Allsec Technologies Ltd Management Discussions.

Overview of the IT BPM Industry*:

In 2018, Global IT-BPM industry (excl Hardware) stood at USD 1.4 trillion showing a growth of 4.9% over 2017. Key trends emerging in the sector include:

• Increased industry growth as software led digital penetration increases

• IT services grew at a rate of 3.2%. Growth was led by demand for application development & management services

• BPM grew by 4.5% with Robotic Process automation (RPA) playing a key role as customers look to automate low hanging fruit and shift their focus to more strategic work

• Packaged software grew 7.4% with spend driven by rapid adoption of SaaS especially CRM (focus on better customer experience); renewed interest in security and privacy solutions

• ER&D has emerged as the fastest growing technology segment with a growth of 11%

Indian IT-BPM Industry*:

Indias IT-BPM industry is set to grow ~6% in FY2019 - from USD 167 billion to USD 177 billion, an addition of USD 10 billion. Overall the industry is estimated to employ 4.14 million employees representing a growth of 4.3% from previous year. Six digital technologies primarily driving growth of the industry are Industrial automation, IoT, Robotics, Cloud, AR/VR and Blockchain.

In FY2019, IT-BPM exports from India is expected to reach USD 177 billion.

Company Overview:

Allsec is a global company with vast expertise in providing business process solutions across various industry verticals. The Company was incorporated in 1998 as a limited Company under the erstwhile Companies Act, 1956 and is listed on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).

The Company owns three wholly owned subsidiaries, Allsectech Inc., USA, Allsectech Manila Inc., Philippines and Retreat Capital Management Inc., USA.

The Company operates three segments globally viz Human Resources Operation (HRO) covering HRMS, payroll services, time and attendance management; Customer Lifecycle Management (CLM) which encompasses lead generation, customer retention and relationship management comprising both voice and non-voice processes and Anti Money Laundering and Compliance services (AML). The HRO services and CLM services are delivered from India and the subsidiary in Philippines while AML services are provided by the US subsidiary. In India the CLM business supports both international (CLM International business) and domestic (CLM domestic business) customers and the HRO business supports both international and domestic customers.

The Company is a highly customer-centric, flexible and transparent service provider. The Company believes in enhancing its clients business experience by taking process responsibility, improving cost efficiencies and adding value through continuous process improvements and quality assurances.


Core Competency

Allsec has focussed on developing expertise in specific verticals to fuel growth. This has helped the Company sharpen training and processes for specific domains enabling achievement of domain specialization resulting in delivering quality solutions to each of our customers. Allsec takes pride on quality centric, speedy and nimble footed approach in every client engagement. The constant focus on process improvement by automation and continuous benchmarking of delivery to improve focus, have resulted in customer satisfaction every time. Our customers stand testimony to our track record of providing outstanding customer experience and maximizing their Return on Investment. Building Lasting Relationships has always been our culture and that focus enables us to deliver enhanced business value, a culture that inspires our actions and is a part of our DNA.

We expanded our offering in the domestic market by positioning our services to suit the domestic business with unique features like multi language requirements etc. We are now a leading provider of outsourced solutions in customer engagement, sales & retention and quality assurance for businesses across BFSI, Mortgage, Telecommunication, Retail, Healthcare, Energy & Utilities and Technology.

As one of the largest outsourced payroll service providers today, Allsec manages some of the most complex pay and tax scenarios, for both global and domestic organizations from various industries. We are a market leader for payroll management and HRMS, handling thousands of employees across various industries. Our HRMS & payroll solutions, which are custom made to fit specific requirements, have benefited large, medium and small organizations alike.

Client Acquisition

The focus on winning fresh clients across geographies where we can serve on the strength of our core competencies on the basis of our track record of delivery and positive client references is an ongoing process. With our philosophy of long term client relationships, we are sure that we will be able to maintain our track record and strike long term relationships with all our International & Domestic clients.

In non-voice segment, our best in class Quality Assurance process has triggered great interest in many of the captive/ outsourced centres of domestic Telecom and BFSI segment clients. Having acquired knowledge and experience of servicing in different Indian languages and with the Pan-India presence, there are enough opportunities to grow this multi fold in India over and above our efforts internationally.

HRO has continued its growth in the current year as well and our plan to expand HRO division to new geographies has been received very well and we have got good response in Philippines as well as the Middle East, Africa and other parts of Asia. The new markets in Asia, Africa and the US/UK markets will be the key growth area for the future in the HRO business and we believe HRO business will continue to see a significant growth in the next few years.


The Company has a robust Quality Management and Information Security Management system in place to identify potential risks, areas for improvement and further to have smooth business operations. Periodic Management Review meetings are conducted to review these. ISO 9001 certification at Chennai was upgraded to latest version i.e. ISO 9001:2015 from ISO 9001:2008 last year which enhanced the strength of our QMS. ISO 27001:2013 certification has been renewed at Chennai, Manila and Bengaluru facilities and during the current year. The Company has also obtained ISO 27001:2013 for its Noida facility. With that all of the Companys service delivery location is ISO 27001:2013 certified.

Existing PCI DSS compliance certifications at Chennai, Manila and Irving facilities is renewed this year. Further, existing SSAE 18 / ISAE 3402 which is a graduated version of SAS 70 Type II certification for the HRO business has been renewed. We have also increased the requency of SSAE 18 / ISAE 3402 audits to half year from the year annual audits to provide more assurance on the process to the Company and its clients.

General Data Protection Regulation (GDPR) is a regulation in EU law on data protection & privacy for EU / UK citizens or those residing in EU / UK region. It also addresses the requirements to be fulfilled for export of personal data from EU to outside the EU. This Act is applicable to the entities which can be located anywhere in the world who collect or process personally identifiable information (PII) of EU citizens or those residing in EU. We deployed this framework and accomplished GDPR compliance (adequacy) in a comprehensive validation audit conducted by an external agency. This has not only fulfilled few clients and legal requirements but is also a value addition to Organizations information security framework.


Today, Allsec has a pan India presence and a capacity of over 3200 seats with facilities in 3 locations which are in NCR, Bengaluru, and Chennai. Apart from India, we also have a capacity of 600 seats in Manila and around 120 seats in USA.

During the year, we added capacity in our Bengaluru and Noida location based on increased business volumes primarily arising from the CLM Domestic business. This is a further demonstration of our ability to quickly ramp up capacity based on customer requirements. Our strategy of right sizing capacity to match current demand has borne fruits in the past few years and capacity utilization will continue to be the focus for any new addition/ closure decisions.



Allsec, is in an industry where attrition is one of the major concern areas. Allsec has an annual attrition of 28% (down from 33% last year). Allsec has taken a number of measures including Mentor-Mentee system, Individual counselling etc., to maintain work force stability. During the year steps were taken to reduce attrition levels.

The Company in the CLM International business faces tough challenges in getting employable manpower from the available manpower pool. Allsec has been investing a lot of resources for training candidates on the basic skills that are required to make them employable. These are also done through partnering with educational institutions and governmental organization.

The attrition rate in the CLM Domestic business is also on similar lines. Allsec has extended its learning in the International segment to Domestic market and necessary processes are in place to ensure that right candidates are being hired, trained and retained. However, the availability of employable candidates is higher in the pool available for Domestic segments.


As discussed in first few paragraphs, the business risks involved in our industry are varied.

The CLM International business is affected by the global slowdown and we are actively increasing the marketing activity both by increasing the feet on street sales force as well as increasing the marketing team. The offshore servicing business which yields exports revenue has not grown and it continues to have a lower Capacity Utilization. We have teams in US as well as consultants in UK and will keep putting efforts to grow this business.

The CLM Domestic business has been competitive and while there is pricing pressure, your Company has been able to provide superior value added services which has helped in retaining existing customers and also winning new customers. We now have good capacity utilization in this business at rates which are much higher than what we were getting few years back. The plan is to keep looking for strategic contracts where we can command higher rates and make this business more profitable.

HRO division has been growing organically for us and this will continue in the coming years too. The average realisation per payslip has remained at similar levels, however the Company believes that with higher competition the price may be under pressure in the coming years. We believe that our efforts in technology will help us in being a key differentiator in the market and our superior service delivery standard will strengthen existing client relationships.



Our Company has a global footprint and the revenues in the international segment are dependent on clients located predominantly in US. Our HRO International business also has been increasing from last year. As a strategy, we continue to focus on increasing the share of our export revenues as the margins are better compared to Domestic business. As a result the Company is exposed to various risks typically associated with doing business in various counties, many of which are beyond the control of the management.


Our margins can be impacted due to pressure on pricing owing to competition. The Company engages customers regularly briefing them on the value added support being provided. Since our processes are heavily dependent on manpower our margins may be impacted if there are increases in salaries on account of revision in minimum wages in any of our locations.


Movements in exchange rates continue to be a major threat. There has been volatility in the exchange rate between INR and USD in the recent years and these currencies may continue to fluctuate significantly in future as well. During the year there have been significant volatility in the rupee with a low of INR 64.93 and a high of INR 74.39.We are currently adopting hedging strategies as approved by the Board and in addition use bank balances in foreign currency to meet our foreign currency liabilities. Also the increase in share of domestic revenue will mitigate this risk to an extent. Our results of operation will be affected if the rupee-dollar rates continues to behave in a volatile manner in future or rupee appreciates significantly against dollar and other currencies.


Taxes and other levies imposed by the Government of India and / or various states including Tamil Nadu may affect our performance. In particular we will be affected by the taxes and laws levied by authorities such as a) Income Tax b) Goods and Services Tax etc. We are taking adequate efforts to comply with the entire statutory requirement on an ongoing basis and the same is subject to Internal Audit on a quarterly basis. We also take the help of external consultants to handle specific issues as and when need arises.


Company follows a process of due client qualification in respect of orders received and contracts signed. However owing to business reasons or reasons specific to delivery /disputes there are collection risks which the company faces. There is a regular follow-up process to ensure that amounts due are billed in time and collections received in time. Regular quarterly confirmation of balance is also obtained from major clients. Due provisions are made in accounts for amounts considered not collectible.


Our business is subject to a variety of country specific regulations. Particularly, we must comply with a number of laws in the United States in relation to debt collection and telephone and email based solicitation and the mortgage servicing businesses.

The requirements of many of these regulations are complex and the failure to comply could result in enforcement or private actions which can potentially affect our reputation and in turn adversely affect our business. In addition, these laws are subject to change and new laws affecting our business may be enacted, which could significantly affect the demand for, and our ability to provide certain service offerings and significantly increase the cost of regulatory compliance. However on an ongoing basis we have taken the following steps to mitigate this:

• We have complied on ongoing basis with all registrations/ renewals concerning telemarketing and collection licenses in USA. Our Legal /Secretarial Dept. have an internal monitoring mechanism as well as through attorneys /firms appointed in US for attending the same.

• We have complied with all relevant provisions governing call centre business in India such as DOT approval and adherence to Do Not call Registry norms.

• All Registrations as required under STPI /Customs / Labor laws and State laws are adequately monitored and complied with.

• There are no specific issues or non-compliance notified in any of these areas during the year.

• In respect of client and other commercial contracts such as lease and other purchase contracts adequate measures are in place for vetting the contracts by Legal team and due vetting and clearance procedures are followed before signing of contracts.


The Company has invested substantially in the state of the art infrastructure and equipment in its centres to provide a world-class service to its customers. Service to our clients also depends on the uninterrupted functioning of these equipment, power and stability of telecom network. Any obsolescence in the infrastructure and equipment leading to incompatibility with clients systems or any disruption in the essential services may affect the business of the Company. Adequate backups and redundancy measures are in place for uninterrupted functioning of IT and telecom equipment. AMC of all equipment is being monitored for timely renewals wherever needed. Insurance for fixed assets and all office locations is in force and is monitored for timely renewals and adequacy of risks covered under Office package policy.


ITES (BPM) industry is a labour intensive industry and the Companys success depends on its ability to retain key employees. Historically high employee attrition has been a common feature and our Company has also experienced a very high level of attrition. There have been cases of companies losing BPO orders for not being able to demonstrate a competent team that can manage a large workforce. High level of attrition further complicates the problem. There is a gap between the supply and demand of work force. Further, the available man power is not immediately employable in terms of the skill sets required for the industry. Thus the shortage of supply in quality manpower both at the managerial level and at the agents level may significantly affect the functioning of the Company.


The Company has a well-defined and documented internal control system that is adequate and commensurate with the size and nature of its business. Adequate checks and balances and control systems are established to ensure that assets of the company are safeguarded and transactions are executed under proper authorization and are properly recorded in the books of account. There exists a proper definition of roles and responsibilities across the organization to ensure information flow and effective monitoring. The Company has an independent Internal Audit carried out periodically by a firm of Chartered Accountants who draw out their audit program based on risk assessments and in consultation with the Audit Committee. The Company has an Audit Committee consisting of 5 Directors which has a majority of Independent Directors. This Committee reviews the internal audit reports, statutory audit reports, the quarterly and/annual financial statements and discusses all significant audit observations and follow up actions arising from them. It further monitors the risk exposures of thecompany. The Committee also reviews and recommends to the Board the terms of appointment of the statutory auditors and internal auditors.

The Companies Act provisions relating to Internal Financial control (IFC) and Internal Financial control over Financial Reporting are applicable to your Company from the financial year ended March 31, 2016. Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the 2013 Act” or “the Act”) requires the auditors report to state whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls. Clause (e) of Sub-section 5 of Section 134 to the Act requires the directors responsibility statement to state that the directors, in the case of a listed Company, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively. The auditors objective in an audit of internal financial controls over financial reporting is to express an opinion on the effectiveness of the Companys internal financial controls over financial reporting and the procedures in respect thereof are carried out along with an audit of the financial statements. Your Company has complied with these requirements.


As at 31st March 2019, total number of employees stood at 3127 nos. which is an increase of 543 nos from the previous year end figure of 2584.


Allsec is currently providing the following services:



Segment Revenue INR Lakhs % to total revenue INR Lakhs % to total revenue
CLM - International 3,277 21% 3,180 25%
CLM - Domestic 6,203 41% 4,798 37%
HRO - Exports 1,282 8% 861 7%
HRO - Domestic 4,555 30% 4,039 31%
15,317 12,878



The following discussion is based on our audited standalone financial statements which have been prepared to comply in all material respects to the Indian Accounting Standards and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company except for changes in accounting policy if any made to ensure compliance with law for the applicable periods. The discussion should be read in conjunction with the Audited Standalone Financial statements of the Company and notes on Accounts.

RESUTS OF OPERATIONS - PERFORMANCE SUMMARY Earnings per share data (Basic / Diluted)



% increase / (decrease) over previous year
INR In Lakhs % to Total revenue INR In Lakhs % to Total revenue
Income - Operations 15,317 96 12,878 96 19
Income - Others 680 4 518 4 31
A) Income - Total 15,997 100 13,396 100 19
Connectivity costs 344 2 321 2 7
Employee benefit expenses 9,010 56 7,454 57 21
Other expenses 2,957 18 2,793 21 6
B) Costs - Total 12,310 77 10,568 80 16
C) Profit before interest, tax, depreciation and amortisation and exceptional item 3,687 23 2,828 20 30
Depreciation and amortisation 408 3 328 2 24
Finance costs 20 0 24 0 (19)
Interest Income (63) (0) (2) (0) NA
D) Profit/ (Loss) before tax and exceptional item 3,322 20 2,478 18 34
Exceptional Item 1,307 8 - -
E) Profit/ (Loss) before tax 2,015 12 2,478 18 -19
Tax 1,064 7 (421) (3) (353)
F) Profit/ (Loss) after tax 951 5 2,899 21 -67

Earnings per share data (Basic / Diluted)

YE March 31,2019 INR 6.24/6.24
YE March 31,2018 INR 19.02/19.02

PROFIT AND LOSS ACCOUNT i. Income from Operations

The table below provides the details of income and its composition:

INR In Lakhs
Revenue Segments 31-Mar-19 31-Mar-18
CLM - International 3,277 3,180
CLM - Domestic 6,203 4,798
HRO - Exports 1,282 861
HRO - Domestic 4,555 4,039
15,317 12,878

There is an increase of 3% in CLM - International revenue in INR terms. In US$ terms, the international revenue has been flat year on year.

Domestic revenue has grown by 29% with addition of new customers and higher volumes from existing customers.

HRO has continued to grow organically with an overall increase of 19% over previous year. HRO exports has grown by 49% and domestic has grown by 13%.

ii. Other Income

Current year stood at INR 680 Lakhs as compared to INR 518 Lakhs in the previous year. The main movements are:

i) Profit on sale of current investments higher by INR 124 lakhs compared to previous year

ii) Gain on foreign exchange differences INR 70 lakhs compared to previous year

iii. Expenditure

During the year there is an increase in total expenditure by INR 1,818 lakhs (while increase in revenues amounted to INR 2,439 lakhs). This was primarily due to higher manpower costs due to salary increments and additional headcount for new processes. Other costs have largely remained flat.

(in INR Lakhs)
Cost Category 31-Mar-19 31-Mar-18 favourable / (unfavaoura- ble) in % over previous year
Connectivity costs (Note 1) 344 321 (7)
Employee costs and benefits (Note 2) 9,010 7,454 (21)
General and administration expenses (Note 3) 2,957 2,793 (6)
Finance charges (Note 4) 20 24 19
Depreciaton (Note 5) 408 328 (24)
12,739 10,921 (17)

Note 1: The increase in cost of connectivity is due to additional lines taken during the year to build redundancies.

Note 2: There has been an overall increase of around 20% in headcount which is on account of increased business in the CLM Domestic business and HRO adding to approximately INR 1,000 Lakhs. Impact on account of annual salary increase given to employees at an average of 6% effective October 2018 and full year impact of increase given in October 2017 was INR 396 lakhs.

Note 3: General admin costs have increased moderately by 6% with increase in selling expenses and moderate increase in other costs.

Note 4: - Depreciation higher with additions to fixed assets amounting to INR 550 Lakhs in 2017-18 and INR 376 Lakhs in 2018-19.

Exceptional Item:

During the current year, the Company has made a provision of INR 1,307 Lakh towards impairment of investment made in its US subsidiary Retreat Capital Management. This has been made on a conservative basis considering Anti Money Laundering Service Business in US had become zero since October 2018.

Provision for Tax

Provision for tax includes current tax, deferred taxes apart from MAT credit entitlement if any. During this financial year, current tax was INR 890 lakhs and deferred tax credit of INR 174 lakhs with an effective tax rate of 32% primarily on account of unwinding of deferred tax asset in the current year.


(Note: Figures given in brackets refer to previous year figures)

1. Share Capital

The Equity Capital of the Company as on March 31, 2019 stands at INR 1,524 Lakhs and has remained constant over the previous Balance sheet date.

2. Other equity

The Companys Reserves and Surplus as on March 31,2019 stood at INR 15,950 Lakhs represented by capital reserve at INR 251 lakhs (same as last year), share premium on the equity shares amounting to INR 12,019 lakhs (same as last year), INR 1,413 lakhs representing General Reserve (same as last year), INR 2,420 lakhs (previous year: INR 2,389 lakhs) representing credit balance in the profit and loss account shows an increase of INR 951 Lakhs during the year being the profit for the period and the reasons for the increase in profits for the year has been explained in the above paragraphs under Profit and Loss Account which is offset by dividend payout of INR 762 Lakhs and dividend distribution tax of INR 158 Lakhs. Other Comprehensive income moved from INR 118 lakhs to INR 153 Lakhs representing movement in gratuity.

3. Non-Current Financial Liabilities - Borrowings

Secured loan of INR 45 lakhs represents balance payable towards Finance lease obligation (HP loans). This has decreased by INR 20 lakhs during the year primarily due to repayments during the year.

4. Non-Current financial liabilities - Others

Represents amount retained from vendor payments amounting to INR 19 Lakhs which are payable at a future date.

5. Non-current liabilities - Provisions

Non-current portion of Provision for Gratuity for the current year is at INR 322 lakhs.

6. Trade Payables

Trade payables being payable to suppliers of goods and services has increased by INR 68 lakhs from INR 446 lakhs to INR 514 lakhs in FY19.

7. Other current financial Liabilities

Other financial liabilities were higher at INR 421 lakhs as against INR 291 lakhs an increase of INR 130 lakhs.

8. Other current liabilities

Other current liabilities were at INR 277 lakhs compared to INR 206 Lakhs in the previous year mainly on account of higher statutory dues for which the necessary due dates have not yet been reached.

9. Other current provisions

Provision was at INR 236 lakhs as against INR 162 lakhs an increase of INR 74 lakhs primarily on account of higher compensated absence cost of INR 59 Lakhs

10. Property, Plant and equipment

Additions to Fixed Assets amounted to INR 376 lakhs (previous year: INR 550 lakhs) in tangible fixed assets primarily due to additions to call centre equipment and Computers and Servers -INR 284 lakhs; office equipment of INR 45 lakhs; Furniture of INR 26 lakhs, Vehicles of INR 13 lakhs and lease hold improvement of INR 8 Lakhs.

The Gross block value of total assets disposed off during the year amounted to INR 32 lakhs (Previous year: INR 26 lakhs). The Assets disposed off were office equipment and Furniture and Fixtures - INR 22 lakhs and Vehicles - INR 10 lakhs.

After providing for depreciation of INR 302 lakhs (Previous year: INR 227 lakhs) for the year, the net block of fixed assets stood at INR 862 lakhs as on March 31, 2019 compared to INR 802 lakhs as at March 31,2018.

11. Other intangible assets

Intangible assets comprise block of software used for call center operation. During the year there was an addition in Software of INR 193 lakhs.

The closing net block of software is INR 298 lakhs as at 31 March 2019 as against INR 211 lakhs for the year ended 31 March 2018.

12. Non-Current Investments

Total Investments represent the amount of equity capital invested in three subsidiaries. During the year the Company has made an impairment of INR 1,307 Lakhs towards its investment in Retreat Capital Management. The details are mentioned under Exceptional item in the MD&A.

13. Non Current Financial Assets - Others

Other financial assets stood at INR 425 lakhs compared to INR 371 lakhs on 31 March 2018. This is on account of new premise taken on rent in Bengaluru and Noida to meet increased employee headcount on account of CLM Business.

14. Deferred tax assets

Represents timing difference between Companies Act and Income tax act with respect to depreciation and provision for employee benefits. The amount for the current year stood at INR 1,441 lakhs as against INR 1,633 lakhs on March 31,2018 representing the deferred tax charge taken for the current year.

15. Income tax assets (Net)

Advance tax and tax deducted at source by our customers stood at INR 864 lakhs in current year as compared to INR 726 lakhs in last year.

16. Current Investments

Current investments represent balances invested in mutual funds. The Balance as at 31 March 2019 is INR 8,239 lakhs (previous year: INR 7,297 lakhs).

17. Trade Receivables

Current Trade receivable remained at similar levels of INR 2,339 lakhs as at March 31,2019 as against INR 2,306 lakhs as at March 31,2018.

The sundry debtor in terms of days of sales (DSO) as at 31 March 2019 is 56 days (65 days for previous year).

18. Cash and Bank Balances

Cash and Bank balances stood at INR 1,467 lakhs as at 31 March 2019 as against INR 1,367 lakhs as at 31 March 2018. This represents deposit accounts including margin money deposits amounting to INR 33 lakhs (previous year: INR 33 lakhs) and yearend cash and bank balances of INR 1,434 lakhs as at end March 2019 as compared to INR 1,334 lakhs as at end March 2018.

The increase in cash and cash equivalents of INR 100 lakhs during the year represented by

a) Net Cash inflow from operations amounting to INR 1,928 lakhs (previous year cash inflow of INR 1,755 lakhs)

b) Net cash used in Investing activity amounted to INR 931 lakhs (previous year net cash used of INR 615 lakhs) and

c) Net cash used in financing activity amounted to INR 962 lakhs (previous year net cash inflow of INR 17 lakhs)

19. Other Current Financial Assets

Other financial assets stood at INR 958 lakhs in March 31,2019 as against INR 526 lakhs in previous year. This is primarily on account of higher unbilled revenue in current year of INR 879 lakhs against INR 526 lakhs in previous year and foreign currency forward contract balance of INR 67 Lakhs.

20. Other current assets

Other Current assets were at INR 181 Lakhs compared to INR 152 lakhs in previous year mainly due to increase in Prepaid expenses which were at INR 162 lakhs compared to INR 149 lakhs in previous year.

Disclaimer This discussion and analysis report presentation may include statements that are not historical in nature and that may be characterized as “forwardlooking statements”, including those related to future financial and operating results, future opportunities and the growth of selected verticals in which the organization is currently engaged or proposes to enter in future. You should be aware that future results could differ materially from past performance and also those contained the forward-looking statements, which are based on current expectations of the organizations management and are subject to a number of risk and uncertainties. These risks and other factors are described in Allsecs annual reports. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company. The information presented herein should not be construed as earnings guidance under the terms of the stock exchange listing agreements..