TCS_Firstcall dec 11

Document Sample
TCS_Firstcall dec 11 Powered By Docstoc
					                                                 Tata Consultancy Services Ltd.
                                                          Result Update: Q2 FY12

  C.M.P:               Rs. 1175.50
  Target Price:        Rs. 1328.00
  Date:                Dec. 3rd 2011                                  BUY

    Stock Data:                                                 SYNOPSIS
    Sector:                         IT               Tata Consultancy Services Ltd. (TCS) is
    Face Value Rs.                 1.00              an Indian IT services, business
    52 wk. High/Low (Rs.)     1247.00/902.90         solutions & outsourcing company
                                                     headquartered in Mumbai, India.
    Volume (2 wk. Avg.)         171000.00
    BSE Code                      532540             During the quarter ended, the robust
    Market Cap (Rs in mn)      2300688.60            growth of revenue is increased by
                                                     25.27% Rs. 116334.90 million.

    Share Holding Pattern                            TCS has added thirty-five new clients in
                                                     the first quarter of the current fiscal.

                                                     Total head count of the company as on
                                                     September 2011 stood at 214,770 with
                                                     utilization rate at 83.1%.

                                                     TCS has been ranked 3rd in the FinTech
    1 Year Comparative Graph                         TCS & Felda Prodata Systems Sdn Bhd
                                                     signed a collaboration agreement to
                                                     jointly develop & deliver IT services and
                                                     solutions to the Malaysian market.

                                                     TCS BaNCS Core Banking released
                                                     version 12.0 for banking & capital

                                                     Net Sales and PAT of the company are
                                                     expected to grow at a CAGR of 21% and
             TCS Ltd        BSE SENSEX               19% over 2010 to 2013E respectively.

Years             Net sales           EBITDA      Net Profit          EPS               P/E

FY 11             373245.10          117823.60    90680.40           46.33             25.37

FY 12E            462823.92          142070.94    101794.23          52.01             22.60

FY 13E            536875.75          165260.64    118953.90          60.78             19.34

Peer Group Comparison
                                         Market Cap.
 Name of the company      CMP(Rs.)        (Rs. mn.)     EPS(Rs.)    P/E(x)   P/Bv(x)   Dividend (%)

TCS Ltd.                   1175.50        2300688.60      46.33     25.37     9.43       1400.00

Infosys Ltd.               2696.80        154851.09      119.24     22.62     6.32       1200.00

Wipro Ltd.                  394.35         96894.32       19.66     20.06     4.54       200.00

HCL Ltd.                    417.35         28820.52       20.29     20.57     4.92       375.00

    Investment Highlights

        Q2 FY12 Results Update

        TCS Ltd has reported consolidated net profit of Rs 23010.00 million for the quarter
        ended on September 30, 2011 as against Rs 21692.10 million in the same quarter
        last year, an increase of 6.08%. It has reported net sales of Rs 116334.90 million
        for the quarter ended on September 30, 2011 as against Rs 92863.90 million in the
        same quarter last year, a rise of 25.27%. Total income grew by 33.42% to
        Rs.117561.80 million from Rs. 93571.40 million in the same quarter last year.
        During the quarter, it reported earnings of Rs 11.76 a share, registering 6.08%
        growth over prior year period.

                         Quarterly Results – Consolidated (Rs in mn)

                       As At              Sep-11       Sep-10     %change

                       Net sales         116334.90    92863.90     25.27

                       PAT               23010.00     21692.10     6.08

                       Basic EPS           11.76       11.08       6.08

Net Sales & PAT Growth

During the quarter, Net sales rose by 25.27% to Rs. 116334.90 million from
Rs.92863.90 million in the same quarter last year and the Total Profit for the
quarter ended September 2011 was Rs. 23010.00 million grew by 6.08% from
Rs.21692.10 million compared to same quarter last year.


The basic EPS of the company stood at Rs.11.76 for the quarter ended September
2011 from Rs.11.08 for the quarter ended September 2010.

Break up of Expenditure

TCS and Felda Prodata sign a Strategic Collaboration

Tata Consultancy Services and Felda Prodata Systems Sdn Bhd (PRODATA) signed
a collaboration agreement to jointly develop and deliver strategic Information
Technology (IT) services and solutions to the Malaysian market. Both organizations
will jointly identify opportunities as part of their “go-to-market” efforts to provide IT
services and participate in tenders from government agencies. TCS and PRODATA
will share their technology expertise in areas including but not limited to open
source solutions, SAP-ERP application, application development & maintenance,
shared services/business process outsourcing (BPO), infrastructure services and
business intelligence & performance management (BIPM).

Deutsche Bank selects TCS for a major transformation initiative

Tata Consultancy Services has been selected by Deutsche Bank as a strategic
partner for its Production Management Transformation Initiative, within its Capital
Markets business unit. TCS will deliver a global application service desk, service
operations and all other IT Infrastructure Library (ITIL) services to the bank at
locations across seven countries – the USA, UK, Germany, Hungary, Philippines,
Singapore and India.

TCS Launches TCS BaNCS Core Banking Version 12

Tata Consultancy Services launched TCS BaNCS Core Banking Release version
12.0 at the annual flagship event for banking and capital markets, SIBOS 2011, in
Toronto. This version continues to build on the industry’s leading functionality,
flexibility and scalability for which the product has come to be associated globally.

TCS ranked third among global providers of financial technology

Tata Consultancy Services has been ranked third in the FinTech 100, an annual
international listing of the top vertical technology vendors that derive more than
one-third of their revenue from financial services industry as named by American
Banker, Bank Technology News and IDC Financial Insights. TCS has been ranked
among the top 10 in the FinTech 100 for the fourth consecutive year. Nearly 45% of
TCS’ revenue came from banking, financial services & insurance during the
financial year 2010-11.

TCS Ranked World’s 7th Greenest Company

Tata Consultancy Services has been ranked as the world’s 7th greenest company
in Newsweek’s Green Rankings 2011. In addition, TCS is the highest ranked Asia-
based company and second highest ranked globally in the Information Technology
& Services company category. The Green Rankings focus on the largest publicly
traded companies in America and worldwide.

TCS BaNCS Core banking to transform IT

Tata Consultancy Services has announced that Scotwest and Capital Credit Unions
chose TCS BaNCS Core Banking as their IT platform to transform their
infrastructure to address emerging opportunities in Community Banking in the
United Kingdom. Cussco, the joint company set up by both these credit unions,
will deploy the common platform and support its entire IT architecture throughout
the UK to serve its existing customers as well as seek growth avenues, as new
regulations open more opportunities in community banking.

TCS Awarded “Supplier of the Year” by Owens Corning

Tata Consultancy Services has received the “Supplier of the Year” award from
Owens Corning. Owens Corning’s Supplier of the Year award recognizes the
contribution and commitment of its finest partners.

TCS develops CDMI Automated Test Suite

Tata Consultancy Services announced the development of the Cloud Data
Management Interface (CDMI) Automated Test Suite (CATS), an innovative solution
that enables clients to test their compliance with CDMI specifications, while
simultaneously accelerating the development lifecycle of CDMI.

Diligenta wins $2.2 billion (£1.37 billion) contract with Friends Life

Diligenta, a leading business process outsourcing (BPO) provider in the UK and a
subsidiary of Tata Consultancy Services (TCS) will assume administration
responsibility for 3.2 million policies for Friends Life, a provider of pensions,
investments and insurance. The agreement, effective March 1, 2012, is worth $2.2
billion (£1.37 billion) over 15 years. Diligenta will assume administration
responsibility for much of Friends Life’s closed book protection business and
significant part of its corporate benefits business. Diligenta and TCS will deliver IT
infrastructure and IT services with some policies migrating to TCS BaNCS
Insurance, a globally recognized industry-leading insurance platform.

TCS positioned as a Leader in Insurance Applications Outsourcing

Tata Consultancy Services (TCS) has recognized TCS as a leader in insurance
domain knowledge and in the insurance applications outsourcing market by
Everest Group, an advisory and research firm on global services in its November
2011 report. The evaluation was based on the five key dimensions of the group’s
proprietary PEAK Matrix: market success, scale, scope, domain investments and
delivery footprint. On an aggregate basis, TCS received the highest rating out of all
the service providers in the analysis of delivery capability and the second highest
rating in the analysis of market success (based on transaction activity).

TCS launches AURA DBMS for Automotive Retailers

Tata Consultancy Services, in cooperation with SAP AG, launched AURA Dealer
Business Management (DBM) Golden Template, based on an innovative, business-
ready and “lean” model built for the auto retail sector. The AURA DBM Golden
Template is a result of co-innovation and joint development efforts between TCS
and SAP. The new AURA service has been built on the SAP® ERP and SAP Dealer
Business Management applications. The service can help jump start business
operations of auto retailers and contains standard baseline functionality, best
practices and end-to-end process scenarios for sales, service, parts business,
finance, human resources and their related reports.

TCS launches a major partnership with the Amsterdam Marathon

Tata Consultancy Services was appointed as the official technology partner to the
Amsterdam Marathon and has taken up the title sponsorship of the event for the
five-year period 2011-2015. TCS’ significant portfolio of sports partnerships
includes tie-ups with Formula 1 racing team Ferrari, pro-cycling team Garmin-
Cervélo and several marathons in major cities in the world including Bangalore,
Boston, Chicago, Mumbai and New York.

Geography Composition

Segment Line Distribution

Clients Revenue Contribution

Onsite/Offshore Revenue

 Head Count

  Growth by Domain

   Domain-wise contribution to the revenue is given below:

                                                   Q2 FY12       Q1 FY12
               IP Revenue (%)

               BFSI                                  43.5          43.3

               Telecom                               10.7          11.7

               Retail & Distribution                 12.1          11.6

               Manufacturing                          7.8           7.6

               Hi-Tech                                5.9           5.8

               Life Science & Healthcare              5.3           5.2

               Travel & Hospitality                   3.8           3.7

               Energy & Utility                       4.3           3.8

               Media & Entertainment                  2.1           2.2

               Others                                 4.5           5.1

Company Profile

Established in 1968, Tata Consultancy Services (TCS), a member of the Tata Group is
considered as the largest IT services firm in Asia based on its record of outstanding
service, collaborative partnerships, innovation and corporate responsibility.

TCS Ltd. is an Indian IT services, business solutions and outsourcing company
headquartered in Mumbai, India. The service is delivered through its unique Global
Network Delivery Model™ (GNDM), recognized as the benchmark of excellence in
software development. TCS has over 214,000 of the world’s best-trained consultants in
42 countries. The company has generated consolidated revenues of US $8.2 billion for
year ended March 31, 2011. It is the largest provider of information technology in Asia
and second largest provider of business process outsourcing services in India.

Quality Framework

TCS' ability to deliver high-quality services and solutions is unmatched. It is the
world’s first organization to achieve an enterprise-wide Maturity Level 5 on both
CMMI® and P-CMM®, using the most rigorous assessment methodology - SCAMPISM.
Additionally, TCS’ Integrated Quality Management System (iQMS™) integrates process,
people and technology maturity through various established frameworks and practices
including IEEE, ISO 9001:2000, CMMI, SW-CMM, P-CMM and 6-Sigma.

Products and services offered by TCS

TCS offers a wide range of IT services, outsourcing and business solutions.


   •   IT Services
   •   IT Infrastructure Services
   •   Enterprise Solutions
   •   Consulting
   •   Business Process Outsourcing
   •   Platform BPO Solutions
   •   Business Intelligence & Performance Management
   •   Engineering & Industrial Services
   •   Small and Medium Business
   •   Connected Marketing Solutions

   •   Business Consulting
   •   IT Consulting
   •   Business Solutions

Software Products
   •   TCS BaNCS
   •   TCS Technology Products

Other Products -

   •   TCS Clin-e2e
   •   TCS Hospital Management Solution
   •   TCS Silicone Ambulatory ECG Device and Solution
   •   TCS Enterprise Integration & Control Environment Solution/ Energy & Utilities
   •   TCS Bio-informatics Solution
   •   VERICUT - Machine Simulation Software

Industry Services

   •   Banking & Financial Services
   •   Energy, Resources & Utilities
   •   Life Sciences & Healthcare
   •   High Tech
   •   Insurance
   •   Manufacturing
   •   Media & Information Services
   •   Retail & Consumer Products
   •   Telecom
   •   Travel Transportation & Hospitality

Financial Results

12 Months Ended Profit & Loss Account (Consolidated)

        Value (              FY10         FY11        FY12E        FY13E

           Description                12m          12m          12m          12m

            Net Sales               300289.20    373245.10    462823.92    536875.75

          Other Income               2720.70      6040.00      7852.00      9029.80

          Total Income              303009.90    379285.10    470675.92    545905.55

           Expenditure              -213343.70   -261461.50   -328604.99   -380644.91

        Operating Profit            89666.20     117823.60    142070.94    165260.64

             Interest                -161.00      -264.80      -280.69      -297.53

           Gross profit             89505.20     117558.80    141790.25    164963.11

           Deprecation               -6608.90     -7352.60     -8161.39     -8977.52

        Profit Before Tax           82896.30     110206.20    133628.86    155985.59

               Tax                  -11969.70    -18308.30    -30734.64    -35876.69

         Profit After Tax           70926.60     91897.90     102894.23    120108.90

        Minority interest            -909.90      -1214.50     -1100.00     -1155.00

  Share of Profit & Loss of Asso.     -10.30       -3.00         0.00         0.00

            Net Profit              70006.40     90680.40     101794.23    118953.90

          Equity capital             1957.20      1957.20      1957.20      1957.20

             Reserves               181710.00    242090.90    344985.13    465094.03

            Face value                 1.00         1.00         1.00         1.00

               EPS                    35.77        46.33        52.01        60.78

Quarterly Ended Profit & Loss Account (Consolidated)

        Value (           31-Mar-11   30-Jun-11   30-Sep-11   31-Dec-11E

          Description                 3m          3m          3m          3m

            Net sales              101574.90   107970.20   116334.90   120988.30

          Other income              2435.80     2941.40     1226.90     1472.28

          Total Income             104010.70   110911.60   117561.80   122460.58

          Expenditure              -70644.60   -77641.70   -82493.80   -85417.74

        Operating profit           33366.10    33269.90    35068.00    37042.84

             Interest               -36.50      -47.20      -96.40       -91.58

          Gross profit             33329.60    33222.70    34971.60     36951.26

          Depreciation             -2128.60    -2079.30    -2317.70     -2503.12

        Profit Before Tax          31201.00    31143.40    32653.90     34448.14

               Tax                 -4637.50    -6738.50    -9377.30     -7406.35

         Profit After Tax          26563.50    24404.90    23276.60     27041.79

        Minority interest           -334.00     -257.30     -266.60     -235.00

  Share of Profit & Loss of Asso     0.00        0.00        0.00         0.00

           Net Profit              26229.50    24147.60    23010.00    26806.79

         Equity capital             1957.20     1957.20     1957.20     1957.20

           Face value                1.00        1.00        1.00         1.00

              EPS                    13.40       12.34       11.76       13.70

Key Ratios

Particulars                   FY10      FY11     FY12E     FY13E

No. of Shares (in Million)   1957.20   1957.20   1957.20   1957.20

EBITDA Margin (%)            29.86%    31.57%    30.70%    30.78%

PBT Margin (%)               27.61%    29.53%    28.87%    29.05%

PAT Margin (%)               23.62%    24.62%    22.23%    22.37%

P/E Ratio (x)                 32.86     25.37     22.60     19.34

ROE (%)                      38.62%    37.66%    29.66%    25.72%

ROCE (%)                     52.13%    51.13%    43.20%    37.24%

Debt Equity Ratio            0.0056    0.0032    0.0024    0.0019

EV/EBITDA (x)                 25.66     19.53     16.19     13.92

Book Value (Rs.)              93.84    124.69    177.26    238.63

P/BV                          12.53     9.43      6.63      4.93


Net sales & PAT

P/E Ratio (x)

Debt Equity Ratio



Outlook and Conclusion

      At the current market price of Rs.1175.50, the stock is trading at 22.60 x
      FY12E and 19.34 x FY13E respectively.
      Earning per share (EPS) of the company for the earnings for FY12E and FY13E
      is seen at Rs.52.01 and Rs. 60.78 respectively.
      Net Sales and PAT of the company are expected to grow at a CAGR of 21% and
      19% over 2010 to 2013E respectively.
      On the basis of EV/EBITDA, the stock trades at 16.19 x for FY12E and 13.92 x
      for FY13E.
      Price to Book Value of the stock is expected to be at 6.63 x and 4.93 x
      respectively for FY12E and FY13E.
      We expect that the company will keep its growth story in the coming quarters
      also. We recommend ‘BUY’ in this particular scrip with a target price of
      Rs.1328.00 for Medium to Long term investment.

Industry Overview

Over the past few years, the Indian information technology (IT) and IT enabled Services
(ITeS) industry has been on a steady growth trajectory. The IT industry, alone, has
played a pivotal role in placing India on the world map as a major knowledge-based
economy and outsourcing hub. The major sub-segment, that entails Business Process
Outsourcing (BPO), is re-inventing itself and experiencing a paradigm shift from being
a volume-oriented proposition to a value-oriented proposition by expanding its scope
of services and providing substantial high-end solutions in the areas of Data Analytics,
Legal Process Outsourcing, etc.

The number of internet users in India crossed the 100-million mark in September
2011, growing 13 per cent over last year's figure of 87 million, according to the latest
report of the Internet and Mobile Association of India (IAMAI) co-prepared with
research firm IMRB. The study anticipates India's internet population to grow to 121
million by December 2011. Further, the country's broadband subscriber base stood at

12.69 million in August 2011, according to data released by the Telecom Regulatory
Authority of India (TRAI).

Competitive Landscape

After personal computers (PCs) and laptops, tablets are mushrooming as a major
competitive avenue wherein vendors are striving hard to launch more affordable
devices for the Indian market. Second quarter of 2011experienced the release of the
iPad2 in India in less than 50 days after its US launch while Samsung is scouting for
40 per cent share of the Indian tablet market in 2011.

In the enterprise software segment, US giant Oracle claims to cater around 7,000
clients across the Indian government and private sectors; recent wins being Punjab
National Bank (PNB) - India's second-largest public sector bank and Hindustan
Petroleum Corporation (HPCL) - another Indian public sector organ. Meanwhile, Indian
IT companies like Wipro, Infosys, TCS, HCL and Mahindra Satyam are developing their
technologies to entail cloud computing applications and solutions for various
segments ranging from financial services and banking to manufacturing.

IT & ITeS - Key Developments and Investments

Between April 2000 and August 2011, the computer software and hardware sector
received cumulative foreign direct investment (FDI) of US$ 10,787 million, according to
the Department of Industrial Policy and Promotion (DIPP).

•   Monster India has launched an online campus hiring initiative - 'Monster College' –
    wherein it will collaborate with educational institutions across India and connect
    them with over 20,000 employers for campus placements.
•   Investor Relations Global Rankings (IRGR), a New York-based organisation, has
    ranked Technology giant Infosys as the country's best company for corporate
    governance practices, financial disclosure procedures, IR website and online
    annual report. There were more than 80 companies that registered themselves for
    the rankings.
•   Tower infrastructure company Indus Tower is looking for a partner to provide end-
    to-end IT solutions and Indian tech-biggies like Infosys, IBM and Wipro are in

    discussions with the former for the same. The contract, potentially in the range of
    Rs 2,430-2,916 crore (US$ 500-US$ 600 million), would involve areas such as
    infrastructure management, application development and other related managed
    services and would span for 8-10 years. Indus Tower, a joint venture firm between
    Bharti Group, Idea Cellular and Vodafone Essar, owns 110,000 towers and
    operates 16 out of the 22 telecom circles.
•   Google, with its partner web hosting firm HostGator, has announced that it will
    offer free web domain names to small and medium businesses (SMBs) in India in
    order to boost internet usage in Asia's third largest economy. The company will
    maintain the websites for a year without any charges and at the end of the first
    year, users will be asked to pay a nominal fee if they wish to renew their domain
    name. India is shelter to around 8 million SMBs of which about 400,000 have a
    website and 100,000 have active online presence, said Google. Hence, the market
    poses a great potential for growth.

Cloud Computing – The Emerging Technology

The model of cloud computing has attracted attention of organizations of all sizes as
the technology offers lower operational costs, scalability and mobility at every level.
Indian companies are increasingly adopting 'hybrid cloud' (a mix of private and public
cloud) to address their concerns of data privacy as well.

Indian businesses and government agencies are expected to create huge demand for
guidance in the usage of cloud computing services. There are already more than 50
cloud computing service providers in the Indian market. Meanwhile, Indian internet
services providers (ISPs) and data centre service providers including Bharti Airtel, Sify,
Trimax, and NetMagic are investing applications and bandwidth to support new cloud
service offerings.

NTT Communications Corp plans to invest US$ 1.58 billion in Europe and India over
2011-15 to develop its cloud computing business at a faster pace while AWS, the
world's largest cloud-based service provider, that forms about 2 percent of Amazon's
revenues, is projected to become the online retail giant's next most-profitable business
in India.

Soaring e-Commerce

The US$ 10 billion Indian e-commerce market is expanding exponentially (it grew 47
per cent in 2011 to reach the present size) as rising internet penetration is making
customers buy more and more stuff online. Investors are also betting high in the
industry; they poured around US$ 200 million into Indian e-commerce start-ups in
last couple of years.

As a result of such growth, e-retailers, who want to focus on their core functionalities,
are expected to outsource bulky back-end operations (such as customer care, order
processing, invoice processing, finance and accounts et al) and emerge as a
substantial source of revenue to BPOs.

Retail brands are expected to bring a great transformation in online space. Women's
apparel retail brand Biba and tyre brand Bridgestone have become available online
recently. IAMAI expects online advertising to increase by 30-40 per cent in 2011-12 on
back of increased internet usage by retailers.

Government Initiatives

The government of India is leaving no stone unturned to accelerate growth of IT & ITeS
sector in the country. Earlier in 2011, the ministry had revealed its intentions to
launch e-governance initiatives that would facilitate rolling out mobile governance and
electronic service delivery bill.

Sufficient funds have also been earmarked to connect Indian villages and classrooms
across the country with knowledge centres wherein the government aims to provide
broadband connectivity to all the village panchayats by 2012.

Mr Sachin Pilot, Minister of State for Communications and IT believes that broadening
connectivity in such a manner would improve the way government interacts with

Further, the Ministry of Communications and Information Technology has revealed its
intentions to attract higher investments for IT sector in smaller cities and make

software services sector grow more than three times to US$ 300 billion by 2020. The
government also wants to increase the IT exports from US$ 59 billion currently to US$
200 billion by 2020. The projections and focus areas were laid in a draft national
policy which also stated that the government will endorse innovation, research and
development (R&D) in advanced technologies and application development in areas
such as cloud computing, mobile value-added services and social media.

The policy also aimed at employing additional 10 million skilled people in the
information communication technology sector. The sector currently has manpower
strength of 2.5 million skilled people.

IT & ITeS in India - Road Ahead

The Indian market for IT products and services is expected to consolidate its growth
achieved in 2010 and increase from US$ 19.7 billion in 2010 to US$ 41.2 billion by
2015, according to India Information Technology Report for the third quarter of
2011by Business Monitor International (BMI). BMI estimates that the Indian market
for PCs (including notebooks and accessories) will be worth around US$ 8 billion in
2011, higher from US$ 6.8 billion in 2010 while it projects IT services market at
around US$ 7.5 billion in 2011 which would further swell to a size of US$ 16.9 billion
by 2015. The report has estimated a compounded annual growth rate (CAGR) of 18
per cent for Indian software market over the span of 2011-2015.

______________                  ____             _________________________
This document prepared by our research analysts does not constitute an offer or solicitation
for the purchase or sale of any financial instrument or as an official confirmation of any
transaction. The information contained herein is from publicly available data or other
sources believed to be reliable but do not represent that it is accurate or complete and it
should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s
affiliates shall not be in any way responsible for any loss or damage that may arise to any
person from any inadvertent error in the information contained in this report. This document
is provide for assistance only and is not intended to be and must not alone be taken as the
basis for an investment decision.

Firstcall India Equity Research: Email –
C.V.S.L.Kameswari                              Pharma
U. Janaki Rao                                  Capital Goods
D. Ashakirankumar                              Automobile
A. Rajesh Babu                                 FMCG
H.Lavanya                                      Oil & Gas
Dheeraj Bhatia                                 Diversified
Manoj kotian                                   Diversified
Nimesh Gada                                    Diversified
                              Firstcall India also provides
   Firstcall India Equity Advisors Pvt.Ltd focuses on, IPO’s, QIP’s, F.P.O’s,Takeover
                      Offers, Offer for Sale and Buy Back Offerings.

      Corporate Finance Offerings include Foreign Currency Loan Syndications,
     Placement of Equity / Debt with multilateral organizations, Short Term Funds
         Management Debt & Equity, Working Capital Limits, Equity & Debt
                          Syndications and Structured Deals.

      Corporate Advisory Offerings include Mergers & Acquisitions(domestic and
         cross-border), divestitures, spin-offs, valuation of business, corporate
       restructuring-Capital and Debt, Turnkey Corporate Revival – Planning &
      Execution, Project Financing, Venture capital, Private Equity and Financial
                                      Joint Ventures

    Firstcall India also provides Financial Advisory services with respect to raising
    of capital through FCCBs, GDRs, ADRs and listing of the same on International
     Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and
                           other international stock exchanges.

                            For Further Details Contact:
        3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai 400 071
          Tel. : 022-2527 2510/2527 6077/25276089 Telefax : 022-25276089


Shared By: