MIRA
INFORM REPORT
|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUJA GLOBAL SOLUTIONS LIMITED |
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Registered
Office : |
Hinduja House, 171, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.01.1995 |
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Com. Reg. No.: |
11-084610 |
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Capital
Investment / Paid-up Capital : |
Rs. 205.892 Millions |
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CIN No.: [Company Identification
No.] |
L92199MH1995PLC084610 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT04679D |
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PAN No.: [Permanent Account No.] |
AAACT1763A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Business Process Management. |
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No. of Employees
: |
23000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 26000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of the Hinduja Group. It is a well-established and a reputed Company having fine track
record. There appears slight dip in the profit of the company. However, financial position of the company appears to be sound. Directors are reported to be experienced, respectable and resourceful
businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed to
$ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Having adequate degree of safety and carry low credit risk. |
|
Date |
23.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very Strong degree of safety and carry lowest credit risk. |
|
Date |
23.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-24960707)
LOCATIONS
|
Registered Office : |
Hinduja House, 171, |
|
Tel. No.: |
91-22-24960707 |
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Fax No.: |
91-22-24974208 |
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E-Mail : |
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Website : |
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Corporate Office : |
HGSL House No. 614, Vajpayee Nagar, Bommanahlli, Hosur Road,
Bangalore-560068, Karnataka, India |
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Tel. No.: |
91-80-25732620/ 50 |
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Fax No.: |
91-80-25731592 |
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E-Mail : |
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Branches : |
Located at: ·
·
Chennai ·
·
·
·
Vashi, Navi Mumbai |
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Overseas Offices : |
Located at: ·
·
·
·
·
·
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ramkrishan P Hinduja |
|
Designation : |
Chairman |
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|
Name : |
Mr. Shanu S. P. Hinduja |
|
Designation : |
Co-Chairperson (Appointed w.e.f. March 4, 2013) |
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|
Name : |
Mr. Vinoo S Hinduja |
|
Designation : |
Director |
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|
Name : |
Mr. Dheeraj G. Hinduja |
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Designation : |
Director |
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Name : |
Mr. Anil Harish |
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Designation : |
Director |
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Name : |
Mr. Rajendra P Chitale |
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Designation : |
Director |
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Name : |
Mr. Rangan Mohan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
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|
Investors’
Grievance and Share Allotment
Committee |
· Rangan Mohan, Chairman · Shanu S. P. Hinduja, (w.e.f. March 4, 2013) · Dheeraj G. Hinduja, (upto March 4, 2013) |
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|
Compensation
Committee |
· Anil Harish, Chairman · Shanu S. P. Hinduja · Rajendra P. Chitale · Dheeraj G. Hinduja, (upto March 4, 2013) · Rangan Mohan |
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|
|
|
Committee of
Directors |
· Ramkrishan P. Hinduja, Chairman · Vinoo S. Hinduja · Rangan Mohan |
|
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|
|
Name : |
Mr. Partha DeSarkar |
|
Designation : |
Chief Executive Officer |
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Global Advisory
Committee |
|
|
Name : |
Mr. Anthony Joseph |
|
Designation : |
Executive Vice President- Global Head- Human Resource |
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|
|
Name : |
Mr. Ashwin U Hoskote |
|
Designation : |
Senior Vice President- Global Business Excellence |
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|
Name : |
Mr. Kanti Mohan Rusttagi |
|
Designation : |
Executive Vice President- Legal and Company Secretary |
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|
Name : |
Mr. Narsimha Murthy B.N. |
|
Designation : |
President- HGS Inc. |
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|
Name : |
Mr. Kathy Hamburger |
|
Designation : |
President - HGS USA |
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|
Name : |
Mr. Partha De Sarkar |
|
Designation : |
Chief Executive Officer HSGL- |
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|
Name : |
Mr. Pushkar Misra |
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Designation : |
President and Chief Executive Officer HSGL- |
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Name : |
Mr. Ramesh Gopalan |
|
Designation : |
Executive Vice President- International Operations |
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Name : |
Mr. Sanjay Sinha |
|
Designation : |
Executive Vice Presient – M and A (HR) and New Initiatives |
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|
Name : |
Mr. Sridhar Krishnamurthy |
|
Designation : |
Executive Vice President – Strategic Initiatives |
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|
Name : |
Mr. Srinivas Palakodeti |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Subramanya C. |
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Designation : |
Senior Vice President and Global CTO |
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|
Name : |
Charles Cooper-Driver |
|
Designation : |
Chief Executive Officer, Europe and UK |
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|
Name : |
Ross Beattie |
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Designation : |
President and Chief Executive Officer, Canada |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1617185 |
7.85 |
|
|
5748541 |
27.92 |
|
|
3902299 |
18.95 |
|
|
3902299 |
18.95 |
|
|
11268025 |
54.73 |
|
|
|
|
|
|
2761427 |
13.41 |
|
|
2761427 |
13.41 |
|
Total shareholding of Promoter and Promoter Group (A) |
14029452 |
68.14 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1293 |
0.01 |
|
|
3213122 |
15.61 |
|
|
23655 |
0.11 |
|
|
8655 |
0.04 |
|
|
15000 |
0.07 |
|
|
3238070 |
15.73 |
|
|
|
|
|
|
1159367 |
5.63 |
|
|
|
|
|
|
1367208 |
6.64 |
|
|
710267 |
3.45 |
|
|
84859 |
0.41 |
|
|
82191 |
0.40 |
|
|
2668 |
0.01 |
|
|
3321701 |
16.13 |
|
Total Public shareholding (B) |
6559771 |
31.86 |
|
Total (A)+(B) |
20589223 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20589223 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
1 |
Ashok P Hinduja |
31,600 |
0.15 |
|
2 |
Harsha Ashok Hinduja |
16,695 |
0.08 |
|
3 |
Harsha Ashok Hinduja Jt. Ashok Parmanand Hinduja |
12,498 |
0.06 |
|
4 |
Ashok P Hinduja Jt. Harsha Ashok Hinduja |
45,313 |
0.22 |
|
5 |
Vinoo Srichand Hinduja |
61,065 |
0.30 |
|
6 |
Satya Ashok Hinduja |
5,45,000 |
2.65 |
|
7 |
Ambika Ashok Hinduja |
1,77,242 |
0.86 |
|
8 |
Shom Ashok Hinduja |
1,40,007 |
0.68 |
|
9 |
Shanoo Mukhi |
955 |
0.00 |
|
10 |
Ashok P Hinduja Karta of A P Hinduja HUF |
54,327 |
0.26 |
|
11 |
Ashok P Hinduja, Karta of S P Hinduja (HUF Bigger) |
5,32,483 |
2.59 |
|
12 |
Aasia Management and Consultancy Private Limited |
57,48,541 |
27.92 |
|
13 |
Aasia Management and Consultancy Private Limited jtly with Hinduja Realty Ventures Limited |
17,24,490 |
8.38 |
|
14 |
Aasia Management and Consultancy Private Limited jointly with Hinduja Realty Ventures Limited |
21,77,809 |
10.58 |
|
15 |
Amas Mauritius Limited |
27,61,427 |
13.41 |
|
|
Total |
1,40,29,452 |
68.14 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
Credit Suisee (Singapore) Limited |
1894810 |
9.20 |
|
2 |
Bridge India Fund |
474147 |
2.30 |
|
3 |
Merril Lynch Capital Markets Espana S A S V |
296930 |
1.44 |
|
4 |
Goldman Sachs Investments Mauritius I Limited |
398892 |
1.94 |
|
5 |
JM Financial Institutional Securities Private Limited |
300000 |
1.46 |
|
6 |
IDBI Federal Life Insurance Company Limited |
232827 |
1.13 |
|
|
Total |
3597606 |
17.47 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
Credit Suisee (Singapore) Limited |
1894810 |
9.20 |
|
|
Total |
1894810 |
9.20 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Business Process Management. |
GENERAL INFORMATION
|
No. of Employees : |
23000 (Approximately) |
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Bankers : |
· Axis Bank · Bank of Baroda · Bank of America · Barclays Bank PLC · BNP Paribas · Canara Bank · Chinatrust (Phils.) Commercial Bank Corp. · CIBC · HDFC Bank Limited · Hinduja Bank (Switzerland) Limited · HSBC Bank · ICICI Bank Limited · IndusInd Bank · State Bank of India · State Bank of Mauritius · Union Bank of Philippines ·
Yes Bank |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
|
|
|
Internal Audit and
Systems |
Rakesh S. Jain Assistant General Manager – Internal Audit |
|
|
|
|
Subsidiaries : |
· HGS International, Mauritius · HGS International Services Private Limited, India (formerly known as Hinduja Outsourcing Solutions India · Private Limited) · HGS Business Services Private Limited, India (formerly known as HCCA Business Services Private Limited) · Hinduja Global Solutions Inc., U.S.A. · HGS Canada Inc., Canada (formerly known as Online Support Inc.) · C–Cubed B.V., Netherlands · C–Cubed N.V., Curacao · Customer Contact Centre Inc., Philippines · Hinduja Global Solutions Europe Limited, U.K. · Hinduja Global Solutions UK Limited, U.K. (formerly known as Careline Services Limited) · HGS France, S.A.R.L (formerly known as Hinduja TMT France, S.A.R.L) · HGS (USA), LLC · RMT L.L.C., U.S.A. · Affi na Company, Canada · HGS St. Lucia Limited, Saint Lucia · Team HGS Limited, Jamaica · HGS Properties LLC, U.S.A. · HGS Canada Holdings LLC, U.S.A. · HGS Italy, S.A.R.L ·
HGS EBOS LLC, U.S.A. (w.e.f. October 8, 2012 ) |
|
|
|
|
Enterprises where
common control exists : |
· Hinduja Group India Limited · Aasia Management and Consultancy Private Limited · Hinduja Ventures Limited · IndusInd Media and Communication Limited ·
Hinduja Healthcare Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20589223 |
Equity Shares |
Rs. 10/-
each |
Rs.205.892
Millions |
|
|
|
|
|
Rights, preferences
and restrictions attached to equity shares:
The Company has one class of Equity Shares having a par value of R 10 each. Each Shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend.
In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.
Number of shares
reserved for issue under the Employee Stock Option Plan
|
Particulars |
As at 31.03.2013 |
|
i) Hinduja Global Solutions Limited Employee Stock Option Plan 2008 |
149,515 |
|
ii) Hinduja Global Solutions Limited Employee Stock Option Plan 2011 |
243,170 |
The details of Shareholder
holding more than 5%
|
Name of the
Shareholder |
Number of Shares |
% held |
|
Aasia Management and Consultancy Private Limited |
5,748,541 |
27.92 |
|
Aasia Management and Consultancy Private Limited jointly with Hinduja Realty Ventures Limited (as the Demat account holder and partner of Aasia Exports) |
1,724,490 |
8.38 |
|
Aasia Management and Consultancy Private Limited Jointly with Hinduja Realty Ventures Limited (as the demat account holder and partners of Aasia Corporation) |
2,177,809 |
10.58 |
|
Amas Mauritius Limited |
2,761,427 |
13.41 |
|
Credit Suisee (Singapore) Limited |
1,894,810 |
9.20 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
205.892 |
205.892 |
205.892 |
|
(b) Reserves & Surplus |
6440.245 |
6328.828 |
6205.983 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6646.137 |
6534.720 |
6411.875 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
510.500 |
0.000 |
90.000 |
|
(b) Deferred tax liabilities (Net) |
54.556 |
58.286 |
83.562 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
12.989 |
0.536 |
37.574 |
|
Total Non-current Liabilities (3) |
578.045 |
58.822 |
211.136 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
803.183 |
1306.145 |
519.500 |
|
(b) Trade payables |
414.859 |
332.563 |
256.040 |
|
(c) Other current
liabilities |
595.373 |
476.467 |
480.661 |
|
(d) Short-term provisions |
639.565 |
648.731 |
566.318 |
|
Total Current Liabilities (4) |
2452.980 |
2763.906 |
1822.519 |
|
|
|
|
|
|
TOTAL |
9677.162 |
9357.448 |
8445.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1819.804 |
1926.744 |
1812.846 |
|
(ii) Intangible Assets |
102.056 |
112.962 |
82.756 |
|
(iii) Capital
work-in-progress |
11.364 |
0.945 |
0.000 |
|
(iv)
Intangible assets under development |
15.943 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4477.538 |
4344.725 |
3945.967 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
970.006 |
931.100 |
770.105 |
|
(e) Other Non-current assets |
6.888 |
0.734 |
4.490 |
|
Total Non-Current Assets |
7403.599 |
7317.210 |
6616.164 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.268 |
1.205 |
1.149 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
1279.232 |
953.137 |
915.825 |
|
(d) Cash and cash
equivalents |
203.686 |
174.693 |
229.460 |
|
(e) Short-term loans and
advances |
212.469 |
299.632 |
285.688 |
|
(f) Other current assets |
576.908 |
611.571 |
397.244 |
|
Total Current Assets |
2273.563 |
2040.238 |
1829.366 |
|
|
|
|
|
|
TOTAL |
9677.162 |
9357.448 |
8445.530 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7034.139 |
6313.501 |
5448.797 |
|
|
|
Other Income |
175.009 |
141.705 |
80.293 |
|
|
|
TOTAL (A) |
7209.148 |
6455.206 |
5529.090 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Costs |
4523.741 |
4129.993 |
3248.452 |
|
|
|
Operating and Other Expenses |
1298.165 |
1131.492 |
956.320 |
|
|
|
Exceptional Item- Income |
52.867 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
5874.773 |
5261.485 |
4204.772 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1334.375 |
1193.721 |
1324.318 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
173.088 |
110.210 |
59.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1161.287 |
1083.511 |
1264.729 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
386.038 |
361.370 |
380.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
775.249 |
722.141 |
884.280 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
235.136 |
95.990 |
132.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
540.113 |
626.151 |
751.906 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1196.031 |
1109.550 |
909.830 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
54.011 |
62.615 |
75.191 |
|
|
|
Final Proposed |
411.784 |
411.784 |
411.784 |
|
|
|
Tax on Dividend |
68.440 |
65.271 |
65.211 |
|
|
BALANCE CARRIED
TO THE B/S |
1201.909 |
1196.031 |
1109.550 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Business Process Management |
2596.622 |
2167.573 |
0.000 |
|
|
|
Information Technology Enabled Services (ITES) |
0.000 |
0.000 |
4147.527 |
|
|
|
Sale of Fixed Assets |
0.000 |
0.000 |
29.564 |
|
|
|
Other Income earned at overseas branches |
0.000 |
0.000 |
2.465 |
|
|
TOTAL EARNINGS |
2596.622 |
2167.573 |
4179.556 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
37.768 |
3.644 |
8.016 |
|
|
TOTAL IMPORTS |
37.768 |
3.644 |
8.016 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.23 |
30.41 |
36.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.19
|
9.70 |
13.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.02
|
11.44 |
16.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.99
|
14.41 |
19.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20
|
0.20 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
0.74 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
98.333 |
NA |
NA |
|
|
|
|
|
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/1784/2013 |
Failing Date:- |
21/10/2013 |
Reg. No.:- |
ITXA/2398/2013 |
Reg. Date:- |
18/12/2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
HINDUJA GLOBAL SOLUTIONS LIMITED |
||||
|
Petn.Adv:- |
SHEHNAZ (SHEROO) VISPY BHARUCHA |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admitted |
Stage:- |
|
||||
|
Last Date:- |
09.01.2014 |
|
|||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short–term
borrowings |
|
|
|
Other loans and advances from Banks towards: |
|
|
|
– Packing Credit Facilities |
0.000 |
309.428 |
|
– Bill Discounting Facilities |
0.000 |
68.096 |
|
– Commercial Paper (Maximum amount outstanding during the year Rs.750.000 Millions) |
750.000 |
0.000 |
|
Total |
750.000 |
377.524 |
|
|
|
|
GENERAL INFORMATION
Subject is engaged in Business Process Management. HGS with its subsidiaries offer voice and non–voice based services such as contact centre solutions and back offi ce transaction processing across North America, Europe and Asia. HGS is a public limited company, listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India.
REVIEW OF FINANCIALS
On a Standalone basis (for India and overseas branch offices), Operating Income was Rs.7034.139 millions in FY’13,an increase of 11.4% over the Operating Income of Rs.6313.501 millions in FY’12. EBITDA increased by 15.2% from Rs.1052.000 millions in FY’12 to Rs.1212.000 millions in FY’13. PAT fell by 13.7% from Rs.626.151 millions in FY’12 to Rs.540.113 millions in FY’13.
Key highlights for the
year were:
• Growth of consolidated revenues
by 27.6%;
· Acquisition of healthcare revenue cycle management business by HGS Inc. from Deloitte;
· Opening of five new centers at - Belleville (Canada), Preston (UK), Jamaica, Hyderabad (SEZ) and Bangalore; Total number of centers now stand at 55;
· Employee headcount at 23,100 (Previous Year-end 23,899);
· Addition of 50 new customers during the year including addition of 11 customers from the acquisition of healthcare revenue cycle management business in the US. As of March 31, 2013, the Company has 535 active customers;
· As of March 31, 2013, the Company had a Net Worth of Rs.12355.000 millions translating into a Book Value of Rs. 600.07 per share.
BUSINESS REVIEW
Global ITES Industry
Overview
In the context of volatile economic environment, the ITES sector has registered a steady growth rate of 4.8% compared to the previous year. Global IT spend was estimated to be $1.9 trillion in 2012, of which software products, IT and Business Process Management (BPM) services accounted for $1.1 trillion. The global outsourcing market was estimated to grow at 9% to reach $130 billion. The ongoing uncertainty in demand impacted the overall volumes which declined by around 13%.
The ongoing corporate IT spending budget constraints continued to put pressure on the IT/BPO industry margins. This has led to outsourcing service providers offer solutions that can leverage technology-enabled platforms and effective delivery models. The BPO industry today is focused on delivering innovative business models that offer specialized delivery services to their customers. These new solutions are designed to provide customized solutions and facilitate transformation. Access to specialized services, ability to concentrate on their core businesses, decreased time-to-market and increased customer centricity are some of the key drivers.
Increasing use of the mobile technologies is expected to result in significant growth in the pace of adoption of high-end mobile devices and mobile applications in the coming years. Delivery of complex services from India along with emerging technologies such as social media, analytics, cloud technology and platform-based solutions will offer new opportunities to the outsourcing service providers in the near future.
Indian ITES Industry
Overview
The Indian IT services and BPO sectors are an integral part of the global sourcing strategy. These sectors have made increasing contributions to the domestic economy over the years. During FY’13, the IT industry in India is estimated to have generated revenues of $108 billion, with the IT software and services sector accounting for $95 billion of revenues. Export revenues are estimated to be at $76 billion in FY’13, up 10.2% compared to the previous year and have contributed 80% to the total IT-BPO revenues (Source: NASSCOM).
NASSCOM indicated that FY’14 total revenues from India (domestic and exports) are expected to grow by 13-15% to reach $106-111 billion and out of this, exports are likely to be in the range of $84-87 billion, indicating a growth of 12-14%.
Despite India being the global outsourcing leader, it accounts for only 10% of the global IT-BPM spend. This reflects significant untapped opportunities for Indian IT-BPM firms. They are well positioned to take advantage of these trends by developing new capabilities, servicing the entire IT services value chain and expanding their focus to new geographies and industry verticals.
Performance
During FY ’13, revenues of the Company grew by around 27.6%. Of the total growth, around 10.5% was due to the revenue cycle management business acquisition made during the year and full benefits of the Canada and payroll processing businesses acquired in August 2011. The balance of the growth was due to organic growth and variation in the exchange rate.
Nearly 31% of the Company’s revenues are from the telecom sector. In the first half of FY ’13, telecom volumes across all geographies remained subdued. This coupled with costs associated with opening of new centers at Belleville (Canada), and Preston (UK), adversely affected the financial performance of the Company during the first two quarters. Telecom volumes in Canada rebounded strongly in the second half of FY ’13. This along with costs better matched with revenues led to a strong improvement in the financial performance of the Company in the second half of the year.
For a larger part of the year, the financial performance of the Company was also adversely affected by the excess capacity built in the Philippines. By the end of the year, volumes improved significantly which contributed to the improvement in the financial performance of the Company.
During the year, the Company performed a stringent review of its various accounts and has initiated necessary measures to improve the overall profitability of the Company.
Depreciation and amortization expenses for the year were higher on account of the new delivery centers opened during the year, impact of exchange rate and full year impact of the acquisition.
Interest costs were higher on account of full year impact of loans taken for the HGS Canada acquisition and growth in working capital requirements in line with growth in the business.
Tax was higher on account of end of tax holiday period for some of the units in the Philippines and absence of the tax reversals recorded in FY’12. Overall profitability was impacted by certain one-time costs related to the revenue cycle management business acquisition and exceptional costs on account of a settlement of a dispute with a bank.
Awards and
Recognition
The Company was conferred with awards and recognitions during the year, such as:
· HGS Canada Inc. was recognized as top 3rd party vendor by a Canadian telecom client across all its outsourced lines of business; and
· Charlottetown, Canada center earned recognition as the #1 site for warranty product sales across North America by a technology client in FY’13.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Overview
The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956, guidelines issued by the Securities and Exchange Board of India (SEBI) and Generally Accepted Accounting Principles (GAAP) in India. Their Management accepts responsibility for the integrity and objectivity of these financial statements, as well as for various estimates and judgments used therein.
The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, so that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present their state of affairs, profits and cash flows for the year.
Macroeconomic Trends
Market conditions in 2012 have been challenging and as a consequence, economic growth rates globally have failed to meet broad expectations. Several factors were responsible for this low growth environment including Government fiscal control, rising unemployment in certain European countries, increasing regulation in the financial sector and weak consumer confidence.
However, the US has demonstrated a rebound from last year's slowdown as rising house prices have improved consumer sentiment and industrial order-books have strengthened. This has been offset to some extent by strict federal spending budgets resulting in a poorer pace of economic activity.
There are some signs of economic progress in Europe with increasing financial stability in southern Europe and improved competitiveness through lower labor costs. However, ongoing recessionary environment coupled with persistent high rates of unemployment continue to cause concern. The UK has also shown marginal improvement in GDP growth and has been on the edge of recession throughout the year.
Although India’s economy expanded by 5.0% in FY’13, this was the slowest growth rate recorded in the last decade. This difficult economic environment was a result of relatively high interest rates, a sharp drop in exports, high commodity prices, stalled investments and overall low business sentiment. The Reserve Bank of India has been hesitant to cut interest rates as there have been no clear signs of inflation subsiding. Indications are that India’s economy may have reached its low point with the IMF predicting a growth rate of 5.7% in 2013.
Market expectations of slightly stronger economic growth in 2013 and 2014 are predominantly dependent on continued traction in the US, increased stability across Europe and Asia returning to a higher growth trajectory.
Industry Overview
Traditionally, the global BPO industry had been aligned to services such as customer relationship management, finance and accounting and human resources outsourcing with a primary geographic focus on North America and Europe. However, over the recent years the industry has grown through increased outsourcing contracts from countries such as India, Australia and China. This has been possible as service providers have been able to increase the scale of their operations in the APAC region. As outsourcing service providers have become more client solutions focused, they have started to offer new business services such as social media, data analytics, legal and knowledge services outsourcing. In addition, clients from verticals such as manufacturing, healthcare and Government sectors have also started to seek outsourcing opportunities to optimize their costs.
With increased pressures on profit margins and rising operating costs, it has become essential for organizations to seek outsourcing solutions that leverage technologyenabled platforms and effective delivery models. The implementation of emerging technologies is a pre-requisite to integrate cloud, platform and process innovations. These solutions have the ability to anticipate change, adapt to new conditions and facilitate innovation through the exchange of best practices.
Despite the current economic uncertainties, the technology and related services sector has grown steadily at 4.8% compared to the previous year and worldwide spending reached $1.9 trillion in 2012. Of this total spend, software products, IT and Business Process Management (BPM) services accounted for $1.1 trillion. The global outsourcing market was estimated to be $130 billion, a growth of 9% over 2011 and nearly twice the growth rate of global IT spend. As per NASSCOM, ongoing concerns about the global economy also impacted contracts in 2012 as volumes fell by around 13%.
The Indian IT services and BPO industries are an integral part of the global sourcing strategy and have made increasing contributions to the domestic economy over the years. During FY’13, the IT industry in India is estimated to have generated revenues of $108 billion, with the IT software and services sector accounting for $95 billion of revenues. Export revenues are estimated to be at $76 billion in FY’13, up 10.2% compared to previous year and have contributed 80% to the total IT-BPO revenues. Domestic IT-BPO revenue is expected to grow at 2% to $19.3 billion in FY'13.
From an industry vertical perspective, volumes from the telecom sector remained moderate during the year. However, some signs of improvement have emerged recently, primarily driven by the launch of 3G and 4G in some countries.
The proposed reforms in the US healthcare sector will create significant opportunities in this vertical. These reforms are likely to accelerate the growth and improve the profitability for healthcare industry by optimizing costs and increased operational efficiencies offered by BPO service providers. For example, by outsourcing more of the healthcare related services they will be better placed to comply with related mandates such as a medical loss ratio of 80:20 spend on clinical outcome driven activities. As per NelsonHall analysis, the payer outsourced services market is expected to grow to about $15 billion by 2016 and the provider segment will grow to $9 billion by 2015.
Verticals such as healthcare, life sciences, retail and utilities have contributed 30% to the total outsourced spend in 2012 representing a growth rate of 12%.
The BFSI industry is a relatively established vertical in terms of offshoring and the services encompass the entire BFSI value chain. This vertical accounts for more than 40% of the Indian IT-BPO exports. In the coming years, the growth will be driven by integration, optimization, regulation and increasing transition of BPO business onto platforms. The IT-BPO providers are increasingly focused on building capabilities to provide customer service solutions through cloud, smarter analytics, business intelligence, m-commerce, cloud computing and virtualization. In context of the current business environment, IT-BPO service providers in India have a significant opportunity with the potential to upsell, upgrade and customize solutions for clients in this sector given their limited internal resources.
Business Overview
Subject a part of the multi-billion dollar Hinduja Group, is a world leader in customer relationship and business process management. The Company provides outsourcing solutions that include back office processing, contact center services and customized IT solutions to its global clients comprising several Fortune 500 Companies. HGS currently serves 535 clients through its 55 Global Delivery Centers and employs around 23,000 people worldwide. The Company has a strong presence in India, the US, the UK, Canada, Mauritius, France, Germany, Italy, Jamaica, the Netherlands and Philippines.
Subject delivers outsourcing expertise and best-in-class practices based on its longstanding experience and client partnerships. HGS designs and deploys customized solutions on behalf of its clients across a wide range of industry verticals. The company’s client partners benefit from high quality services, optimized process costs and a competitive edge. As the industry evolves from transaction based services to a transformation based model, HGS is well placed to capitalize on market opportunities such as CRM, HRO, social media and digitization.
Business Outlook
The BPO industry today is focused on delivering innovative business models that offer specialized delivery services to their customers. These new solutions are designed to meet the requirements of customers and facilitate transformation. Access to specialized services, ability to concentrate on their core businesses, decreased time-to-market and increased customer centricity are some of the key drivers.
With the proliferation of mobile technologies, the pace of adoption for high-end mobile devices and mobile applications will see significant growth in the coming years. Delivery of complex services from India along with emerging technologies such as social media, analytics, cloud technology and platform-based solutions will offer new opportunities to the service providers in the future.
India continues to be the global outsourcing leader, but the total global IT-BPM outsourcing market of $130 billion accounts for only 10% of the global IT-BPM spend. This reflects significant untapped opportunities for Indian IT-BPM fi rms. They are well positioned to take advantage of these trends by developing new capabilities, servicing the entire IT services value chain and expanding their focus to new geographies and industry verticals.
NASSCOM indicated that FY’14 total revenues from India (domestic and exports) are expected to grow by 13-15% to reach $106-111 billion and out of this, exports are likely to be in the range of $84-87 billion, indicating a growth of 12-14% year on year. Gartner has increased its IT spending growth forecast for 2013 to 4.2%, up from 3.8% forecasted earlier.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10375324 |
15/11/2012 * |
750,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B62032693 |
|
2 |
10315760 |
03/11/2011 |
730,000,000.00 |
BARCLAYS BANK PLC |
1ST FLOOR, PARAMANNA LAYOUT, B.H. ROAD NELAMANGALA, BANGALORE, KARNATAKA - 562123, INDIA |
B24596835 |
|
3 |
10204473 |
27/01/2011 * |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B05313333 |
|
4 |
10120212 |
24/09/2013 * |
1,965,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, INDIAN EXPRESS BUILDING, |
B87419891 |
* Date of charge modification
FIXED ASSETS
· Computer Software
· Commercial Rights
· Land
· Leasehold Land
· Building
· Leasehold Building
· Leasehold Improvements
· Office Equipments
· Computers
· Furniture and Fixtures
· Vehicles
As per Website
PRESS RELEASE
HINDUJA GLOBAL:
INTIMATION ON AMALGAMATION OF SUBSIDIARY COMPANIES
Nov 30, 2013
Hinduja Global Solutions has informed that HGS Business Services has merged in to HGS International Services as per scheme approved by the Hon'ble High Court of Bombay vide order dated October 25, 2013. The appointed date is July 01, 2013 and effective date works out to November 28, 2013.
Hinduja Global Solutions Limited has informed BSE that HGS
Business Services Private Limited (a wholly owned subsidiary of the Company)
has merged in to HGS International Services Private Limited (a wholly owned
subsidiary of the Company) as per scheme approved by the Hon'ble High Court of
Bombay vide order dated October 25, 2013. The appointed date is July 01, 2013
and effective date works out to November 28, 2013 (being the date on which the
Order of High Court of Bombay with Registrar of Companies, Maharashtra.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.