also vulnerable to computer viruses, attacks, break-ins and similar disruptions from unauthorized tampering. Although we maintain insurance that we believe is appropriate for our business and industry, such coverage may not be sufficient to compensate for any significant losses that may occur as a result of any of these events. 

We have experienced systems outages and service interruptions in the past. To date, these outages have not had a material adverse effect on us. However, in the future, a prolonged system-wide outage or frequent outages could cause harm to our reputation and could cause our customers to make claims against us for damages allegedly resulting from an outage or interruption. Any damage or failure that interrupts or delays our operations could result in material harm to our business and expose us to material liabilities. 

The termination or reduction of certain government programs and tax benefits could adversely affect our overall effective tax rate. 

There can be no assurance that our effective tax rate of 13.3% for the year ended September 30, 2013 will not change over time as a result of changes in corporate income tax rates or other changes in the tax laws of Guernsey, the jurisdiction in which our holding company is organized, or of the various countries in which we operate. 

We have benefited or currently benefit from a variety of government programs and tax benefits that generally carry conditions that we must meet in order to be eligible to obtain any benefit. For example, we operate development centers and a business processing operations center in India. In 2013, the corporate tax rate applicable in India on trading activities was 33.99%. Our Indian business operates under specific favorable tax entitlements that are based upon pre-approved information technology related services activity. As a result, these activities are entitled to considerable corporate income tax reductions for our eligible income, which reduce the current applicable tax rate (cash basis) to 20%. Such favorable tax treatment is applied on all income derived from such pre-approved information technology activity, provided we continue to meet the conditions required for such tax benefits. These benefits are scheduled to phase out over 15 years from the commencement of operations. Proposed changes in Indian tax law may reduce or eliminate the availability of these beneficial tax rates. Please see “Item 10 — Additional Information — Taxation — Certain Indian Tax Considerations” for more information. 

If we fail to meet the conditions upon which certain favorable tax treatment is based, we would not be able to claim future tax benefits and could be required to refund tax benefits already received. In addition, any of the following could have a material effect on our overall effective tax rate: 

GLYPH<129> some tax benefit programs may be limited in duration or may be discontinued, 

GLYPH<129> we may be unable to meet the requirements for continuing to qualify for some programs, 

GLYPH<129> these programs and tax benefits may be unavailable at their current levels, or 

GLYPH<129> upon expiration of a particular benefit, we may not be eligible to participate in a new program or qualify for a new tax benefit that would offset the loss of the expiring tax benefit. 

The market price of our ordinary shares has and may continue to fluctuate widely. 

The market price of our ordinary shares has from time to time fluctuated widely and may continue to do so. Many factors could cause the market price of our ordinary shares to rise and fall, including: 

GLYPH<129> market conditions in the industry and the economy as a whole, 

GLYPH<129> variations in our quarterly operating results, 

GLYPH<129> changes in our backlog levels, 

GLYPH<129> announcements of technological innovations by us or our competitors, 

GLYPH<129> introductions of new products or new pricing policies by us or our competitors, 

GLYPH<129> trends in the communications or software industries, including industry consolidation, 

