...FOREIGN INSTITUTIONAL INVESTMENTS AND THE INDIAN STOCK MARKET K.S. Chalapati Rao, K.V.K. Ranganathan and M.R. Murthy* To facilitate foreign private capital flows in the form of portfolio investments, developing countries have been advised to develop their stock markets. It was suggested that these investments would help the stock markets directly through widening investor base and indirectly by compelling local authorities to improve the trading systems. While the volatility associated with portfolio capital flows is well known, there is also a concern that foreign institutional investors might introduce distortions in the host country markets due to the pressure on them to secure capital gains. In this context, this paper seeks to assess the importance of foreign portfolio investments in India relative to other major forms and to study the relationship between foreign portfolio investments and trends in the Indian stock market during the past four years. Introduction The character of global capital flows to developing countries underwent significant changes on many counts during the 'nineties. By the time the East Asian financial crisis surfaced, the overall size of the flows more than tripled. It stood at US$ 100.8 bn. in 1990 and rose to US$ 308.1 bn. by 1996. The increase was entirely due to the sharp rise in the flows under private account that rose from US$ 43.9 bn. to 275.9 billion during the same period. In relative terms the percentage of private account capital flows...
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...Brighter Horizons Godrej Consumer Products Limited Annual Report 2010-11 Contents Performance Highlights Board of Directors Chairman’s Address Managing Director’s Address Management Discussion and Analysis Corporate Governance Economic Value Added Director’s Report and Annexures Financials Consolidated Financials Subsidiary Information u/s 212 Notice of AGM 4 6 8 10 12 29 51 53 65 111 145 147 1 Vision “We are dedicated to Deliver Superior Stakeholder Value by providing solutions to existing and emerging consumer needs in the Household & Personal Care Business. We will achieve this through Enduring Trust and Relentless Innovation delivered with Passion and Entrepreneurial Spirit.” 2 Our Promises Enduring Trust Deliver Superior Stakeholder Value Entrepreneurial Spirit Passion Relentless Innovation 3 Performance highlights 4000 3643.0 3500 3000 2500 2041.2 2000 1500 1000 500 0 470.1 489.6 562.7 953.2 699.7 1393.0 1102.6 400 300 200 100 81.8 0 88.4 106.9 150.0 182.3 218.5 247.3 700 600 500 400 454.6 300 200 121.3 100 0 89.6 53.3 54.9 172.6 144.0 159.2 339.6 800 713.6 500 600 514.7 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 2000 1725.1 1500 4000 3500 3000 2500 3730.6 350 300 250 216.1 200 323.3 1000 571.5 500 171.6 78.7 122.0 954.7 2000 150 1500 1000 500 68.0 74.2 0 63.9 154.0 303...
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...GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review kpmg.com TAX © 2012 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Contents Introduction Country Snapshots Country Overviews Glossary of Terms Find out more 2 4 10 255 256 © 2012 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. 2 | Global Transfer Pricing Review Introduction © 2012 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Introduction | 3 As multinational companies continue to globalize their supply chains, transfer pricing is increasingly at the forefront of business transformation initiatives. Organizations recognize that transfer pricing strategies can add significant value to business projects and help fund future growth as they look to maximize efficiencies and minimize their global tax liabilities. The transfer pricing environment is constantly changing, in terms of both risks and opportunities. Multinational companies...
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...TAX COMPETENCIES, COMPLIANCE COSTS AND INCOME TAX COMPLIANCE AMONG SMEs IN UGANDA BY ANNET NAKIWALA 2007/HD10/11264U A DISSERTATION SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT S FOR THE AWARD OF THE DEGREE OF MASTER OF SCIENCE IN ACCOUNTING AND FINANCE OF MAKERERE UNIVERSITY September, 2010 TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE DECLARATION I, Annet Nakiwala, declare that this dissertation is my own work and that it has never been presented for a degree award at any other university. Signature: ………………………………………… Date: ……………………………………………… ii TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE APPROVAL This is to certify that this dissertation has been submitted in partial fulfillment of the requirement for the award of a Masters of Science degree in Accounting and Finance of Makerere University with my approval as University Supervisor. Joseph Ntayi (PhD) Supervisor Signature: ………………… Date: ……………………… Arthur Sserwanga Supervisor Signature: ………………… Date: …………………….. iii TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE DEDICATION I dedicate this entire effort to my late Mother Gorreth Nabagereka. We miss you dearly. iv TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE ACKNOWLEDGEMENTS Completion of this research has been a result of both direct and indirect support of many people to whom I owe acknowledgement. I owe profound gratitude to my supervisors Dr. Joseph Ntayi and...
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...N G R E G U L AT I O N F O R D O M E S T I C F I R M S I N 1 8 3 E C O N O M I E S © 2012 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC 20433 Telephone 202-473-1000 Internet www.worldbank.org All rights reserved. 1 2 3 4 08 07 06 05 A copublication of The World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-5222422; e-mail:...
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...M U M BA I S I L I C O N VA L L E Y BA N G A LO RE S I N G A P O RE M U M BA I B KC NEW DELHI MUNICH N E W YO RK Start – Ups: What You Need To Know April 2016 © Copyright 2016 Nishith Desai Associates www.nishithdesai.com Provided upon request only © Nishith Desai Associates 2016 Start – Ups: What You Need To Know About NDA Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi, Munich & New York. We specialize in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner. We focus on niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Our practice areas include Mergers & Acquisitions, Private Equity Investments, Corporate & Securities Law, Competition Law, JVs & Restructuring, International Tax, International Tax Litigation, Litigation & Dispute Resolution, Fund Formation, Capital Markets, Employment and HR, Intellectual Property, International Commercial Law and Private Client. Our specialized industry niches include funds, financial services, insurance, IT and telecom, pharma and healthcare, media and entertainment, real estate and infrastructure & education. Nishith Desai Associates has been ranked as the Most Innovative Indian Law Firm (2014 & 2015)...
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...Programme giving a boost to India’s trade with the Sub-Saharan African Region, while announcing the first 5-year Exim Policy of the new millennium here today. The programme FOCUS:AFRICA is geared towards tapping the tremendous potential for trade with the sub-Saharan African region, which had remained negligible despite the growth recorded in India’s trade with Africa in recent years. The share of the sub-Saharan region in Africa’s total trade has grown from 45 per cent in 1995 to 71 per cent in 1999. During 2000-2001, India’s total trade with Sub-Saharan Africa was US $ 3.3 billion. Out of this, India’s exports accounted for US $ 1.8 billion and imports were US $ 1.5 billion. In the first phase of the "FOCUS: AFRICA" Programme, the target countries identified are: Nigeria, South Africa, Mauritius, Kenya, Ethiopia, Tanzania and Ghana. These seven countries accounted for nearly 70 per cent of India’s total trade with the Sub-Saharan African Region during 2000-2001. Similarly, certain target commodities for export focus have also been identified. These are: • Cotton yarn, fabrics and other textile items; • Drugs & pharmaceuticals; • Machinery & instruments; • Transport equipment; and • Telecom and information technology In order to accelerate India’s exports to the Sub-Saharan African Region, the existing institutional mechanism such as Joint Trade Committees and Joint Business councils with the countries of this region will be strengthened...
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...Dream Dare Win www.jeywin.com Annual Report 2007-08 Ministry of Finance Government of India Dream Dare Win 1 www.jeywin.com Dream Dare Win www.jeywin.com FOR PUBLIC CONTACT PURPOSE: Ministry of Finance Department of Economic Affairs North Block, New Delhi - 110 001 Phones: 23095120, 23092453 Website: http://www.finmin.nic.in/the_ministry/dept_eco_affairs/index.html Department of Expenditure North Block New Delhi - 110 001 Phones: 23095661, 23095613 Website: http://www.finmin.nic.in/the_ministry/dept_expenditure/index.html Department of Revenue North Block New Delhi - 110 001 Phones: 23095384, 23095385 Website: http://www.finmin.nic.in/the_ministry/dept_revenue/index.html Department of Disinvestment Block 11 & 14, CGO Complex Lodhi Road, New Delhi -110 003 Phones: 24368528, 24368523, 24368044 Website: http://www.divest.nic.in Department of Financial Services Jeevan Deep Building, Parliament Street, New Delhi 110 001 Phones: 23748721, 23748734 Website: http://www.finmin.nic.in Dream Dare Win 2 www.jeywin.com Dream Dare Win www.jeywin.com Contents Paragraph No. INTRODUCTION Page No. 1 CHAPTER - I Department of Economic Affairs 9 Economic Division 1 11 Budget Division 2 12 Capital Markets Division 3 15 Infrastructure Division 4 19 Fund Bank Division (including UN Branch) 5 23 Foreign Trade Division 6 26 Aid Accounts & Audit Division ...
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...Limited Annual Report 2010-11 Board of directors Sunil Bharti Mittal Akhil Gupta Chua Sock Koong N. Kumar Ajay Lal Craig Ehrlich Pulak Prasad Rakesh Bharti Mittal Tan Yong Choo Evan Mervyn Davies Rajan Bharti Mittal Hui Weng Cheong Nikesh Arora Salim Ahmed Salim Tsun-yan Hsieh Manoj Kohli Table of contents Corporate information Performance at a glance rformance Chairman's message airman's CEO (International) & JMD's message O (Internation onal) on CEO (India & South Asia)'s message O (India dia Corporate social responsibility rporate po Directors' report rectors' e Management discussio & analysis nage agement discussion ssio ssion Report on corporate governance governance port ver ve Secretarial audit report report cretarial o Standalone financial stateme with Aud ors' report Auditors' ndalone a statements ments me e uditors r Consolidated financial statements with Auditors' report nsolidated financial statements w i nt with t 2 3 4 6 8 10 0 1 14 24 30 47 48 103 1 Bharti Airtel Annual Report 2010-11 Corporate information Board of directors Mr. Sunil Bharti Mittal Chairman & Managing Director Mr. Manoj Kohli CEO (International) & Joint Managing Director Non-executive directors Mr. Ajay Lal Mr. Akhil Gupta Ms. Chua Sock Koong Mr. Craig Ehrlich Lord Evan Mervyn Davies Mr. Hui Weng Cheong Mr. N. Kumar Mr. Nikesh Arora Mr. Pulak Prasad Mr. Rajan Bharti Mittal Mr. Rakesh Bharti Mittal H.E. Dr. Salim Ahmed Salim Ms. Tan Yong...
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...15 American Depository Receipts Pages 16 to 17 Global Depository Receipts Pages 18 to 19 External Commercial Borrowings Pages 20 to 21 Foreign Currency Convertible Bonds Pages 22 to 25 Capital Account Convertibility Pages 26 to 28 Tarapore Committee and Current Status Pages 29 to 35 What is Capital Account Transaction? Capital account transaction is defined as a transaction which:- ➢ Alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India. In other words, it includes those transactions which are undertaken by a resident of India such that his/her assets or liabilities outside India are altered (either increased or decreased). For example:- (i) a resident of India acquires an immovable property outside India or acquires shares of a foreign company. This way his/her overseas assets are increased; or (ii) a resident of India borrows from a non-resident through External commercial Borrowings (ECBs). This way he/she has created a liability outside India. ➢ Alters the assets or liabilities in India of person resident outside India. In other words, it includes those transactions which are undertaken by a non-resident such that his/her assets or liabilities in India are altered (either increased or decreased). For example, (i) a non-resident acquire immovable property in India or acquire shares of an Indian...
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...ANNUAL REPORT 2008-09 Good economic circumstances usually make for great team-building. Its an excellent time to assemble the best talent that wants to be part of a profitable whole. With some diligence, its not difficult to get a model act together in terms of a mix of optimal goals and objectives for individuals, the team and the organization; set up systems for open and frequent communication, peer accountability; and create a culture that appreciates and bonds the team for best results. However, even in prosperous times things are never THAT perfect… and exceptional organizations more often than not, tend to get built by less than exceptional teams. And then there are times when the economy is less than booming. The times when businesses have to take tough calls. Are these a good time for building the finest teams? The last year demonstrates resoundingly that these are indeed great times to build excellent teams and very nimble teamwork. Periods when resources aren’t available for the asking, force organizations and teams to roll up their sleeves and develop REAL PEOPLE POWER. These are times when wise organizations leave behind any misguided reluctance to focus on teams and grapple squarely with the realization that without the right teams and work methods, the organization will not effectively identify and implement new ways to survive and thrive. Resource-scarce situations force huge efficiencies. They ensure that much more is achieved with less. Flatter organization...
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...the boundary lines of a sovereign entity”. It may take place either between countries or companies or both. Private companies involve themselves in such transactions for revenue, profit and prosperity. If governments are involved, they need to maintain their image, dependency and economic growth. Sometimes economic ties are strengthened through such transactions. These transactions include investments, physical movements of goods and services, transfer of technology and manufacturing. Today every company, whether small or large, single entity or partnership, joint stock or government owned, is determined to expand internationally. Earlier the slogan “export or perish” has now become “internationalize or perish”. 1 Only for Private Circulation International Business- Dr. R. Chandran International business has a wide spectrum of activities beyond mere exports. Currently Indian...
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...Source: Mattel 2013 10-K Gross Sales History (in millions) Gross Margin Operating Margin Earnings per Share Total Shareholder Return (TSR) (For the Year Ending December 31, 2013) Mattel, Inc. S&P Source: Thomson Reuters 1 Year 34% 32% 3 Year 28% 16% 5 Year 29% 18% 10 Year 13% 7% 2013 Annual Report MATTEL, INC. For nearly seventy years, Mattel has been inspiring imaginations, fueling the innovative spirit and creating the future of play for millions of children around the world. Today, Mattel, Inc. and its family of companies comprise the world’s largest toy company with a strong portfolio of brands and toys that children and their parents have cherished for generations. Our portfolio includes some of the most iconic toys of all time, from Barbie® and Hot Wheels®, to American Girl®, Fisher-Price® and Thomas & Friends®. Parents trust Mattel to deliver hours of fun for their children, and our shareholders trust us to bring long-term value to their investment. Mattel led the toy industry with $7.1 billion in gross sales in 2013, and had more than $900 million in net income, nearly 30,000 employees in offices across 40 countries and territories and products for sale in more than 150 markets.5 In 2013, we delivered our fourth consecutive year of growth with sales up 1% worldwide and our fifth consecutive year of EPS growth, with an...
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...INSIDE Wipro in Brief Customer Focus Financial Highlights Chairman's Letter to the Stakeholders CEO's Letter to the Stakeholders CFO's Letter to the Stakeholders Board of Directors Sustainability Highlights 2012-13 Management Discussion & Analysis Directors Report Corporate Governance Report Business Responsibility Report Standalone Financial Statements Consolidated Financial Statements Consolidated Financial Statements under IFRS Glossary 2 4 8 10 12 14 16 22 24 41 55 85 106 147 183 231 This Annual Report is printed on 100% recycled paper as certified by the UK-based National Association of Paper Merchants (NAPM) and France - based Association des Producteurs et des Utilisateurs des papiers et cartons Recycles (APUR). Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration...
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...Multinational agencies and the rural area. The bank provides more than 21 types of free services on behalf of the government of Bangladesh through its rural and urban branches as part of their commitment to society. Sonali bank Ltd. follows the rules and regulation prescribed by the Bangladesh bank. To manage credit risk, the Bank applies credit limits to its customers and obtains adequate collaterals. Credit risk in the Sonali Bank Ltd.'s portfolio is monitored, reviewed and analyzed by the Credit Risk Management (CRM). Sonali Bank Ltd. has established Asset-Liability Management Committee (ALCO) to determine the maximum risk exposure. Management is aware about guidelines of Bangladesh Bank and implemented new capital accord BASEL-II. Sonali Bank Ltd. constantly monitors, reviews and analyzes its credit portfolio to minimizing potential losses and ensuring efficient credit process. To manage the Non-Performing Loans (NPL), Sonali Bank Ltd. has a comprehensive remedial management policy, which includes a framework of controls to identify weak credits and monitoring of these accounts constantly. A through credit risk assessment is done by analyzing borrower, industry, demand/buyer, historical financial statements etc. Bank review documents like loan applications, financial statements, market reputation, CRG, CIB report etc. to investigate credit risk. Manager have to enquiry about loan applicant. Proper documentation is required before sectioning loans. They must conduct...
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