Mar 31, 2014
Dear members,
The Directors have immense pleasure in presenting this 5th Annual
Report on the business and operations of the Company along with the
Audited Accounts for the financial year ended March 31, 2014.
FINANCIAL HIGHLIGHTS
The brief highlights of financial results of the Company for the
Financial Years 2013-14 and 2012-13 are as under:
(Rs. in Million)
Particulars 2013-14 2012-13
Total Income 299.77 312.13
Total Expenditure 955.48 991.03
Profit/(Loss) before Tax (655.71) (678.90)
Profit/(Loss) after Tax (655.71) (678.90)
Balance brought forward from (2,622.50) (1,943.60)
previous year
Balance carried to Balance Sheet (3,278.21) (2,622.50)
BUSINESS OVERVIEW
The total Income of the Company is Rs. 299.77 Million during the
financial year 2013-14 as against the total Income of Rs. 312.13
Million in the previous financial year 2012-13. However, the total
expenditure is Rs. 955.48 Million as against Rs. 991.03 Million in the
previous year. The Loss after Tax is Rs. 655.71 Million during the
financial year 2013-14 as against Rs. 678.90 Million in the previous
financial year. Therefore, the Company has reduced its Loss
after Tax by approximately 3.42%.
During the year under review, your Company continued its focus
on its two core lines of business i.e. Health and the Hospital
Information and Management Software.
Your Company achieved a significant milestone with the implementation
of Tele-Radiology project in Assam in 8 districts. An innovative
solution that provides physicians in 8 district hospitals across Assam,
instant access to X-rays and CT Scans through Regional Diagnostic
Centers. The backbone of the solution uses path-breaking Magnum Imaging
PACS for Radiology Imaging, storage, encryption and compression. The
project was inaugurated in October 2013 by Mr. Ghulam Nabi Azad,
Minister of Health, India in the presence of the CM and other
dignatories.
Your Company have implemented the Infinity product in Pushpanjali Cross
lay Hospital, Ghaziabad, UP and have been awarded for implementation in
UCL Health Care System Limited. As an IT product company in the Health
Care space, we are creating significant and valuable IP which will
enable us to compete with larger companies across the globe. Our sales
and marketing teams now address over 20 countries in Africa/Middle East
and APAC.
FUTURE OUTLOOK
With Infinity in stable and working in a major hospital, we have been
able to prove that we have developed a new ground breaking product. It
is also live in sites in the Middle east and we have got orders for a
major installation in Nigeria also.
To give Shareholders an idea of the Healthcare Sector and the growth it
is providing to IT Companies, We would like to highlight that India has
expanded its primary care policy priority and is expected to increase
healthcare spending at an average rate of 17 percent a year, followed
by China at over 14 percent a year.
(Source: http://www2.deloitte.com/content/dam/Deloitte/dk/
Documents/life-sciences-health-care/Global- health-care- 2014.pdf)
Healthcare technology changes will be rapid and in some parts of the
world, disruptive to established health care models. Some exciting
advancements are taking place at the intersection of information
technology and medical technology, such as using 3D printing to help in
preparing tissues for transplants. In addition, the use of big data and
analytics to gain insights is an active industry trend. Your company
can leverage vast amounts of patient data gathered from a variety of
sources to determine the clinical value of specific treatments and how
to make them better.
We intend to focus on emerging markets and high growth economies where
the need for such products and services is high. Your company is
developing services and solutions for addressing the government
initiatives in public healthcare and is now an active participant in
tenders for Health and EMR services in many states.
Your Board is confident that with the steps taken in FY 2013-14, with
restructuring the management structure as well as focusing on
profitable product lines, your Company is now ready for a cycle of
sustained growth.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and analysis report for the financial year under
review, as spipulated under Clause 49 of the Listing Agreement with the
BSE Limited, is presented in a separate section and forms part of the
Directors'' Report.
DIVIDEND
Keeping in view the losses of the Company during the financial year
under review, your Directors have decided not to recommend any dividend
for the financial year ended March 31, 2014.
AWARDS AND RATINGS
Your Company has received recognition from Industry by way of several
awards & ratings during the period under review including the
following:
* The Company has been awarded the "Amity Leadership Award for Business
Excellence in IT solutions to Healthcare Sector" by Amity School of
Engineering and Technology in association with EMC Corporation.
* The HAPS division of Health Fore, along with the support functions,
has been awarded the ISO 9001:2008 certification in October 2013 after
an extensive Audit conducted by TUV Rheinland.
EMPLOYEE STOCK OPTION SCHEME
The Members of the Company at their Annual General Meeting held on
September 13, 2013 had approved Health Fore Employee Stock Option
Scheme-2013 for the eligible employees/Directors of the Company.
However, till date, no Stock Options have been granted by the Company
under the above Scheme.
CHANGE IN CAPITAL STRUCTURE
During the period under review, there has been no change in the Share
Capital of the Company.
DIRECTORS
During the period under review, Mr. Sunil Godhwani, Non- Executive
Director and Capt. G.P.S. Bhalla, Independent Director of the Company
have resigned from the Board of Directors of the Company with effect
from July 03, 2014. Dr. Preetinder Singh Joshi, Independent Director of
the Company has resigned from the Board of Directors of the Company
with effect from July 04, 2014. The Board of Directors placed on record
its deep appreciation and gratitude for the valuable services and
guidance provided by them during their tenure as Directors of the
Company. The Members of the Company at their Annual General Meeting
("AGM") held on September 13, 2013 approved the re- appointment of Mr.
Maninder Singh Grewal as Managing Director of the Company for a period
of three years with effect from October 11, 2013 subject to the
approval of the Central Government which was further approved by the
Central Government vide its Order dated January 24, 2014.
Mr. Maninder Singh Grewal, Managing Director, was appointed as Chairman
and Managing Director of the Board of Directors of the Company with
effect from November 08, 2013.
Mr. Atul Mandahar was appointed as an Additional Director by the Board
in the category of Independent Non Executive Director on July 07, 2014
pursuant to the provisions of Section 161 of the Companies Act, 2013
("Act") and Articles of Association of the Company. Mr. Atul Mandahar
will hold office of the Additional Director up to the date of the
ensuing AGM. The Company has received requisite notice in writing from
a member of the Company proposing Mr. Atul Mandahar for appointment as
a Director of the Company.
As per section 149(4) of the Act, which came into effect from April 1,
2014, every listed public company is required to have at least
one-third of the total number of directors as Independent Directors who
shall not be liable to retire by rotation. Further, Section 149(10) of
the Act provides that an Independent Director shall hold office for a
term of up to 5 (five) consecutive years on the Board of a Company.
Accordingly, in compliance with the provisions of Section 150(2) read
with Section 149(10) of the Act, the Board of Directors recommends the
appointment of Mr. Atul Mandahar, Mr. Padam Narain Bahl, Mr. Vikram
Sahgal and Mr. Rama Krishna Shetty as Independent Directors of the
Company to hold office as per their tenure (not being more than 5
years) of appointment mentioned in the Notice of the ensuing AGM of the
Company.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as provided in Section 149(6) of the Act.
In terms of the provisions of Section 1 52 of the Act and the Articles
of Association of the Company, Mr. Shivinder Mohan Singh is liable to
retire by rotation and further being eligible, offers himself for
re-appointment at the ensuing AGM. The Board of Directors recommends
his re-appointment.
The brief profile of the Directors proposed to be appointed/re-
appointed, nature of their expertise in specific functional areas and
names of companies in which they hold directorships and
memberships/chairmanships of board committees and shareholding (both
own or held by/for other persons on a beneficial basis) in the
Company, as stipulated under Clause 49 of the Listing Agreement entered
into with BSE Limited, are provided in the notice convening the AGM of
the Company.
FIXED DEPOSITS
The Company has neither invited nor accepted any deposits from public
within the meaning of Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposit) Rules, 1975 during the period under
review.
LISTING WITH STOCK EXCHANGE
The Equity Shares of your Company continue to be listed on BSE Limited
("BSE"). The Annual Listing Fee for the financial year 2014-15 has been
paid to the BSE.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In view of the nature of activities which are being carried on by your
Company, the particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies (Disclosures of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy and Technology Absorption are not applicable to
the Company.
However, the Company requires energy for its operations and every
endeavor has been made to ensure the optimal use of energy, avoid
wastage and conserve energy as far as possible.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Your Company has incurred expenditure of Rs. 17.27 Million (Previous
Year: Rs. 17.94 Million) in Foreign Exchange and earned Rs. 74.75
Million (Previous Year: Rs. 78.48 Million) in Foreign Exchange during
the period under review.
DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of provisions of Section 217(2AA) of the Companies Act, 1956,
your Directors confirm that:
(i) In the preparation of the annual accounts for the financial year
ended March 31, 2014, the applicable accounting standards have been
followed along with proper explanations relating to material
departures, wherever applicable;
(ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2014, and of the loss of the Company for
the year under review.
(iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(iv) The Directors have prepared the annual accounts for the financial
year ended March 31, 2014 on a ''going concern'' basis.
CORPORATE GOVERNANCE
Your Company believes that Corporate Governance is the basis of
stakeholder satisfaction and therefore, your Board continues to be
committed to uphold the highest standards of Corporate Governance and
adhere to the requirements set out by Clause 49 of the Listing
Agreement with the BSE Limited.
A detailed Report on Corporate Governance along with the Certificate of
M/s. RB & Associates, Company Secretaries in Practice, confirming the
compliance to the conditions of Corporate Governance as stipulated
under Clause 49 of the Listing Agreement with the BSE Limited is set
out in this Annual Report and forms part of the Annual Report.
AUDITORS
M/s. RRCA & Associates, Chartered Accountants (Firm Registration No.
022107N), retires as Statutory Auditors of the Company at the
conclusion of the ensuing Annual General Meeting and have confirmed
their eligibility and willingness to accept the office of the Statutory
Auditors, if re-appointed.
The Company has received letter from them to the effect that their
re-appointment, if made, would be within the limits prescribed under
Section 141(3) of the Companies Act, 2013 and that they are not
disqualified for re-appointment.
Pursuant to the provisions of section 139 of the Companies Act, 2013
and the Rules made thereunder, it is proposed to appoint M/s. RRCA &
Associates as statutory auditors of the Company from the conclusion of
the ensuing Annual General Meeting till the conclusion of the Annual
General Meeting of the Company to be held in the year 2019, subject to
ratification of their appointment by members at every Annual General
Meeting.
AUDITORS'' REPORT
The observations of the Auditors in their report read together with the
Notes to Financial Statements are self-explanatory and therefore, in
the opinion of the Directors, do not call for any further explanation.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has in place adequate systems of internal control
commensurate with its size and the nature of its operations. These have
been designed to provide reasonable assurance with regard to recording
and providing reliable financial and operational information, complying
with applicable statutes, safeguarding assets from unauthorised use,
executing transactions with proper authorisation and ensuring
compliance of corporate policies.
To ensure that all systems and procedures are in place and order,
regular internal audit is conducted by qualified chartered accountants
and the Audit Committee of the Board were apprised of the Internal
Audit findings and corrective actions are taken on a quarterly basis.
STATEMENT OF PARTICULARS OF EMPLOYEES
Statement of Particulars of Employees as required under Section 217(2A)
of the Companies Act, 1956 ("the Act") read with the Companies
(Particulars of Employees) Rules, 1975 as amended from time to time,
shall form part of the Directors'' Report. However, in pursuance of
Section 219(1)(b)(iv) of the Act, this Report along with Corporate
Governance Report and Accounts are being sent to all the Members of the
Company excluding the aforesaid information and the said particulars
are made available at the Registered Office of the Company. The Members
desirous of obtaining such particulars may write to the Company
Secretary at the Registered Office of the Company.
HUMAN RESOURCES
Our employees are the most valuable assets of the Company. The Company
draws its strength from a highly engaged and motivated workforce; hence
a large part of our management focus is to care and support our
employees. Learning and development offerings are customized for each
phase of the employee life cycle, and span all career levels, skill and
domain groups. We continually strive to provide our employees with
competitive and innovative compensation packages. Individual and
organizational capability building remained one of the strategic focus
areas. The workforce management strategy was executed optimally to
deliver a sustained utilisation rate throughout the year helping
business grow while maintaining employee costs at the desired level.
ACKNOWLEDGEMENTS
Your Directors would like to express their sincere appreciation for the
co-operation and assistance received from the Bankers, Regulatory
Authorities, Stakeholders including Financial Institutions, Customers
and other business associates who have extended their valuable
sustained support and encouragement during the financial year under
review.
Your Directors also gratefully acknowledge and appreciate the
commitment displayed by all executives, officers and staff at all
levels of the Company towards the success of the Company.
For and on behalf of Board
For Health Fore Technologies Limited
(Formerly Religare Technologies Limited)
Sd/-
Maninder Singh Grewal
Chairman & Managing Director
Place : New Delhi
Date : August 05, 2014
Mar 31, 2013
Dear Members,
HealthFore Technologies Limited
The Directors have pleasure in presenting the 4th Annual Report on the
business and operations of the Company along with the Audited Accounts
for the financial year ended March 31, 2013.
FINANCIAL PERFORMANCE
The financial performance of the Company for the Financial Years
2012-13 and 2011-12 is summarized below:
(Rs. in Million)
Particulars 2012-13 2011-12
Total Income 317.76 791.70
Total Expenditure 996.66 1,521.04
Profit/ (Loss) before Tax (678.90) (729.34)
Profit/ (Loss) after Tax (678.90) (729.34)
Balance brought forward from (1943.60) (1,214.26)
previous year
Balance carried to Balance Sheet (2622.50) (1,943.60)
BUSINESS OVERVIEW
The total Income of the Company is Rs. 317.76 Million during the
financial year 2012-13 as against the total Income of Rs. 791.70 Million
in the previous financial year 2011-12. However, the total expenditure
is Rs. 996.66 Million as against Rs. 1,521.04 Million in the previous year.
The Loss after Tax is Rs. 678.90 Million during the financial year
2012-13 as against Rs. 729.34 Million in the previous financial year.
Therefore, the Company is reduced its Loss after Tax by approximately
6.92%.
During the year under review, your Company continued its focus on its
two core line of businesses i.e. mHealth and the Hospital Information
and Management Software.
On the product business, your company successfully released the
Infinity version of Magnum HIS and is working on multiple parallel
implementations of the same. Alongside, focused efforts are underway to
release the next enhanced version of Infinity that will have integrated
functionality to support an enterprise wide cloud EMR with front office
and back office functionality for multi-site hospital providers. The
Magnum Imaging solution (PACS) is now integrated with Infinity as a
single offering to help healthcare providers seamless operations of
their in-house diag- nostic centers. As an IT product company in the
HealthCare space, we are creating significant and valuable IP which
will enable us to compete with larger companies across the globe. Our
sales and marketing teams now address over 20 countries in
Africa/Middle East and APAC.
MediPhone, the service that your company launched last year, provides
health advice to Airtel subscribers over the phone by dialing 54445,
continues to scale up and has achieved opera- tional stability and
efficiencies. MediPhone is now being aug- mented to offer specific
disease services like diabetes, mens` health and holds promise to
establish itself as a leader in tele triage. The service is also being
expanded to cover corporate customers.
The HealthLine24x7 initiative that was operating across 11 cities has
been re-engineered to reflect current technology and uses social media
and web initiatives as a means of reaching its sub- scribers. The
service is being revamped and HL24x7 model is completely web enabled
and has been engineered to work with MediPhone as a complementary
service.
Your Company had achieved another significant milestone with the award
of Tele-Radiology project in Assam. An innovative solution that will
provide physicians in 11 district hospitals across Assam, instant
access to X-rays and CT Scans through Regional Diagnostic Centers.
These will be linked with a dedicated Data Center in Guwahati.
Radiologists will have the ability to perform expert diagnostic advice
on a 24x7 basis remotely from location outside the state and render
diagnostic reports in time for the treating physicians to save human
lives. Your company will provide the required infrastructure,
connectivity as well as manpower to implement this solution including
trained radiologists. The backbone of the solution will use
path-breaking Magnum Imaging PACS for Radiology Imaging, storage,
encryption and compression.
FUTURE OUTLOOK
Analysts estimate US HealthCare spend at $2.5 trillion, projected to be
$4.6 trillion by 2020. The Outsourcing opportunity in US HealthCare is
expected to be around $24 billion over the next 4-5 years. India and
the Middle East, though small contributors, are two of the fastest
growing markets with expected CAGR of 22% and 16% respectively.
The industry presents tremendous opportunities for healthcare IT. One
reason for Cognizant''s high growth rate is the share and growth that
Healthcare IT has in its revenues. Nasscom has recognized HealthCare IT
as a new growth segment for the ICT Industry and your company has an
early lead in the segment, which is now also the focus for TCS, Wipro,
HCL and most other technology service companies.
The Company''s directions in HealthCare IT and IT Products and Services
surrounding the HealthCare segment align with high growth sectors. Your
Company will be able to draw synergies from its promoter group
interests in this sector and will be one of the few IT Companies with
such access to a niche domain and combining ICT technology with
medicine, has a unique position in the IT Industry. The Healthcare
Sector and HealthCare IT is one of the few areas less affected by
global economic fluctuations and turmoil and your Company in a short
span of 3 years is now positioned to address this.
We intend to focus on emerging markets and high growth economies where
the need for such products and services is high. Your company is
developing services and solutions for addressing the government
initiatives in public healthcare and is now an active participant in
tenders for eHealth and EMR services in many states. Also our unique
positioning of providing IT solutions for continuum of care to ACOs
will help in higher margin business compared to other niche HCIT
players in the market.
Your Board is confident that with the steps taken in FY 2012-13 and the
realignment and focus on HealthCare IT, your Company is now ready for a
cycle of sustained growth.
DIVIDEND
Keeping in view the losses of the Company during the year un- der
review, your Directors have decided not to recommend any dividend for
the financial year ended March 31, 2013.
FIXED DEPOSITS
The Company has neither invited nor accepted any deposits from public
within the meaning of Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposit) Rules, 1975 during the period under
review.
LISTING OF EQUITY SHARES
The Equity Shares of your Company continue to be listed on the BSE
Limited (BSE). The Annual Listing Fee for the Financial Year 2013-14
has been paid to the BSE.
CHANGE OF NAME AND ALTERATION IN OBJECT CLAUSE
Name of the Company was changed from Religare Technologies Limited to
HealthFore Technologies Limited w.e.f. April 29, 2013.
The said change has been made with a view to reflect the Healthcare IT
line of business of the Company.
The main object clause of the Memorandum of Association of the Company
was also altered in order to show this domain service area in
healthcare IT.
Further, your Board recommended the Alteration in the Object Clause of
the Memorandum of Association (MOA) of the Company, so as to include
the specific clauses in the MOA to show the domain service areas in
Healthcare IT sector and also to provide a brief detail of product and
services provided / to be provided by the Company in said sector.
The shareholders of the Company approved the above-mentioned matters on
April 12, 2013 through postal ballot and the Registrar of Companies,
NCT of Delhi & Haryana has approved the change of name of the Company
from Religare Technologies Limited to its current name on April 29,
2013.
CORPORATE GOVERNANCE
Your Company believes that Corporate Governance is the basis of
stakeholder satisfaction and therefore, your Board is committed to
uphold the highest standards of Corporate Governance and adhere to the
requirements set out by Clause 49 of the Listing Agreement with the
Stock Exchange.
A detailed report on Corporate Governance along with the Certificate
from M/s Shashank Sharma & Associates, Company Secretaries in Practice,
confirming the compliance to the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange forms part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section and forms part of the
Directors'' Report.
DIRECTORS
Dr. Amit Varma, Director of the Company has resigned from the Board
with effect from December 21, 2012. The Board of Directors places on
record their appreciation for the valuable services and guidance
provided by him during his tenure as Director of the Company.
Further, in accordance with the provisions of the Companies Act, 1956
and Articles of Association of the Company, Mr. Harpal Singh, Mr.
Vikram Sahgal and Mr. R. K. Shetty, are liable to retire by rotation at
the ensuing Annual General Meeting and being eligible, have offered
themselves for re-appointment.
The Board of Directors at its meeting held on August 06, 2013 (based on
the recommendations of the Remuneration Committee) approved the
re-appointment of Mr. Maninder Singh Grewal as Managing Director of the
Company for a period of three years with effect from October 11, 2013
subject to the approval of the Members of the Company and the Central
Government.
The brief profile of the Directors, proposed to be re-appointed, nature
of their expertise in specific functional areas and name of companies
in which they hold directorship including member- ship/chairmanship of
board committees and number of shares held in the Company are provided
in the Report on Corporate Governance forming partof the Annual Report
as per the require- ment of Clause 49 of the Listing Agreement.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In view of the nature of activities which are being carried on by your
Company, the particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies (Disclosures of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy and Technology Absorption are not applicable to
the Company.
However, the Company requires energy for its operations and every
endeavor has been made to ensure the optimal use of energy, avoid
wastage and conserve energy as far as possible.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Your Company has incurred expenditure of Rs. 17.94 Million (Previous
Year: Rs. 5.36 Million) in Foreign Exchange and earned Rs. 78.48 Million
(Previous Year: Rs. 68.90 Million) in Foreign Exchange during the year
under review.
DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of provisions of Section 217(2AA) of the Companies Act, 1956,
your Directors confirm that:
(i) In the preparation of the annual accounts for the year ended March
31, 2013, the applicable accounting standards have been followed along
with proper explanations relating to material departures, wherever
applicable;
(ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2013, and of the loss of the Company for
the year;
(iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregulari- ties; and
(iv) The Directors have prepared the annual accounts for the year ended
March 31, 2013 on a ''going concern'' basis.
AUDITORS
M/s RRCA & Associates (Firm Registration No. 022107N), Chartered
Accountants, retires as Statutory Auditors of the Company at the
conclusion of the ensuing Annual General Meeting and have confirmed
their eligibility and willingness to accept the office of the Statutory
Auditors, if re-appointed.
AUDITOR''S REPORT
With reference to adverse remarks in Clause IX (a) and (b) of Annexure
to Auditor`s Report for the financial year ended March 31, 2013, we
would like to state that we have reconciled our total liability towards
Professional Tax & Labour Welfare Fund and have paid the required dues
in full vide cheques. However, in few cases, the same has not yet been
encashed by the authori- ties. We have been following up with the
authorities and expect that the same will be resolved soon.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has in place adequate systems of internal control
commensurate with its size and the nature of its operations. These have
been designed to provide reasonable assurance with re- gard to
recording and providing reliable financial and opera- tional
information, complying with applicable statutes, safeguard- ing assets
from unauthorised use, executing transactions with proper authorisation
and ensuring compliance of corporate policies.
The audit committee reviews audit reports submitted by the internal
auditors. Suggestions for improvement are considered and the audit
committee follows up on corrective action. The audit committee also
meets the Company''s statutory auditors to ascertain, inter alia, their
views on the adequacy of internal control systems in the Company and
keeps the Board of Directors informed of its major observations
periodically.
Further, the CEO and CFO certification provided in the CEO and CFO
certification section of the Annual Report discusses the adequacy of
our internal control systems and procedures.
STATEMENT OF PARTICULARS OF EMPLOYEES
Statement of Particulars of Employees as required under Section 217(2A)
of the Companies Act, 1956 (the Act) read with the Companies
(Particulars of Employees) Rules, 1975 as amended from time to time,
forms part of the Director''s Report. However, in pursuance of Section
219(1)(b)(iv) of the Act, this Report is being sent to all the Members
of the Company excluding the aforesaid information and the said
particulars are made available at the Registered Office of the Company.
The Members desirous of obtaining such particulars may write to the
Company Secretary at the Registered Office of the Company.
HUMAN RESOURCES
Our employees are the most valuable assets of the Company. The Company
draws its strength from a highly engaged and motivated workforce; hence
a large part of our management fo- cus is to care and support our
employees. Learning and devel- opment offerings are customized for each
phase of the employee life cycle, and span all career levels, skill and
domain groups. We continually strive to provide our employees with
competitive and innovative compensation packages. Individual and
organisational capability building remained one of the strategic focus
areas. The workforce management strategy was executed optimally to
deliver a sustained utilisation rate throughout the year helping
business grow while maintaining employee costs at the desired level.
ACKNOWLEDGEMENTS
Your Directors wish to express their sincere appreciation for the
co-operation and assistance received from the Bankers, Regulatory
Authorities, Stakeholders including Customers and other business
associates who have extended their valuable support and encouragement
during the year under review.
Your Directors appreciate and value the contributions made by every
member of the HealthFore family.
For and on behalf of Board
For HealthFore Technologies Limited
(Formerly Religare Technologies Limited)
Sd/- Sd/-
Maninder Singh Grewal Sunil Godhwani
Managing Director Director
Place : New Delhi
Date : August 06, 2013
Mar 31, 2012
To The Members of Religare Technologies Limited
The Directors present the 3rd Annual Report on the business and
operations of the Company along with the Audited Accounts for the
financial year ended March 31, 2012.
FINANCIAL PERFORMANCE
The financial performance of the Company for the Financial Years
2011-12 and 2010-11 is summarized below:
(Rs. in Million)
Particulars 2011-12 2010-11
Total Income 791.70 946.71
Total Expenditure 1,521.04 1,648.37
Profit/ (Loss) before Tax (729.34) (701.66)
Profit/ (Loss) after Tax (729.34) (701.66)
Balance brought forward (1,214.26) (512.60)
from previous year
Balance carried to Balance (1,943.60) (1,214.26)
Sheet
BUSINESS OVERVIEW
The total Income of the Company is Rs. 791.70 Million during the
financial year 2011-12 as against the total Income of Rs. 946.71 Million
in the previous financial year 2010-11. However, the total expenditure
is Rs. 1521.04 Million as against Rs. 1648.37 Million in the previous year.
During the year under review, your Company had launched mHealth
initiative with HealthLine24x7, a free service backed by revenues from
subscriptions from the healthcare providers like doctors, path labs,
radiology clinics, etc. This is a first time that this kind of service
is launched in India and revenue models for the same are still being
refined and with sustained effort and a fine team, your Company will be
leaders in this segment having got the first mover advantage.
Your Company had achieved another significant milestone with the
commencement of MediPhone services in association with Airtel and
MediBank, Australia. This is a Value Added service where the caller is
charged a fixed sum for advice and other healthcare related services
from a qualified healthcare professional. Any one calling 54445 can
avail of this service at nominal charges.
Both the above models had degrees of success and with Airtel's base of
160 million active subscribers and over 900 million mobile connections
in India, these models will lead to significant revenues and it's a
matter of time before the concepts become acceptable to the mobile
subscribers.
FUTURE OUTLOOK
Analysts estimate US HealthCare spend at $2.5 trillion projected to be
$4.6 trillion by 2020. The Outsourcing opportunity in US HealthCare is
expected to be around $ 24 billion over next 4-5 years. To give
shareholders an idea of the Healthcare sector and the growth it is
providing to IT Companies, we would like to highlight that Healthcare
IT is contributing 2 7% of total revenue of Cognizant and grown at pace
of 38% in 2011 in comparison for the quarter ending December 2011,
Healthcare and life sciences contributed 5.3% to Tata Consultancy
Services revenue while the figure was 10% for Wipro Limited. The
segment contributed 1.8% to Infosys Limited revenue and HCL's
healthcare division contributed 8.3%. Congnizant's growth is thus
largely due to the significant size of its healthcare portfolio.
(Source: ET March 11, 2012)
In Middle East and Africa, HealthCare spending by healthcare providers
would be $ 4.8 billion by 2015, growing at a CAGR of 4.5 % from $ 4.0
billion today. Healthcare IT spent in India is expected to grow from
$274.2 million in 2009 to $0.9 billion in 2015, growing at a CAGR of
22% from 2009-2013.
Your Company is developing services and solutions for addressing the
government initiatives in public healthcare and is now an active
participant in tenders for 104 to 108 services in many states. Being
relatively a new comer, your Company is working very hard to ensure
that we get a significant share of this spent.
The Company's directions in HealthCare IT and IT Services surrounding
the HealthCare segment align with high growth sectors. Your Company
will be able to draw significant synergies from its promoter group
interests in this sector and will be one of the few IT Companies with
such access to a niche domain and combining ICT technology with
medicine, has a unique position in the IT Industry. The Healthcare
Sector and HealthCare IT is one of the few areas less affected by
global economic fluctuations and turmoil and your Company in a short
span of 2 years is now positioned to address this. We intend to focus
on emerging markets and high growth economies where the need for such
products and services is high.
Your Board is confident that with the steps taken in FY 2011-12 and the
realignment and focus on HealthCare IT, your Company is now ready for a
cycle of sustained growth.
DIVIDEND
Keeping in view the losses of the Company during the year under review,
your Directors have decided not to recommend any dividend for the
financial year ended March 31, 2012.
FIXED DEPOSITS
The Company has neither invited nor accepted any deposits from public
within the meaning of Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposit) Rules, 1975 during the period under
review.
LISTING OF EQUITY SHARES OF THE COMPANY
The Board is pleased to inform that the Equity Shares of your Company
got listed on BSE Limited (BSE) and trading of the Equity Shares of the
Company commenced with effect from August 22, 2011. The Scrip ID of
the Company is RTL and the Scrip Code is 533525.
The Annual Listing Fee for the Financial Year 2012-13 has been paid to
the BSE.
CORPORATE GOVERNANCE
Your Board is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Clause 49 of the
Listing Agreement with the Stock Exchange.
A detailed report on Corporate Governance along with the Certificate of
M/s. RB & Associates, Company Secretaries in Practice, confirming the
compliance to the conditions of Corporate Governance as stipulated
under Clause 49 of the Listing Agreement is set out in this Annual
Report and forms part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section and forms part of the
Directors' Report.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. Shivinder Mohan
Singh, Mr. Sunil Godhwani and Mr. Padam Narain Bahl, are liable to
retire by rotation at the ensuing Annual General Meeting and being
eligible, have offered themselves for re-appointment.
The brief profile of the Directors who are retiring by rotation and
recommended for re-appointment, nature of their expertise in specific
functional areas and name of companies in which they hold directorship
including membership/chairmanship of board committees and number of
shares held in the Company are provided in the Report on Corporate
Governance forming part of the Annual Report as per the requirement of
Clause 49 of the Listing Agreement.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In view of the nature of activities which are being carried on by your
Company, the particulars as prescribed under Section 217(1) (e) of the
Companies Act, 1956 read with Companies (Disclosures of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy and Technology Absorption are not applicable to
the Company.
However, the Company requires energy for its operations and every
endeavor has been made to ensure the optimal use of energy, avoid
wastage and conserve energy as far as possible.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Your Company has incurred expenditure of Rs. 5.36 Million (Previous Year:
Rs. 3.17 Million) in Foreign Exchange and earned Rs. 68.90 Million
(Previous Year: Rs. 51.40 Million) in Foreign Exchange during the year
under review.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of provisions of Section 217(2AA) of the Companies Act, 1956,
your Directors confirm that:
(i) In the preparation of the annual accounts for the year ended March
31, 2012, the applicable accounting standards have been followed along
with proper explanations relating to material departures, wherever
applicable;
(ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2012, and of the loss of the Company for
the year;
(iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1 956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(iv) The Directors have prepared the annual accounts for the year ended
March 31, 2012 on a 'going concern' basis.
AUDITORS
M/s RRCA & Associates (Firm Registration No. 022107N), Chartered
Accountants, retires as Statutory Auditors of the Company at the
conclusion of the ensuing Annual General Meeting and have confirmed
their eligibility and willingness to accept the office of the Statutory
Auditors, if re-appointed.
AUDITORS' REPORT
With reference to adverse remarks in Clause IX (a) and (b) of Annexure
to Auditors' Report for the financial year ended March 31, 2012, we
would like to state that for availing the Professional Tax & Labour
Welfare Fund registration number/s it is mandatory to have registered
offices with respective Municipal Corporations. Most of the employees
in our company were deputed at client locations and we did not have the
registered offices for further availing the registration number/s
because of which the payments could not be deposited.
We have reconciled our total liability towards Professional Tax &
Labour Welfare Fund and are closely working with compliance vendor to
ensure to deposit the pending liability with respective Municipal
Corporation/s by 30th September, 2012.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company's internal control system comprises audit and compliance
in-house supplemented by internal audit checks. In view of the
diversified activities, safety of large volumes of data, system and
process is a challenge for the Company. The Company has an internal
control mechanism to find the areas of internal control weaknesses and
to take remedial measures to remove the deficiencies, wherever noticed
and at the same time to identify the areas of strength and to ensure
continual of the same.
To ensure efficiency of the Internal Audit, the Audit Committee of the
Board is kept apprised of such checks and follow-up measures taken.
STATEMENT OF PARTICULARS OF EMPLOYEES
Statement of Particulars of Employees as required under Section 217(2A)
of the Companies Act, 1 956 (the Act) read with the Companies
(Particulars of Employees) Rules, 1975 as amended from time to time,
forms part of the Directors' Report. However, in pursuance of Section
219(1)(b)(iv) of the Act, this Report is being sent to all the Members
of the Company excluding the aforesaid information and the said
particulars are made available at the Registered Office of the Company.
The Members desirous of obtaining such particulars may write to the
Company Secretary at the Registered Office of the Company.
ACKNOWLEDGEMENTS
Your Directors wish to express their sincere appreciation for the
co-operation and assistance received from the Bankers, Regulatory
Authorities, Stakeholders including Customers and other business
associates who have extended their valuable support and encouragement
during the year under review.
Your Directors also wish to place on record their appreciation for the
dedication and commitment displayed by all executives, officers and
staff at all levels of the Company.
For and on behalf of the Board
For Religare Technologies Limited
Sd/- Sd/-
Maninder Singh Grewal Sunil Godhwani
Managing Director Director
Place : New Delhi
Date : July 31, 2012
Mar 31, 2011
Dear Members,
Religare Technologies Limited
The Directors have immense pleasure in presenting this 2ndAnnual
Report on the business and operations of the Company together with the
Audited Accounts for the financial year ended March 31, 2011.
FINANCIAL HIGHLIGHTS
The brief highlights of financial results of the Company for the
Financial Years (FY) 2010-11 and 2009-10 are as under:
(INR in Million)
Particulars 2010-11 Period ended
March 31, 2010*
Total Income 948.47 1,268.80
Total Expenditure 1,650.13 1,673.14
Profit/ (Loss) before Tax (701.66) (404.34)
Provision for Taxation
- Fringe Benefit Tax - 0.02
- Deferred Ta x Liabilities/(Assets) - 1.22
- Income Tax earlier years - 0.15
Profit/ (Loss) after Tax (701.66) (405.74)
Loss on account of Merger - 106.86
Balance Brought Forward from (512.60) -
previous year
Balance Carried to Balance (1,214.26) (512.60)
Sheet
* The results for the period ended March 31, 2010 had been prepared
after giving effect to the Scheme of Arrangement.
OPERATIONS
During the year under review, the Information Services Division of
Religare Technova Global Solutions Limited was integrated into the
Company pursuant to the Scheme of Arrangement. This was in addition to
the integration of Religare Technova Business Intellect Ltd and
Religare Technova IT Services Ltd into the Company and significant
one-time expenses had to be incurred for this purpose.
The total Income of the Company is Rs. 948.47 Million during the
financial year 2010-11 as against the total Income of Rs. 1268.80
Million in the previous financial year 2009-10. However, the total
expenditure remained almost same at Rs. 1650.13 Million as against Rs.
1,673.14 Million in the previous year. This decline in revenue is due
to reduction of low value high revenue business which was needed at the
initial stage to establish a market presence but is not as relevant
with Company developing more profitable business segments. The
integration of 3 different processes / companies and consequent
restructuring and realignment into Religare Technologies Ltd was
possible through restructuring and consolidating premises, people and
lines of business to avoid redundancy and extra cost going into the
future.
RESTRUCTURING OF BUSINESS OF THE COMPANY
The Hon'ble High Court of Delhi vide its order dated July 28, 2010 has
approved the Scheme of Arrangement between ReligareTechnova Global
Solutions Limited (RTGSL), Dion Global Solutions Limited (DGSL), the
Company, ReligareTechnova Business Intellect Limited (RTBIL) and
ReligareTechnova IT Services Limited (RTITSL) (hereinafter referred to
as Ãthe SchemeÃ).The Scheme became effective on August 16, 2010 with
effect from the appointed date i.e. April 1, 2009 and consequently,
Information Service Division of RTGSL has been transferred to the
Company and RTBIL & RTITSL have merged with the Company.
DIVIDEND
Keeping in view the losses of the Company during the year under review,
your Directors have decided not to recommend any dividend for the
financial year ended March 31, 2011.
LISTING OF EQUITY SHARES OF THE COMPANY
The Members may be aware that pursuant to the Scheme, all the Equity
Shares of the Company shall be listed and / or admitted for trading on
Bombay Stock Exchange Limited (BSE) in terms of SEBI Circular No.
SEBI/CFD/SCRR/01/2009/03/09 dated September 03, 2009. Pursuant to the
directions of the Hon'ble High Court of Delhi, an application for
listing of shares of the Company was made to the BSE.
The Board is pleased to inform that your Company has received the
in-principal listing approval from the BSE vide its letter dated
December 10, 2010 and relaxation from the Securities and Exchange Board
of India from the applicability of Rule 19(2)(b) of the Securities
Contracts (Regulations) Rules, 1957 vide its letter dated July 22,
2011.
Your Company is now in the process of filing an application with BSE
for commencement of trading of Equity Shares of the Company at the BSE.
FIXED DEPOSITS
The Company has neither invited nor accepted any deposits from public
within the meaning of Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposit) Rules, 1975 during the period under
review.
CORPORATE GOVERNANCE
Though the Equity Shares of the Company are not presently listed /
admitted for trading on the Bombay Stock Exchange Limited in terms of
the Scheme, your Board is committed to uphold the highest standards of
Corporate Governance and adhere to the requirements set out by the
Securities and Exchange Board of India.
A detailed report on Corporate Governance along with the Certificate of
M/s. RB & Associates, Company Secretaries in Practice, confirming the
compliance to the conditions of Corporate Governance as stipulated
under Clause 49 of the Listing Agreement is set out in this Annual
Report and forms part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement, is presented in
a separate section forming part of the Directors' Report.
CHANGES IN CAPITAL STRUCTURE
During the financial year ended March 31, 2011, the paid-up share
capital of the Company has been increased from Rs. 5 Lacs to Rs. 812.95
Lacs pursuant to the Scheme. The Authorised Share Capital of the
Company has also increased from Rs. 50 Lacs to Rs. 500 Lacs pursuant to
the Scheme.
DIRECTORS
Mr. Shachindra Nath and Mr. Anil Saxena have resigned from the Board of
Directors of the Company with effect from October 11, 2010. The Board
of Directors placed on record their appreciation for the valuable
services and guidance provided by them during their tenure as Directors
of the Company.
Mr. Shivinder Mohan Singh, Mr. Sunil Godhwani, Mr. Harpal Singh, Dr.
Amit Varma, Mr. Vikram Sahgal, Mr. Rama Krishna Shetty and Capt. Gurkir
Paul Singh Bhalla were appointed as Additional Directors of the Company
with effect from October Act, 1956, the aforesaid directors, in their
capacity as Additional Directors, will cease to hold office at the
ensuing Annual General Meeting.
The Company has received Notice along with requisite fee from Members
under Section 257 of the Companies Act, 1956 proposing the candidature
of the aforesaid Directors for the office of Director(s) of the
Company. The Board recommends their appointment which is required to be
approved by the Shareholders at the ensuing Annual General Meeting.
Mr. Maninder Singh Grewal was appointed as an Additional Director of
the Company on October 11, 2010 and was appointed as Director within
the meaning of Section 269 read with Section 2(26) and Schedule XIII to
the Companies Act, 1956 designated as Managing Director of the Company
with effect from October 11, 2010 for a period of three years and the
said appointment was also approved by the Shareholders at the
Extraordinary General Meeting held on December 21, 2010.
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Dr. P.S. Joshi is liable to
retire by rotation as Director at the ensuing Annual General Meeting
and being eligible has offered himself for re-appointment.
Brief resume of the Directors proposed to be appointed and
re-appointed, nature of their expertise in specific functional areas
and names of companies in which they hold directorships and
memberships/chairmanships of Board Committees and number of shares held
in the Company, as stipulated under Clause 49 of Listing Agreement
entered into with Stock Exchanges, are provided in the Report on
Corporate Governance forming part of the Annual Report.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In view of the nature of activities which are being carried on by your
Company, the particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies (Disclosures of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy and Technology Absorption are not applicable to
the Company.
However, the Company requires energy for its operations and every
endeavour has been made to ensure the optimal use of energy, avoid
wastage and conserve energy as far as possible.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company has neither incurred any expenditure nor did it earn any
income in Foreign Exchange during the period under review.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of provisions of Section 217(2AA) of the Companies Act, 1956,
your Directors confirm that:
(i) In the preparation of the annual accounts for the year ended March
31, 2011, the applicable accounting standards have been followed along
with proper explanations relating to material departures, wherever
applicable;
(ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2011, and of the loss of the Company for
the year;
(iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(iv) The Directors have prepared the annual accounts for the year ended
March 31, 2011 on a 'going concern' basis.
AUDITORS
M/s RRCA & Associates, Chartered Accountants, retires as Statu- tory
Auditors of the Company at the conclusion of the ensuing Annual General
Meeting and have confirmed their eligibility and willingness to accept
the office of the Statutory Auditors, if re- appointed.
AUDITORS' REPORT
The observations of the Auditors in their report read together with the
Notes on Accounts are self-explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Due to the expanding nature of its business activities, the company
faces new challenges of data, system and process security, emerging out
of business transactions and processes, which are large in volume and
varied in nature. The Company has an internal control mechanism to
facilitate formulation and revision of policies and guidelines in order
to align them with changing business needs. The areas of internal
control weakness in business and financial processes are identified
through a regime of routine checks and remedial actions are taken to
correct the deficiencies, wherever noticed.
In order to ensure the efficacy as well as efficiency of the process,
the Audit Committee of the Board is kept abreast on a regular basis,
about the key observations during such checks and follow- up measures
taken.
HUMAN RESOURCES
In today's challenging economy, attracting and retaining talent with
requisite competencies, especially for the emerging businesses and
focus on training and development to improve productivity are key
thrust areas for business to strengthen competitive advantage.
The Company takes strategic initiatives for talent development through
learning and development programs and experiential learning which
ensures that the company had right competencies in its workforce to
meet the business demand. The company has been successful in building a
performance oriented culture with high levels of engagement and
empowerment in an environment of teamwork.
The Company has a structured induction process at all locations and
management development programmes to upgrade skills of managers.
Objective appraisal systems based on Key Result Areas (KRAs) are in
place for senior management staff.
The Company seeks to create a workplace which combines achievement
orientation with care for employees. Employees Relations during the
period under report were harmonious.
STATEMENT OF PARTICULARS OF EMPLOYEES
Statement of Particulars of Employees as required under Section 217(2A)
of the Companies Act, 1956 (the Act) read with the Companies
(Particulars of Employees) Rules, 1975 as amended from time to time, is
given as 'Annexure A' and forms part of this Report.
FUTURE OUTLOOK
With the Company having completed the restructuring of the businesses
as mentioned above, the outlook is very positive. The Company's
directions in HealthCare IT, IT Services and Knowledge Services align
with high growth sectors.
The Healthcare Sector and HealthCare IT is one of the few areas less
affected by global economic fluctuations and turmoil. The Company will
be able to draw significant synergies from its promoter group interests
in this sector. While the services business is positioned to use
emerging technologies like cloud and SaaS, the knowledge services in
HealthCare segment is one of fastest growing in the industry and the
promoter group entities offer your Company a significant platform to
develop and build best practices globally. Your Company will be one of
the few IT companies with such access to a niche domain and having the
technology capabilities.
We intend to focus on emerging markets and high growth economies where
the need for such products and services is high. At the same time it
is difficult for competition to re-engineer themselves to address this
without significant effort.
The restructuring has taken significant cost and effort however this is
line with current strategy of most major IT Companies eg. Wipro, HCL,
Infosys and many others - the latest being HP which is in the process
of restructuring its entire PC business which contributes over 20% to
its revenue. The trends in IT are now to focus on business
reengineering and domain and this is exactly what we initiated a year
ago. Subject to regulatory approvals, we will look at capital
restructuring and other initiatives as the Board may suggest are
committed to growing your Company to be a global player in its niche
segments and geographies.
ACKNOWLEDGEMENTS
Your Directors would like to express their sincere appreciation for the
co-operation and assistance received from the Bankers, Regulatory
Authorities, Stakeholders including Financial Institutions,
Distributors and other business associates who have extended their
valuable sustained support and encouragement during the year under
review.
Your Directors also wish to place on record their appreciation for the
dedication and commitment displayed by all executives, officers and
staff at all levels of the Company without which your Company's
achievements would not have been made possible.
For and on behalf of the Board
For Religare Technologies Limited
Sd/- Sd/-
Maninder Singh Sunil Godhwani
Grewal
Managing Director Director
Place : New Delhi
Date : August 10, 2011
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