|
|
|
MIRA INFORM REPORT
|
Report No. : |
505993 |
|
Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
HINDUJA GLOBAL SOLUTIONS LIMITED |
|
|
|
|
Registered
Office : |
Hinduja House, 171, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra |
|
Tel. No.: |
91-22-24960707 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
13.01.1995 |
|
|
|
|
Com. Reg. No.: |
11-084610 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 207.427 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L92199MH1995PLC084610 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0307038335 |
|
|
|
|
TIN No: |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACT1763A1ZR |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1763A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in Business Process Management. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of the “Hinduja” group, which includes Ashok Leyland Limited, IndusInd Media and Communications Limited and IndusInd Bank Limited Company provides Business Process Outsourcing services primarily back-office processing and contact center services to domestic and international clients. It is an established company incorporated in the year 1995 and it is having excellent track. For the financial year 2017, the company has increased in its revenue from operation as compared to previous year and maintained decent profitability margin of 6.36%. Rating takes into consideration strong financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also derives strength from its established track records of business operations along with diversified business risk profile, established relationships with customers and improvement in the revenue profile during the year. These rating strengths are partially offset by the company’s exposure to intense competition within the business process management (BPM) industry. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular. In view of experienced management team and healthy goodwill in market, the company can be considered good for normal business dealings at usual trade 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 |
Adequate degree of safety and low credit
risk. |
|
Date |
15.02.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
15.02.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 25.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (91-22-24960707/91-80-25732650)
LOCATIONS
|
Registered Office : |
Hinduja House, 171, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra |
|
Tel. No.: |
91-22-24960707 |
|
Fax No.: |
91-22-24974208 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
Gold Hill Square Park, No.690, 1st Floor, Hosur Road, Bommanahalli, Bangalore – 5600868, Karnataka, India |
|
Tel. No.: |
91-80-46431000/ 46431222 |
|
|
|
|
Corporate
Headquarter : |
Also Located At
:
|
|
|
|
|
Branches : |
Located at:
|
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director (Upto May 19, 2015) |
|
Address : |
13 CCI Chambers Dineshaw Wacha Road, Mumbai-400020, Maharashtra, India
|
|
Date of Birth/Age : |
19.03.1954 |
|
Date of Appointment : |
03.07.2014 |
|
DIN No.: |
00001685 |
|
|
|
|
Name : |
Yashodhan Madhusudan Kale |
|
Designation : |
Director |
|
Address : |
2, Sumit, 31, Carmichael Road, Dr. G. Deshmukh Marg,
Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
21.09.2016 |
|
DIN No.: |
00013782 |
|
|
|
|
Name : |
Rajendra Prabhakar Chitale |
|
Designation : |
Director |
|
Address : |
131/B, Tanna Residency Bayview, Opposite Siddhi Vinayak Temple, 392, V.S. Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
05.03.2007 |
|
DIN No.: |
00015986 |
|
|
|
|
Name : |
Ramkrishan Prakash Hinduja |
|
Designation : |
Director |
|
Address : |
13B, Chemin De Prevote Cologny Geneva 1223 CH |
|
Date of Appointment : |
05.03.2007 |
|
DIN No.: |
00278711 |
|
|
|
|
Name : |
Vinoo Srichand Hinduja |
|
Designation : |
Director |
|
Address : |
24, Carlton House Terrace London SW1 GB |
|
Date of Appointment : |
25.10.2008 |
|
DIN No.: |
00493148 |
|
|
|
|
Name : |
Mohan Rangan |
|
Designation : |
Director |
|
Address : |
600, 12th Main HalII Stage, Bangalore – 560008, Karnataka, India |
|
Date of Appointment : |
31.10.2007 |
|
DIN No.: |
01116821 |
|
|
|
|
Name : |
Pradeep Mukerjee |
|
Designation : |
Director |
|
Address : |
801-B, Kalpak Gulistan, Perry Cross Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
21.09.2016 |
|
DIN No.: |
02287773 |
|
|
|
|
Name : |
Shanu Srichand Parmanand Hinduja |
|
Designation : |
Director |
|
Address : |
Flat 8/9, 24 Carlton House Terrace London SW1Y5AP GB |
|
Date of Appointment : |
04.03.2013 |
|
DIN No.: |
06512872 |
KEY EXECUTIVES
|
Name : |
Makarand Dinkar Dewal |
|
Designation : |
Company Secretary |
|
Address : |
Flat B-101 Sun Crest Accolade Galaxy, Accolade HSL Near
LIC Building, Green Road, Thane West, Mumbai – 400604, Maharashtra,
India |
|
Date of Appointment : |
02.06.2014 |
|
PAN No.: |
AACPD1894K |
|
|
|
|
Name : |
Srinivas Palakodeti |
|
Designation : |
Chief Finance Officer |
|
Address : |
66/B, Avinash J.P. Road, Andheri (West), Mumbai - 400053, Maharashtra,
India |
|
Date of Appointment : |
02.08.2010 |
|
PAN No.: |
AADPP5275D |
|
|
|
|
Name : |
Partha De Sarkar |
|
Designation : |
Manager |
|
Address : |
6, Vaswani Melrose, 54/1, Outer Ring Road, Devarbisanhalli, Bangalore - 560037, Karnataka, India |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
ABUPS5813L |
|
|
|
|
Audit Committee: |
|
|
|
|
|
Stakeholders Relationship and Share
Allotment Committee: |
|
|
|
|
|
Nomination and Remuneration Committee: |
|
|
|
|
|
Corporate Social
Responsibility Committee: |
|
|
|
|
|
Committee of
Directors: |
|
|
|
|
|
Global Advisory Committee: |
Global CEO Chairman, Global Ad-visory Committee
Global CFO Anthony Joseph President, Global Human Resources
President, Jamaica and Corporate Shared Services, Americas
CEO, HGS Philippines
President, Healthcare Business and Head of India Business
Executive Vice President, Legal, Risk and Compliance
Sr. Vice President, Global Corporate Communications
CEO, HGS MENA
Global Chief Technology Officer
President, Operations, North America and Global Business Excellence
Global Chief Information Officer
CEO, HGS Europe
President, Global Human Resources
Global head – DigiCX Growth Strategy and Marketing
President – Sales and Client Services, North America |
|
|
|
|
Business Heads |
Europe
CEO, HGS Europe Philippines
CEO, HGS Philippines Middle East
CEO, HGS MENA North
America
President, Operations, North America and Global Business Excellence
President – Sales and Client Services, North America
President, Jamaica and Corporate Shared Services, Americas |
MAJOR SHAREHOLDERS
As on MARCH 2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter & Promoter Group |
14029452 |
67.45 |
|
(B) Public |
6769788 |
32.55 |
|
Grand Total |
20799240 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided
Family |
1617185 |
7.78 |
|
|
Ashok P. Hinduja, Karta of
A.P.Hinduja (HUF) |
54327 |
0.26 |
|
|
Ashok P. Hinduja, Karta of
A.P.Hinduja (HUF Bigger)) |
532483 |
2.56 |
|
|
Harsha Ashok Hinduja Jt. Ashok
P. Hinduja (557498 shares) & Harsha Ashok Hinduja (16695 shares) |
574193 |
2.76 |
|
|
Ashok P.Hinduja Jt. Harsha
Ashok Hinduja (45313 shares) & Ashok P.Hinduja (31600 shares) |
76913 |
0.37 |
|
|
Ambika Ashok Hinduja |
177242 |
0.85 |
|
|
Shom Ashok Hinduja |
140007 |
0.67 |
|
|
Vinoo Srichand Hinduja |
61065 |
0.29 |
|
|
Shanoo S. Mukhi |
955 |
0.00 |
|
|
Any Other (specify) |
9650840 |
46.40 |
|
|
Hinduja Group Limited |
5748541 |
27.64 |
|
|
Hinduja Group Limited Jtly with
Hinduja Realty Ventures Ltd. (as demat A/c. holder and partners of Aasia
Exports) |
3424490 |
16.46 |
|
|
Aasia Corporation LLP |
477809 |
2.30 |
|
|
Sub Total A1 |
11268025 |
54.18 |
|
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
2761427 |
13.28 |
|
|
Amas Mauritius Limited |
2761427 |
13.28 |
|
|
Sub Total A2 |
2761427 |
13.28 |
|
|
A=A1+A2 |
14029452 |
67.45 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name
of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
377651 |
1.82 |
|
|
Reliance Capital Trustee Co. Ltd.
- A/C Reliance Small Cap Fund |
377651 |
1.82 |
|
|
Alternate Investment Funds |
70992 |
0.34 |
|
|
Foreign Portfolio Investors |
1700393 |
8.18 |
|
|
Bridge India Fund |
474147 |
2.28 |
|
|
Financial Institutions/ Banks |
17030 |
0.08 |
|
|
Sub Total B1 |
2166066 |
10.41 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto
INR 0.200 million |
2078032 |
9.99 |
|
|
Individual share capital in
excess of INR 0.200 million |
1464368 |
7.04 |
|
|
Seetha Kumari |
663155 |
3.19 |
|
|
NBFCs registered with RBI |
1926 |
0.01 |
|
|
Any Other (specify) |
1059396 |
5.09 |
|
|
Trusts |
825 |
0.00 |
|
|
Non-Resident Indian (NRI) |
37776 |
0.18 |
|
|
Bodies Corporate |
762941 |
3.67 |
|
|
Clearing Members |
10271 |
0.05 |
|
|
Overseas Corporate Bodies |
15000 |
0.07 |
|
|
IEPF |
6223 |
0.03 |
|
|
HUF |
221655 |
1.07 |
|
|
Foreign Nationals |
4705 |
0.02 |
|
|
Reliance Value Services Pvt.
Ltd. |
350000 |
1.68 |
|
|
Sub Total B3 |
4603722 |
22.13 |
|
|
B=B1+B2+B3 |
6769788 |
32.55 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Business Process Management. (Registered Activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Secured borrowings and assets pledged as security * Secured by exclusive charge on the entire asset of the project. ** Secured by first charge on entire moveable fixed assets of the company (both present and future). *** Secured by respective assets under lease. **** Secured by first paripassu charge on entire current
assets both present and future of the company and second paripassu charge on
entire moveable fixed assets both present and future of the company
(excluding vehicles/equipment acquired under hire purchase). |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Prestige Trade Tower, level 19, 46, Palace Road, High Grounds
Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-61886000 |
|
Fax No.: |
91-80-61886011 |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Internal Audit and Systems : |
Rakesh S. Jain Deputy General Manager – Internal Audit India Operations |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries of
Hinduja Global Solutions Limited (Includes step-down subsidiaries) |
|
|
|
|
|
Enterprises where
common control exists |
|
CAPITAL STRUCTURE
After: 28.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : INR 208.002
million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20742763 |
Equity Shares |
INR 10/- each |
INR 207.427 Million |
|
|
|
|
|
Rights, preferences and restrictions
attached to equity shares:
Equity Shares: The company has one class of equity shares having a par value of INR 10 per share. 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 31.03.2017 |
|
Hinduja Global Solutions Limited Employee Stock Option Plan 2008 |
141079 |
|
Hinduja Global Solutions Limited Employee Stock Option Plan 2011 |
108110 |
The details of
Shareholder holding more than 5%
|
Name of Shareholders |
31.03.2017 |
|
|
Number of Shares Held |
% holding in that class of shares |
|
|
Hinduja Group Limited |
5748541 |
27.71 |
|
Hinduja Group Limited jointly with Hinduja Realty Ventures Limited (as the Demat account holder and partner of Aasia Exports) |
3424490 |
16.51 |
|
Amas Mauritius Limited |
2761427 |
13.31 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
207.427 |
207.290 |
207.196 |
|
(b) Reserves & Surplus |
9699.474 |
9120.324 |
7925.804 |
|
(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) |
9906.901 |
9327.614 |
8133.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
33.352 |
593.144 |
603.779 |
|
(b) Deferred tax liabilities (Net) |
95.188 |
38.785 |
0.000 |
|
(c) Other long term
liabilities |
264.168 |
135.211 |
0.000 |
|
(d) long-term
provisions |
24.051 |
48.102 |
66.047 |
|
Total Non-current
Liabilities (3) |
416.759 |
815.242 |
669.826 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1412.938 |
1784.247 |
160.896 |
|
(b) Trade payables |
806.033 |
800.287 |
629.720 |
|
(c) Other
current liabilities |
1319.455 |
1398.353 |
1162.057 |
|
(d) Short-term
provisions |
241.424 |
282.956 |
328.838 |
|
Total Current
Liabilities (4) |
3779.850 |
4265.843 |
2281.511 |
|
|
|
|
|
|
TOTAL |
14103.510 |
14408.699 |
11084.337 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2683.786 |
2738.628 |
2099.967 |
|
(ii)
Intangible Assets |
479.035 |
481.691 |
326.149 |
|
(iii)
Capital work-in-progress |
7.208 |
11.604 |
6.960 |
|
(iv)
Intangible assets under development |
2.833 |
7.796 |
7.643 |
|
(b) Non-current Investments |
4336.185 |
4384.686 |
4362.906 |
|
(c) Deferred tax assets (net) |
6.242 |
6.956 |
10.374 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
1398.544 |
|
(e) Other
Non-current assets |
1179.414 |
1529.639 |
7.396 |
|
Total Non-Current
Assets |
8694.703 |
9161.000 |
8219.939 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
1.395 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
2883.688 |
2785.645 |
1494.108 |
|
(d) Cash
and cash equivalents |
432.947 |
284.810 |
98.139 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
210.757 |
|
(f) Other
current assets |
2092.172 |
2177.244 |
1059.999 |
|
Total
Current Assets |
5408.807 |
5247.699 |
2864.398 |
|
|
|
|
|
|
TOTAL |
14103.510 |
14408.699 |
11084.337 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
15975.365 |
13756.685 |
10704.048 |
|
|
Other Income |
272.861 |
312.089 |
278.233 |
|
|
TOTAL |
16248.226 |
14068.774 |
10982.281 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
10397.273 |
8556.883 |
6646.051 |
|
|
Other expenses |
3351.401 |
2799.031 |
1963.303 |
|
|
TOTAL |
13748.674 |
11355.914 |
8609.354 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2499.552 |
2712.860 |
2372.927 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
156.343 |
149.614 |
157.524 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2343.209 |
2563.246 |
2215.403 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
783.017 |
818.379 |
605.607 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1560.192 |
1744.867 |
1609.796 |
|
|
|
|
|
|
|
Less |
TAX |
544.932 |
520.659 |
483.952 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1015.260 |
1224.208 |
1125.844 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
48.96 |
59.07 |
54.49 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
122.807 |
354.202 |
278.238 |
|
Cash generated from operations |
2753.528 |
789.510 |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
2277.917 |
289.422 |
1307.817 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
9271.500 |
9426.200 |
9757.090 |
|
Total Expenditure |
8278.470 |
8379.440 |
8775.160 |
|
PBIDT (Excl OI) |
993.030 |
1046.760 |
981.930 |
|
Other Income |
44.440 |
131.650 |
28.050 |
|
Operating Profit |
1037.430 |
1178.410 |
1009.980 |
|
Interest |
91.880 |
85.900 |
80.240 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
945.550 |
1092.510 |
929.740 |
|
Depreciation |
366.900 |
353.030 |
373.750 |
|
Profit Before Tax |
578.650 |
739.480 |
555.990 |
|
Tax |
163.800 |
206.110 |
66.320 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
414.850 |
533.370 |
489.670 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
414.850 |
533.370 |
489.670 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
65.89 |
73.91 |
50.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.54 |
4.94 |
7.16 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.79 |
0.84 |
0.97 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.28 |
0.36 |
0.29 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.16 |
0.29 |
0.13 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.38 |
0.46 |
0.28 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.32 |
0.35 |
0.30 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
15.99 |
18.13 |
15.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.36 |
8.90 |
10.52 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
7.20 |
8.50 |
10.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
10.25 |
13.12 |
13.84 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.43 |
1.23 |
1.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.43 |
1.23 |
1.26 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.70 |
0.65 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
7.56 |
13.18 |
5.03 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.43 |
1.23 |
1.26 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 975/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In
Million |
INR
In Million |
INR
In Million |
|
Share Capital |
207.196 |
207.290 |
207.427 |
|
Reserves & Surplus |
7925.804 |
9120.324 |
9699.474 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8133.000 |
9327.614 |
9906.901 |
|
|
|
|
|
|
long-term borrowings |
603.779 |
593.144 |
33.352 |
|
Short term borrowings |
160.896 |
1784.247 |
1412.938 |
|
Current maturities of
long-term debts |
278.238 |
354.202 |
122.807 |
|
Total
borrowings |
1042.913 |
2731.593 |
1569.097 |
|
Debt/Equity
ratio |
0.128 |
0.293 |
0.158 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
10704.048 |
13756.685 |
15975.365 |
|
|
|
28.519 |
16.128 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
10704.048 |
13756.685 |
15975.365 |
|
Profit (Loss) |
1125.844 |
1224.208 |
1015.260 |
|
|
10.52% |
8.90% |
6.36% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
207.427 |
207.290 |
|
(b) Reserves & Surplus |
13165.049 |
11677.693 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(d) Share Application money pending allotment |
0.000 |
0.000 |
|
(2) Minority Interest |
-4.448 |
-5.345 |
|
Total Shareholders’ Funds (1) + (2) |
13368.028 |
11879.638 |
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
4263.664 |
5385.150 |
|
(b) Deferred tax liabilities (Net) |
385.552 |
236.050 |
|
(c) Other long term liabilities |
122.888 |
161.383 |
|
(d) long-term provisions |
365.147 |
149.710 |
|
Total Non-current Liabilities (3) |
5137.251 |
5932.293 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
1705.803 |
2235.451 |
|
(b) Trade payables |
1605.594 |
1720.272 |
|
(c) Other current liabilities |
2642.925 |
2369.093 |
|
(d) Short-term provisions |
430.128 |
461.943 |
|
Total Current Liabilities (4) |
6384.450 |
6786.759 |
|
|
|
|
|
TOTAL |
24889.729 |
24598.690 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
5511.130 |
5441.584 |
|
(ii) Intangible Assets |
994.353 |
845.180 |
|
(iii) Capital work-in-progress |
315.516 |
134.386 |
|
(iv) Intangible assets under development |
2.833 |
8.355 |
|
(v) Goodwill Consolidation |
2986.435 |
3074.273 |
|
(b) Non-current Investments |
53.595 |
102.096 |
|
(c) Deferred tax assets (net) |
648.314 |
269.946 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
|
(e) Other Non-current assets |
1473.048 |
1981.231 |
|
Total Non-Current Assets |
11985.224 |
11857.051 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
|
(c) Trade receivables |
4628.870 |
4587.710 |
|
(d) Cash and cash equivalents |
3650.347 |
3748.112 |
|
(e) Short-term loans and advances |
823.527 |
799.490 |
|
(f) Other current assets |
3801.761 |
3606.327 |
|
Total Current Assets |
12904.505 |
12741.639 |
|
|
|
|
|
TOTAL |
24889.729 |
24598.690 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
37109.942 |
33209.980 |
|
|
Other Income |
227.745 |
263.859 |
|
|
TOTAL |
37337.687 |
33473.839 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Employees benefits
expense |
24568.027 |
22351.263 |
|
|
Other expenses |
8361.770 |
7752.149 |
|
|
TOTAL |
32929.797 |
30103.412 |
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
4407.890 |
3370.427 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
429.359 |
404.285 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
3978.531 |
2966.142 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1431.712 |
1363.960 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2546.819 |
1602.182 |
|
|
|
|
|
|
Less |
TAX |
754.745 |
598.417 |
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS) FOR PERIOD COMPREHENSIVE INCOME |
1792.074 |
1003.765 |
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME |
(102.317) |
299.468 |
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS) FOR
PERIOD |
1689.757 |
1303.233 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
86.58 |
48.67 |
LEGALS
FILE
|
Case Details |
|
Bench:- Bombay |
|
Presentation Date:- |
30/12/2016 |
|||||
|
Lodging No.:- |
ITXAL/1709/2016 |
Filing Date:- |
30/12/2016 |
|||
|
Petitioner:- |
PR. COMMISSIONER OF INCOME TAX-7 |
|
Respondent:- |
M/S. HINDUJA GLOBAL SOLUTIONS LIMITED |
|
Petn.Adv.:- |
SURESH KUMAR (I2100) |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Last Date:- |
09/02/2017 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR.
MASTER |
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATING PERFORMANCE
On a Consolidated basis, the Company registered strong performance during the financial year ended March 31, 2017. Compared to the previous financial year, the Operating Income increased by 11.7% from INR 33210.000 million to INR 37110.000 million. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) went up from INR 3107.000 million to INR 4424.000 million, a growth of 42.4%. EBITDA for FY’17 has been computed on the same basis used for computing EBITDA for FY’16. PAT (Profit after Tax) has increased from INR 1004.000 million to INR 1792.000 million, a growth of 78.5%.
The robust performance was driven by strong growth in the healthcare and telecom verticals, and an improved performance by the Canada, Jamaica and India domestic CRM businesses in the fourth quarter of FY’17. The strong operational performance coupled with cost management helped the Company record its highest-ever PAT. This was achieved in the face of the Rupee strengthening significantly during the last quarter of the financial year.
On a Standalone basis, Operating Income was INR 15975.000 million for the financial year ended March 31, 2017, compared to INR 13757.000 million in the previous financial year, an increase of 16.1%. EBITDA increased marginally by 0.27% from INR 2401.000 million to INR 2407.000 million. PAT decreased by 17.1% from INR 1224.000 million to INR 1015.000 million, mainly on account of increase in the Operating Expenses, which includes FOREX losses.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OVERVIEW
The financial statements for the year 2016-17, have been prepared in accordance and compliance with the requirements of the Companies Act, 2013, and other related and associated guidelines issued by the Securities Exchange Board of India (SEBI), along with the generally accepted accounting norms, under Ind AS reporting format, and co-opting all the amendments and revisions from time to time. HGS 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, in order to capture the form and substance of the transactions and reasonably present our state of affairs, profits and cash flows of the year.
MACROECONOMIC TRENDS
The global economy is still in a state of flux led by substantial policy uncertainty, modest growth in trade and investments, and currency volatility. However, the World Bank in its latest report “Global Economic Prospects – June 2017”, said that it expects a fragile recovery of the global economy in 2017, with growth firming due to improvement in confidence. A recovery in industrial activity has coincided with a moderate pickup in global trade, after two years of weakness. Activity in advanced economies is expected to gain momentum in 2017, supported by an upturn in the United States. In emerging market and developing economies (EMDEs), obstacles to growth among commodity exporters are gradually diminishing while activity in commodity importers remains generally robust. Headline employment indicators have improved but labour markets are yet to recover even as productivity and wage growth remain subdued. Taking into account risks such as increased trade protectionism and the possibility of financial market disruptions, global growth is projected to accelerate to 2.7% in 2017, up from a post crisis low of 2.4% in 2016, before strengthening further to 2.9% in 2018-19.
Post a slowdown in 2016 reflecting weakness in investment and exports, the United States is expected to recover in 2017 and continue to grow at a moderate pace in 2018. The beginning of 2017 saw a deceleration in consumer spending despite high consumer confidence even as there was a pickup in private investment. Almost eight years after the financial crisis, output in the US economy has surpassed its pre-crisis levels by about 10%. There have been strong private sector employment gains, which have reduced unemployment, while fiscal sustainability has been largely restored and corporate profits have improved significantly. The economic outlook is reasonably bright, provided investments in creating new infrastructure and improvement to many of the dated infrastructures are undertaken, along with the investments in green and alternative energy. Productivity growth has been sluggish in most sectors, even in hi-tech industries like healthcare, pharmaceuticals, communication and technology. While growth has recovered, it is not equally distributed across socioeconomic groups. Hence income inequality continues to increase.
The Canadian economy is adjusting to the fall in commodity prices, more particularly to the energy prices in 2015. Business investment has fallen in the energy sector, and the employment opportunity has declined in the oil producing provinces. These factors, together with the temporary loss of income from the fall in the “terms of trade”, depressed economic growth in 2015. The output has fallen sharply in industries, which are most affected by the fall in commodity prices, but of late, it has risen in the rest of the economy, especially in export related industries, thereby enabling job creation to re-employ displaced workforce. The exchange rate depreciation and flexible monetary and fiscal policy along with easy labour market policies are currently supporting the shift towards non-resource dependent sectors. Productivity has grown slowly in comparison to some of the other OECD countries. The interprovincial non-tariff barriers hamper efficiency, thereby reducing the scale of production. With higher start-up rates, it is likely to hasten the process of reallocation of resources to more productive firms, which would eventually lead to some improvement in the productivity.
In the European Union (EU) zone, growth has picked up gradually over the past two years, supported by very accommodative monetary policy. The effect of fiscal policy on the domestic demand has turned broadly neutral but unemployment is still at uncomfortable levels in many of EU countries. GDP growth in the United Kingdom (UK) is projected to slow down in 2017-18, despite the additional support from more favourable monetary conditions and the postponement of the sizeable fiscal tightening previously planned in 2017. The depreciation of the Sterling has improved export prospects somewhat but has also pushed up inflation, thus dampening household income growth and consumer spending. Business investment is projected to decline sharply amidst continuing uncertainty about the future relationship between the United Kingdom and the EU and lower corporate profit margins.
An economic growth of around 7.5% makes India the fastest growing G20 economy in 2016-17. The impact of demonetisation has faded quickly and GDP growth is projected to strengthen in the next two years. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a durable growth impetus. The recent regulatory measures to improve the ease of doing business have given a fillip to foreign direct investment. However, slow land acquisition process along with complex labour laws, weak corporate balance sheets, high non-performing bank loans and infrastructure bottlenecks have not allowed the economy to grow at optimum level. The private sector investment in infrastructure is sluggish. With inflation under control, and the probability of further reduction to Repo and Reverse-Repo, the cost of doing business should go down, once GST is rolled out.
The Philippines economy remained resilient to global headwinds in 2016. While a slower-than-expected global recovery weakened net exports, surging domestic demand pushed the annual GDP growth rate to 6.8%. Investment drove economy-wide growth for the first time since 2013 led by the Government’s expansionary fiscal policy stance. Consumption growth remains strong and there are substantial gains in employment and poverty reduction. Supported by sound domestic macroeconomic fundamentals and an accelerating recovery among other EMDEs, the Philippines is expected to remain one of East Asia’s top growth performers.
Jamaica posted a GDP growth of 1.7% during 2016 and is expected to accelerate to around 2% in 2017, aided by the growth pick-up in the US, low oil prices and reforms in investment climate.
INDUSTRY OVERVIEW
Things can move really quickly in today’s world with the intersection of socio-political trends, technology and business, and 2016-17 was a testament to this. From Presidential elections, and increasing protectionism (Brexit, calls for Border Tax and changes in H1-B visa rules in the US, etc) to rising consumerism and technology disruptions, enterprises are constantly facing big challenges to how they operate and grow. The need to stay relevant amidst increasing competition and digitization, and the change in end-consumer expectations has meant that enterprises are relooking at traditional business models. With Business ProcessManagement (BPM) evolving from a cost-based to a value-based proposition, it is increasingly being seen by enterprises as a key model that can drive transformation, focused on digitization and customer experiences. Simultaneously, BPM industry is itself undergoing a revolution led by the digital-technology convergence. From omni-channel support for enhanced customer experience and real-time analytics to Internet of Things (IoT) and Robotic Process Automation (RPA) via mobile, chatbots, self-serve etc., the current BPM market is changing at a rapid pace. The digitization of the world at large is forcing service providers to adopt newer business models, alternate points of delivery and communication channels.
BACKGROUND
“HGS”, is engaged in Business Process Management. HGS with its subsidiaries offer voice and non-voice based services such as contact centre solutions and back office transaction processing across North America, Europe, Asia and Middle East. HGS is a public limited company, listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The address of its registered office is 171, Hinduja House, Dr. Annie Besant Road, Worli, Mumbai 400018. These financial statements were approved for issue by the board of directors on May 22, 2017.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Borrowings -
non-current |
|
|
|
Term loans from
banks |
|
|
|
Tranche 1 |
0.000 |
254.368 |
|
Tranche 2 |
0.000 |
331.188 |
|
Tranche 3 |
0.000 |
8.886 |
|
Borrowings -
current |
|
|
|
Term loans from a bank |
0.000 |
165.423 |
|
Total |
0.000 |
759.865 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B62032693 |
10375324 |
YES BANK LIMITED |
01/08/2012 |
15/11/2012 |
- |
750000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
2 |
G01196559 |
10204473 |
HDFC BANK LIMITED |
25/01/2010 |
15/03/2016 |
- |
1000000000.0 |
HDFC Bank HouseSenapati Bapat Marg, Lower Parel (W)MumbaiMH400013IN |
|
3 |
G21986534 |
10120212 |
Axis Bank Limited |
14/08/2008 |
01/09/2016 |
- |
2094900000.0 |
Corporate Banking Branch Express BuildingSecond Floor No1. Queen's RoadBangaoloreKA560001IN |
|
4 |
G39197942 |
10315760 |
BARCLAYS BANK PLC |
03/11/2011 |
- |
20/03/2017 |
730000000.0 |
1st Floor, Paramanna LayoutB.H. Road NelamangalaBangaloreKA562123IN |
|
5 |
B61461737 |
10124780 |
STATE BANK OF INDIA |
19/09/2008 |
02/09/2012 |
12/10/2012 |
350065950.0 |
MICO LAYOUT BRANCH, #2646TH MAIN, 4TH CROSS, BTM LAYOUT II STAGEBANGALOREKA560076IN |
|
6 |
B57498396 |
10119026 |
BNP Paribas |
06/08/2008 |
28/01/2011 |
03/09/2012 |
230000000.0 |
Landmark, 3rd Floor21/15, M.G RoadBangaloreKA560001IN |
|
7 |
B16864480 |
10119028 |
BNP PARIBAS |
06/08/2008 |
- |
18/07/2011 |
270000000.0 |
Landmark Building, 3rd Floor, 21/15,M. G. RoadBangaloreKA560001IN |
|
8 |
A70645452 |
90156349 |
INDUSIND BANK LTD. |
17/06/1996 |
- |
25/09/2009 |
10000000.0 |
425; DADASAHEH BHADKAMKAR MARGBOMBAYMH400004IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Income Tax demand raised by authorities against which appeal has been filed by the Company |
237.729 |
465.492 |
|
Other matters |
714.406 |
717.348 |
|
Notes: 1 The Company had deposited amount of INR 63.308 Million with the service tax authorities towards demand raised by them. Further, the Central Excise and Service Tax Appellate Tribunal South Zonal Bench, Bangalore in its final hearing on January 19, 2016 had alloted the appeal of the Company on merits in favour of the Company. Pursuant to this, durinng the current year, the Company has availed the credit of service tax paid INR 35.900 Million (Previous year : INR Nil) from the service tax authorities. Accordingly, the net outstanding balance as at March 31, 2017 of INR 27.408 Million ( As at March 31, 2016 : INR 63.308 Million and April 1, 2015 : INR 63.308 Million ) 2 Hinduja Ventures Limited has received income tax demand pertaining to IT/ ITES business aggregating INR 714.406 Million (As at March 31, 2016: INR 717.348 Million and April 1, 2015: INR 717.348 Million) in respect of period prior to October 1, 2006 which is reimbursable by the Company pursuant to the Scheme of Arrangement and Reconstruction for demerger of IT/ITES business into the Company sanctioned by High Court of Judicature of Bombay and made effective on March 7, 2007. In this regard, the Company had paid INR 555.000 Million to Hinduja Ventures Limited to discharge part payment of disputed income tax dues pertainig to IT/ITES business. Out of this amount, the Company has received refund of INR 223.101 Million (including interest of INR 60.672 Million) during the current year and the net outstanding amount as at March 31, 2017 of INR 3318.990 Million (As at March 31, 2016: INR 555.000 Million and April 1, 2015: INR 555.000 Million) is included in “Other Receivable - Note 7”. Hinduja Ventures Limited has filed an appeal againstthe said demand. In view of Management and based on the legal advice obtained, the Company has strong case to succeed. 3 Future cash outflow in respect of above, if any, is determinable only on receipt of judgments/ decisions pending with relevant authorities. |
||
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 2017
[INR
IN MILLION]
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
4182.453 |
4152.336 |
12451.063 |
|
Other Operating Income |
71.110 |
245.214 |
341.511 |
|
Total income from operations (net) |
4253.563 |
4397.550 |
12792.574 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Employee benefits expense |
2744.924 |
2784.175 |
8343.717 |
|
Depreciation and Amortization Expenses |
183.815 |
184.080 |
570.040 |
|
Other Expenses |
925.788 |
838.942 |
2641.472 |
|
Finance Costs |
20.760 |
20.475 |
68.925 |
|
Excise Duty |
0.000 |
0.000 |
0.000 |
|
Total expenses |
3875.287 |
3827.672 |
11624.154 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
378.276 |
569.878 |
1168.420 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
378.276 |
569.878 |
1168.420 |
|
Tax expenses |
28.000 |
94.423 |
215.273 |
|
Net Profit / (Loss) from ordinary activities after tax |
350.276 |
475.455 |
953.147 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
350.276 |
475.455 |
953.147 |
|
Comprehensive Income |
19.373 |
4.684 |
110.218 |
|
Net Profit/ (Loss) after taxes, minority interest and share
of profit/(loss) of associates |
369.649 |
480.139 |
1063.365 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
|
|
|
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
|
|
|
|
Earnings per share (before extraordinary items) of INR
10/- each (not annualized): |
|
|
|
|
(a) Basic |
16.86 |
22.89 |
45.89 |
|
(b) Diluted |
16.86 |
22.89 |
45.89 |
NOTE:
- The Board of Directors at their meeting held on February 8, 2018 have declared third interim dividend of Rs.2.50 per share (on an equity share of par value of INR 10/- each) for the financial year 2017-18.
- The Company is engaged only in Business Process Management and therefore, has only one reportable segment in accordance with the Ind AS 108" Operating Segments".
- Other Income includes following: For Table, kindly refer Corporate Announcements on
- Other Expenses includes following: For Table, kindly refer Corporate Announcements on
- The Board of Directors at their meeting held on February 8, 2018 considered and approved amalgamation of HGS International Services Private Limited ('the Transferor Company" or 'HGSISPL'), wholly owned subsidiary of Hinduja Global Solutions Limited ('HGS') with HGS pursuant to a Scheme of Amalgamation in accordance with Section 232(2)(c) of the Companies Act, 2013.
- Pursuant to the conclusion on tax assessments proceedings for the earlier years and refunds processed, excess provision for tax amounting to INR 87.936 lakhs have been written back in the current quarter ending December 31, 2017.
- During the period ended December 31, 2017, the Company issued 26,857 equity shares pursuant to the exercise of stock options by certain employees under the "Employee Stock Option Plan 2008" and 15,021 equity shares pursuant to the exercise of stock options by certain employees under the "Employee Stock Option Plan 2011".
- The standalone financial results for the quarter and nine months ended December 31, 2017 have been reviewed by the Audit Committee at its meeting held on February 7, 2018 and approved by the Board of Directors at their meeting held on February 8, 2018. The statutory auditors, Deloitte Haskins & Sells LLP have issued an unqualified limited review report. Standalone financial results for three months and nine months ended December 31, 2016 and year ended March 31, 2017 were reviewed/audited by previous auditors.
FIXED ASSETS:
Tangible Assets
- Land
- Leasehold Land
- Building
- Leasehold Building
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computers
- Leasehold Improvements
Intangible
Assets
· Computer Software
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 66.36 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 81.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.