HDB » Topics » Atlas Documentary Facilitators Company Private Ltd (ADFC)

This excerpt taken from the HDB 20-F filed Sep 30, 2009.

Atlas Documentary Facilitators Company Private Ltd. (“ADFC”)

ADFC specializes in back-office processing. We regularly transact business with ADFC. In fiscal 2009, we incurred a net expense of Rs. 2,221.4 million for back-office processing services. As of March 31, 2009, we had provided a security deposit amounting to Rs. 105.0 million to ADFC for the various services provided by ADFC and an amount of Rs. 227.0 million was payable for such services. As of that date, we retained an equity investment of Rs. 0.2 million in ADFC, which represents 29.0% of the share capital of ADFC. Members of our management team own an aggregate of 45.1% of the equity shares of ADFC.

This excerpt taken from the HDB 20-F filed Sep 29, 2008.

Atlas Documentary Facilitators Company Private Ltd (“ADFC”)

ADFC specializes in back-office processing. We regularly transact business with ADFC. In fiscal 2008, we incurred a net expense Rs. 1566.9 million for back-office processing services. As of March 31, 2008, we had provided a security deposit amounting to Rs. 105.0 million to ADFC for the various services provided by ADFC and an amount of Rs. 21.85 million was payable for such services. As of that date, we retained an equity investment of Rs. 0.2 million in ADFC, which represents 29.0% of the share capital of ADFC. Members of our management team own an aggregate of 45.1% of the equity shares of ADFC.

We have consolidated the accounts of ADFC in our US GAAP financial statements for fiscal 2008.

This excerpt taken from the HDB 20-F filed Jul 10, 2007.

Atlas Documentary Facilitators Company Private Ltd (“ADFC”)

ADFC specializes in back-office processing. We regularly transact business with ADFC. In fiscal 2007, we incurred a net expense of Rs.964.9 million for back-office processing services. As of March 31, 2007, we had provided a security deposit amounting to Rs.41.0 million to ADFC for the services provided by ADFC and an amount of Rs.104.1 million was payable for such services. As of March 31, 2007, we retained an equity investment of Rs.0.2 million in ADFC, which represents 29.0% of the share capital of ADFC. Members of our management team as well as other employees own an aggregate of 42.7% of the equity shares of ADFC. We have consolidated the accounts of ADFC in our US GAAP financial statements for fiscal 2007.

The RBI issued Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks via circular DBOD.NO.BP. 40/ 21.04.158/ 2006-07 dated November 3, 2006. According to these guidelines, we can use ADFC as an outsourcing agent only if it is our subsidiary. Recently, our board of directors has approved the purchase of additional shares to be issued by ADFC to make it one of our subsidiaries, and we are in the process of seeking the necessary approval from the RBI.

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