IndiaVantage
Your vantage point to India
July
2006,
Issue
5
IndiaVantage,
Issue
5
India is passing through a very interesting
phase in its post-independence economic
development. Every day there are new
issues and challenges that get thrown up
and clients reach out to us to assist in
interpreting the issues and identifying their
responses. This newsletter addresses some
of these in the form of crisp and succinct
articles. Clients then explore these issues
further with our specialists. While India has
become the leading global brand on
Offshoring, there are interesting trends
being seen which indicate that the struc-
ture of the Outsourcing industry in India is
likely to see fundamental changes happen-
ing, and might look very different in the
years to come. The article titled "India - key
trends in Offshoring" unfolds the likely sce-
nario. Other articles explore specific issues
what companies are doing / need to do in
diverse areas like telecom, high-technolo-
gy, waste management and the turbulent
world of 'Non-Banking Finance
Companies".
We welcome your feedback on what you
would like to see covered herein, as well as
your comments and suggestions in general.
Russell Parera
Chief Executive Officer
KPMG in India
KPMG
IN
INDIA
1. India - keys trends in offshoring
This issue covers:
One
of
the
key
changes
in
the
world
over
the
last
decade
has
been
the 1. India - Keys Trends in Offshoring 1
emergence
of
India
as
the
leading
IT
&
2. Revenue Assurance in Telecom
Business
Process
Outsourcing
(BPO)
Companies 3
destination.
Leveraging
the
power
of
technology,
and
its
abundant,
skilled
3. Entry of Advanced High Technology
and
English-speaking
manpower,
she Companies into India 4
has
received
kudos
as
well
as
brick-
bats
for
her
many
successes,
and
inter- 4. Waste Management in India 6
mittent
failures
(like
data
security
inci-
dents).
All
in
all,
India
has
become
the 5. Challenges and Imperatives for NBFCs
leading
offshoring
brand
in
the
world
in in India 8
the
matter
of
merely
a
decade.
Going
forward,
we
are
likely
to
see
this
IT
‘hub’
further
evolve
into
a
‘hub-and-
spoke’
model.
Leading
Indian
IT
com-
panies
are
retaining
India
as
their
hub
of
operations
and
developing
many
secondary
development
/
support
cen-
ters
in
the
C.E.E.,
Asia-Pacific,
South
America,
and
even
China.
Indian
com-
panies
are
bringing
to
the
table
their
technical
and
managerial
expertise,
and
experience
in
providing
offshore
sup-
port
services
to
leading
companies
of
the
world,
in
the
U.S.
and
Europe.
They
Next Issue: September 2006
IndiaVantage
your vantage point on India
India - keys trends in offshoring
There is a likelihood of India emerg-
ing as a ‘manager of processes’
Page 2 of 11
are
also
providing
scarce
skills
like
pro-
gram
management,
quality
manage-
ment,
risk
management,
customer
relationship
management,
and
mastery
over
supporting
complex
processes
across
multiple
locations.
The
drivers
for
developing
these
‘spokes’
vary
from
language
skills
(Indian
IT
firms
setting
up
shop
in
Dalian,
China
to
service
Japanese
and
Korean
clients)
and
lower
costs
(Philippines,
Malaysia),
to
near-shore
support
(Czech
Republic,
Hungary
for
Europe,
and
Canada,
Mexico
&
Argentina
for
the
U.S.).
In
the
future,
this
could
also
be
extended
to
Sri
Lanka
and
Pakistan,
from
a
lower
costs
perspective.
The
trend
of
open-
ing
centers
in
Tier
III
cities
within
India
(like
Chandigarh,
Indore
and
Nagpur)
is
also
driven
by
the
same
factor
–
rising
costs
in
established
centers
like
Bangalore,
Mumbai
and
Delhi
(Gurgaon,
Noida).
While
most
Indian
companies
have
shown
the
ability
to
interact
with
multi-
cultural
clients
and
customers,
many
have
yet
to
evidence
the
ability
to
build,
integrate
and
manage
multi-cul-
tural
teams
across
multiple
locations.
This
will
be
vital,
to
help
ensure
contin-
ued
delivery
without
compromising
on
service
levels.
The
mindset
change
required,
right
from
the
composition
of
the
board,
to
day-today
HR
practices,
cultural
values,
etc.,
is
so
significant
that
many
have
not
even
begun
addressing
it
as
yet.
E.g.
performing
a
cultural
due
diligence
before
any
major
M&A
would
be
a
prudent
policy
to
have
in
place.

The
silver
lining
however,
is
that
after
years
of
the
government
complaining
about
‘brain-drain’,
India
is
now
seeing
a
very
significant
trend
of
‘reverse
brain-drain’.
Overseas
Indians
are
returning
to
their
roots,
driven
by
newer
opportunities,
as
well
as
a
desire
to
do
something
constructive
for
their
country
of
origin.
This
is
serving
as
a
catalyst
to
bring
about
the
‘multi-
cultural-ness’
that
is
required.
The
manufacturing
outsourcing
boom
that
took
place
globally
over
the
last
few
decades
saw
the
U.S.
emerge
as
a
‘manager
of
brands’,
with
operations
moving
from
the
U.S.
to
Mexico,
and
then
eventually
to
China.
There
is
a
likelihood
of
India
emerging
as
a
‘man-
ager
of
processes’,
with
key
functions
like
process
design
and
customer
rela-
tionship
remaining
here,
and
actual
delivery
getting
done
from
multiple
locations,
spread
across
continents,
IndiaVantage
your vantage point on India
Revenue Assurance in Telecom Companies
Minimizing revenue leakages is one
of the compelling challenges facing
the industry today
Page 3 of 11
from
India
to
Indiana.

This
will
likely
be
the
real
and
final
emergence
of
India
as
the global
off-
shoring
brand!
For
more
information,
contact:
Pradeep Udhas
pudhas@kpmg.com
Co-author: Anish Tripathi
2. Revenue Assurance in Telecom
Companies
The
Indian
Telecom
industry
has
wit-
nessed
significant
growth
over
the
past
decade.

The
tele-density
has
surged
from
1.5
lines
per
100
persons
in
1997,
to
13
lines
in
2006.*
The
total
sub-
scriber
base
today,
including
landline
and
mobile
phone
lines,
has
gone
up
to
144.43
million
(April
2006)**,
and
has
almost
doubled
from
April
2004.
However,
the
world
average
is
32
lines
per
100
persons,
which
indicates
the
potential
there
is
for
growth.$
Minimizing
revenue
leakages
is
one
of
the
compelling
challenges
facing
the
industry
today
with
increasing
sub-
* “Telecom
–
Basic
Telephony”
by
Research
and
advisory
division
of
Asian
CERC
Information
Technology
Ltd.
&
TRAI
** Business
Line
$
“Telecom
–
Telecom
service
provider”
by
Research
and
advisory
division
of
Asian
CERC
Information
Technology
Ltd.
^ Revenue
Assurance
Handbook
by
Rob
Mattison
scriber
base
and
a
plethora
of
new
services.
Global
trends,
including
those
in
India,
indicate
that
Telecom
Companies
(Telcos)
lose
approximately
3-5
percent
of
revenues
annually^.
These
challenges
have
required
Telcos
to
focus
on
increased
revenue
assur-
ance
('RA')
efforts.

RA
is
an
organiza-
tion-wide
activity
focused
on
a
compre-
hensive
review
of
the
revenue
cycle,
to
detect
and
prevent
revenue
leakages
and
thereby
maximize
revenues.
Traditionally,
RA
efforts
have
been
focused
only
on
the
billing
domain.


Some
of
the
key
areas
where
revenue
leakages
commonly
occur
are:
•

Network-related
–
Call
details
not
generated,
incorrect
metering,
sys-
tem
downtimes
•

Billing-related
–
Incorrect
distance
band
/
rate
plan
•

Mediation-related
–
Incorrect
filtra-
tion,
business
rules
definition
•

Fraud-related
–
Identity
fraud,
usage
fraud
•

Collections-related
–
Bad
debts,
ineffective
dunning

•

Provisioning-related
–
Over-provi-
sioning
of
services.
IndiaVantage
your vantage point on India

Entry of advanced high technology companies into India

Some
of
the
initiatives
that
advanced
Telcos
have
taken
to
combat
revenue
leakages
are:
•

Driving
RA
through
an
RA
charter,
blueprint
and
manual
•

RA
model
built
on
the
three
corner-
stones
of
people,
process
and
tech-
nology
•

Focus
across
the
revenue
chain
instead
of
only
rating
and
billing
•

Independent
cross
functional
RA
team
reporting
to
CEO
/
Audit
Committee
•

Use
of
technology
and
tools
in
addition
to
well
documented
RA
processes.
Many
leading
Telcos
in
the
world
are
moving
towards
a
holistic
approach
which
involves
not
only
deployment
of
automated
systems
but
also
institution-
alization
of
processes
and
successful
implementation
of
internal
service
level
agreements.

It
has
also
been
observed
that
a
well
thought
out
As the Indian economy expands rap-
investment
in
the
direction
of
RA
in
idly, the technological base within
most
cases,
yields
Telcos
rich
dividends
India is also expanding along with
in
the
long
run.
This
emphasizes
the
the market requirement for niche,
need
for
Telcos
to
make
a
paradigm
high-tech products.
shift
from
fault
finding
to
an
all-encom-
passing
revenue
assurance
model.

For
more
information,
contact:
Romal Shetty
romalshetty@kpmg.com
3. Entry of advanced high technology com-
panies into India
As
the
Indian
economy
expands
rapid-
ly,
the
technological
base
within
India
is
also
expanding
along
with
the
mar-
ket
requirement
for
niche,
high-tech
products.
These
products
and
equipment
can
range
from
high-end
microprocessors,
advanced
robotics,
new-age
materials
and
lasers,
to
relatively
low-end
prod-
ucts
like
UPSs
and
digital
electronics.
The
originator
companies
for
most
of
these
products
are
usually
in
the
SME
segment,
and
located
in
advanced
technology
economies
of
either
the
U.S.,
E.U.
or
East
Asia.
Moreover,
hith-
erto
the
markets
for
most
of
these
companies
have
been
in
these
coun-
tries
itself.
Their
interest
in
India
has
been
trig-

Page 4 of 11
IndiaVantage
your vantage point on India
Entry of advanced high technology companies into India
gered
by
three
oft-repeated
factors:
1) Market driven: This
has
happened
in
fields
as
diverse
as
medical
elec-
tronics,
manufacturing
robotics
and
advanced
materials.
In
these
fields,
there
is
a
steady
domestic
demand
being
driven
by
fields
like
health-
care,
manufacturing
and
aerospace.
As
the
Indian
marketplace
for
these
products
grows
at
an
accelerated
pace,
niche
technology
companies
have
also
begun
to
expand
their
presence
in
India.
2) End-user driven: In
a
lot
of
cases,
the
end
users
of
high-tech
niche
equipment,
are
setting
up
large
facilities
in
India.
These
include
a
range
of
companies
like
Nokia,
Honda,
and
EADS.
In
these
cases,
there
is
pressure
by
the
end-users
upon
equipment
manufacturers
to
set
up
technology
support
centers,
if
not
a
larger
manufacturing
unit
itself.
3) Talent driven: India’s
technical
human
resource
skills
are
yet
There exist compelling reasons for another
reason
why
high-tech
com-
high-tech companies to set up shop panies
have
begun
to
focus
on
the
in India country.
Given
the
relatively
large
talent
pool
available
in
segments
as
diverse
as
telecom
technology,
Page 5 of 11
organic
chemistry
and
biotech,
there
has
been
an
impetus
for
com-
panies
to
set
up
R&D
centers
in
India.
Now
that
there
exist
compelling
rea-
sons
for
high-tech
companies
to
set
up
shop
in
India,
companies
are
typically
carrying
out
a
market
landscape
and
assessment
study,
followed
by
possi-
ble
market
entry
strategy
formulation.
In
doing
so,
certain
issues
accentuated
by
the
peculiarities
of
the
Indian
mar-
ketplace,
are
encountered.

To
summarize,
these
peculiarities
can
be
classified
into:
1) Lack of market data: It
is
rather
difficult
to
gain
market
data
in
the
high-tech
sector,
either
because
of
extremely
limited
usage
of
the
rele-
vant
technology
or
because
of
security
sensitivities.
This
is
accen-
tuated
by
lack
of
primary
research
or
even
an
understanding
of
the
technology
used.
2) Limited understanding of regula-
tory structure: Some
of
the
high-
tech
applications,
especially
the
ones
used
in
defence,
aerospace
and
nuclear
technology,
are
heavily
regulated
not
just
in
India
but
also
IndiaVantage
your vantage point on India
Waste Management in India
The current system of waste man-
agement has caused concern
among many stakeholders in India
Page 6 of 11
the
companies’
host
countries.
It
is
therefore,
essential
to
cognize
of
this
aspect
before
initiating
the

project.
3) Disaggregated market structure:
The
peculiarity
of
the
market
place
has
often
led
to
multiple
or
multi-
product
distributors
for
the
same
company.
This
has
in
turn
led
to
the
absence
of
effective
after-sales
sup-
port
for
the
equipment.
Moreover,
given
the
fact
that
spare
parts
have
to
be
imported
at
high
duty
rates,
along
with
the
risk
of
foreign
exchange
fluctuations,
this
has
led
to
skewed
pricing
and
limited
avail-
ability.
High
technology
companies
looking
to
enter
India
are
therefore,
incorporating
these
scenarios
into
their
business
plan,
to
make
a
careful
assessment
of
their
market
position.

For
more
information,
contact:
Manish Saigal
msaigal@kpmg.com
Co-author: Avik Bhattacharya
* Teri
Report
No.97/ED52/1998
^ cseindia.org
4. Waste Management in India
India
faces
a
huge
challenge
in
waste
management,
with
growing
urbaniza-
tion,
industrialization
and
changing
con-
sumption
patterns,
leading
to
higher
per
capita
waste
generation.
Over
80
percent
of
the
Municipal
Solid
Waste
(MSW)
generated
in
India
is
disposed
in
open
dumps
/
landfills.* Out
of
over
3000
towns
and
cities,
only
200
have
partial
or
complete
sewage
treatment
facilities.^ Industrial
waste
forms
over
200
tons
daily,
most
of
which
gets
ille-
gally
dumped
into
rivers.

The
current
system
of
waste
manage-
ment
has
caused
concern
among
many
stakeholders
in
India.
The
Government
of
India
has
made
efforts
to
promote
the
sector
as
a
whole.
This
has
also
attracted
sponsoring
agencies
and
pri-
vate
players
to
invest
in
processing
of
MSW
in
India.
There
is
a
clear
requirement
for
the
use
of
technology
and
core
services
to
improve
MSW
processing
as
a
whole.
Various
funding
agencies
as
part
of
their
terms
of
support,
have
directed
municipal
bodies
and
governments
to
increase
efficiency
in
their
operations
by
outsourcing
(privatizing)
services
in

IndiaVantage
your vantage point on India
Waste Management in India
Privatization of services by a hand-
ful of municipalities in the past few
years has seen the beginnings of
this new industry
Page 7 of 11
Waste
Municipal
solid
waste
Municipal
liquid
waste
(121
class
I
&
II
cities)
Distillery
(243
nos)
Pressmud
Food
and
fruit
processing
waste
Willow
dust
3
Dairy
industry
waste
(COD
level
2
kg/m )
Paper
and
pulp
industry
waste
(300
mills)
Tannery
(2000
nos)
Source: Bakhtavatsalam V. 1999
Indian Market for Sustainable energy development
IREDA News 10(3)11-19
a
few
areas,
and
also
by
making
use
of
high-end
technology.
Response to the need and
Investment opportunities
At
the
national
policy
level,
the
Ministry
of
Environment
and
Forests
has
legislated
the
Municipal
Waste
Management
and
Handling
Rules
2000.
This
law
details
the
practices
to
be
followed
by
municipalities
for
man-
aging
waste.
Rigorous
enforcement
of
these
rules
is
imperative
on
the
part
of
municipalities
to
make
cities
cleaner
and
healthier.
There
is
also
a
trend
towards
involving
the
private
sector
in
Quantity
27.4
million
tons
/
year
12145
million
liters
/
day
8057
kilo
liters
/
day
9
million
tons
/
year
4.5
million
tons
/
year
30000
tons
/
year
50-60
million
liters
/
day
3
1600
m waste
water
/
day
3
52500
m waste
water
/
day
this
area.
MSW
management
in
India
is
an
opportunity,
and
can
be
looked
upon
as
having
immense
potential
for
invest-
ment,
both
by
funding
agencies
and
private
players.
India
offers
excellent
opportunities
for
the
emergence
of
an
MSW
processing
industry,
and
for
attracting
foreign
investment.

Privatization
of
services
by
a
handful
of
municipalities
in
the
past
few
years
has
seen
the
beginnings
of
this
new
indus-
try.
Indian
cities
are
introducing
Private
Sector
Participation
(PSP)
to
attract
funding
and
new
technology,
to
achieve
cost
savings,
and
to
improve
efficiency
and
effectiveness
in
service
delivery.
IndiaVantage
your vantage point on India

Challenges and Imperatives for NBFCs in India

Urban
Local
Bodies
(ULBs)
in
India
are
in
the
process
of
introducing
the
fol-
lowing
types
of
PSP
arrangements:
•
Contracting
for
maintenance
of
equipment
and
vehicles
•
Service
contracts
for
waste
collec-
tion
and
transportation
•
Setting
up
of
waste
treatment
plants
•
Construction
of
sanitary
landfills
The
MSW
value
chain
covers
products
and
services
at
different
stages,
from
the
generator's
doorstep
(e.g.
house-
holds,
restaurants,
and
shops)
to
its
final
destination,
as
disposal
at
a
land-
fill,
which
offers
a
whole
range
of
busi-
ness
opportunities
to
private
and
for-
eign
players.
waste
management.
India
needs
a
common
waste
management
infra-
structure
across
the
country
to
address
issues
of
treatment
and
disposal
of
waste.
The
need
can
be
fulfilled
by
cre-
ating
opportunities
to
make
waste
management
a
sustainable
business
in
itself.
The
policies
need
to
facilitate
technology
and
business
tie-ups
(e.g.
PSP)
in
areas
like
industrial
hazardous
waste,
municipal
solid
waste,
biomed-
ical
waste,
waste-water
management,
and
other
emerging
areas
of
waste
management.
For
more
information,
contact:
Arindam Ghosh
arindamghosh@kpmg.com
Co-author: Sudeep Laad

The Way forward

Large-scale waste treatment and
landfill companies are the need of
the hour
Large-scale
waste
treatment
and
land-
5. Challenges and Imperatives for NBFCs in
fill
companies
are
the
need
of
the
hour.
India
Waste
collection
and
transport
need
to
be
modernized.
Recycling,
including
recovery
of
such
waste
from
the
The
growth
of
retail
finance
in
India
source
(now
done
by
rag-pickers),
must
has
traditionally
been
through
the
be
brought
into
the
formal
sector.
banking
sector.
In
the
recent
past,
however,
a
number
of
banks
have
also
Educating
and
making
people
aware
started
to
achieve
growth
in
this
sector
would
be
another
step
towards
better

Page 8 of 11
IndiaVantage
your vantage point on India
Challenges and Imperatives for NBFCs in India
by
either
acquiring
an
existing
or
start-
ing
their
own
‘Non-Banking
Finance
Company’
(NBFCs).

The
main
driver
for
banks
to
expand
in
the
retail
finance
market
through
the
NBFC
route
has
been
the
fact
that
NBFCs
can
expand
their
operations
by
opening
branches
anywhere
in
India,
without
seeking
prior
permission
from
the
Reserve
Bank
of
India
(RBI);
also,
in
the
past
the
regulatory
framework
for
operating
NBFCs
in
India
was
less
stringent
as
compared
to
that
for
banks.

However,
instances
of
defaults
and
misde-
meanors
by
a
few
NBFCs
resulted
in
the
RBI
restricting
their
ability
to
accept
public
deposits.

The
following
notifications
recently
issued
by
RBI
aim
at
a
closer
surveillance
of
NBFCs:
•

The
periodicity
of
the
“Return
on
important
financial
parameters
of
NBFCs
not
accepting
/
holding
pub-
lic
deposits”
was
changed
from
a
quarterly
to
a
monthly
basis.
Furthermore,
smaller
NBFCs
with
asset
size
of
INR
1,000
million
and
above
were
also
brought
into
the
The main challenge for NBFCs in
India presently is to have continu- purview
of
this
notification
from
the
ous access to cheaper funds earlier
threshold
of
INR
5,000
mil-
lion.
•

In
terms
of
the
Rules
notified
Page 9 of 11
under
the
Prevention
of
Money
Laundering
Act,
2002
and
the
“Know
Your
Customer”
guidelines
prescribed
by
the
RBI,
NBFCs
are
now
required
to
report
information
relating
to
cash
and
suspicious
transactions
to
the
Director,
Financial
Intelligence
Unit
-
India.
•

To
promote
effective
corporate
gov-
ernance,
it
has
been
advised
that
the
partners
of
the
chartered
accountancy
firm
auditing
an
NBFC
with
public
deposits/
deposits
of
INR
500
million
and
above
be
rotat-
ed
every
three
years.
The
main
challenge
for
NBFCs
in
India,
at
present,
is
to
have
continuous
access
to
cheaper
funds.

Banks
have
been
able
to
draw
upon
cheaper
sources
of
funds
and
hence
are
in
a
position
to
offer
better
interest
rates
to
customers.

The
increasing
regulatory
compliances
and
intense
competition
in
the
NBFC
market
has
led
to
smaller
players
becoming
direct
selling
agents
and
concentrating
on
originating
portfolios
for
the
larger
players.
Yet,
a
handful
of
companies
have
turned
the
competi-
tion
and
consolidation
in
the
NBFC
IndiaVantage
your vantage point on India
Challenges and Imperatives for NBFCs in India
The entire value chain through a
different set of activities to deliver
a unique value-proposition to cus-
tomers
Page 10 of 11
©
2006
KPMG,
the
sub-licensee
of
KPMG
MESA
Ltd.,
a
Cayman
Islands,
Guarantee
Company.
All
rights
reserved.
industry
into
an
opportunity.

An
NBFC
with
a
good
credit
rating
is
able
to
raise
funds
at
competitive
rates.

Mutual
funds
with
rapidly
growing
cor-
puses
of
fixed
income
schemes
have
also
emerged
as
a
competitive
funding
source.

Securitization
too
is
emerging
as
an
attractive
and
sizeable
source
of
funds.
The
current
competitive
market
demands
strong
customer
relation-
ships
from
its
players
and
a
concentrat-
ed
effort
on
specific
products
and
serv-
ices
in
the
retail
segment.
NBFCs
can
also
position
themselves
differently
based
on
the
needs
of
different
groups
of
customers.
This
can
be
done
suc-
cessfully
if
it
has
unique
strengths
to
service
a
set
of
customer
needs
better
than
others.

NBFCs
have
the
option
of
positioning
themselves
based
on
access,
which
is
typically
a
function
of
customer
geography
or
customer
scale.

This
was
done
successfully
by
many
NBFCs,
which
have
concentrated
on
a
particular
geographical
region
and
built
strong
brand
equity
for
them-
selves
in
that
region.

The
right
strategic
choice
for
NBFCs,
however,
is
not
a
matter
of
positioning
alone.
It
is
the
configuration
of
the
entire
value
chain
through
a
different
set
of
activities
to
deliver
a
unique
value-proposition
to
customers.
The
set
of
activities
cover
all
upstream
and
downstream
activities,
from
the
selec-
tion
of
the
product
mix,
the
way
the
products
are
priced
and
promoted,
the
type
of
distribution
mechanism
used,
the
way
customers
are
serviced,
and
so
on.
If
an
NBFC
is
able
to
deliver
superior
value
to
customers
through
unique
positioning
and
value
chain
con-
figuration,
it
can
attain
a
sustainable
competitive
advantage
against
other
players
in
its
chosen
product
market
segment.
For
more
information,
contact:
Sameer Rohatgi
srohatgi@kpmg.com
Co-author: Ajay Aggarwal
in.kpmg.com

For
further
information,
contact:
About IndiaVantage: Anish Tripathi Chennai
IndiaVantage is an India-focused, bi- Chief Knowledge Officer Wescare Towers
monthly, freely-distributable newsletter KPMG in India 16 Cenotaph Road,Teynampet
brought out by KPMG in India. e-Mail: atripathi@kpmg.com Chennai 600 018
Telephone: +91 22 39835520 Telephone: +91 44 24332533
Fax: +91 44 24348856
Contact mknowledge@in.kpmg.com if
you are interested in receiving this
Mumbai Hyderabad
newsletter on a regular basis, or wish to
KPMG House, Kamala Mills Compound II Floor, Merchant Towers
unsubscribe. Road No. 4, Banjara Hills
448, Senapati Bapat Marg,
Lower Parel, Mumbai 400 013 Hyderabad 500 034
Editorial Board: Telephone: +91 22 39896000 Telephone: +91 40 23350060
Russell Parera Fax: +91 22 39836000 Fax: +91 40 23350070
Pradeep Udhas
Sudhir Kapadia Delhi Kolkata
Pradip Kanakia 4B, DLF Corporate Park Park Plaza, Block F, Floor 6
Vikram Utamsingh DLF City, Phase III 71 Park Street
Gurgaon 122 002 Kolkata 700 016
Telephone: +91 124 2549191 Telephone: +91 33 22172858
Contributors (to this issue):
Fax: +91 124 2549101 Fax: +91 33 22172868
Pradeep Udhas & Anish Tripathi
Romal Shetty
Bangalore Pune
Manish Saigal & Avik Bhattacharya 703, Godrej Castlemaine
Maruthi Info-Tech Centre
Arindam Ghosh & Sudeep Laad 11-12/1, Inner Ring Road Bund Garden
Sameer Rohatgi & Ajay Aggarwal Koramangala, Bangalore – 560 071 Pune - 411 001
Phone: +91 80 41766000 Telephone: +91 20 30585764/65
Fax: +91 80 41766999 Fax: +91 20 30585775

The
information
contained
herein
is
of
a
general
nature
and
is
not
intended
to
address
the
circumstances
of
any
particular
individual
or
entity.
Although
we
endeavor
to
provide
accurate
and
timely
information,
there
can ©
2006
KPMG,
the
sub-licensee
of
KPMG
MESA
be
no
guarantee
that
such
information
is
accurate
as
of
the
date
it
is
received
or
that
it
will
continue
to
be Ltd.,
a
Cayman
Islands,
Guarantee
Company.
All
accurate
in
the
future.
No
one
should
act
on
such
information
without
appropriate
professional
advice
after
a rights
reserved.
thorough
examination
of
the
particular
situation.