DOCSLIB.ORG

Press Release UST Global Technology Services (India)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Press Release UST Global Technology Services (India) Press Release UST Global Technology Services (India) Private Limited April 05, 2019 Ratings Amount Facilities Rating1 Rating Action (Rs. crore) Revised from CARE BBB+ CARE A-; Stable Long-term Bank (Triple B Plus) 35.00 (Single A Minus) Facilities (Under credit watch with Outlook: Stable developing implications) 35.00 Total Facilities (Rupees Thirty Five crore only) Details of facilities in Annexure-1 Detailed Rationale & Key Rating Drivers CARE had earlier placed the rating of UST Global Technology Services (India) Private Limited (USTSPL) under ‘credit watch with developing implications’ following the acquisition of around 20% stake in the ultimate holding company of UST group by Temasek Group. CARE now understands that about USD 250 million was infused in the company by way of primary equity infusion of which a certain portion has been used for buy back of existing shareholders and the rest has been made available for acquisitions. CARE also notes that group has completed three acquisitions using a part of these proceeds which is expected to expand the company’s offerings. Further with these funds available, CARE believes that this gives the group room to pursue inorganic growth opportunities and upskill its service offering. In light of these developments, CARE has removed the ratings from Credit watch with developing implications and revised the ratings. The rating revision also takes into the consistent growth in scale of operations of the Indian entities, comfortable profit margins, capital structure and debt coverage indicators maintained. The ratings continue to derive strength from the global presence of the parent UST Global, its established relationship with reputed clients. The ratings are, however, constrained by client concentration risk, elongated working capital cycle with high receivables position. The ratings are also constrained by the group’s business prospects being closely linked to global economic scenario and the highly fragmented & competitive nature of the global IT industry. Going forward, the ability of UST group to increase its scale of operations with successful integration of newly acquired companies, diversify its client base and improve its working capital cycle while maintaining profitability margin and capital structure would be the key rating sensitivities Detailed description of the key rating drivers Key Rating Strengths Global presence of the parent and professionally managed group UST Global’s operations are spread across four continents with 23,000+ associates globally. In terms of employee head count, USA has around 4,000 employees, UK has around 500 employees, Singapore has around 300 employees, and UST Group (India) has more than 14,000 employees. UST Global was established in 1999. It is a part of the Comcraft group, a $6 Billion conglomerate consisting of over 200 companies with operations in more than 45 countries. The Comcraft group, promoted by Kenya-based Mr Manu Chandaria, produces steel, plastics and aluminium products from manufacturing facilities in 45 countries. The group has made investments in diversified fields including IT and Entertainment & Media. UST group companies are managed by experienced professionals with long experience in the IT industry. Being the largest employer in the IT sector in the state of Kerala, USTIPL also works closely with the Government of Kerala in its various initiatives. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release Investment by Temasek Group MacRitchie Investments Pte. Ltd., part of Temasek Group, has invested USD 250 Million to acquire around 20% stake in UST Holdings Limited, Bermuda the ultimate holding company of the UST Group. Temasek is a Singapore-based sovereign wealth fund which owns a USD 308 billion portfolio as at March 31, 2018 with significant exposure to Singapore and rest of Asia. The investment by Temasek group will enable the UST group to grow in an inorganic manner and UST group has acquired some companies in the recent past and is expected to do a few more. Reputed clientele albeit with moderate client concentration Clients of UST Global are spread across healthcare, retail, banking and financial services (BFSI), technology, manufacturing, insurance, etc. During the calendar year 2018 (CY18), Healthcare sector contributed 24% of the total revenues of the UST Group, while Retail and BFSI contributed 17% and 15% of the total revenues, respectively. The UST Global group has a moderate client concentration risk, with its top 10 clients contributing to around 48% of its overall revenues in CY18 (refers to the period April 01 to March 31). However, the group has a long standing relationship with most of its clients. Growing scale of operations offering multiple IT services UST has a diversified presence across various execution platforms and industry verticals enabling the group to provide end to end solutions to its customers. In terms of services offered by UST Group, during the CY 2018, income from technology services (application development) contributed about 36% of its total income, followed by digital at 18% and business services (application managed services) at 13%. In terms of geographical distribution of clients, Americas contributed 64%, UK contributed 11%, Singapore contributed 9% and India contributed 13%. Over the years, the group has reduced its exposure to Americas from 83% in CY2014 to 64% in CY2018, by increasing its business from Europe and Asia Pacific regions. The total income of UST Global improved from US$803 million during CY17 to US$946 million during CY18. On a combined basis, the Total Operating Income (TOI) of the UST Group in India increased by about 10% from Rs.1,552 crore in FY17 to Rs.1,708 crore in FY18. Financial risk profile marked by comfortable capital structure and debt coverage indicators The profitability levels of UST Group continue to remain healthy with PBILDT margin of 27.31% during FY18 as compared with 25.65% during FY17. The capital structure of the group also remains comfortable with overall gearing of 0.52 times as on March 31, 2018 as compared with 0.55 times as on March 31, 2017. The coverage indicators for the group are also comfortable with PBILDT interest coverage of 9.44 times as on March 31, 2018 and total Debt / GCA of 2.06 years for FY18. Key Rating Weaknesses Liquidity - Elongated working capital cycle with high receivables position The operating cycle of India Combined remained elongated with a collection period of 199 days during FY18 as compared with 155 days during FY17. Most of the receivables are from UST Singapore and the payments are made on a mutually agreed basis. The group as a strategy keeps cash at the Singapore level for acquisitions. With the money coming in from Temasek, the company expects to bring down the receivables in India. In order to meet its working capital requirements, UST Group has availed fund based working capital limits aggregating Rs.385 crore, in form of export packing credit, packing credit in foreign currency and cash credit/book overdraft limits. The average maximum utilization for the cash credit facility during the past 12 months period ended December 2018 remained high at around 95%. At India Combined level, the group had a cash balance of Rs.74 crore as on March 31, 2018 and Rs. 65.80 crore as on September 30, 2018. Highly fragmented and competitive industry The IT/ITES industry in India is highly fragmented and dominated by a large number of large and medium players. In India, UST Group is much smaller than established players like TCS, Infosys, Cogizant, Wipro, Tech Mahindra etc. Globally, it faces competition from big companies like IBM, Accenture, and several other companies, big and small. The industry faces intense competition due to low entry barriers. The IT industry also faces challenge from rapid technological changes, which may lead to obsolescence of certain software/services. The group must adapt to these changes to stay relevant in the business. The prospects of IT services industry are closely linked to the global economy. The uncertain global economic situation has slowed down business for the IT/ITeS sector. 2 CARE Ratings Limited Press Release Analytical approach: Combined CARE has taken a combined view on four UST group companies, namely, US Technology International Private Limited (USTIPL), US Technology Resources Private Ltd (USTRPL), UST Global Technology Services (India) Private Ltd (USTSPL) and UST Global Information Technology Parks Private Ltd (USTGPL) as all the four companies have synergies in operations, exhibit cash flow fungibility, are owned and managed by common promoters with cross- holding in few of the entities. A. Applicable criteria Criteria on assigning Outlook to Credit Ratings CARE’s Policy on Default Recognition Criteria for Short Term Instruments Rating Methodology: Factoring Linkages in Ratings Rating Methodology – Service Sector Companies Financial ratios – Non-Financial Sector About the company: Kerala-based UST Group, is engaged in the business of providing software development and support services majorly to multinational customers of UST Global and also to domestic clients. USTIPL and USTSPL provide off-shore development services for the clients of UST Global, USTRPL provides services primarily to the other clients based in India. Apart from these three companies, USTGPL is engaged in development and leasing of Technology Park for the group companies based in India. The group leased out about 9 acres of land from Infopark SEZ, Kochi in 2010 and established a delivery centre there. UST Global Technology Services (India) Private Limited (UST Services) was incorporated to segregate the Kochi SEZ operations into a separate entity for ease of availing tax and other incentives. UST Services has about 980 employees as on December 2018 and has operations only in Kochi. UST Services receives orders from UST Singapore directly and executes the same. A part of its operations are subcontracted to UST International.
Load more

Recommended publications
  • Hindu Immlgration
    HINDU IMMLGRATION PART 1 WASHINGTON GOVERNMENT PRINTING OFFICE 1914 BIXTY-TkIIIlI~CONUREHS. JOHN I. H1:llKr:l'l', Alabama, Chair?nan. ADOLPII J. SABATII, Illinoir. FRANKLIN BKOCKSON, Uelaware. JOHN A. N. A1).2IR, Indiana. IZUOUS'rUS 1'. GAltDNER, Massachusetts. ' HENRY N. COLI)FOGI,E,Now York. EVERIS A. HAYES, California. JAMES L. ST,AYDEN, Texas. J. 11AMI'TON MOORE, I'emyIvania. WIL1,IAM A. OI,I)FI&I,D, Arkansas EUII'IN A. &IICRRIW,JR., New York. JOHN E. RAKICIl, California JAhlIZS MANAHAN, Minnesota. JOHN A. KEY, Ohio ALBERT J011NSON, Washingtol'. 1'. \\I. IIIJHNETT,Clek. I1 HINDU I SIl A1IGR)ATION. COMAIITTEEON ~MMIGILATIOK, EIOLTSE OF REPRESENTATIVES, Friday, Februaly 13, 1914. The committctl ~ilct:tt 10.40 o'clock a. m., Hon. John I,. Burnett (chairman) prcsitling. There were present beforc the committee Mrs. K. F. P:ttterson; Mr. Sudhintlra Bosc, lccturer on oriental politics antl civilization at the State University of Iowa, formerly of Calcutta; Dr. Bishcn Singh, member of the Hindu tlc.le,rr:ltioli rcprcscriting tl~cPacific Coast Khalsa Diwi~nSociety (Inc.), of Stockton, Cal., formerly of the Pun- jab, India; Mr. Anthony Carninctti, Conirnissioncr Gcncral of Immi- ation; and Hon. Dctivrr S. Church, a Kcprcscntntivc in Congress Prom the State of Californiil. The CIIAIRMAN.G~ntl~rn~~i, it is tli~ irit~ntiori to holtl a hearing this morning on thc Hintlu rrlattcr. Tlierc are n cctuple of Hindus here, one of thcm introduced and liighly recommcnticcl by Judge Towner, of Iowa. IIc is u ~rofcssorin tllc State University of Iowa, and he spcaks very good English.
    [Show full text]
  • Ust Global Accelerates Digital Transformation for the Global 1000 with a Cloud-Grade Network
    Customer Story UST GLOBAL ACCELERATES DIGITAL TRANSFORMATION FOR THE GLOBAL 1000 WITH A CLOUD-GRADE NETWORK Summary UST Global is a leader in digital transformation, enabling Global 1000 companies to offer innovative customer experiences, streamline operations, and drive business value. UST Global, which operates with the philosophy of “fewer clients, more Company: attention,” has a strong commitment to high-quality services and long-term client UST Global success. The company, which is headquartered in California and has significant Industry: operations in India, has more than 18,000 associates worldwide. Technology Business Challenge Business Challenges: To accelerate clients’ digital transformation, UST Global needed a state-of-the- Build highly available, scalable, art, cloud-grade network as the underpinnings of its global IT infrastructure. The secure global network to support company, which reported $1.2 billion in consolidated revenues in 2016, is growing IT service delivery rapidly. It operates in more than 20 countries, and it is expanding geographically and Technology Solution: into new vertical markets like hospitality, logistics, and insurance in addition to its • SRX5400 Services Gateway core sectors of retail, banking, and healthcare. • MX960 and MX5 5G Universal “We introduced Juniper security into our network infrastructure seven years ago,” Routing Platforms says Praveen Raveendran, director of infrastructure services at UST Global. Using • QFX5100 Switch Juniper Networks® SRX Series Services Gateways enabled the consolidation of • EX4300 Ethernet Switch security, routing, and switching into a single platform to connect and secure branch Business Results: offices in North America. “Our success with the SRX Series platform gave us • Improve operational and confidence to test additional products from Juniper,” says Raveendran.
    [Show full text]
  • 2017 D3 2017 Agenda Annual Developer Conference
    2017 D3 2017 Agenda Annual Developer Conference DECEMBER 6-8, 2017 Greenfield International Stadium, Trivandrum SMALL IDEAS, BIG TRANSFORMATION DECEMBER 6-8, 2017 TRIVANDRUM, KERALA, INDIA PROGRAM CURTAIN RAISER – WEDNESDAY, DECEMBER 6, 2017 9:00 AM Welcome and Opening Remarks Sunil Kanchi, Chief Information Officer, UST Global 9:10 AM INTRODUCTION: UST GLOBAL AND STARTUPS The UST Global startup ecosystem and how it accelerates innovation at UST Global. Sajan Pillai, CEO, UST Global 9:25 AM LEARN: ENTREPRENEURSHIP AND START-UP CULTURE Ram Charan, World famous author and business advisor to Global CEOs 9:40 AM DISCOVER: CENSIA, US Censia empowers talent professionals to be strategic partners in their companies by equipping them with artificial intelligence solutions. Joanna Riley, CEO and Founder 10:20 AM DISCOVER: KRYPC TECHNOLOGIES, INDIA KrypC is a blockchain services company whose B2B platform facilitates adoption and application of blockchain in different sectors, even as the space is evolving. Venkataraman Viravanallur, Chief Operating Officer Varun Nagarajan, Head - Business Development 10:45 AM NETWORKING BREAK 11:15 AM DISCOVER: DSG, ISRAEL DSG provides end-to-end Big Data Analytics solutions with a wide range of expertise that no single data scientist can provide. Dr. Elan Sasson, Founder 11:55 AM DISCOVER: MAXERIENCE, INDIA MaXerience develops vison systems that learn fast and detect right. The company provides business analytics in the consumer space using visual intelligence and adaptive learning. Pradeep Pydah, CEO and Founder Apurva Nagoree, CTO Naga Bharath Vadla, Design Engineer 12:20 PM DISCOVER: EMANCIPACTION, US EmancipAction is a non-profit organization working to break up the business of child sex trafficking.
    [Show full text]
  • COLORS Brochure Front and Back (Page 1 7/25/2011 4:40:15 AM
    COLORS Brochure_front and back (Page 1 7/25/2011 4:40:15 AM ® ® UST Global Facilities SM North America Europe India Philippines Aliso Viejo London Trivandrum Manila Chicago Frankfurt Chennai Chile Colors New York Geneva Cochin Viña del Mar Bangalore Dallas Asia Canada AN INNOVATIVE UST GLOBAL Singapore Vancouver Bangalore EMPLOYEE PROGRAM THAT DRIVES CLIENT VALUE C M and TRANSFORMS LIVES Y CM MY CY CMY K Global Headquarters North America UST Global 20 Enterprise Aliso Viejo, CA 92656 Europe UST Global 40 Portman Square London. W1H 6LT Asia / Pacific UST Global Technopark Trivandrum-695581 fewer CLIENTS www.ust-global.com For more information contact [email protected] more ATTENTION What is Colors? Purple Stands for People Satisfaction Because the sustainable business success and continued growth of any enterprise requires a highly Colors is a volunteer employee program that engages UST Global motivated and inspired work force, Purple’s mission is to improve the work culture and its goal is to help associates across the globe. A hallmark of innovation and creativity, UST Global be selected as the best place to work. The combined effort and concerted action of satisfied, Colors encourages team building and collaboration, and provides SM engaged employees contributes to the success of the UST Global organization. an opportunity for employees to develop their personalities and leadership skills by pursuing aspirations outside their functional Colors requirements. Indigo Represents Industry Expertise With the vision of both giving and achieving, employees tap their With the motto “Commit to collaborate, Collaborate to succeed” Indigo’s mission is to transform UST potential to contribute to our company and give back to our Global through Integrated Processes and Collaboration, and its goal is to improve industry practices and communities.
    [Show full text]
  • Statement on Modern Slavery 2021 Ver1.0[1]
    Statement on Modern Slavery 2021 This statement sets out the steps that UST Global Private Limited, in conjunction with other UST group companies, has taken and will continue to take to prevent modern slavery and human trafficking in its business and supply chain in accordance with the UK’s Modern Slavery Act 2015. UST has a zero-tolerance approach to any form of modern slavery and human trafficking. In this statement that term includes, including all forms of slavery, servitude and forced or compulsory labour and human trafficking. We are committed to acting in an ethical manner, with integrity and transparency in all business dealings. We are committed to creating and maintaining effective systems and controls to safeguard against any form of slavery taking place within the business or our supply chains. Our Business and Structure UST Global Inc is a multinational provider of IT services and solutions. It is headquartered in Aliso Viejo, California, United States and it has additional operations in over 25 Countries including India, Mexico, UK, Malaysia, Philippines, Singapore, Spain, Mexico, and Poland. UST Global Private Limited is the UK legal entity within the UST group of companies. It is the primary contracting entity for UST’s business in United Kingdom though it often utilises the services of other Group companies from around the globe. We specialise in healthcare, retail, banking & financial services, telecoms, media & technology, insurance, transportation & logistics and manufacturing & utilities. We have over 25,000 employees worldwide. Our Supply Chain Our supply chains include contractors, software and IT hardware supplies, professional services and office equipment and facilities, UST ’s various group companies, notably in India, also provide Services to other companies within the group.
    [Show full text]
  • United Nations Treaties and Principles on Outer Space and Related General Assembly Resolutions
    Addendum Ref.: Sales No. E.08.I.10 ST/SPACE/11/Rev.2/Add.2 United Nations treaties and principles on outer space and related General Assembly resolutions Addendum Status of international agreements relating to activities in outer space as at 1 January 2009 Printed in Austria V.09-80564—February 2009—850 A. United Nations treaties 1. 1967 OST Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies (Outer Space Treaty) Adoption by the General Assembly: 19 December 1966 (resolution 2222 (XXI)) Opened for signature: 27 January 1967 in London, Moscow and Washington, D.C. Entry into force: 10 October 1967 Depositaries: Russian Federation, United Kingdom of Great Britain and Northern Ireland and United States of America (Sources: 18 UST1 2410; TIAS2 6347; 610 UNTS3 205) 2. 1968 ARRA Agreement on the Rescue of Astronauts, the Return of Astronauts and the Return of Objects Launched into Outer Space (Rescue Agreement) Adoption by the General Assembly: 19 December 1967 (resolution 2345 (XXII)) Opened for signature: 22 April 1968 in London, Moscow and Washington, D.C. Entry into force: 3 December 1968 Depositaries: Russian Federation, United Kingdom of Great Britain and Northern Ireland and United States of America (Sources: 19 UST 7570; TIAS 6599; 672 UNTS 119) 1 United States Treaties and Other International Agreements. 2 Treaties and Other International Acts Series. 3 United Nations, Treaty Series. 2 3. 1972 LIAB Convention on International Liability for Damage Caused by Space Objects (Liability Convention) Adoption by the General Assembly: 29 November 1971 (resolution 2777 (XXVI)) Opened for signature: 29 March 1972 in London, Moscow and Washington, D.C.
    [Show full text]
  • Interview with Vivek Varshney, Vice-President and Global Head, Telecom Practice, UST Global Face to Face, August 12, 2014
    Interview with Vivek Varshney, Vice-President and Global Head, Telecom Practice, UST Global Face to Face, August 12, 2014 California-based UST Global is a key IT end-to-end services and solutions provider for Global 1,000 companies. It has recently set up a global telecom centre in Gurgaon, which houses professionals having expertise in telecom, network management, M2M communications and customer experience management. Vivek Varshney, Vice-President and Global Head, Telecom Practice, UST Global discusses the company’s current scale of operations and its plans for India. Excerpts... Where is UST Global based and what are its key operations? UST Global is a 15,000 associate organisation. It was started in 1999 simultaneously in India and the US. In the US, UST is headquartered at Aliso Viejo, LA and in India at Trivandrum. The Trivandrum office is the company’s major global delivery centre and it is also the largest IT employer in Kerala. Presently, the company is coming up with a campus in Techno Park, Trivandrum across an area of 36 acres. Apart from Trivandrum, UST has its delivery centers and offices in Bangalore, Kochi, Chennai and Gurgaon. Gurgaon is the newest one which was started last year. Worldwide UST Global has its presence in the Latin America, Mexico, North America East Coast, and West Coast and also in Singapore, UK, Spain, Denmark and Middle East. Apart from these, the company has recently opened its offices in Sydney and China. What are UST Global’s operations in the Indian telecom market? In the Indian telecom industry, the company is engaged with top service providers as well as the equipment vendors.
    [Show full text]
  • Status of International Agreements Relating to Activities in Outer Space As at 1 January 2017
    A/AC.105/C.2/2017/CRP.7 23 March 2017 English only Committee on the Peaceful Uses of Outer Space Legal Subcommittee Fifty-sixth session Vienna, 27 March-7 April 2017 Item 5 of the provisional agenda* Status and application of the five United Nations treaties on outer space Status of International Agreements relating to activities in outer space as at 1 January 2017 1 A. United Nations treaties 1. 1967 OST Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies (Outer Space Treaty) Adoption by the General Assembly: 19 December 1966 (resolution 2222 (XXI)) Opened for signature: 27 January 1967 in London, Moscow and Washington, D.C. Entry into force: 10 October 1967 Depositaries: Russian Federation, United Kingdom of Great Britain and Northern Ireland and United States of America (Sources: 18 UST2 2410; TIAS3 6347; 610 UNTS4 205) 2. 1968 ARRA Agreement on the Rescue of Astronauts, the Return of Astronauts and the Return of Objects Launched into Outer Space (Rescue Agreement) Adoption by the General Assembly: 19 December 1967 (resolution 2345 (XXII)) __________________ * A/AC.105/C.2/L.299. 1 Depository contact information may be obtained from the Ministries of Foreign Affairs of the respective State of depository. For depository information where the Secretary-General of the United Nations is the depository, please contact the Treaty Section of the United Nations Office of Legal Affairs, 2 UN Plaza — 323 E 44th St., Room DC2-0501. New York, NY 10017, United States of America.
    [Show full text]
  • Philosophy of Religion
    * Philosophy of Religion An Anthology SEVENTH EDITION MICHAEL REA University of Notre Dame LOUIS P. POJMAN Late of the United States Military Academy, West Point CENGAGE Learning· Australia • Brazil• Mexico • Singapore • United Kingdom• United States PLATO• IMMORTALITY OF THE SOUL 677 364 676 PART VII• DEATH AND IMMORTALITY should remember a lot of what A remembers; fi.1rthermore, B should remember at the c11tire history (!f IVcste111 philosophy is b11t aj(1(1t11orc to Plato. T71c cxm71ts that comprise thcji1llml'- made i11g sclffti!>ll co11re111 Plillo's l'i<'ll's abollf the so11/. Ammlil(I! to Plato, h11111c111 bcil(l!S 11rc composed <!( pain" least some of what A takes to be "present expe1ience." There should also be some fll'O s11bs1i111C!'s: bod)' a11d so11/. Qf these, the 1111c scf( is the so11/, 1Fhich !iJJcs 011 (!ficr the death <!f rhc LOil. ·. continuity among their goals, desires, and other mental states. (This is not body. All <!(Plato's 11'1iti11gs arc i11 thc.f(1m1 !11 the.first (fi·o111 Alribiadcs I) .Socra- peopl• to deny that goals, beliefa, and desires change over time. But the idea is that if B tes mx11cs ll'ith Alcibiades abo11t the !nil' scff 771c scco11d diah\l!llC ({i-0111 the Phacdo) takes place ill bum exists, say, a mere ten seconds later than A, and if B has beliefs, desires, goals, and priso11, ll'hcre Sormtcs mJJairs his e.\W11tio11. J-le is <:OiTcd ,, ll'a)' <!( esrnpe /mt njerts it, mg11il(I! that it (Exod memo1ies vi1tually 11011e of which overlap with A's, then 13 just is not the same per- 11'011/d be i111111oral to.flee s11ch aJ1tc 111 this time mu/ that he is ccrtai11 '!(a bettcr l!fi· qfier death.
    [Show full text]
  • Press Release UST Global Technology Services (India) Private
    Press Release UST Global Technology Services (India) Private Limited March 30, 2018 Rating Amount Facilities Rating1 Rating Action (Rs. Cr.) 35 CARE BBB+; Stable Long-term Bank Facilities Reaffirmed (enhanced from 26.14) (Triple B Plus; Outlook: Stable) 35 Total Facilities (Rupees Thirty Five crore only) Details of facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The ratings continue to derive strength from the global presence of the parent UST Global, its growing scale of operations and established relationship with reputed clients. The ratings also factor in comfortable financial risk profile of UST Group marked by healthy profit margin, comfortable capital structure and debt coverage indicators. The ratings are, however, constrained by client concentration risk, elongated working capital cycle with high receivables position and the debt- funded capital expenditure of the group towards the new office campus. The ratings are also constrained by the group’s business prospects being closely linked to global economic scenario and the highly fragmented & competitive nature of the global IT industry. Going forward, the ability of UST group to increase its scale of operations, diversify its client base and improve its working capital cycle while maintaining profitability margin and capital structure would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Global presence of the parent and professionally managed group: UST Global’s operations are spread across four continents with 17,000+ associates globally. In terms of employee head count, USA has around 4,000 employees, UK has around 300 employees, Singapore has around 200 employees, and UST Group (India) has more than 11,000 employees.
    [Show full text]
  • Part 1: Bilateral Treaties and Other Agreements
    TREATIES IN FORCE PART 1: BILATERAL TREATIES AND OTHER AGREEMENTS TREATIES IN FORCE 1 AFGHANISTAN ECONOMIC AND TECHNICAL NARCOTIC DRUGS COOPERATION Agreement concerning the prohibition of General agreement for technical cooperation. opium poppy cultivation in the project area of AGRICULTURAL Signed at Kabul February 7, 1951; entered into the Central Helmand drainage project (phase COMMODITIES force February 7, 1951. II). Signed at Kabul August 29, 1977; entered 2 UST 592; TIAS 2210; 132 UNTS 265. into force August 29, 1977. Agricultural commodities agreement, with ex- 29 UST 2481; TIAS 8951. changes of notes. Signed at Kabul May 22, Amendment: 1965; entered into force May 22, 1965. January 2 and 24, 1952 (3 UST 4683; TIAS Agreement concerning the prohibition of opium poppy cultivation in the project area of 16 UST 1078; TIAS 5849; 579 UNTS 29. 2624; 177 UNTS 341). the integrated wheat development project. Signed at Kabul September 29, 1977; entered Agricultural commodities agreement with ex- Agreement relating to a loan for the purchase into force September 29, 1977. change of notes. Signed at Kabul December of wheat and flour for famine relief in Afghan- 22, 1966; entered into force December 22, istan. Exchange of notes at Washington Janu- 29 UST 2479; TIAS 8950. 1966. ary 8, 1953; entered into force January 8, 17 UST 2229; TIAS 6161; 681 UNTS 123. 1953. 4 UST 2941; TIAS 2896. PEACE CORPS Agricultural commodities agreement with annex. Signed at Kabul July 19, 1967; entered Agreement providing development assistance into force July 19, 1967. to Afghanistan. Exchange of notes at Kabul Agreement relating to the establishment of a 18 UST 1766; TIAS 6322; 692 UNTS 345.
    [Show full text]
  • Iaa Waterways Component
    E499 Volume 2 ENVIRON MENTAL Public Disclosure Authorized AS SES SMENT Of the INLAND WATER TRANSPORT PILOT PROJECT Public Disclosure Authorized Public Disclosure Authorized Prepared on behalf of October2001 Public Works Department Government of Kerala Louis Berger International, Inc. in associationwith: SheIndia Associates, Inc. Consulting Engineering Services (I) Ltd. Public Disclosure Authorized Intercontinental Consultanits& Technocrats Pvt. Ltd. FILECOPY ENVIRONMENTAL ASSESSMENT OF THE INLAND WATER TRANSPORT PILOT PROJECT October- 2001 Table of Contents List Of Abbreviations And Technical Terms Used * ExecutiveSummarv v Exective SuSmmary CHAPTER Page * No 1. INTRODUCTION 1.1 History Of Inland Water Trasport In Kerala I. 1 1.2 National Waterways 1.1 1.2.1 The National Waterways -HII. 1.3 State Watcrways 1.2 L.3.1 Development Constraints Of \Vatcnx-as In Kurala 1.2 1.4 Project Back Ground 1.6 1.5 Purpose Of Environimental Assessment Document 1.6 2. PROJECT DESCRIPTION I2.1 Project Location 2.1 2.2 Project Influence Area 2.2 2.3 Project Objectives And Benefits 2.2 2.4 Scope Of The Work 2.3 2.4.1 Phase I (Project Preparation) 2.3 X 2.4.2 Phase It (Project Implementation) 2.4 2.5 The Proposed Improvement Works 2.4 2.5.1 Channel Design 2.4 2.5.2 Improvement Of The Navigation Channel (Dredging) 2.4 2.5.3 Bank Protection Rehabilitation Design 2.6 2 .5.4 Navination Aides 2.6 2.5.5 Jetties, Passenger And Cargo Terminals 2.6 2.5.6 Foot Bridges And Bridges 2.7 2.6 Detailed Studies, Surveys And Mapping Works 2.7 I 2.6.1 HydrographicSurveys, Mapping Works And Monitoring 2.7 2.6.2 Traffic Analysis For Identifying ''he Improvement Requirements 2.7 2.6.3 Passenger Vessels And Cargo Transport 2.7 * 2.6.4 Regional TransportConnectivity 2.7 2.7 Project Cost Estimates 2.9 1 3.
    [Show full text]