Back Cover Front Cover challenges chances changes | Annual Report 2011 Firstsource Solutions Limited, 6th Floor, Peninsula Chambers, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013, India. Annual Report 2011 Tel: +91 22 6666 0888. Fax: +91 22 6663 5481. Firstsource Inside Cover Page Page 1 Contents Page Challenges. Chances. Changes. 1 Corporate Information 10 Letter from the Chairman 11 challenges Message from the Managing Director & CEO 12 Company Highlights & Global Recognition 13 Financial Highlights 14 Awards & Accolades 16 Notice 17 chancesChallenges are the lifeblood of business. They inspire you Directors’ Report 20 to think smarter, work more effectively, perform better Management Discussion & Analysis Report 26 and strive for more. And the more compelling the Report on Corporate Governance 49 challenges, the greater the opportunities they open up Consolidated Financial Statements for you. It is this “bring-it-on” attitude that has powered Firstsource to the forefront of the BPO arena within the first Auditors’ Report 65 10 years of our existence. Balance Sheet 66 But our drive to be the best does not end here. We realize Profit and Loss Account 67 Driven by challenges, nurtured by chances, that, to make the most of the possibilities emerging Cash Flow Statement 68 transformed by changes… worldwide, we need to continually challenge ourselves. Schedules to the Financial Statements 70 that’s the Firstsource strategy for success. Which is why we at Firstsource are embarking on an era of Statement Pursuant to Section 212 of unprecedented changes. the Companies Act, 1956 95 You can see this dynamic new mindset in the vision and Standalone Financial Statements leadership of our management team. You can feel it in Auditors’ Report 97 the commitment and energy of our 26,000+ skilled Balance Sheet 100 professionals located around the world. You can quantify Profit and Loss Account 101 it in the robust performance and growing global presence Cash Flow Statement 102 we have achieved over the past year. The summit is within Schedules to the Financial Statements 104 our grasp… Balance Sheet Abstract and Company’s General Business Profile 131 Registered Office:6th Flr., Peninsula Chambers, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013, India. www.firstsource.com Statutory Auditors: BSR and Co., Chartered Accountants, 1st Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, changes Mahalaxmi, Mumbai 400 011, India. Registrars & Transfer Agents: 3i Infotech Ltd., Tower #5, 3rd-6th Flr., International Infotech Park, Vashi, Navi Mumbai 400 703, India. Bankers: Axis Bank Ltd., Barclays Bank Plc, Citibank, N.A., DBS Bank Ltd., Deutsche Bank AG, HDFC Bank Ltd., ICICI Bank Ltd., Key Bank, Kotak Mahindra Bank Ltd., Standard Chartered Bank, The PNC Financial Services Group, Yes Bank Ltd. 1 Inside Cover Page Page 1 Contents Page Challenges. Chances. Changes. 1 Corporate Information 10 Letter from the Chairman 11 challenges Message from the Managing Director & CEO 12 Company Highlights & Global Recognition 13 Financial Highlights 14 Awards & Accolades 16 Notice 17 chancesChallenges are the lifeblood of business. They inspire you Directors’ Report 20 to think smarter, work more effectively, perform better Management Discussion & Analysis Report 26 and strive for more. And the more compelling the Report on Corporate Governance 49 challenges, the greater the opportunities they open up Consolidated Financial Statements for you. It is this “bring-it-on” attitude that has powered Firstsource to the forefront of the BPO arena within the first Auditors’ Report 65 10 years of our existence. Balance Sheet 66 But our drive to be the best does not end here. We realize Profit and Loss Account 67 Driven by challenges, nurtured by chances, that, to make the most of the possibilities emerging Cash Flow Statement 68 transformed by changes… worldwide, we need to continually challenge ourselves. Schedules to the Financial Statements 70 that’s the Firstsource strategy for success. Which is why we at Firstsource are embarking on an era of Statement Pursuant to Section 212 of unprecedented changes. the Companies Act, 1956 95 You can see this dynamic new mindset in the vision and Standalone Financial Statements leadership of our management team. You can feel it in Auditors’ Report 97 the commitment and energy of our 26,000+ skilled Balance Sheet 100 professionals located around the world. You can quantify Profit and Loss Account 101 it in the robust performance and growing global presence Cash Flow Statement 102 we have achieved over the past year. The summit is within Schedules to the Financial Statements 104 our grasp… Balance Sheet Abstract and Company’s General Business Profile 131 Registered Office:6th Flr., Peninsula Chambers, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013, India. www.firstsource.com Statutory Auditors: BSR and Co., Chartered Accountants, 1st Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, changes Mahalaxmi, Mumbai 400 011, India. Registrars & Transfer Agents: 3i Infotech Ltd., Tower #5, 3rd-6th Flr., International Infotech Park, Vashi, Navi Mumbai 400 703, India. Bankers: Axis Bank Ltd., Barclays Bank Plc, Citibank, N.A., DBS Bank Ltd., Deutsche Bank AG, HDFC Bank Ltd., ICICI Bank Ltd., Key Bank, Kotak Mahindra Bank Ltd., Standard Chartered Bank, The PNC Financial Services Group, Yes Bank Ltd. 1 Page 2 Page 3 progressive perceptive positive How do you help employees spread across the globe to develop, grow and reach their full potential? What does it take to foster a sense of understanding and common purpose across diverse businesses? How do you transform a corporate culture into a force for change that resonates throughout the enterprise? At Firstsource, it starts with an inspiring vision and a core set of values which underscore everything that the company stands for. Our vision: To be among the top two leaders in the markets Because, above all, it is human values we choose to compete in and be recognized as the most which nurture financial values… trusted partner to our global clients. We will achieve that’s the Firstsource vision for the future. this by simplifying complex business processes through operational excellence and innovation. But every vision is only as strong as the values that support it. Which is why our values reflect the talent, skills and tenacity of our most essential assets… our people. Titled “IIPACE”, they denote the Innovation, Integrity, People-centricity, Agility, Collaboration and Excellence that our people draw upon to ensure the highest standards for our clients. Business Highlights: Healthcare • Focus on technologies to improve operational • Certification of best practice processes by the efficiencies and increase performance results. Health Financial Management Association • Realization of benefits from realigning Centers of (HFMA). Excellence for Eligibility Services and Receivables • No. 1 Ranking for Extended Business Office Management. Services in KLAS Annual Healthcare Industry • 98% client satisfaction levels for Healthcare from Report. external Voice of Customer (eVOC) ratings. 2 3 Page 2 Page 3 progressive perceptive positive How do you help employees spread across the globe to develop, grow and reach their full potential? What does it take to foster a sense of understanding and common purpose across diverse businesses? How do you transform a corporate culture into a force for change that resonates throughout the enterprise? At Firstsource, it starts with an inspiring vision and a core set of values which underscore everything that the company stands for. Our vision: To be among the top two leaders in the markets Because, above all, it is human values we choose to compete in and be recognized as the most which nurture financial values… trusted partner to our global clients. We will achieve that’s the Firstsource vision for the future. this by simplifying complex business processes through operational excellence and innovation. But every vision is only as strong as the values that support it. Which is why our values reflect the talent, skills and tenacity of our most essential assets… our people. Titled “IIPACE”, they denote the Innovation, Integrity, People-centricity, Agility, Collaboration and Excellence that our people draw upon to ensure the highest standards for our clients. Business Highlights: Healthcare • Focus on technologies to improve operational • Certification of best practice processes by the efficiencies and increase performance results. Health Financial Management Association • Realization of benefits from realigning Centers of (HFMA). Excellence for Eligibility Services and Receivables • No. 1 Ranking for Extended Business Office Management. Services in KLAS Annual Healthcare Industry • 98% client satisfaction levels for Healthcare from Report. external Voice of Customer (eVOC) ratings. 2 3 Page 4 Page 5 At Firstsource, we believe that, like an idea whose time has come, nothing can hold back the initiative of empowered people. Which is why, beyond just resources, we have invested in building resourcefulness. It encourages a leadership mentality, champions breakthrough thinking and motivates outstanding achievers at every level of the organization. Little wonder that Firstsource was named as one of India’s Best Companies To Work For in 2010 by Great Places To Work. What’s more, our Belfast and Londonderry centers Never stop striving, never stop driving and were awarded the bronze standard by the prestigious you never stop thriving… Investors in