MIRA INFORM REPORT
|
Report No. : |
302963 |
|
Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIRSTSOURCE SOLUTIONS LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Paradigm ‘B’ Wing, Mindspace, Link Road, Malad
(West), Mumbai-400064, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.12.2001 |
|
|
|
|
Com. Reg. No.: |
11-134147 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6597.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L64202MH2001PLC134147 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM104720C |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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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 the business of providing contact center,
transaction processing and debt collection services including revenue cycle
management in the healthcare industry |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = A- |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
May 30, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
May 30, 2014 |
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
31-03-2014.
INFORMATION DECLINED
Management non co-operative (91-22-66660888)
LOCATIONS
|
Registered Office : |
5th Floor, Paradigm ‘B’ Wing, Mindspace, Link Road, Malad
(West), Mumbai-400064, Maharashtra, India
|
|
Tel. No.: |
91-22-66660888 |
|
Fax No.: |
91-22-66660887 |
|
E-Mail : |
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|
Website : |
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Overseas Offices : |
Located At: ·
·
United States of America ·
Australia ·
Ireland |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sanjiv
Goenka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Shailesh Jayantilal Mehta |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
401, Electrrito Ave Hillsborough-94010, California, USA |
|
Date of Birth/Age : |
22.04.1949 |
|
Date of Appointment : |
21.01.2005 |
|
|
|
|
Name : |
Mr.
Haigreve Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Subrata Talukdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh
Subramaniam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Charles Miller Smith |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip
Roy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Shashwat Goenka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ananda Ranjitkumar Mukerji |
|
Designation : |
Director |
|
Address : |
RM 1901 and 1902, 19th
Floor, A Wing, Raheja Atlantis, G Kadam Marg, Worli, Mumbai-400018,
Maharashtra, India |
|
Date of Birth/Age : |
27.11.1959 |
|
Date of Appointment : |
13.02.2002 |
|
|
|
|
Name : |
Mr. Yezdi Hrji Malegam |
|
Designation : |
Director |
|
Address : |
Goolestan, 37, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1933 |
|
Date of Appointment : |
27.07.2006 |
|
|
|
|
Name : |
Mr. Kanarath Payattiyath Balaraj |
|
Designation : |
Director |
|
Address : |
304, Embassy Eros, No. 7, Ulsoor Road, Bangalore-560042, Karnataka,
India |
|
Date of Birth/Age : |
18.01.1970 |
|
Date of Appointment : |
02.09.2003 |
|
|
|
|
Name : |
Mr. Donald JR William Layden |
|
Designation : |
Managing Director |
|
Address : |
6300, Washington Circle, Wauwatosa-53213, USA |
|
Date of Birth/Age : |
02.12.1957 |
|
Date of Appointment : |
20.04.2006 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Jain |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Sanjay Venkataraman |
|
Designation : |
President, Customer Management |
|
|
|
|
Name : |
Stephanie Wilson |
|
Designation : |
Chief Operating Officer, Customer Management |
|
|
|
|
Name : |
Mr. Venkataraman K R |
|
Designation : |
President & Chief Executive Officer, Healthcare |
|
|
|
|
Name : |
Mitzi Winters |
|
Designation : |
Chief Operating Officer, Healthcare Provider |
|
|
|
|
Name : |
Mr. Shalabh Jain |
|
Designation : |
Business Transformation Officer |
|
|
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|
Name : |
Mr. Arjun Mitra |
|
Designation : |
Executive Vice President, Collections |
|
|
|
|
Name : |
Iain Regan |
|
Designation : |
Executive Vice President, Sales & Marketing |
|
|
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|
Name : |
Gayatri Anandh |
|
Designation : |
Executive Vice President, Technology |
|
|
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|
Name : |
Mr. Arun Tyagi |
|
Designation : |
Senior Vice President & Chief Compliance Officer |
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|
|
|
Name : |
Mr. Satish M |
|
Designation : |
Executive Vice President, Human Resources |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
373976673 |
56.41 |
|
|
373976673 |
56.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
373976673 |
56.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15247230 |
2.30 |
|
|
32433264 |
4.89 |
|
|
52238487 |
7.88 |
|
|
99918981 |
15.07 |
|
|
|
|
|
|
30860044 |
4.65 |
|
|
|
|
|
|
69511986 |
10.48 |
|
|
88737004 |
13.38 |
|
|
189109034 |
28.52 |
|
Total Public shareholding (B) |
289028015 |
43.59 |
|
Total (A)+(B) |
663004688 |
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) |
663004688 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Spen Liq Private Limited |
37,39,76,673 |
56.41 |
|
|
Total |
37,39,76,673 |
56.41 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
ICICI Bank Limited |
32217454 |
4.86 |
|
2 |
Jhunjhunwala Rakesh Radheshyam |
25000000 |
3.77 |
|
3 |
DB International (Asia) Limited |
16256765 |
2.45 |
|
|
Total |
73474219 |
11.08 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing contact
center, transaction processing and debt collection services including revenue
cycle management in the healthcare industry |
|
|
|
|
Products : |
Not Available |
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|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
NOTE : (1) External commercial borrowing carries interest at the rate of LIBOR + 471 bps. The loan is repayable from December 2013 up to June 2019 in quarterly installments. The loan is secured against pari passu charge on all current assets, non-current assets and fixed assets of the Company and its subsidiaries except assets of Anunta, FDS. (2) Finance lease obligation carries interest in the range of 6% - 12.5% for the period of 3 - 5 years from January 2011 up to November 2016 repayable in quarterly installments. This is secured by way of hypothecation of underlying fixed assets taken on lease |
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Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India. |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding Company : |
CESC Limited |
|
|
|
|
Holding Company : |
Spen Liq Private limited |
|
|
|
|
Fellow Subsidiary
Company : |
Spencer Retail Limited |
CAPITAL STRUCTURE
As on 01.08.2014
Authorised Capital : Rs.8720.000 millions
Issued, Subscribed & Paid-up Capital : Rs.6645.204
millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
872,000,000 |
Equity Shares |
Rs.10/- each |
Rs.8720.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
659,734,876 |
Equity Shares |
Rs.10/- each |
Rs.6597.350 millions |
|
|
|
|
|
NOTES:
PARTICULARS OF
SHAREHOLDERS HOLDING MORE THAN 5% EQUITY SHARES:
|
Particular |
As on 31.03.2014 |
|
|
|
No. of Shares |
% of Total
Shares |
|
Spen Liq Private Limited |
373976673 |
56.69 |
ICICI Bank Limited holds 4.87%, 32,138,966 shares (31 March 2013: 6.88% 45,266,823 Shares)
RIGHTS,
PREFERENCES AND RESTRICTIONS ATTACHED TO EQUITY SHARES:
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder are in proportion to its share of the paid-up equity capital of the Company.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6597.350 |
6576.740 |
4307.760 |
|
(b) Reserves & Surplus |
7204.600 |
5748.170 |
4493.220 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.660 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
13802.610 |
12324.910 |
8800.980 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1217.720 |
1127.640 |
101.330 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
62.570 |
95.590 |
46.750 |
|
Total Non-current
Liabilities (3) |
1280.290 |
1223.230 |
148.080 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
661.260 |
0.000 |
366.740 |
|
(b) Trade
payables |
305.940 |
443.610 |
526.940 |
|
(c) Other
current liabilities |
1599.690 |
2162.310 |
13029.180 |
|
(d) Short-term
provisions |
41.660 |
49.920 |
54.470 |
|
Total Current Liabilities
(4) |
2608.550 |
2655.840 |
13977.330 |
|
|
|
|
|
|
TOTAL |
17691.450 |
16203.980 |
22926.390 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
447.130 |
538.960 |
758.430 |
|
(ii)
Intangible Assets |
408.900 |
425.170 |
606.800 |
|
(iii)
Capital work-in-progress |
0.500 |
17.600 |
18.730 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11731.280 |
11686.070 |
11608.390 |
|
(c) Deferred tax assets (net) |
406.640 |
406.640 |
392.840 |
|
(d) Long-term Loan and Advances |
951.530 |
868.790 |
975.380 |
|
(e) Other
Non-current assets |
899.410 |
650.670 |
312.260 |
|
Total Non-Current
Assets |
14845.390 |
14593.900 |
14672.830 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
307.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
1852.430 |
827.180 |
1551.990 |
|
(d) Cash
and cash equivalents |
287.790 |
253.320 |
5563.290 |
|
(e)
Short-term loans and advances |
399.300 |
249.240 |
599.760 |
|
(f) Other
current assets |
306.540 |
280.340 |
231.520 |
|
Total
Current Assets |
2846.060 |
1610.080 |
8253.560 |
|
|
|
|
|
|
TOTAL |
17691.450 |
16203.980 |
22926.390 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9173.280 |
8808.150 |
7542.560 |
|
|
|
Other Income |
152.130 |
925.760 |
1019.230 |
|
|
|
TOTAL (A) |
9325.410 |
9733.910 |
8561.790 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
4607.910 |
4715.570 |
4264.820 |
|
|
|
Other expenses |
2668.420 |
2739.890 |
2623.950 |
|
|
|
TOTAL (B) |
7276.330 |
7455.460 |
6888.770 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2049.080 |
2278.450 |
1673.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
177.190 |
527.980 |
655.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1871.890 |
1750.470 |
1017.370 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
527.190 |
576.580 |
598.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1344.700 |
1173.890 |
418.580 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
-35.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1344.700 |
1173.890 |
453.590 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5198.580 |
3401.520 |
2947.900 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6543.280 |
4575.410 |
3401.490 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from Services |
4462.540 |
5722.310 |
4929.980 |
|
|
|
Interest Income |
0.000 |
7.400 |
114.230 |
|
|
|
Other Income |
170.550 |
122.650 |
73.670 |
|
|
TOTAL EARNINGS |
4633.090 |
5852.360 |
5117.880 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
302.220 |
156.770 |
83.900 |
|
|
TOTAL IMPORTS |
302.220 |
156.770 |
83.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.04 |
2.33 |
1.05 |
|
|
|
Diluted |
1.96 |
2.29 |
1.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.66 |
13.33 |
6.01 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
22.34 |
25.87 |
22.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.22 |
28.68 |
3.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.10 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.09 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
0.61 |
0.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4307.760 |
6576.740 |
6597.350 |
|
Reserves & Surplus |
4493.220 |
5748.170 |
7204.600 |
|
Net
worth |
8800.980 |
12324.910 |
13801.950 |
|
|
|
|
|
|
long-term borrowings |
101.330 |
1127.640 |
1217.720 |
|
Short term borrowings |
366.740 |
0.000 |
661.260 |
|
Total
borrowings |
468.070 |
1127.640 |
1878.980 |
|
Debt/Equity
ratio |
0.053 |
0.091 |
0.136 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7542.560 |
8808.150 |
9173.280 |
|
|
|
16.779 |
4.145 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7542.560 |
8808.150 |
9173.280 |
|
Profit |
453.590 |
1173.890 |
1344.700 |
|
|
6.01% |
13.33% |
14.66% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
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 |
No |
|
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 |
---------------------- |
|
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 |
Yes |
|
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Other loans and advances |
|
|
|
Loan from non-banking financing companies |
10.020 |
20.770 |
|
Total |
10.020 |
20.770 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10306196 |
13/02/2014 * |
16,739,999,880.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX
BANDRA EAST, MUMBAI, Maharashtra |
B98554512 |
* Date of charge modification
BACKGROUND
Firstsource Solutions Limited (‘Firstsource’) was incorporated on 6 December 2001. Subject is engaged in the business of providing contact center, transaction processing and debt collection services including revenue cycle management in the healthcare industry.
Effective 1 April 2013, the Firstsource has changed the classification of its branch as non-integral foreign operations per criteria laid down in AS 11 (Revised) “Effects of changes in foreign exchange rates”. However, the impact of this change in classification is not considered material.
RESULT OF OPERATIONS
The consolidated total income increased from Rs. 28,649.30 Million to Rs. 31,078.80 Million, a growth of 8.5% over the previous financial year. The consolidated Net Profit After Tax increased from Rs. 1,465.92 Million to Rs. 1,929.62 Million, a growth of 31.6% over the previous financial year. The detailed analysis of the consolidated results forms part of the Management Discussion & Analysis (MD&A) Report provided separately as part of the
Annual Report.
The standalone total income reduced from Rs. 9,733.91 Million to Rs. 9,325.41 Million, a decline of 4.2% over the previous financial year. The standalone Profit After Tax increased from Rs. 1,173.89 Million to Rs. 1,344.70 Million, an increase of 14.5% over the previous financial year.
AWARDS AND ACCOLADES:
The Company received the following awards and accolades during the year.
- The Silver accreditation by Investors-In-People (IIP) in the UK. This achievement highlights and benchmarks our good practices in relation to investing in people and commitment to continuous improvement.
- Featured among the 100 best BPO companies by Global Services Annual GS100 2013. This recognition highlights Company’s commitment and efforts in going the extra mile to meet client satisfaction. The Company has received this recognition for the third year in a row.
- The Company has been ranked #24 by The International Association of Outsourcing Professionals (IAOP) in the 2013 Global Outsourcing 100 rankings.
- Received the Frost & Sullivan 2013 North American – “New Product Innovation award” for Contact Center Outsourcing for its analytics proposition - First Customer Intelligence.
- Recognised as one of UK’s leading outsourcing providers by the National Outsourcing Association (NOA) Awards. The Company also won two other prestigious awards:
Ø BPO Project of the Year 2013 (for our work with Sky)
Ø Outsourcing Service Provider of the Year.
- Awarded the ‘Outsourcing Partnership of the Year’ in the European Call Centre and Customer Service Awards 2013 for our longstanding relationship with Sky.
FIXED ASSETS
- Leasehold improvements
- Computers
- Service equipment
- Furniture and fixture
- Office equipment
- Vehicles
- Software
AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2014
|
Sr. No. |
Particular |
Quarter Ended |
Six Months Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
Audited
|
Audited
|
Audited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
2345.440 |
2283.00 |
4629.440 |
|
|
Other Operating
Income |
38.610 |
(70.720) |
(32.110) |
|
|
Total Income From Operations (Net) |
2384.050 |
2212.280 |
2378.120 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Employee
benefits expenses |
1111.940 |
1068.030 |
2179.970 |
|
|
Depreciation
and amortization expenses |
117.800 |
118.280 |
236.080 |
|
|
Other
expenses |
675.500 |
660.040 |
1335.540 |
|
|
Total Expenses |
1905.240 |
1846.350 |
3751.590 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
479.810 |
365.930 |
845.740 |
|
|
|
|
|
|
|
4. |
Other
Income |
99.040 |
67.550 |
166.590 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
578.850 |
433.480 |
1012.330 |
|
|
|
|
|
|
|
6. |
Interest |
51.350 |
50.18 |
101.530 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
527.500 |
383.300 |
910.800 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
527.500 |
383.300 |
910.800 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
(10.430) |
-- |
(10.430) |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
537.930 |
383.300 |
921.230 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
537.930 |
383.300 |
921.230 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
6630.050 |
6614.210 |
6630.050 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
8365.270 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic |
0.81 |
0.58 |
1.39 |
|
|
b)
Diluted |
0.76 |
0.55 |
1.31 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
289,028,015 |
287,444,765 |
289,028,015 |
|
|
-
Percentage of Shareholding |
43.59% |
43.46% |
43.59% |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
373,976,673 |
373,976,673 |
373,976,673 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
56.41% |
56.54% |
56.41% |
Note :
- The above results were reviewed by the Audit Committee on July 31, 2014 and adopted by the Board of Directors at their meeting held on August 01, 2014.
- Effective year ended March 31, 2009, the Company has early adopted Accounting Standard (AS) 30 "Financial instruments: Recognition and Measurement", pursuant to announcement made by the Institute of Chartered Accountants of India (ICAI).
- During the quarter ended June 30, 2014, 1,686,562 Equity shares were issued pursuant to exercise of stock options under the Employee Stock Option Scheme of the Company
- During the quarter ended June 30, 2014, 3 complaints were received from investors which were resolved. There was no complaint pending at the beginning and at the end of the quarter.
- Figures for the prior periods have been regrouped and / or reclassified wherever considered necessary.
STATEMENT OF ASSETS AND LIABILITIES
(STANDALONE AUDITED)
(Rs. In Millions)
|
PARTICULARS |
30.09.2014 Audited |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
6630.050 |
|
Reserve & surplus |
8365.270 |
|
|
|
|
Share application
money received under ESOP scheme |
0.110 |
|
Sub-total
- Shareholders' funds |
14995.430 |
|
|
|
|
Non - current liabilities |
|
|
Long term borrowings |
1232.480 |
|
Long term provisions |
67.780 |
|
Sub-total
- Non-current liabilities |
1300.260 |
|
Current liabilities |
|
|
Short term borrowings |
894.260 |
|
Trade payables |
271.800 |
|
Other current liabilities |
1500.740 |
|
Short term provisions |
50.430 |
|
Sub-total
- Current liabilities |
2717.230 |
|
|
|
|
TOTAL -
EQUITY & LIABILITIES |
19012.920 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
|
|
-
Tangible
assets |
382.310 |
|
-
Intangible
assets |
349.910 |
|
Capital work in progress |
0.500 |
|
Deferred tax assets (net) |
417.070 |
|
Non-current investment |
11798.260 |
|
Long term loans & advances |
871.590 |
|
Other non-current assets |
1090.490 |
|
Sub-total
- Non-current Assets |
14910.130 |
|
Current
assets |
|
|
Current Investments |
210.000 |
|
Trade receivables |
2358.440 |
|
Cash & bank balances |
471.700 |
|
Short term loans & advances |
359.770 |
|
Other current assets |
702.880 |
|
Sub-total
- Current Assets |
4102.790 |
|
|
|
|
TOTAL –
ASSETS |
19012.920 |
PRESS RELASE
Revenue up by 1.3%, EBIT up by 16.0% and PAT up by 33.4% for Half year
ended Sept 30, 2014
EBIT and PAT margins expanded by 1.3% and 1.8% during the same period
Mumbai, November 14, 2014: Firstsource Solutions Limited (NSE:FSL, BSE:532809), a global provider of customized Business Process Management (BPM) services company today reported its consolidated financial results for the quarter ended September 2014 according to Indian GAAP.
Highlights for the Quarter ended September 30, 2014:
- Revenues of Rs.7,740 million, up 2.4% Q-o-Q compared to Rs. 7,556million for the quarter ended June 2014 and down 2.1% Y-o-Y compared to Rs.7,908million for the quarter ended September 2013.
- Operating EBIT (earnings before interest and tax) of Rs.771million, up 2.2% Q-o-Q compared to Rs.755 million for the quarter ended June 2014 and up 11.7% Y-o-Y compared to Rs.691million for the quarter ended September 2013.
- PAT (profit after tax) of Rs.612million, up 15.0% Q-o-Q compared to Rs.532million for the quarter ended June 2014 and up 36.8% Y-o-Y compared to Rs.448million for the quarter ended September 2013. Cash position is at Rs.1,843 million.
- Employee strength at 26,923 as of September 30, 2014. Reduction of 224 employees in the quarter.
- Q2 annualized attrition (post 180 days) :
Ø Offshore (India and Philippines) - 49.6% compared to 56.6% in Q1 FY2015
Ø Onshore (US and Europe) - 43.6% compared to 46.4% in Q1 FY2015
Ø Domestic (India and Sri Lanka) - 85.7% compared to 102.5% in Q1 FY2015
- As of September 30, 2014, Firstsource derived 47% revenues from the US 36% from UK and 17% from Rest of World, including India.
- As of September 30, 2014, Firstsource derived 46% revenues from Telecom & Media, 34% from Healthcare, 20% from BFS
Key Company Highlights during the Quarter:
New Business:
- Firstsource reported additional wins of approx. USD 45million ACV (annual contract value) for the quarter across the business verticals with existing and new customers. This includes the entry and cross selling of Customer Management services into the Healthcare vertical in the US.
- Firstsource made a strategic investment in NanoBI, Bangalore based analytic company.
- Firstsource launched WF Suite, the fifth productized solution that encompasses Consulting, Managed Services and Capability Development.
- Added a new center in Louisville as a result of a significant contract expansion with a leading US tele communications company.
- Med Assist, Firstsource’s Provider business earned for the seventh consecutive year the HFMA Peer Review Designation.
Debt repayment:
- Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made its sixth quarterly principal repayment of USD 11.25million on its outstanding debt on Sept. 30th, 2014.
Awards &
Recognitions:
- Received two awards for: “Best Outsourced Customer Service Team” and “Best Business Process Outsourcing” at National Outsourcing Association’s Outsourcing Professional Awards (Global) in partnership with giffgaff.
- Retained 7th position in the Top 15 BPM Exporters rankings released by NASSCOM for 2014. Financial Highlights for Half Year ended September 2014:
- Revenues at Rs.15,296 million for the half year ended September 2014, a growth of 1.3% over corresponding period of the previous year.
- Operating EBIT of Rs.1,526 million for the half year ended September 2014, up 16.0% over corresponding period of the previous year.
- Profit after tax Rs.1,145 million for the half year ended September 2014, up 33.4% over corresponding period of the previous year.
- The YTD ACV (annual contract value) wins across business verticals is USD 51million net of client consolidation.
Commenting on the
results, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource, said,
“I am delighted with the progress that Firstsource has made demonstrating a
36.8% net profit growth year on
year. This fiscal the company has signed significant new business wins, which
will translate into revenues over
ensuing quarters. The investment into Analytics strengthens our capabilities to
provide valuable insights to our
clients. The focus on profitable margin growth and customer satisfaction continues as we deliver value to our
clients.”
About Firstsource:
Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN) is a leading global provider of customized Business Process Outsourcing (BPO) services to the Healthcare, Telecom & Media and Banking & Financial Services industries. The company’s clients include Fortune 500, FTSE 100 & Nifty 50 companies. Firstsource has a “rightshore” delivery model with operations in India, Ireland, Philippines, Sri Lanka, UK and U.S.
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.62.16 |
|
|
1 |
Rs.94.27 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
54 |
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.