SEC/SE/028/20-21 Chennai, August 05, 2020 BSE Limited
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SEC/SE/028/20-21 Chennai, August 05, 2020 BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, P J Towers, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East), Scrip Code: 533121 Mumbai - 400 051 Scrip Code: EXPLEOSOL Sub: Submission of Annual Report for the Financial Year 2019-20 along with Notice of 22nd Annual General Meeting. Dear Sir/Madam, Pursuant to Regulation 34 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the Annual Report for the Financial Year 2019-20 along with Notice of 22nd Annual General Meeting of the Company. You are requested to take the above on record and oblige. Thanking you, Yours faithfully, For Expleo Solutions Limited (Formerly known as SQS India BFSI Limited) S. Sampath Kumar Company Secretary and Compliance Officer Membership No. FCS 3838 Encl : As above. Expleo Solutions Ltd. (Formerly known as SQS India BFSI Ltd.) 6A, Sixth Floor, Prince InfoCity II, No. 283/3 & 283/4, Rajiv Gandhi Salai (OMR) Kandanchavadi, Chennai 600096 • India • T. +91 44 4392 3200 CIN: L64202TN1998PLC066604 • GST No: 33AABCT0976G1ZG Expleo Solutions Ltd. EXPLEO SOLUTIONS LTD. (formerly known as SQS India BFSI Ltd.) 6A, Sixth Floor, Prince InfoCity II, ((FORMERLYFORMERLY KNOWNKNOWN ASAS SQSSQS INDIAINDIA BFSIBFSI LLTD.)TD.) No. 283/3 & 283/4, Rajiv Gandi Salai (OMR) Kandanchavadi, Chennai – 600 096, India T. +91 44 43923200 Annual Jeport FY 2019 – 2020 Expleo Solutions Ltd. business locations Countries where Expleo Group is represented Printed by Chennai Micro Print (P) Ltd. - 77 expleogroup.com Think bold, act reliable Expleo Solutions Limited (formerly known as SQS India BFSI Limited) Corporate information BOARD OF DIRECTORS Prof. K. Kumar Deputy Chairman & Independent Director Olivier Aldrin Non-Executive Director Balaji Viswanathan Managing Director & CEO Lilian Jessie Paul Independent Director Martin Hodgson Additional Director (Non-Executive) Prof. S. Rajagopalan Independent Director Rajiv Kuchhal Independent Director Ralph Gillessen Non-Executive Director Ulrich Bäumer Independent Director CHIEF FINANCIAL OFFICER Desikan Narayanan COMPANY SECRETARY S. Sampath Kumar AUDITORS Kalyaniwalla & Mistry LLP Chartered Accountants Esplanade House, 29, Hazarimal Somani Marg, Fort, Mumbai–400 001. INTERNAL AUDITORS V. Chandrasekaran & Associates, Chartered Accountants 1st Floor, Kalpataru Complex, No.44, C.P. Ramaswamy Road, Alwarpet, Chennai–600 018 BANKERS The Lakshmi Vilas Bank Limited Cathedral Road, Chennai-600 086 ICICI Bank Limited Bazullah Road, T. Nagar, Chennai-600 017 The Hongkong and Shanghai Banking Corporation Limited Cathedral Road, Chennai-600 086 LEGAL ADVISORS S. Ramasubramaniam & Associates New No.13/1, Bishop Wallers Avenue West Mylapore, Chennai-600 004 REGISTRAR AND SHARE Cameo Corporate Services Limited TRANSFER AGENTS ‘Subramanian Building’No.1, Club House Road, Chennai-600 002, Tel. +91 044 2846 0390 / 044 4002 0700, email: [email protected], website: http://www.cameoindia.com REGISTERED OFFICE 6A, Sixth Floor, Prince Infocity II, No.283/3 & 283/4 @ Chennai 2020 Solutions at Inspire Expleo Team Rajiv Gandhi Salai (OMR), Kandanchavadi, Chennai–600 096, +91 044 4392 3200, email: [email protected] website: www.expleosolutions.com SQS India BFSI Limited contents Letter to the STANDALONE CONSOLIDATED 04 Shareholders FINANCIAL STATEMENTS FINANCIAL STATEMENTS Performance Independent Independent Highlights Auditor’s Auditor’s 06 80 Report 142 Report Directors’ Balance Balance 07 Report 90 Sheet 150 Sheet Annexure Statement Statement to Directors’ of Profi t of Profi t 20 Report 91 and Loss 151 and Loss Management Statement Statement Discussion of Change of Change 42 and Analysis 92 in Equity 152 in Equity Report on Statement Statement Corporate of Cash of Cash 48 Governance 93 Flow 154 Flow Certifi cations Notes Notes 67 94 155 Expleo Solutions Limited (formerly known as SQS India BFSI Limited) BOARD OF DIRECTORS Board of Directors 1 2 3 4 5 6 7 8 9 Annual Report 2019-20 | 2 Expleo Solutions Limited (formerly known as SQS India BFSI Limited) BOARD OF DIRECTORS 1. PROF. K. KUMAR 90s and early 2000s, headed marketing 15 years. Martin is an Engineering Graduate Deputy Chairman & Independent for challenger brand iGATE (now a part from Cambridge University. Director of CapGemini) and went on to be Chief 7. RAJIV KUCHHAL Kumar is Deputy Chairman and Marketing Offi cer of Wipro Technologies Independent Director Independent Director of Expleo Solutions for fi ve years during which it quadrupled Rajiv is an Independent Director of Expleo Limited. its revenues to $4 billion. Solutions Limited. He has over three decades of experience In 2010, Jessie Paul founded Paul Writer a He has more than 30 years of management as a corporate manager, consultant, marketing advisory fi rm that works with experience with 16 years in Infosys. He was entrepreneur and in academia. Kumar global and Indian clients to maximise instrumental in establishing of product holds a bachelor’s degree in Electrical marketing impact. She now drives the Paul engineering services practice at Infosys, & Electronics Engineering (Madurai Writer Impact Network, an agency network heading the practice till 2001. Rajiv was Kamaraj University) and obtained both dedicated to managing and optimising the one of the founding members of Infosys the PGDM and Fellowship (Doctoral complete buyer journey. BPO (earlier Progeon), the business level) qualifications from the Indian Her fi rst book, No Money Marketing: From process outsourcing (BPO), subsidiary of Institute of Management, Bengaluru Upstart to Big Brand on a Frugal Budget Infosys Technologies, where he was the (IIM-B). In his current role as Professor was published by Tata McGraw-Hill, and Head of Operations and subsequently, of Entrepreneurship at Indian Institute was based on her experience putting the Head of Business Transformation. He of Management, Bengaluru (IIM-B), he Indian brands on the global map. She subsequently worked with OnMobile as its is involved in teaching, research and is now refi ning her thoughts on frugal Chief Operating Offi cer. Rajiv is an angel entrepreneurship promotion initiatives. His marketing in the digital era for an updated investor, and a General Partner at Exfi nity corporate experience includes a consulting version of the new book to be published by Ventures. role at Tata Consultancy Services Bloomsbury in November 2020. (1991-95) and as CEO (1995-2001) and He is a graduate in Electrical Engineering She holds an MBA from Indian Institute of President (2005-2006) of Trigent Software from Indian Institute of Technology, Delhi. Management, Calcutta, and a bachelor’s Ltd. 8. RALPH GILLESSEN degree from National Institute of 2. BALAJI VISWANATHAN Technology, Trichy. Director (Non-Executive) Managing Director & CEO 5. PROF. S. RAJAGOPALAN Ralph Gillessen is the Director Balaji is the Managing Director and CEO Independent Director (Non-Executive) of Expleo Solutions of Expleo Solutions Limited. Limited. Rajagopalan is an Independent Director of Balaji comes with over 26 years of Ralph Gillessen is Board Member of Expleo Expleo Solutions Limited. professional experience in the fi nancial Germany Holding GmbH providing the services and ITES domain of which 16 years He is a Bachelor of Technology (B.Tech) in global leadership of the sales teams and have been in the Financial Services Industry Chemical Engineering from Indian Institute is responsible for assuring client delivery and 8 years in the Outsourcing/Offshoring of Technology, Delhi, Post Graduate and resource management for all Expleo of Financial Services. His last assignment Diploma in Management from Indian Quality and Management Consulting was as Senior Director in charge of Global Institute of Management, Bengaluru and activities. Delivery for BFSI services at Concentrix a Ph.D from Indian Institute of Technology, He ensures that the company has the which is the outsourced business division Kanpur. He was the CEO of the Karnataka proper operational controls, procedures, of SYNNEX Corporation, a Fortune 500 State Council for Science and Technology and systems in place to effectively grow company listed on the NYSE. for 14 years and also was Founder and the organisation and to ensure fi nancial Balaji also worked with Serco, Reliance Chairman of TIDE an NGO. He was awarded strength and operating effi ciency. Jio Payments Bank, Yes Bank and HDFC Ashoka Fellowship in the year 1984, Fellow Ralph has joined SQS in 2002 and has Bank across Sales, Product Management of the Salzburg Seminar in the year 1999 worked in various senior sales and and Operations, from where he garnered and fi nalist of Social Entrepreneur of consultancy positions. He entered the a strong domain knowledge of Core the year in 2006. Prof. S. Rajagopalan SQS management board in January, 2013 Banking Systems, Cards, Transaction was elected as one of the 50 pioneers of and is member of Expleo Group Executive Switching apart from being responsible change by India Today Magazine in the Committee since January, 2018. for operations and technology for South year 2008. Since 2008, he is a professor at 9. ULRICH BÄUMER the International Institute of Information Asia at Master Card International. Independent Director 3. OLIVIER ALDRIN Technology, Bengaluru. 6. MARTIN HODGSON Ulrich is an Independent Director of Expleo Director (Non-Executive) Additional Director (Non-Executive) Solutions Limited. Olivier Aldrin is the