June 30,2016, we issued 22,647 shares under the ESPP.</div> </div>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">12.</td> <td>RELATED PARTIES TRANSACTIONS</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20.15pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following tables summarize the liabilities to related parties: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 20.15pt; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  June 30,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  March 31,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Reorganization consideration payable to Majesco Limited for MSSIPL business</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 978.4px; text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Reimbursable expenses payable to Majesco Limited</td> <td style="width: 14px; padding-bottom: 1pt;"> </td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 169px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,094</td> <td style="width: 14px; text-align: left; padding-bottom: 1pt;"> </td> <td style="width: 14px; padding-bottom: 1pt;"> </td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 169px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">927</td> <td style="width: 14px; text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,094</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">927</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">MSSIPL entered into an operating lease for its operation facilities in Mahape, India, as lessee, with Majesco Limited, Majesco’ s parent company, as lessor. The approximate aggregate annual rent payable to Majesco Limited under this lease agreement is expected to be $1,218. The lease is effective June 1, 2015 and expires on May 31, 2020. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">MSSIPL also entered into a lease for facilities for its operations in Pune, India, with Mastek Ltd. as lessor. The approximate aggregate annual rent payable to Mastek Ltd. under this lease agreement is expected to be $289. The lease is effective June 1, 2015 and expires on May 31, 2020. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">MSSIPL also entered into a lease for facilities for its operations in Ahmedabad, India, with Mastek Ltd. as lessor. The approximate aggregate annual rent payable to Mastek Ltd. under this lease agreement is expected to be $2. The lease was renewed in December 1, 2015 for a new term ending on October 31, 2016. <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 20pt; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  June 30,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  March 31,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 978.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Security deposits paid to Majesco Limited by MSSIPL for use of Mahape premises</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">622</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">634</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Security deposits paid to Mastek Ltd. by MSSIPL for use of Pune premises</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">160</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">163</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Security deposits paid to Mastek Ltd. by MSSIPL for use of Ahmedabad premises</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Rental expenses paid by MSSIPL to Majesco Limited for use of premises for the three months ended June 30, 2016 and June 30, 2015 was $315 and $NIL, respectively. Rental expenses paid by MSSIPL to Mastek Ltd. for use of premises for the three months ended June 30, 2016 and June 30, 2015 was $74 and $NIL, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On September 24, 2015, MSSIPL and Mastek (UK) Limited, a wholly owned subsidiary of Mastek Ltd. (“Mastek UK”), entered into a Joint Venture Agreement (the “Agreement”) pursuant to which the two companies agreed to work together to deliver services to third parties under the terms of the Agreement, which services comprise the delivery of development, integration and support services to third parties by use of Mastek Ltd.’s development, integration and support methodologies and tools. The Agreement is effective September 24, 2015 and will remain in force, unless terminated by either party upon three months’ notice in writing to the other of its intention to terminate the Agreement. The consideration for each party’s performance of its obligations under the Agreement is the performance of the other’s obligations under the same Agreement, being services to the other. The services shall comprise in the case of Mastek Ltd., Mastek Ltd.’s development, integration and support methodologies and tools and business development services. In the case of MSSIPL, the services comprise the provision of leading edge technical expertise and advice. The parties will also exchange technical, business and other information. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On October 31, 2015, Majesco Sdn. Bhd., a company incorporated under the laws of Malaysia and wholly-owned subsidiary of Majesco (“Majesco Malaysia”), entered into a Share Purchase Agreement with Mastek Ltd. pursuant to which Majesco Malaysia purchased from Mastek Ltd. all of the issued and outstanding shares of Mastek Asia Pacific Pte. Limited, a company incorporated under the laws of Singapore, for a total cash purchase consideration of 381,800 Singapore Dollars (USD $276,000). The acquisition closed on November 1, 2015. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On December 2, 2015, Majesco UK Limited, a company registered in England and Wales wholly owned by Majesco (“Majesco UK”), entered into a Services Agreement with Mastek UK, pursuant to which Mastek UK provides certain corporate and operational support services to Majesco UK, including managed office accommodation and facilities; managed office IT infrastructure and networks; and corporate support services, insurance coverage and subscription to professional associations and publications. The charges for these core services will consist of a monthly charge of 13,000 UK Pounds (USD $20,000) and a pass through of actual costs of providing the services. Any support services by Mastek UK staff not included in the core services will be charged on a basis to be determined separately between both parties but before provision of such services. Either party may at any time, by notice in writing to the other party, terminate this agreement for breach or if the other party becomes subject to insolvency issues. Either party for any reason or no reason may terminate this agreement by providing the other party written notice of the termination ninety (90) days in advance. The Services Agreement contains customary representations, warranties and indemnities of the parties. The effective date of this Services Agreement is January 1, 2015. The amount paid for the three months ended June 30, 2016 and June 30, 2015 were $56 and $NIL respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On March 1, 2016, Majesco, and Digility Inc., a Delaware corporation (“Digility”) wholly-owned by Mastek UK, entered into a Services Agreement (the “Services Agreement”), pursuant to which Majesco will provide certain management and operational support services to Digility, including managed office accommodation and facilities, managed office IT infrastructure and networks, and corporate support services. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The charges for these services will consist of an initial set-up fee of  $1,000, a monthly fee of  $3,750 and a pass through of actual costs of providing the services incurred in excess of the monthly fee. Either party may at any time, by notice in writing to the other party, terminate the Services Agreement for breach or if the other party becomes subject to insolvency issues. Either party for any reason or no reason may terminate the Services Agreement by providing the other party written notice of the termination thirty (30) days in advance. The Services Agreement contains customary representations, warranties and indemnities of the parties. The effective date of the Services Agreement is March 1, 2016. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On March 1, 2016, Majesco and Digility entered into a Sublease Agreement (the “Sublease Agreement”), pursuant to which Majesco will sublet the premises located on the first floor of 685 Route 202/206, Bridgewater, New Jersey to Digility. Digility will pay monthly $1,200 for rent to Majesco during the term of the Sublease Agreement. Digility will also reimburse Majesco for any costs charged by the landlord, Route 206 Associates, a New Jersey partnership, for additional services requested by Digility. The term of the Sublease Agreement will commence on March 1, 2016 and expire on July 31, 2017, unless terminated at an earlier date. Either party for any reason or no reason may terminate the Sublease Agreement by providing the other party written notice of the termination thirty (30) days in advance. The Sublease Agreement contains customary representations, warranties and indemnities of the parties </div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20.15pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">During the quarter ended June 30, 2016, Majesco paid $319 to Majesco Limited as arrangement fees and guarantee commission for the guarantee given by Majesco Limited to HSBC and ICICI Bank for the facilities taken by Majesco on its subsidiaries.. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On August 2, 2016, Majesco Limited and MSSIPL entered into a master service agreement, effective as of June 30, 2016. Pursuant to which MSSIPL will provide software development services to Majesco Limited. Under this agreement, MSSIPL will charge Majesco Limited cost plus a margin for the services rendered. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On August 2, 2016, Majesco Limited and MSSIPL entered into a Memorandum of Understanding (the “MOU”) pursuant to which MSSIPL granted Majesco Limited a perpetual, royalty-free right to use the intellectual property rights of MSSIPL in “Elixir”, including any improvements and upgrades, in connection with Majesco Limited’s India insurance business.</div> </div>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">14.</td> <td>SEGMENT INFORMATION</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Group operates in one segment as software solutions provider for the insurance industry. The Group’s chief operating decision maker (the “CODM”) is its Chief Executive Officer. The CODM manages the Group’s operations on a consolidated basis for purposes of allocating resources. When evaluating the Group’s financial performance, the CODM reviews all financial information on a consolidated basis. A majority of the Group’s principal operations and decision-making functions are located in the United States. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table sets forth revenues by country based on the billing address of the customer: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 60%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months ended June 30. 2016</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months ended June 30. 2015</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 658px;">USA</td> <td style="width: 22px;"> </td> <td style="width: 11px; text-align: left;">$</td> <td style="width: 176px; text-align: right;">28,721</td> <td style="width: 11px; text-align: left;"> </td> <td style="width: 22px;"> </td> <td style="width: 11px; text-align: left;">$</td> <td style="width: 175px; text-align: right;">19,183</td> <td style="width: 10px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>UK</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,384</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,964</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Canada</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">340</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">866</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Malaysia</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">759</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,150</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Thailand</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Others</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">350</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">32,554</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">23,163</td> <td style="text-align: left; font-weight: bold;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table sets forth the Group’s property and equipment, net by geographic region:  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">As of June 30, 2016</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">As of March 31, 2016</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1031px;">USA</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 177px; text-align: right;">1,799</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 176px; text-align: right;">1.668</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>India</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,970</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,788</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Canada</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>UK</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1pt;">Malaysia</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,774</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,462</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We provide a significant volume of services to a number of significant customers. Therefore, the loss of a significant customer could materially reduce our revenues. The Group had one customer for the three months ended June 30, 2016 and no customer for the three months ended June 30, 2015 that accounted for 10% or more of total revenue. The Group had one customer as of June 30, 2016 and no customer as of June 30, 2015 that accounted for 10% or more of total accounts receivables and unbilled accounts receivable. Presented in the table below is information about our major customers:</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap">Three months ended June 30, 2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap">Three months ended June 30, 2015</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">% of combined revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">% of combined revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-style: italic;">Customer A</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 743.4px; text-indent: -0.1in; padding-left: 0.1in;">Revenue</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">3,722</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 157px; text-align: right;">11</td> <td style="width: 16px; text-align: left;">%</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">1,640</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 156px; text-align: right;">7</td> <td style="width: 15px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">Accounts receivables and unbilled accounts receivable</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4,518</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">40</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-style: italic;">Customer B</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,617</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,366</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">Accounts receivables and unbilled accounts receivable</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">557</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,039</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;">%</td> </tr> </table> </div>

<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">16.</td> <td>ACQUISITION</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On December 14, 2014, Majesco entered into a definitive merger agreement with Cover-All. The merger was completed on June 26, 2015. Cover-All licenses and maintains software products for the property/casualty insurance industry throughout the United States and Puerto Rico. Majesco merged with Cover-All to expand its insurance business in the United States. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the consideration paid in the merger of Cover-All into Majesco and the amounts of identified assets acquired and liabilities assumed at the merger date: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 60%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;">Fair value of consideration transferred</td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 888px; text-align: left;">Common stock</td> <td style="width: 22px;"> </td> <td style="width: 11px; text-align: left;">$</td> <td style="width: 165px; text-align: right;">12</td> <td style="width: 10px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Additional paid-in capital</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">29,708</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Total consideration</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">29,720</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The merger of Cover-All and Majesco was a stock-for-stock merger with each share of Cover-All common stock issued and outstanding immediately prior to the merger converted into the right to receive the number of shares of Majesco common stock multiplied by the exchange ratio. The exchange ratio in the merger was 0.21641. Accordingly, at the closing of the merger, Cover-All in the aggregate represented 16.5% of the total capitalization of the combined company. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In the merger, 5,844,830 shares of Majesco common stock were issued to the shareholders of Cover-All and 197,081 equity incentives were issued to the holders of options and restricted stock units of Cover-All. Consequently, common stock of Majesco is increased by $12 and additional paid in capital is increased by $29,708. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Recognized amount of identifiable assets acquired and liabilities assumed <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1185px;">Cash</td> <td style="width: 28px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">2,990</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Accounts receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,592</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Prepaid expenses and other current assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">629</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Property, plant and equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">454</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Other assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">148</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Customer contracts</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,410</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Customer relationships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,460</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Technology</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,110</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Defer tax asset on NOL</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">459</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Accounts payable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,120</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(623</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Deferred revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,515</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Capital lease liability</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(294</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Total fair value of assets acquired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,700</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt;">Fair value of consideration paid</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">29,720</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt; font-weight: bold;">Goodwill</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">18,020</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The goodwill of $18,020 arising from the merger consists largely of the synergies and economies of scale expected from combining the operations of Majesco and Cover-All. Further, though workforce has been valued, it is not recognized separately, but subsumed in goodwill. Goodwill deductible for tax purpose amounts to Nil. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On October 31, 2015, Majesco Sdn. Bhd. (MSC) entered into a Share Purchase Agreement with Mastek Ltd. for the purchase of the issued and authorized shares of Mastek Asia Pacific Pte Limited, Singapore. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Recognized amount of identifiable assets acquired and liabilities assumed <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1185px;">Cash</td> <td style="width: 28px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">212</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Accounts receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Other assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Accrued expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(14</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Total fair value of assets acquired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">217</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1pt;">Fair value of consideration paid</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">276</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt; font-weight: bold;">Goodwill</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">59</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the consideration paid to Mastek Ltd. and the amounts of identified assets acquired and liabilities assumed at the effective date: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The changes in the varying amount of goodwill are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.75in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Changes in carrying amount of the goodwill <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.75in; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of June  30, 2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of March 31, 2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1010.41px; text-indent: -0.1in; padding-left: 0.1in;">Opening value</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 138px; text-align: right;">32,275</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 137px; text-align: right;">14,196</td> <td style="width: 13px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Addition of goodwill related to acquisition</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18,079</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Addition on account of currency fluctuation</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">4</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in; font-weight: bold;">Closing value</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">32,279</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">32,275</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.75in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">No impairment loss has been recognized on goodwill. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Details of identifiable intangible assets acquired are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Weighted average amortization period (in years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Amount assigned</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Residual value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 755.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Customer contracts</td> <td style="width: 13px;"> </td> <td style="width: 151px; text-align: center;">3</td> <td style="width: 13px;"> </td> <td style="width: 13px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">2,410</td> <td style="width: 12px; text-align: left;"> </td> <td style="width: 12px;"> </td> <td style="width: 12px; text-align: left;"> </td> <td style="width: 125px; text-align: right;">-</td> <td style="width: 12px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Customer relationships</td> <td> </td> <td style="text-align: center;">8</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,460</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Technology</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">6</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">3,110</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">6</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">9,980</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenues and earnings specific to the Cover-All business for the period June 26, 2015 to June 30, 2015 were $233 and $47, respectively. Revenues and earnings specific to the Cover-All business for the period July 1, 2015 to March 31, 2016 were $17,636 and $1,260, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Pro-Forma Financial Information (Unaudited): <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following unaudited pro-forma financial information is presented to illustrate the estimated effect of the Cover-All merger and Mastek Asia Pacific Pte. Limited acquisition, the related financing of funds and tax effects from these transactions. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The unaudited pro-forma information for the periods set forth below gives effect to 2015 transactions as if they had occurred as of April 1, 2015. Majesco has a fiscal year-end of March 31st and Cover-All has a fiscal year-end of December 31st. The unaudited pro-forma financial information for the three months ended June 30, 2015 reflects the statement of operations of Majesco for the three months ended June 30, 2015 and Cover-All for the three months ended June 30, 2015. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The unaudited pro-forma financial information is presented for illustrative purposes only, and is not necessarily indicative of the financial condition or results of operations of future periods or the financial condition or results of operations that actually would have been realized had the entities been combined during the periods presented. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following unaudited pro-forma summary presents consolidated information of Majesco as if the business combination had occurred on April 1, 2015: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Unaudited Pro forma three months ended June 30, 2015</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1079px;">Revenue</td> <td style="width: 14px;"> </td> <td style="width: 13px; text-align: left;">$</td> <td style="width: 212px; text-align: right;">28,219</td> <td style="width: 13px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Net Income (Loss)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">283</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">There are no material non-recurring pro forma adjustments directly attributable to the merger included in the reported pro forma revenue and earnings. These pro-forma amounts have been calculated after applying Majesco’s accounting policies and adjusting the results of Cover-All to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied from April 1, 2015 with consequential tax effects.

<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.5in; text-align: left;">a.</td> <td style="text-align: justify;">Basis of Presentation</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. The March 31, 2016 consolidated balance sheet was derived from our audited combined financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016 filed with the SEC on May 23, 2016 and amended on July 26, 2016 (the “Annual Report”), but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations and financial position have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In connection with the merger with Cover-All, the Group’s Board of Directors and stockholders approved a one for six reverse stock split of the Group’s common stock. The reverse stock split became effective June 22, 2015. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid in capital.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Mastek Ltd. maintained benefit and stock-based compensation programs at the parent company level. After the demerger of Mastek Ltd., which became effective on June 1, 2015, the Group employees who participated in those programs, were allotted options of Majesco’s parent company, Majesco Limited, in the same proportion in addition to the existing options of Mastek Ltd., which these employees already had. The consolidated Balance Sheets do not include any outstanding equity related to the stock-based compensation programs of Mastek Ltd. but include outstanding equity related to the stock-based compensation programs of Majesco Limited.

<div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.2in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap">As of</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">June 30, 2016</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">March 31, 2016</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold;">Assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold;">Level 2</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Derivative financial instruments (included in the following line items in the Condensed Combined balance sheet)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 9pt;">Other assets</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 9pt;">Other liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1032px; text-align: left; padding-left: 9pt;">Prepaid expenses and other current assets</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">177</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">180</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Accrued expenses and other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">173</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">176</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-weight: bold;">Level 3</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Contingent consideration</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 9pt;">Other liabilities</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(243</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(229</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Accrued expenses and other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(387</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(364</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(630</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(593</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt; font-weight: bold;">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(457</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(417</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> </tr> </table> </div>

<div> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 80%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="text-align: left; font-size: 8pt; font-weight: bold;" nowrap="nowrap">Year ended</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1091px; text-align: left;">2017</td> <td style="width: 13px;"> </td> <td style="width: 12px; text-align: left;">$</td> <td style="width: 125px; text-align: right;">131</td> <td style="width: 12px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">2018</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">117</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">2019</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">2020</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;">2021</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Total minimum lease payments</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">269</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Interest portion</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">21</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Present value of net minimum capital leases payments</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">248</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> </div>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Date of loan</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Repayable on</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Outstanding as of  June 30, 2016</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Rate of interest  (Libor + 1.5%)</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 861px;">April 11, 2016</td> <td style="width: 14px;"> </td> <td style="width: 169px; text-align: center;" nowrap="nowrap">July 10, 2016</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">700</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">2.13</td> <td style="width: 14px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt;">April 29, 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap">July 28, 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">3.14</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt; padding-left: 9pt; font-weight: bold;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,700</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <div> </div>

<div> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.2in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="10" nowrap="nowrap">Three months ended June 30, 2016</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="10" nowrap="nowrap">Three months ended June 30, 2015</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Before tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Tax effect</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Net of Tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Before tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Tax effect</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; font-weight: bold;" colspan="2" nowrap="nowrap">Net of  Tax</td> <td style="font-size: 8pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-weight: bold;">Other comprehensive income</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-weight: bold;">Foreign currency translation adjustments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 480px; text-align: left;">Opening balance</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 113px; text-align: right;">222</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 112px; text-align: right;">-</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 112px; text-align: right;">222</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 112px; text-align: right;">1,883</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 112px; text-align: right;">—</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 112px; text-align: right;">1,883</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Change in foreign currency translation adjustments</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(205</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(205</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(752</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(752</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Closing balance</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,131</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">—</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,131</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-weight: bold;">Unrealized gains/(losses) on cash flow hedges</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Opening balance</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">176</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(59</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">117</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">545</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(186</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">360</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Unrealized gains/(losses) on cash flow hedges</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(53</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(35</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(6</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Reclassified to Revenue</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(80</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">27</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(53</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(215</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">73</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(142</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Net change</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(133</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">45</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(88</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(221</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">75</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(146</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Closing balance</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">43</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(14</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">29</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">324</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(111</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">214</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> </div>

<div> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 8pt; vertical-align: bottom;"> <td style="font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> <td style="text-align: center; font-size: 8pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 1pt; font-size: 8pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 41%–50</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 41%–50</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 933px; text-align: left;">Weighted-average volatility</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;" nowrap="nowrap"> </td> <td style="width: 219px; text-align: right;" nowrap="nowrap">41</td> <td style="width: 15px; text-align: left;">%</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;" nowrap="nowrap"> </td> <td style="width: 218px; text-align: right;" nowrap="nowrap">41</td> <td style="width: 14px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Expected dividends</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected term (in years)</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 3-5</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap"> 3-5</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0.46</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="text-align: right;" nowrap="nowrap">0.46</td> <td style="text-align: left;">%</td> </tr> </table> </div>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 70%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap">Three months ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2015</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 743.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Net (Loss)/ Income</td> <td style="width: 12px;"> </td> <td style="width: 12px; text-align: left;">$</td> <td style="width: 177px; text-align: right;">(550</td> <td style="width: 12px; text-align: left;">)</td> <td style="width: 11px;"> </td> <td style="width: 11px; text-align: left;">$</td> <td style="width: 176px; text-align: right;">82</td> <td style="width: 11px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Basic weighted average outstanding equity shares</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">36,451,606</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,836,171</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">Adjustment for dilutive potential common stock</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Options under Majesco 2015 Equity Plan</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">115,270</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">Dilutive weighted average outstanding equity shares</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">36,451,606</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,951,441</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Earnings per share:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 20.7pt;">Basic</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.02</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.00</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 20.7pt;">Diluted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(0.02</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">

<div> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 20.15pt; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  June 30,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  March 31,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Reorganization consideration payable to Majesco Limited for MSSIPL business</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 978.4px; text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Reimbursable expenses payable to Majesco Limited</td> <td style="width: 14px; padding-bottom: 1pt;"> </td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 169px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,094</td> <td style="width: 14px; text-align: left; padding-bottom: 1pt;"> </td> <td style="width: 14px; padding-bottom: 1pt;"> </td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 169px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">927</td> <td style="width: 14px; text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,094</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">927</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> </div>

<div> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 20pt; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  June 30,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">As of  March 31,  2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 978.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Security deposits paid to Majesco Limited by MSSIPL for use of Mahape premises</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">622</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">634</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Security deposits paid to Mastek Ltd. by MSSIPL for use of Pune premises</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">160</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">163</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Security deposits paid to Mastek Ltd. by MSSIPL for use of Ahmedabad premises</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> </tr> </table> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 20pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> </div>

<div> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">As of June 30, 2016</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">As of March 31, 2016</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1031px;">USA</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 177px; text-align: right;">1,799</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 176px; text-align: right;">1.668</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>India</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,970</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,788</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Canada</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>UK</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1pt;">Malaysia</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,774</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,462</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> <div> </div>

<div> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1185px;">Cash</td> <td style="width: 28px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">2,990</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Accounts receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,592</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Prepaid expenses and other current assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">629</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Property, plant and equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">454</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Other assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">148</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Customer contracts</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,410</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Customer relationships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,460</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Technology</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,110</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Defer tax asset on NOL</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">459</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Accounts payable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,120</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(623</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Deferred revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,515</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Capital lease liability</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(294</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Total fair value of assets acquired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,700</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt;">Fair value of consideration paid</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">29,720</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt; font-weight: bold;">Goodwill</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">18,020</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> <div> </div>

<div> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 80%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Unaudited Pro forma three months ended June 30, 2015</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1079px;">Revenue</td> <td style="width: 14px;"> </td> <td style="width: 13px; text-align: left;">$</td> <td style="width: 212px; text-align: right;">28,219</td> <td style="width: 13px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Net Income (Loss)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">283</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table> <div> </div>

1.00

0.165

one for six reverse stock split

180000 177000 4000 4000

176000

173000

229000 243000 364000 387000

417000

593000

457000

630000

593000

630000

1712000

344000

37000

1463000

344000 37000

131000

117000

10000

9000

2000

269000

21000

248000

86000

126000

19000

56000

5000

7000

2016-04-11

2016-04-29

2700000

700000

2000000

5000000

2700000

10000000

0.0213

0.0314

250000000

2000000000

5000000

5656000

150000000

50000000

10000000

750000

2252000

P3Y

three-month LIBOR plus 375 basis points

LIBOR plus 150 basis points

LIBOR plus

0.0040

0.0413

0.0414

12500000

5000000

75000

180000

48000

4000

5000

-6000

-53000

-215000

-80000

10660000 5280000

P12M

P1M

29000

1883000

1131000

545000

324000

222000

17000

176000

43000

-752000

-205000

-6000

-53000

-215000

-80000

-221000

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50830000 Net Debt-to-EBITDA Ratio (as defined in the Loan Agreement) of not more than (a) 5.00 to 1.00 as of the last day of its 2017 fiscal year and (b) 2.50 to 1.00 as of the last day of each fiscal year thereafter Debt Service Coverage Ratio (as defined in the Loan Agreement) of not less than 1.50 to 1.00 as of the last day of each fiscal year

The Facility also restricts any transfer or change in, or assignment or pledge of the ownership or control of Majesco which would cause Majesco Limited to directly own less than fifty one percent (51%) of the issued and outstanding equity interests in Majesco. The Facility also restricts Majesco Limited from incurring any Net Debt (as defined in the Loan Agreement) in excess of $25,000 at any time prior to April 1, 2017

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The noncurrent and current portions of derivative assets are included in 'Other assets' and 'Prepaid expenses and other current assets', respectively, and the noncurrent and current portions of derivative liabilities are included in 'Other liabilities' and 'Accrued expenses and other liabilities', respectively, in the consolidated balance sheet. 0001626853mjco:StandardCharteredBankMembermjco:SecuredPreShipmentInForeignCurrencyMembermjco:MajescoSoftwareAndSolutionsIndiaPvtLtdMember2015-08-012015-08-28

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MSSIPL also entered into a lease for its operations in Pune, India, with Mastek Ltd. as lessor. The approximate aggregate annual rent payable to Mastek Ltd. under this lease agreement is expected to be $289. The lease is effective June 1, 2015 and expires on May 31, 2020. MSSIPL paid Mastek Ltd. $71 in rent under the lease during the three months ended June 30, 2016 and $NIL in rent under the lease during the three months ended June 30, 2015. MSSIPL may terminate the lease after three years with six months' prior written notice to Mastek Ltd. Mastek Ltd. may terminate the lease after five years.

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Jul. 25, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Majesco
Entity Central Index Key	0001626853
Trading Symbol	mjco
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		36,474,004
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1

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Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 14,183	$ 5,520
Short term investments	673	634
Restricted cash	256	257
Accounts receivables, net	16,333	22,503
Unbilled accounts receivable	7,528	7,379
Deferred income tax assets	2,138	1,847
Prepaid expenses and other current assets	5,751	6,195
Total current assets	46,862	44,335
Property and equipment, net	3,774	3,462
Intangible assets, net	9,975	10,483
Deferred income tax assets	3,633	3,586
Other assets	536	480
Goodwill	32,279	32,275
Total Assets	97,059	94,621
CURRENT LIABILITIES
Capital lease obligations	212	159
Loan from bank	7,700	6,951
Accounts payable	4,484	3,659
Accrued expenses and other liabilities
Related Parties
Others	14,490	16,701
Deferred revenue	11,474	11,200
Total current liabilities	38,360	38,670
Capital lease obligations, net of current portion	36	120
Term loan- bank	10,000	6,800
Other	3,629	3,474
Total Liabilities	52,025	49,064
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.002 per share - 50,000,000 shares authorized as of June 30, 2016 and March 31, 2016, NIL shares issued and outstanding as of June 30, 2016 and March 31, 2016
Common stock, par value $0.002 per share - 450,000,000 shares authorized as of June 30, 2016 and March 31, 2016; 36,474,004 shares issued and outstanding as of June 30, 2016 and 36,451,357 shares issued and outstanding as of March 31, 2016	73	73
Additional paid-in capital	69,827	69,505
Accumulated deficit	(24,911)	(24,360)
Accumulated other comprehensive (loss) income	45	339
Total stockholders' equity	45,034	45,557
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 97,059	$ 94,621

XML 14 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.002	$ 0.002
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share (in dollars per share)	$ 0.002	$ 0.002
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares, issued	36,474,004	36,451,357
Common stock, shares outstanding	36,474,004	36,451,357

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenue	$ 32,554	$ 23,163
Cost of revenue	17,802	12,107
Gross profit	14,752	11,056
Operating expenses
Research and development expenses	4,528	3,151
Selling, general and administrative expenses	10,659	7,586
Reorganization costs		228
Total operating expenses	15,187	10,965
(Loss)/Income from operations	(435)	91
Interest income	8	10
Interest expense	(208)	(55)
Other income (expenses), net	(2)	136
(Loss)/ Income before provision for income taxes	(637)	182
(Benefit)/Provision for income taxes	(87)	100
Net (Loss)/Income	$ (550)	$ 82
(Loss)/Earnings per share:
Basic (in dollars per share)	$ (0.02)	$ (0.00)
Diluted (in dollars per share)	$ (0.02)	$ (0.00)
Weighted average number of common shares outstanding
Basic (in shares)	36,451,606	30,836,171
Diluted (in shares)	36,451,606	30,951,441

XML 16 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (Loss)/Income	$ (550)	$ 82
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustments	(205)	(752)
Unrealized gains on cash flow hedges	(88)	(147)
Other comprehensive loss	(293)	(899)
Comprehensive Loss	$ (843)	$ (817)

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net cash flows from operating activities
Profit / (Loss) after tax	$ (550)	$ 82
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation on plant, property & equipment	417	228
Amortization of intangibles	695	655
Stock based compensation	322	54
Unrealized cash flow hedges	(88)	(147)
Change in Assets and Liabilities:
(Increase) / decrease in accounts receivable, billed and unbilled	5,945	(7,056)
Decrease in prepaid expenses and other current assets	445	627
(Increase) / decrease in deferred tax asset and other non-current assets	(395)	(87)
Increase in accounts payable	825	1,764
Increase / (decrease) in accrued expenses and other liabilities	(2,210)	614
Increase / (decrease) in deferred revenue and other non-current liabilities	429	(39)
Net cash generated/(used) from operating activities	5,835	(3,305)
Net cash flows from investing activities
Purchase of property and equipment	(797)	(199)
Purchase of intangible assets	(162)
Sale of tangible assets	62
Sale of intangible assets	6
Cash (used)/proceeds from investments	(39)	270
Decrease in restricted cash	1
Cash acquired in business combination		2,990
Net cash generated/(used) by investing activities	(929)	3,061
Net cash flows from financing activities
Payment of capital lease obligations	(32)	(1)
Repayment of loans	(4,652)
Receipt of loan proceeds	8,600	3,501
Net cash generated by financing activities	3,916	3,500
Effect of foreign exchange rate changes on cash and cash equivalents	(159)	(252)
Net increase in cash and cash equivalents	8,663	3,004
Cash and cash equivalents, beginning of the period	5,520	6,262
Cash and cash equivalents at end of the period	$ 14,183	$ 9,266

XML 18 R7.htm IDEA: XBRL DOCUMENT

DESCRIPTION OF BUSINESS

3 Months Ended

Jun. 30, 2016

DESCRIPTION OF BUSINESS

1.	DESCRIPTION OF BUSINESS

Majesco’s customers are insurers, managing general agents and other risk providers from the P&C, L&A and group insurance segments worldwide.

Merger with Cover-All Technologies Inc.

XML 19 R8.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Significant Accounting Policies

Principles of Consolidation

Use of Estimates

XML 20 R9.htm IDEA: XBRL DOCUMENT

RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Jun. 30, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Standards

Emerging growth company

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

FAIR VALUE OF FINANCIAL INSTRUMENTS

XML 21 R10.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Basis of Fair Value Measurement

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity, which require the Group to develop its own assumptions.

The following table sets forth the financial assets, measured at fair value, by level within the fair value hierarchy as of June 30, 2016 and March 31, 2016:

	As of
	June 30, 2016			March 31, 2016
Assets

Level 2
Derivative financial instruments (included in the following line items in the Condensed Combined balance sheet)
Other assets	$	-		$	-
Other liabilities		-			-
Prepaid expenses and other current assets		177			180
Accrued expenses and other liabilities		(4	)		(4	)
	$	173		$	176
Level 3
Contingent consideration
Other liabilities	$	(243	)	$	(229	)
Accrued expenses and other liabilities		(387	)		(364	)
	$	(630	)	$	(593	)
Total	$	(457	)	$	(417	)

The following table presents the change in level 3 instruments:

	As of
	June 30, 2016			March 31, 2016
Opening balance	$	(593	)	$	(1,712	)
Additions		-			-
Total (Losses)/gains recognized in Statement of Operations		(37	)		(344	)
Settlements		-			1,463
Closing balance	$	(630	)	$	(593	)

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

CAPITAL LEASE OBLIGATIONS

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CAPITAL LEASE OBLIGATIONS

3 Months Ended

Jun. 30, 2016

Leases [Abstract]

CAPITAL LEASE OBLIGATIONS

Depreciation expenses in respect of assets held under capital leases were $7 for the three months ended June 30, 2016 compared to $5 for the three months ended June 30, 2015.

The following is a schedule of the future minimum lease payments under our capital leases, together with the present value of these net minimum lease payments as of June 30, 2016:

Year ended	Amount
2017	$	131
2018		117
2019		10
2020		9
2021		2
Total minimum lease payments	$	269
Less: Interest portion		21
Present value of net minimum capital leases payments	$	248

XML 23 R12.htm IDEA: XBRL DOCUMENT

BORROWINGS

3 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS

Line of Credit

As of June 30, 2016, the Group had $5,000 of borrowings outstanding, and was in compliance with all covenants, under this facility.

PCFC Facilities

The outstanding loans as on June 30, 2016 are as follows:

Date of loan	Repayable on	Outstanding as of June 30, 2016		Rate of interest (Libor + 1.5%)
April 11, 2016	July 10, 2016	$	700		2.13	%
April 29, 2016	July 28, 2016		2,000		3.14	%
Total		$	2,700

On July 27, 2015, MSSIPL entered into a Credit Arrangement Letter with ICICI for packing credit in foreign currency and post-shipment credit in foreign currency. Under this facility MSSIPL may borrow up to 150 million Indian Rupees (approximately $2,252 at the exchange rate on May 6, 2016) in short term borrowings for working capital, including software and related services. Interest rate on this facility is based on LIBOR plus a margin to be determined at the time of each draw by ICICI. In addition, this facility includes a bank guarantee facility of up to 5 million Indian rupees (approximately $75 at the exchange rate on May 6, 2016) bearing a commission of 0.40% annually plus applicable service tax. This facility has a first pari passu charge over the current assets of MSSIPL. This facility is available until July 8, 2016 and contains covenants and customary events of default. As of June 30, 2016, the Group had no amounts outstanding under this facility. The Group is currently in discussions with ICICI to extend this facility.

Term Loan Facility

XML 24 R13.htm IDEA: XBRL DOCUMENT

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

The following table provides information of fair values of derivative financial instruments:

	Asset				Liability
	Noncurrent*		Current*		Noncurrent*		Current*
As of June 30, 2016
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	0	$	48	$	0	$	5
Total	$	0	$	48	$	0	$	5

As of March 31, 2016
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	0	$	180	$	0	$	4
	$	0	$	180	$	0	$	4

Cash Flow Hedges and Other Derivatives

The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities.

	Amount of Gain/(Loss) recognized in AOCI (effective portion)			Amount of gain/(Loss) reclassified from AOCI to Statement of Operations (Revenue)
For three months ended June 30, 2016
Foreign exchange forward contracts	$	(53	)	$	(80	)
Total	$	(53	)	$	(80	)

For three months ended June 30, 2015
Foreign exchange forward contracts	$	(6	)	$	(215	)
Total	$	(6	)	$	(215	)

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Accumulated Other Comprehensive Income [Abstract]

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ACCUMULATED OTHER COMPREHENSIVE INCOME

3 Months Ended

Jun. 30, 2016

ACCUMULATED OTHER COMPREHENSIVE INCOME

ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in accumulated other comprehensive income by component were as follows:

	Three months ended June 30, 2016									Three months ended June 30, 2015
	Before tax			Tax effect			Net of Tax			Before tax			Tax effect			Net of Tax
Other comprehensive income
Foreign currency translation adjustments
Opening balance	$	222		$	-		$	222		$	1,883		$	—		$	1,883
Change in foreign currency translation adjustments		(205	)		-			(205	)		(752	)		—			(752	)
Closing balance	$	17		$	-		$	17		$	1,131		$	—		$	1,131
Unrealized gains/(losses) on cash flow hedges
Opening balance	$	176		$	(59)		$	117		$	545		$	(186	)	$	360
Unrealized gains/(losses) on cash flow hedges		(53	)		18			(35	)		(6	)		2			(4	)
Reclassified to Revenue		(80	)		27			(53	)		(215	)		73			(142	)
Net change	$	(133	)	$	45		$	(88	)	$	(221	)	$	75		$	(146	)
Closing balance	$	43		$	(14	)	$	29		$	324		$	(111	)	$	214

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INCOME TAXES

3 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

XML 27 R16.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTION PLAN

3 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

EMPLOYEE STOCK OPTION PLAN

10.

EMPLOYEE STOCK OPTION PLAN

Majesco 2015 Equity Incentive Plan

In the three months ended June 30, 2016, we recognized $322 in stock-based compensation expense in our consolidated financial statements compared to $54 in the three months ended June 30, 2015.

Expected volatilities are based on peer entities as the historical volatility of Majesco’s common stock is limited.

The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yields for an equivalent term at the time of grant.

Majesco does not anticipate paying dividends during the expected term.

	2016			2015

Expected volatility		41%–50	%		41%–50	%
Weighted-average volatility		41	%		41	%
Expected dividends		0	%		0	%
Expected term (in years)		3-5			3-5
Risk-free interest rate		0.46	%		0.46	%

A summary of the outstanding common stock options under the 2015 Plan is as follows:

Exercise Price
Per Share

Weighted-Average
Remaining
Contractual Life

Weighted-Average
Exercise Price

Balance, June 30, 2016

2,353,885

4.81 – 7.72

9.09 years

5.31

Of the stock options outstanding, an aggregate of 571,707 are currently exercisable.

Warrants

As of June 30, 2016, there were warrants to purchase 334,064 shares of common stock outstanding. A summary of the terms of the outstanding warrants as of June 30, 2016 is as follows:

		Outstanding and Exercisable Warrants				Exercise Price Per Warrant				Weighted-Average Remaining Contractual Life				Weighted-Average Exercise Price
Balance, June 30, 2016			334,064		$		6.84 – 7.00				1.4			$	6.85

On September 1, 2015, Majesco issued to Maxim Partners LLC a five year warrant to purchase 25,000 shares of common stock of Majesco at an exercise price of $7.00 per share. The warrant was issued in connection with the engagement of the holder to perform certain advisory services to the Group. The number of shares issuable upon exercise of the warrant may be reduced under certain circumstances of non-performance under the services agreement. The warrant may be exercised at any time after September 1, 2016 and will expire, if unexercised, on September 1, 2020. The warrant contains certain anti-dilution adjustment protection in case of certain future issuances of securities, stock dividends, split and other transactions affecting Majesco’s securities. The holder of the warrant is entitled to piggyback registration rights in case of certain registered securities offerings by Majesco.

Employee Stock Option Scheme of Majesco Limited — Plan 1

Majesco Limited calculated the fair value of each option grant on the date of grant using the Black-Scholes pricing method with the following assumptions:

	2016			2015
Weighted-average volatility		51.02	%		47.77	%
Expected dividends		0.00	%		2.56	%
Expected term (in years)		6 Years			6 Years
Risk-free interest rate		7.46	%		8.70	%

The summary of outstanding options of Majesco Limited as of June 30, 2016 is as follows:

	Outstanding and Exercisable		Exercise Price Per Share		Weighted-Average Remaining Contractual Life		Weighted-Average Exercise Price
Balance, June 30, 2016		1,099,426	$	0.1 - $3		8.12		1.40
		656,000	$	3.1 - $ 6		10.16		5.01
		199,000	$	6.1 - $ 7		10.65		8.44

Of the stock options of Majesco Limited outstanding and held by Group employees, an aggregate of 732,925 are currently exercisable.

Majesco Performance Bonus Plan

Majesco Employee Stock Purchase Plan

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

RELATED PARTIES TRANSACTIONS

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EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

11.

EARNINGS PER SHARE

The basic and diluted earnings/(loss) per share were as follows:

	Three months ended June 30,
	2016			2015

Net (Loss)/ Income	$	(550	)	$	82

Basic weighted average outstanding equity shares		36,451,606			30,836,171

Adjustment for dilutive potential common stock

Options under Majesco 2015 Equity Plan		-			115,270

Dilutive weighted average outstanding equity shares		36,451,606			30,951,441

Earnings per share:
Basic	$	(0.02	)	$	0.00
Diluted		(0.02	)		0.00

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RELATED PARTIES TRANSACTIONS

3 Months Ended

Jun. 30, 2016

12.

RELATED PARTIES TRANSACTIONS

The following tables summarize the liabilities to related parties:

	As of June 30, 2016		As of March 31, 2016
Reorganization consideration payable to Majesco Limited for MSSIPL business	$	—	$	—
Reimbursable expenses payable to Majesco Limited		1,094		927
	$	1,094	$	927

	As of June 30, 2016		As of March 31, 2016
Security deposits paid to Majesco Limited by MSSIPL for use of Mahape premises	$	622	$	634
Security deposits paid to Mastek Ltd. by MSSIPL for use of Pune premises	$	160	$	163
Security deposits paid to Mastek Ltd. by MSSIPL for use of Ahmedabad premises	$	1	$	1

On March 1, 2016, Majesco and Digility entered into a Sublease Agreement (the “Sublease Agreement”), pursuant to which Majesco will sublet the premises located on the first floor of 685 Route 202/206, Bridgewater, New Jersey to Digility. Digility will pay monthly $1,200 for rent to Majesco during the term of the Sublease Agreement. Digility will also reimburse Majesco for any costs charged by the landlord, Route 206 Associates, a New Jersey partnership, for additional services requested by Digility. The term of the Sublease Agreement will commence on March 1, 2016 and expire on July 31, 2017, unless terminated at an earlier date. Either party for any reason or no reason may terminate the Sublease Agreement by providing the other party written notice of the termination thirty (30) days in advance. The Sublease Agreement contains customary representations, warranties and indemnities of the parties

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STOCKHOLDERS EQUITY

3 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

STOCKHOLDERS EQUITY

13.

STOCKHOLDERS EQUITY

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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SEGMENT INFORMATION

3 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

SEGMENT INFORMATION

14.

SEGMENT INFORMATION

The following table sets forth revenues by country based on the billing address of the customer:

	Three Months ended June 30. 2016		Three Months ended June 30. 2015
USA	$	28,721	$	19,183
UK		2,384		1,964
Canada		340		866
Malaysia		759		1,150
Thailand		-		-
Others		350		-
	$	32,554	$	23,163

The following table sets forth the Group’s property and equipment, net by geographic region:

	As of June 30, 2016		As of March 31, 2016
USA	$	1,799	$	1.668
India		1,970		1,788
Canada		-		-
UK		4		5
Malaysia		1		1
	$	3,774	$	3,462

We provide a significant volume of services to a number of significant customers. Therefore, the loss of a significant customer could materially reduce our revenues. The Group had one customer for the three months ended June 30, 2016 and no customer for the three months ended June 30, 2015 that accounted for 10% or more of total revenue. The Group had one customer as of June 30, 2016 and no customer as of June 30, 2015 that accounted for 10% or more of total accounts receivables and unbilled accounts receivable. Presented in the table below is information about our major customers:

	Three months ended June 30, 2016					Three months ended June 30, 2015
	Amount		% of combined revenue			Amount		% of combined revenue
Customer A
Revenue	$	3,722		11	%	$	1,640		7	%
Accounts receivables and unbilled accounts receivable	$	4,518		19	%	$	40		-
Customer B
Revenue	$	1,617		5	%	$	1,366		6	%
Accounts receivables and unbilled accounts receivable	$	557		2	%	$	1,039		5	%

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Commitments and Contingencies Disclosure [Abstract]

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COMMITMENTS

3 Months Ended

Jun. 30, 2016

COMMITMENTS

15.

COMMITMENTS

Capital Commitments

Operating Leases

Quarter ended June 30	Amount
2017	$	2,201
2018		2,758
2019		2,713
2020		2,752
2021		684
Beyond 5 years		972
Total minimum lease payments	$	12,080

Facility Leases

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ACQUISITION

3 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

ACQUISITION

16.

ACQUISITION

The following table summarizes the consideration paid in the merger of Cover-All into Majesco and the amounts of identified assets acquired and liabilities assumed at the merger date:

Fair value of consideration transferred
Common stock	$	12
Additional paid-in capital		29,708
Total consideration	$	29,720

Recognized amount of identifiable assets acquired and liabilities assumed

	Amount
Cash	$	2,990
Accounts receivable		1,592
Prepaid expenses and other current assets		629
Property, plant and equipment		454
Other assets		148
Customer contracts		2,410
Customer relationships		4,460
Technology		3,110
Defer tax asset on NOL		459
Accounts payable		(1,120	)
Accrued expenses		(623	)
Deferred revenue		(2,515	)
Capital lease liability		(294	)

Total fair value of assets acquired		11,700
Fair value of consideration paid		29,720
Goodwill	$	18,020

Recognized amount of identifiable assets acquired and liabilities assumed

	Amount
Cash	$	212
Accounts receivable		18
Other assets		1
Accrued expenses		(14	)

Total fair value of assets acquired		217
Fair value of consideration paid		276
Goodwill	$	59

The following table summarizes the consideration paid to Mastek Ltd. and the amounts of identified assets acquired and liabilities assumed at the effective date:

The changes in the varying amount of goodwill are as follows:

Changes in carrying amount of the goodwill

	As of June 30, 2016		As of March 31, 2016

Opening value	$	32,275	$	14,196
Addition of goodwill related to acquisition		0		18,079
Addition on account of currency fluctuation		4		0
Closing value	$	32,279	$	32,275

No impairment loss has been recognized on goodwill.

Details of identifiable intangible assets acquired are as follows:

	Weighted average amortization period (in years)	Amount assigned		Residual value
Customer contracts	3	$	2,410		-
Customer relationships	8		4,460		-
Technology	6		3,110		-
Total	6	$	9,980		-

Pro-Forma Financial Information (Unaudited):

The following unaudited pro-forma summary presents consolidated information of Majesco as if the business combination had occurred on April 1, 2015:

	Unaudited Pro forma three months ended June 30, 2015
Revenue	$	28,219
Net Income (Loss)	$	283

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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Significant Accounting Policies

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

a.	Basis of Presentation

b.	Significant Accounting Policies

Principles of Consolidation

c.	Principles of Consolidation

Use of Estimates

d.	Use of Estimates

XML 35 R24.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value

	As of
	June 30, 2016			March 31, 2016
Assets

Level 2
Derivative financial instruments (included in the following line items in the Condensed Combined balance sheet)
Other assets	$	-		$	-
Other liabilities		-			-
Prepaid expenses and other current assets		177			180
Accrued expenses and other liabilities		(4	)		(4	)
	$	173		$	176
Level 3
Contingent consideration
Other liabilities	$	(243	)	$	(229	)
Accrued expenses and other liabilities		(387	)		(364	)
	$	(630	)	$	(593	)
Total	$	(457	)	$	(417	)

Schedule of change in level 3 instruments

	As of
	June 30, 2016			March 31, 2016
Opening balance	$	(593	)	$	(1,712	)
Additions		-			-
Total (Losses)/gains recognized in Statement of Operations		(37	)		(344	)
Settlements		-			1,463
Closing balance	$	(630	)	$	(593	)

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CAPITAL LEASE OBLIGATIONS (Tables)

3 Months Ended

Jun. 30, 2016

Leases [Abstract]

Schedule of future minimum lease payments under capital leases

Year ended	Amount
2017	$	131
2018		117
2019		10
2020		9
2021		2
Total minimum lease payments	$	269
Less: Interest portion		21
Present value of net minimum capital leases payments	$	248

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BORROWINGS (Tables)

3 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of outstanding loans

Date of loan	Repayable on	Outstanding as of June 30, 2016		Rate of interest (Libor + 1.5%)
April 11, 2016	July 10, 2016	$	700		2.13	%
April 29, 2016	July 28, 2016		2,000		3.14	%
Total		$	2,700

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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of derivative financial instruments

	Asset				Liability
	Noncurrent*		Current*		Noncurrent*		Current*
As of June 30, 2016
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	0	$	48	$	0	$	5
Total	$	0	$	48	$	0	$	5

As of March 31, 2016
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	0	$	180	$	0	$	4
	$	0	$	180	$	0	$	4

Schedule of pre-tax gains/(losses) recognized in and reclassified from Accumulated Other Comprehensive Income

	Amount of Gain/(Loss) recognized in AOCI (effective portion)			Amount of gain/(Loss) reclassified from AOCI to Statement of Operations (Revenue)
For three months ended June 30, 2016
Foreign exchange forward contracts	$	(53	)	$	(80	)
Total	$	(53	)	$	(80	)

For three months ended June 30, 2015
Foreign exchange forward contracts	$	(6	)	$	(215	)
Total	$	(6	)	$	(215	)

XML 39 R28.htm IDEA: XBRL DOCUMENT

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Jun. 30, 2016

Accumulated Other Comprehensive Income [Abstract]

Schedule of changes in accumulated other comprehensive income by component

	Three months ended June 30, 2016									Three months ended June 30, 2015
	Before tax			Tax effect			Net of Tax			Before tax			Tax effect			Net of Tax
Other comprehensive income
Foreign currency translation adjustments
Opening balance	$	222		$	-		$	222		$	1,883		$	—		$	1,883
Change in foreign currency translation adjustments		(205	)		-			(205	)		(752	)		—			(752	)
Closing balance	$	17		$	-		$	17		$	1,131		$	—		$	1,131

Unrealized gains/(losses) on cash flow hedges
Opening balance	$	176		$	(59	)	$	117		$	545		$	(186	)	$	360
Unrealized gains/(losses) on cash flow hedges		(53	)		18			(35	)		(6	)		2			(4	)
Reclassified to Revenue		(80	)		27			(53	)		(215	)		73			(142	)
Net change	$	(133	)	$	45		$	(88	)	$	(221	)	$	75		$	(146	)
Closing balance	$	43		$	(14	)	$	29		$	324		$	(111	)	$	214

XML 40 R29.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTION PLAN (Tables)

3 Months Ended

Jun. 30, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of summary of changes in outstanding warrants

		Outstanding and Exercisable Warrants				Exercise Price Per Warrant				Weighted-Average Remaining Contractual Life				Weighted-Average Exercise Price
Balance, June 30, 2016			334,064		$		6.84 – 7.00				1.4			$	6.85

Majesco 2015 Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of share based awards fair value assumptions

	2016			2015

Expected volatility		41%–50	%		41%–50	%
Weighted-average volatility		41	%		41	%
Expected dividends		0	%		0	%
Expected term (in years)		3-5			3-5
Risk-free interest rate		0.46	%		0.46	%

Schedule of changes in outstanding common stock options

Exercise Price
Per Share

Weighted-Average
Remaining
Contractual Life

Weighted-Average
Exercise Price

Balance, June 30, 2016

2,353,885

4.81 – 7.72

9.09 years

5.31

Employee Stock Option Scheme of Majesco Limited - Plan 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of share based awards fair value assumptions

	2016			2015
Weighted-average volatility		51.02	%		47.77	%
Expected dividends		0.00	%		2.56	%
Expected term (in years)		6 Years			6 Years
Risk-free interest rate		7.46	%		8.70	%

Schedule of changes in outstanding common stock options

	Outstanding and Exercisable		Exercise Price Per Share		Weighted-Average Remaining Contractual Life		Weighted-Average Exercise Price
Balance, June 30, 2016		1,099,426	$	0.1 - $3		8.12		1.40
		656,000	$	3.1 - $ 6		10.16		5.01
		199,000	$	6.1 - $ 7		10.65		8.44

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

Schedule of basic and diluted earnings/(loss) per share

XML 41 R30.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

	Three months ended June 30,
	2016			2015

Net (Loss)/ Income	$	(550	)	$	82

Basic weighted average outstanding equity shares		36,451,606			30,836,171

Adjustment for dilutive potential common stock

Options under Majesco 2015 Equity Plan		-			115,270

Dilutive weighted average outstanding equity shares		36,451,606			30,951,441

Earnings per share:
Basic	$	(0.02	)	$	0.00
Diluted		(0.02	)		0.00

XML 42 R31.htm IDEA: XBRL DOCUMENT

RELATED PARTIES TRANSACTIONS (Tables)

3 Months Ended

Jun. 30, 2016

Schedule of summary of liabilities with related parties

	As of June 30, 2016		As of March 31, 2016
Reorganization consideration payable to Majesco Limited for MSSIPL business	$	—	$	—
Reimbursable expenses payable to Majesco Limited		1,094		927
	$	1,094	$	927

Schedule of security deposits paid

	As of June 30, 2016		As of March 31, 2016
Security deposits paid to Majesco Limited by MSSIPL for use of Mahape premises	$	622	$	634
Security deposits paid to Mastek Ltd. by MSSIPL for use of Pune premises	$	160	$	163
Security deposits paid to Mastek Ltd. by MSSIPL for use of Ahmedabad premises	$	1	$	1

XML 43 R32.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Tables)

3 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Schedule of revenues by country based on billing address

	Three Months ended June 30. 2016		Three Months ended June 30. 2015
USA	$	28,721	$	19,183
UK		2,384		1,964
Canada		340		866
Malaysia		759		1,150
Thailand		-		-
Others		350		-
	$	32,554	$	23,163

Schedule of property and equipment net by geographic region

	As of June 30, 2016		As of March 31, 2016
USA	$	1,799	$	1.668
India		1,970		1,788
Canada		-		-
UK		4		5
Malaysia		1		1
	$	3,774	$	3,462

Schedule of information about major customers

	Three months ended June 30, 2016					Three months ended June 30, 2015
	Amount		% of combined revenue			Amount		% of combined revenue
Customer A
Revenue	$	3,722		11	%	$	1,640		7	%
Accounts receivables and unbilled accounts receivable	$	4,518		19	%	$	40		-
Customer B
Revenue	$	1,617		5	%	$	1,366		6	%
Accounts receivables and unbilled accounts receivable	$	557		2	%	$	1,039		5	%

XML 44 R33.htm IDEA: XBRL DOCUMENT

COMMITMENTS (Tables)

3 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum rental payments over lease term in respect of operating leases

Quarter ended June 30	Amount
2017	$	2,201
2018		2,758
2019		2,713
2020		2,752
2021		684
Beyond 5 years		972
Total minimum lease payments	$	12,080

XML 45 R34.htm IDEA: XBRL DOCUMENT

ACQUISITION (Tables)

3 Months Ended

Jun. 30, 2016

Business Acquisition [Line Items]

Schedule of consideration transferred to acquire Cover-All

Fair value of consideration transferred
Common stock	$	12
Additional paid-in capital		29,708
Total consideration	$	29,720

Schedule of changes in carrying amount of goodwill

	As of June 30, 2016		As of March 31, 2016

Opening value	$	32,275	$	14,196
Addition of goodwill related to acquisition		0		18,079
Addition on account of currency fluctuation		4		0
Closing value	$	32,279	$	32,275

Schedule of identifiable intangible assets acquired

	Weighted average amortization period (in years)	Amount assigned		Residual value
Customer contracts	3	$	2,410		-
Customer relationships	8		4,460		-
Technology	6		3,110		-
Total	6	$	9,980		-

Summary of unaudited pro-forma consolidated information

	Unaudited Pro forma three months ended June 30, 2015
Revenue	$	28,219
Net Income (Loss)	$	283

Cover-All

Business Acquisition [Line Items]

Schedule of recognized amount of identifiable assets acquired and liabilities assumed

	Amount
Cash	$	2,990
Accounts receivable		1,592
Prepaid expenses and other current assets		629
Property, plant and equipment		454
Other assets		148
Customer contracts		2,410
Customer relationships		4,460
Technology		3,110
Defer tax asset on NOL		459
Accounts payable		(1,120	)
Accrued expenses		(623	)
Deferred revenue		(2,515	)
Capital lease liability		(294	)

Total fair value of assets acquired		11,700
Fair value of consideration paid		29,720
Goodwill	$	18,020

Mastek Asia Pacific Pte Limited

Business Acquisition [Line Items]

Schedule of recognized amount of identifiable assets acquired and liabilities assumed

	Amount
Cash	$	212
Accounts receivable		18
Other assets		1
Accrued expenses		(14	)

Total fair value of assets acquired		217
Fair value of consideration paid		276
Goodwill	$	59

XML 46 R35.htm IDEA: XBRL DOCUMENT

DESCRIPTION OF BUSINESS (Details Textuals)	1 Months Ended
DESCRIPTION OF BUSINESS (Details Textuals)	Jun. 26, 2015	Jun. 30, 2016
Description Of Business [Line Items]
Ownership percent		100.00%
Cover-All \| Definitive merger agreement
Description Of Business [Line Items]
Percentage of stock-for-stock issue	100.00%
Percentage of common stock shares issued by combined company	16.50%

XML 47 R36.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textuals)	1 Months Ended
	Jun. 22, 2015
Cover-All \| Definitive merger agreement
Business Acquisition [Line Items]
Reverse stock split of Group's common stock	one for six reverse stock split

XML 48 R37.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Contingent consideration
Total	$ (457)	$ (417)
Level 2
Derivative financial instruments (included in the following line items in the Condensed Combined balance sheet)
Other assets
Other liabilities
Prepaid expenses and other current assets	177	180
Accrued expenses and other liabilities	(4)	(4)
Total	173	176
Level 3
Contingent consideration
Other liabilities	(243)	(229)
Accrued expenses and other liabilities	(387)	(364)
Total	$ (630)	$ (593)

XML 49 R38.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	$ (593)	$ (1,712)
Additions
Total (Losses)/gains recognized in Statement of Operations	(37)	(344)
Settlements		1,463
Closing balance	$ (630)	$ (593)

XML 50 R39.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textuals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Agile \| Agile Agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in fair value of contingent consideration	$ (37)	$ (344)

XML 51 R40.htm IDEA: XBRL DOCUMENT

CAPITAL LEASE OBLIGATIONS (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Leases [Abstract]
2017	$ 131
2018	117
2019	10
2020	9
2021	2
Total minimum lease payments	269
Less: Interest portion	21
Present value of net minimum capital leases payments	$ 248

XML 52 R41.htm IDEA: XBRL DOCUMENT

CAPITAL LEASE OBLIGATIONS (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Leases [Abstract]
Capital leases gross amounts	$ 126		$ 86
Accumulated depreciation under capital leases	56		$ 19
Depreciation expenses	$ 7	$ 5

XML 53 R42.htm IDEA: XBRL DOCUMENT

BORROWINGS (Details) $ in Thousands	3 Months Ended
BORROWINGS (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Line of Credit Facility [Line Items]
Outstanding loans	$ 2,700
PCFC Facility \| Repayable on, July 10, 2016
Line of Credit Facility [Line Items]
Date of loan	Apr. 11, 2016
Outstanding loans	$ 700
Rate of interest	2.13%
PCFC Facility \| Repayable on, July 28, 2016
Line of Credit Facility [Line Items]
Date of loan	Apr. 29, 2016
Outstanding loans	$ 2,000
Rate of interest	3.14%

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Derivatives, Fair Value [Line Items]

XML 54 R43.htm IDEA: XBRL DOCUMENT

BORROWINGS (Details Textuals) $ in Thousands, ₨ in Millions		1 Months Ended					3 Months Ended
BORROWINGS (Details Textuals) $ in Thousands, ₨ in Millions	May 06, 2016 USD ($)	Mar. 23, 2016 USD ($)	Aug. 28, 2015 INR (₨)	Jul. 27, 2015 INR (₨)	Jun. 30, 2015 USD ($)	Mar. 25, 2011 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016
Line of Credit Facility [Line Items]
Borrowings outstanding							$ 2,700
Revolving credit line \| ICICI Bank Limited
Line of Credit Facility [Line Items]
Maximum borrowing limit						$ 5,000
Interest rate description						three-month LIBOR plus 375 basis points
Interest rate							4.14%	4.13%
Loan processing fee							$ 12,500
Loan processing fee in third extension							50,830
Borrowings outstanding							5,000
PCFC Facility \| Yes Bank
Line of Credit Facility [Line Items]
Maximum borrowing limit					$ 5,656
Interest rate description					LIBOR plus 150 basis points
Borrowings outstanding							2,700
Term Loan Facility \| Punjab National Bank (International) Limited
Line of Credit Facility [Line Items]
Proceeds from facility to refinance loan agreement							3,000
MSSIPL \| PCFC Facility \| ICICI Bank Limited
Line of Credit Facility [Line Items]
Maximum borrowing limit	$ 2,252			₨ 150
Interest rate description				LIBOR plus
Guarantee fees annual percentage				0.40%
Bank guarantee facility amount	75			₨ 5
MSSIPL \| PCFC Facility \| Standard Chartered Bank
Line of Credit Facility [Line Items]
Maximum borrowing limit	$ 750		₨ 50
Interest rate description			LIBOR plus
MSSIPL \| Term Loan Facility \| HSBC Bank
Line of Credit Facility [Line Items]
Maximum borrowing limit		$ 10,000
Interest rate description		LIBOR plus
Borrowings outstanding							10,000
Installments of principal amount							$ 166,667
Net Debt-to-EBITDA Ratio							Net Debt-to-EBITDA Ratio (as defined in the Loan Agreement) of not more than (a) 5.00 to 1.00 as of the last day of its 2017 fiscal year and (b) 2.50 to 1.00 as of the last day of each fiscal year thereafter
Debt service coverage ratio							Debt Service Coverage Ratio (as defined in the Loan Agreement) of not less than 1.50 to 1.00 as of the last day of each fiscal year
Loan facility, restrictive covenants							The Facility also restricts any transfer or change in, or assignment or pledge of the ownership or control of Majesco which would cause Majesco Limited to directly own less than fifty one percent (51%) of the issued and outstanding equity interests in Majesco. The Facility also restricts Majesco Limited from incurring any Net Debt (as defined in the Loan Agreement) in excess of $25,000 at any time prior to April 1, 2017

XML 55 R44.htm IDEA: XBRL DOCUMENT

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Designated as hedging instruments - Cash Flow Hedges - USD ($)
$ in Thousands

Jun. 30, 2016

Mar. 31, 2016

Asset Noncurrent

^[1]

$ 0

Asset Current

^[1]

180

Liability Noncurrent

^[1]

Liability Current

^[1]

Foreign exchange forward contracts

Derivatives, Fair Value [Line Items]

Asset Noncurrent

^[1]

Asset Current

^[1]

180

Liability Noncurrent

^[1]

Liability Current

^[1]

$ 5

$ 4

[1]

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.