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	March 5, 2010 The Satyam Saga — First Anniversary Report Card Mahindra Satyam Is Recovering But Is No Longer A Top-Five Offshore Player by Sudin Apte with Christine Ferrusi Ross, Philipp Karcher	Average: 9  (1 rating)

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Executive Summary

Satyam Computer Services, in its new incarnation, "Mahindra Satyam," still faces the aftermath of what happened a year ago. While its situation has improved, fallout from the fraud committed by Satyam's promoter and ex-chairman and the subsequent loss of reputation has taken its toll on the company's business. Once touted as the fourth-largest offshore IT services company, it is working hard to stabilize its operations and to cope with legal battles, exiting clients, loss of executives, and higher attrition. While many steps have been taken to restore the lost brand and its business, there is still a long way to go. So, how did the company fare in the past year since the fraud erupted? Our research — comprised of client interviews, discussions with current and former Mahindra Satyam officials, and analysis of the available data — leads us to give the company a grade of six on a 10-point scale. Clients should be cautious when dealing with the company and keep an eye on its ongoing problems of high attrition, cultural differences between the new management and old Satyam staffers (as in any typical acquisition), and risks from the unavailability of audited financials.

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