#1# IIII BLS INTERNATIONAL (TM Corporate Presentation November 2017#2PASSPOR Disclaimer This presentation is prepared by BLS International Limited (BLS or the "Company") for general information purposes only, without regard to specific objectives, suitability, financial situations and needs of any particular person and does not constitute any recommendation or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Company to be construed as legal, accounting or tax advice. The information contained in this presentation is only current as of its date. All actions and statements made herein or otherwise shall be subject to the applicable laws and regulations as amended from time to time. There is no representation that all information relating to the context has been taken care off in the presentation and neither we undertake any obligation as to the regular updating of the information as a result of new information, future events or otherwise. We will accept no liability whatsoever for any loss arising directly or indirectly from the use of, reliance of any information contained in this presentation or for any omission of the information. The information shall not be distributed or used by any person or entity in any jurisdiction or countries were such distribution or use would be contrary to the applicable laws or Regulations. It is advised that prior to acting upon this presentation independent consultation / advise may be obtained and necessary due diligence, investigation etc may be done at your end. You may also contact us directly for any questions or clarifications at our end. prospects, and future developments in our industry and our competitive and business, our competitive environment, technology and application, and political, economic, legal and social conditions. It is cautioned that the foregoing list is not exhaustive. This presentation is not an offer to sell or a solicitation of any offer to buy the securities of the Company in the United States or in any other jurisdiction where such offer or sale would be unlawful. Securities may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States absent registration under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities other jurisdiction of the United States. The Company's securities have not Act and in compliance with any applicable securities laws of any state or been and will not be registered under the Securities Act. This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and strategy, our future financial condition and growth regulatory environment. In addition to statements which are forward looking by reason of context, the words 'may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue' and similar expressions identify forward looking statements. Actual results, performances or events may differ materially from these forward-looking The Company's financial year ends on March 31. statements including the plans, objectives, expectations, estimates and intentions expressed in forward looking statements due to a number of The data included in the presentation is until 30th factors, including without limitation future changes or developments in our September, 2017#3BLS INTERNATIONAL BLS At a Glance Exceptional track record of delivering quality service to government clients globally Integrated G2C Service Model Visa Processing Services Citizen and Front End Services Consular Services BLS International Leading the Government-Customer (G2C) Engagements Globally Manages non-judgmental and administrative tasks related to application processing, enabling client governments to focus entirely on the critical task of assessment Entered the business in 2005 by being a service provider to the Embassy of Portugal Spectrum of services is continuously expanding to emerge as an end-to-end consular and citizen services specialist Has a leading global market position, being the only Indian G2C service provider listed on NSE and BSE Diverse clientele base comprising of: ○ Global Diplomatic Missions Electronic Visa Service (E-Visa) О Ministry of Foreign / External Affairs О О State Public Welfare Departments Overseas Citizen Services Market Biometrics and Identity Management Services Verification and Attestation Services PASSPORT Value Added Services Passport Services TM Corporate Presentation November 2017 | 3#4Global Market Positioning Leading global brand in Visa, Passport, Consular Outsourcing and Citizen Services 3 Amongst top three Players with respect to Visa Passport / Consular / Citizen Services 58| Employee strength 12+ Countries of Operations 9,000+ (On-roll + associates) Over 12 years of global experience 20mn Total applications processed till date¹ 2,320 Offices across the world working for governments / diplomatic missions 30 Government clients around the globe Note: As of October 2017 1. Application count consists of all type of applications i.e. Visa, Passport, Consular, Attestation and Citizen Services#5BLS INTERNATIONAL (IM Executive Summary Proven Track Record ■ Industry experience of over 12 years and positioned among top three players globally Recognised as a market leader in Front End and Citizen Services with a significant first mover advantage The only consular services specialist in India to be public listed (listed on NSE, BSE and MSEI) 0 Unique Business Model Operates a asset light model, wherein the operational assets at all the offices are lease based Efficient capital utilization funds utilized only for contracts execution as compared to acquiring assets Low Capex Access to strategic city centric office properties at low upfront capital outlay Citizen Service offices are only operated by BLS but developed by the Punjab Government Significant Market Opportunity ■ ◉ Travel industry dynamics driving consular outsourcing growth Over the next 10 Years Travel sector is expected to grow rapidly, contributing c. 11.4% of global GDP - With just 31% of the total visa industry currently outsourced and c.69% remaining untapped, offers a tremendous market opportunity for the future Significant upcoming business opportunities with over 18.9 million applications estimated to be in the offing#6Consistent Growth Model Annual Highlights Net Profit Rs. mn EBITDA Rs. mn Revenue Rs. mn 1,662 FY2013 39.9% 37.1% Half-Yearly Highlights 6,373 5 Yr. CAGR FY2017 Up Y-o-Y 6M FY2018 155 FY2013 52.8% 305.9% 847 5 Yr. CAGR FY2017 Up Y-o-Y 6M FY2018 141 FY2013 37.1% 243.5% 500 5 Yr. CAGR FY2017 Up Y-o-Y 6M FY2018 6M FY2017 2,795 3,831 6M FY2017 217 881 6M FY2017 163 559#7Quarterly Performance Review Commenting on the Performance, Nikhil Gupta, Managing Director of BLS International said "BLS International has signed a new contract this quarter with Embassy of the Islamic Republic of Afghanistan for providing consular services through registration of Afghan citizens in Saudi Arabia. For the said contract, the company shall be processing about 200,000 applications through physical application centres and mobile centres for the convenience of Afghan nationals in the region. Further, the Spain global contract that BLS International bagged in December 2016 has yielded strong results for another quarter in a row. With 22 new centres launched globally in the last two quarters, the total count of BLS operated Spain VACS reached 118 which contributed to this quarter. Since the roll out of the project, the centres have regularly been fortified with wide range of Value Added Services (VAS) for the applicant's convenience. With reference to Punjab Sewa Kendra Project, we have increased the number of Citizen Services being offered from 93 to 169 services. This will help us in improving the cash flows of the business in the coming quarters. During this quarter, BLS was also conferred with two prestigious awards as the 'Best Visa Service Provider' and 'Best Workplace Practices' award. We now embark on the second half of FY2018, with optimism and to capitalize upon the huge growth prospects that lie ahead of us." Q2 FY2018 vs. Q2 FY2017 (Rs. million) Total Revenue Rs. 1,874 mn Growth: 21.5% EBITDA Rs. 442 mn Growth: 238.9% Gross Profit Rs. 722 mn Growth: 141.7% Net Profit Rs. 268 mn Growth: 197.2% Total Debt/Equity (x): 0.44x Cash/Share (Rs.): 9.92#8Discussion Guide 1. Industry Dynamics 2. Company Overview 3. Integrated G2C Services 4. Key Contracts - Recent Wins 5. Directors and Leadership Team 6. Performance Review#9BLSⓇ INTERNATIONAL 1. Industry Dynamics#10Growth Drivers - Visa/Consular Outsourcing Industry Travel industry dynamics driving consular outsourcing growth... Projected Global Travellers Growth Growth of 1.52x 1,184 2015A ☐ 1,800 1,234 2016E 2030E Source: United Nations World Tourism Organisation Report 2015-16 BLS INTERNATIONAL According to the United Nations World Tourism Organisation (UNWTO) ☐ International travel is consistently increasing with each passing year, driving the growth in number of visa applications International tourist arrivals reached a record 1.2 billion in 2015 and is projected to cross the 1.8 billion mark by 2030 Estimated number of travellers globally have grown at over 4% y-o-y for 2016 Over the Next 10 Years - Travel Sector is expected to grow rapidly, steering exponential growth in Consular Industry... Travel sector to contribute 11.4% of global GDP; up from c.9.1% in 2016 + Global visitor exports to account for 7.1% of total global exports Source: World Travel & Tourism Council - Global Economic Impact Report 2017 Support 23.0% of new job creation globally میرا Outperform the Global Economic Growth TM Corporate Presentation November 2017 | 10#11Market Opportunity - Visa/Consular Outsourcing Industry Majority of the market remains untapped, offering tremendous growth opportunities Identifying Untapped Opportunities ☐ Significant growth with over 40 million¹ visa applications being currently outsourced to specialised service providers globally 40 million translates to just 31% of the 128 million¹ total visa market currently being outsourced Remaining 69% yet to be tapped by outsourcing service providers 100% = 128 million¹ visa applications (P) Not Outsourced 69% Source: D&B Visa Application Outsourcing Report 2013 BLS INTERNATIONAL Outsourced 31% International Tourist Arrivals World tourism to grow at around 3.5% for 2017 and at a (2016-2030) CAGR of 2.7% 5.5% 4.5% Exponential Business Growth Consular business to double over the next few years, driven by: 3.5% 5.5% 3.5% 2.5% 1.23 Growing tourism 0.62 0.58 0.54 0.30 0.20 More outsourcing penetration in Visa market World Increased Passport processing and Attestation services outsourcing market Europe APAC Americas Africa Middle East International Tourist Arrivals 2016 (billion) Source: UNWTO World Tourism Barometer - Advance Release Jan 2017 2017 Projected Growth Note: 1. As per D&B Visa Application Outsourcing Report, outsourced visa applications were 35 million in 2013 and total application count was 113 million. 2013 data has been extrapolated to project 2016 data, by applying travel industry's standard growth rates TM Corporate Presentation November 2017 | 11#12Market Opportunity - Front End & Citizen Services The preferred partners for Front End and Citizen Services to governments globally BLS INTERNATIONAL According to United Nations e-Government Survey 2016, significant increase in the number of countries adopting online platform for providing Citizen Services globally Countries Using Citizen Services Online Platform 45 2003 90 2016 TM Indian Citizen Services Ecosystem: The Face of Opportunity Several initiatives by the Indian Govt., to provide attractive opportunities for niche service providers like BLS in the e-service ecosystem Government has shown intent and commitment to accelerate the adoption of online platform for providing Citizen Services BLS Continues to Consolidate its Position in Citizen Services: International Opportunities Globally, EMEA and APAC countries are adopting e-governance model proactively Ramp up in Citizen services initiatives worldwide to enable BLS to penetrate high growth markets globally Government is leveraging solutions and services from specialist service providers to realise the vision of Digital India At both centre and state levels, initiatives are being undertaken to promote the Digital India model for rendering public services effectively First Mover Advantage ☐ Awarded the first international Citizen Services contract from the Embassy of Afghanistan Tremendous success in the Punjab e- governance project has reinforced BLS as a market leader in Citizen Services Corporate Presentation November 2017 | 12#13BLS INTERNATIONAL Upcoming Consular Business Opportunities Significant upcoming business opportunities with millions of applications to be in the offing S. No. Client Government Canada Global 1223 4 Czech Republic Thailand Global for 11 Countries Singapore Germany 56 Lithuania New Zealand 7 Italy 8 South Africa 9 Austria 1 Swiss Global France Global Greece Global Australia Global UK Global 1 2 Embassy of India, Bahrain 3 Embassy of India, France 4 Embassy of India, Japan 5 Embassy of India, Saudi Arabia Embassy of India, UK 7 Embassy of India, Washington D.C. TM Estimated Applications Year per Year 1,500,000 2017 244,000 2017 3,300,000 2,566,000 2017 2017-18 6 Global Tenders in 2017 171,000 2017 98,000 2017 290,000 2017 109,000 2017 103,000 2017-18 112,000 2017 12 8,493,000 Indian VAC Tenders in 2017-18 3,500,000 2017-18 500,000 2017-18 1,100,000 2017-18 500,000 2017-18 5,600,000 3,000,000 2018-19 18 50,000 2018 mn 150,000 2018 *Estimated Annual Applications to be awarded by various Governments 130,000 2018 500,000 2018 500,000 2018 500,000 2019 4,830,000 Source: Internal estimates based upon the information available on the internet for some of the RFPs and the list is non-exhaustive Note: Industry estimates * Corporate Presentation November 2017 | 13#14Upcoming Citizen Services Business Opportunities Significant upcoming opportunities to be capitalized upon S. No. Project Opportunity Client Annual Volume of Applications (million) 1 ICT for Smart City Bhopal² Bhopal Smart City Development Corporation Limited 2 CSC-Haryana e-Seva² Haryana State Electronics Development Corporation Limited BLS INTERNATIONAL TM Time Frame 2017-18 20 2018-19 Odisha e-Governance Project² Odisha e-Governance Services Limited 25 2018-19 4 Delhi e-Governance³ Delhi e-Governance Society (DeGS) 12 2017 5 Maharashtra² Dept. of IT & E-Governance, Govt. of Maharashtra 120 2018 Jharkhand² Department of Government Reform, Jharkhand 60 60 2018-19 Source: 1. 2. 3. http://esuvidha.goup.in/wp-content/uploads/2016/07/esuvidha 220716.pdf These are the major projects are in pipeline, and the data is based out on the primary consultation with the departments A tender was published from the Delhi e-Gov Society for hiring Consultant, the process is already on, however there is no published information yet Corporate Presentation November 2017 | 14#15BLSⓇ INTERNATIONAL 2. Company Overview#16Mission, Vision and Values To become number one G-to-C service provider in the world BLS INTERNATIONAL Mission ■ Our mission is to provide exceptional customer services to our client governments and applicants. Integration of honesty, discipline, and business ethics are key drivers of our business ▪ This demonstrates our commitment to provide quality services for the region through long-term partnerships built around trust, respect and accountability to our clients Values ■ Customer Focus: Anticipate and exceed customer expectations at all times ◉ Product Innovation: Innovative solutions and service offerings to change the paradigm of the domain Operational Excellence: Enhance operational flexibility to address the most sensitive of client requirements High Performance Culture: Empower people through trust, responsibility, transparency and accountability Vision To become Number One G-to-C Service Provider in the World Partnering with Governments Across the Globe Provide a flawless customer journey both in the nation and on a global scale ■ Accelerate towards a Digital Organisation and adhere to advanced security and privacy measures Adaptable to new trends and be responsive to demands of the domain ▪ Make the application process hassle-free for every customer – so Governments can focus more time on being productive Identify key opportunities to derive growth to benefit contributing to each country's national security, economic prosperity and cohesive multicultural society TM Corporate Presentation November 2017 | 16#17Milestones Proven track Record of sustainable growth " Received first visa application processing order from the Portuguese Embassy in New Delhi (India) " BLS INTERNATIONAL TM Started operations for Indian Embassy in Spain, Kuwait, Sudan and Russia Commenced operations for Indian Embassy in Saudi Arabia and Singapore ■ ☐ Consulate General of India in Hong Kong High Commission of India in Kuala Lumpur (Malaysia) Embassy of Hungary Baku (Azerbaijan) UAE Manpower Contract Embassy of Bangladesh India Consular Services ப Commencement of Consular Services (ROSC) in Abuja (Nigeria) and Beirut (Lebanon) ☐ Citizen Services Contract from the Embassy of Afghanistan 2005 2006-07 2008-10 2011 2012 2013-14 2015 2016 2017 ◉ Commenced operations for the embassies of Austria, Belgium, Greece, Romania and Tunisia in India Started VACs for Indian Embassy in UAE along with other Indian Mission's VACS in South Asian countries Initiated foreign missions abroad (4 missions for an EU country) ■ Listed on NSE and BSE " Awarded Punjab e- Governance Project Awarded 1st Global Visa ■ contract for Major Schengen Country - Spain ■ Added 7 Indian missions abroad including high volume locations of US and Canada Corporate Presentation November 2017 | 17#18Global Footprint Over 12 years of delivering diversified services to the global government client base Visa and Consular Services BLS INTERNATIONAL Indian Mission " Austria " Norway ■ Afghanistan ◉ Oman Algeria India Indonesia " Canada " " Pakistan Armenia Philippines " Iran " Poland Austria Iraq China Dubai Hong Kong " ■ Azerbaijan Qatar " Ireland Lithuania Oman Philippines Poland Russia Singapore Bangladesh ◉ Ivory Coast Bolivia Jordan ◉ " Belarus Senegal " Cameroon Kazakhstan Kenya " Canada Kuwait " China Dominican Republic Lebanon Thailand Tunisia " Lithuania Ecuador ◉ Egypt " " Equatorial Guinea Ghana " Great Britain Hong Kong ◉ Malaysia Mauritania Morocco Nepal Nigeria Norway UK " Ukraine USA " " Russia Saudi Arabia Singapore • South Africa Turkey ☐ UAE Uzbekistan Vietnam Malaysia Apostille & Attestation Ministry of External Affairs, India Embassy of UAE, in India Embassy of State of Kuwait High Commission of Malaysia Front End / Citizen Services Punjab State e-Governance Services (Govt. of Punjab) Embassy of Afghanistan Presence across 58 Countries* and Growing... Strong Brand Recognition Globally * Emirates have been counted separately TM Corporate Presentation November 2017 | 18#19Application Centres Well-managed offices with an infrastructure-on-lease being the cornerstone of operations 12 BLS INTERNATIONAL 2,320 Offices across the world working for governments / diplomatic missions (500-20,000) sft. Office area range ■ Strategically located at central locations, in close proximity to the concerned missions, government departments and city centres Easily accessible by all means of public transport ■ All premises are secured through best-in-class electronic and physical security ■ measures Maintained and operated by BLS Physical infrastructure lease based, except for Punjab offices, wherein it is provided by the client BLS 2 3 BLS INTERNATIONAL TM Corporate Presentation November 2017 | 19#20High Barriers to Entry High entry barriers enabling only the select players to meet all the pre-qualification criteria Strategic Capabilities Required Domain Experience (Multi-Client/Country/ Counter experience) Outstanding Credentials Required Strong Financials - (Minimum Net Worth & Annual Turnover Required) Security & Compliance (Secure Daily Purging/Web Security/Biometric/Physical) Technological Innovation (Continuous technical evolution) Agility (Fast cycle adaptability /Integrated process flow) Service Excellence (Hospitable approach /Customer service experience /quality audits) Global Reach (Swift global resource deployment/Ethnic understanding) State-of-the-art Offices (Physical centres with robust security measures) Product Suite (Comprehensive consular offerings/application software) Skilled Teams (Well trained in CRM, IT systems and high team productivity) Top Light Management (Quick implementation turnaround/ matrix authority structure) 360 Degree Solutions (End-to-end integrated service, software and security portfolio) BLS INTERNATIONAL Corporate Presentation November 2017 | 20 TM#21BLS Competitive Advantage BLS at significant advantage and prequalified to bid for all the contracts in the pipeline BLS INTERNATIONAL Highly Experienced ■ Over 12 years of experience, presence across 58 countries and 29 government clientele Managing 2,320 application centres Tremendous multi-country, multi- counter domain expertise which is one of the key qualifying criteria for such high profile contracts Strong Financial Position ■ Listed company with robust corporate governance ethos ◉ High net worth and robust balance sheet with very low debt ■ Continuous topline growth and margin expansion ■ Positioned as a prequalified bidder ■ ■ Key Focus on Security & Compliance Highest level of security measures in compliance to the rules prescribed by the clients Secured IT servers, advanced electronic systems, encrypted biometric data and data backup facility across all offices Stringent electronic and physical measures to secure all premises/assets Investing in Technology Regular investment in technological advancement to provide need-based, customised solutions to the clients ■ Strong technology deployment helps effectively manage the high volume workflows Regular technical quality checks Agile Proprietary Processes Fast-cycle adaptability with one of the leanest and most agile proprietary process Efficiently manage the complex workflows for large volumes of applications Integrated scheduling and processing systems ensure quick turnaround times Service Excellence ■ Certified ISO 9001, ISO 23026:2015, and ISO 27001 - Regular surveys conducted to evaluate customer satisfaction Regular internal audits also undertaken to ensure adherence to quality control systems TM Corporate Presentation November 2017 | 21#22BLS Competitive Advantage Highly integrated and differentiated value proposition has been a key success driver BLS INTERNATIONAL Global Reach ■ Present over 58 Countries and been fulfilling dynamic requirements of clients across various geographies ■ Wide location access enables response consistency and process efficiency ■ Four Global Training Centres (GTCs) to manage swift resource deployment and business efficiency across the regions State-of-the-art Consular Offices ■ VACS located at central locations ■ In close proximity to the concerned missions, government departments and city centres ■ All offices are customized to the ethnic, religious and cultural sensitivities of each region Comprehensive Product Suite Comprehensive and differentiated suite of consular services ■ Also, includes application softwares and financial modules Digital landscape capable to deliver more products and solutions as operations are expanded Skilled Teams Development programs focusing on CRM, technology and managerial skills. Highly experienced in Customer hospitality service Talented global teams successfully creating solutions for diverse challenges Strong emphasis on team productivity Top Light Management ■ Decision making delegated to centre heads, with full responsibility and accountability Performance driven culture ■ Non hierarchical management structure enables faster decision making ■ Best turnaround times in the project implementation 360 Degree Solutions ■ Global training and resource deployment platform - Quality service, fast turnaround time and highly secured solutions ■ Trained teams with process driven approach ■ Customised high impact solutions TM Corporate Presentation November 2017 | 22#23Awards - Industry Recognition TALLE BLS INTERNATIONAL One of the most celebrated companies in Consular and Citizen outsourcing services globally AMA'S BES OYER Y BREND CMO 1 ASIA CM ASI AWS *** Best Visa Service Provider Award 2017, Dubai Recognised by The Middle East Travel and Tourism Leadership Awards 2017 organised by "Gulf Cooperation Council Africa Leadership Excellence" in October 2017 TRAVELLER WELLER Test be 2 Best Visa Service Provider Award 2017, New Delhi Recognised by "Today's Traveller Award" in July 2017 Best 3 Workplace Practices Award 2017, Singapore Recognised by "CMO Asia Best CSR Practices Award" for "Best Workplace Practices" in August 2017 TM Corporate Presentation November 2017 | 23#24BLSⓇ INTERNATIONAL 3. Integrated G2C Services#25Visa, Passport and Consular Services Visa/Passport applications outsourcing and technology services specialist Managing administrative and non-judgemental tasks for the government clients Visa Processing Consular Services E-Visas Passport Services Biometric & Identity Management PASSPORT BLS INTERNATIONAL Verification & Attestation TM PASSPORT VISA Establishing and Managing dedicated Visa Application Centers (VACs) Offers Passport services incl.: VACS managed by trained staff ◉ ◉ Receive visa applications and disseminate information Capture data digitally ■ & physically ◉ Biometric scans ◉ Schedule interviews Conduct financial reconciliation ☐ Issuance, renewal and correction of passports Accepts applications for OCI/PIOS as well Government contracts for Machine Readable Passports (MRPs) Other Consular services offered: Associated documents, national identification cards and renunciation of citizenships Notarial services Online system to provide e-visa services including: ◉ ■ ■ Allows applying for visas online Online payment gateway Obtain confirmation letters Notifications via e- mail/text message Supported with a corresponding government inspection solution Renders the following services pertaining to Passport: ☐ Issuance of fresh Passport Renewal of Passport ■ Alteration of name/address in Passport " Damage lost Passport Application etc. Exceptional capabilities to provide: Complete range of background verification services along with biometric solutions Collection of finger prints, facial photo, retina scan, etc. with/without passport processing Manage documentation, VC facilities, authentication & reporting services Skilled pool of trained experts who: " Accept documents on behalf of the of the Govt. and facilitate the Ministry Attestation / Apostille process Extend value added services including translation, state attestation services, etc. Corporate Presentation November 2017 | 25#26Value Added Services BLS also offers a range of value added services for travellers' convenience Standard Services Premium Services BLS INTERNATIONAL TM Platinum Services T Photocopy Premium Lounge Travel Desk Email/Printing Mobile Biometrics Ti Courier Services Form Filling Translation Services Call Center Prime Time Visa Appointment Internet Facility SMS Alerts Insurance Help Desk Other premium services include: Video Conferencing for Interviews, Video Visa Consultation, Kids Section Walk-In Without Appointment Other Platinum Services Include: Keep My Passport Service, On-Demand Mobile Visa, Super Priority Visa Corporate Presentation November 2017 | 26#27Front End and Citizen Services Capitalising upon the existing operational expertise to expand into Citizen Services BLS INTERNATIONAL TM Citizen Services - Global Dynamics¹ Governments around the globe are focusing upon delivering Citizen Services through centralized centres/online platform Driven by unique expertise to process millions of applications globally, BLS further diversified to 'Front End and Citizen Services' which complements the core consular service process As part of the Company's long-term strategy, continuing to build Citizen Service ecosystem that is aligned to our existing technology platform Enabling BLS to further consolidate its position into the niche Citizen services space, which is one of the most emerging businesses across the world Key Contract wins include: ■ Citizen Services Contract from the Embassy of Afghanistan e-governance contract from the Government of Punjab, India Source: 1. United Nations e-Governance Report 2016 2. Digital India website (Government of India) Citizen Services Overview - India² ■ Under the ambit of Digital India, the Indian Government has taken several initiatives, towards digitizing Citizen Services Aimed at providing electronic services to every citizen ▪ 44 Mission Mode projects covering a wide range of domains such as land and agri, health, education, passports, police, courts, commercial taxes, treasuries etc. Computerization of departments and roll out of the centres by delivering IT infrastructure, software, manpower and operation for 5-10 years tenure (depending upon the contractual terms) Vision of Digital India encompasses: Digital Infrastructure as a Core Utility to Every Citizen Governance and Services on Demand Digital Empowerment of Citizens Corporate Presentation November 2017 | 27#28Typical Process Flow for G2C Services Agile, secure and highly scalable systems and processes developed over the years E-Application Physical submission Last Mile Delivery Consular Citizen Services L STEP 1 Information STEP 2 Submission STEP 3 Data Capture Enquiry Reception & Management BLS INTERNATIONAL TM STEP 4 Biometric Data Collection, if Applicable STEP 5 Verification, Processing and Approval 1 STEP 9 Retrieval Consolidation & Passback, if applicable STEP 8 Data Procession at the Mission / Document Printing at Sewa kendra STEP STEP 7 Transmission of Data to the Mission / SSDG Sewa Kendra STEP 6 Quality Check Consolidation of Reports Corporate Presentation November 2017 | 28#29Operations Team Structure Key emphasis on employee skill development aligned to the global industry practices Operations Head Regional Head Country/District Head Operations Team/HR - Head Projects and Training Centre Heads ☐ BLS INTERNATIONAL Focused training on CRM and technical skills as well as managerial capacity building ■ Global resource pool of 9,000+ employees ■ All the employees recruited during the quarter have received the best-in-class induction and orientation training Strong foothold in local legal compliances and staff retention ■ Well organized and pre-defined hierarchy ■ Attractive retention policies, local hiring and deployment Completely automated and computerized HR process Head Finance / Admin Submission Officers - Head Quality and Audit Back Office Staff Head Security (IT & Physical) Runners Head - Legal / Compliance Security Guards 4 GTC (Global Training Centers) зво .、 One Dedicated Team (Global Resource Pool) 9,000+ Trained Employees (On-Roll + Associates) Corporate Presentation November 2017 | 29 TM#30BLSⓇ INTERNATIONAL 4. Key Contracts - Recent Wins#31BLS INTERNATIONAL Spain Global Visa Contract - Gateway to EU BLS is the first Indian company to secure a visa outsourcing contract from a major EU nation Note: Signing of the Visa Outsourcing Contract¹ Key Contract Highlights Awarded a contract from the Ministry of Foreign Affairs and Cooperation, Spain (Spain MAEC)* with a value of €175 million Opened 118 visa application centers to support the embassies and consulates of Spain around the world 1st Global Contract for Major Schengen Country to any Indian Company €175 mn Estimated Contract Value 43+ Embassy Consulate Operations 118 Consulate Offices (VACS) Opened 1.8 mn Average Annual Applications to be processed 1,300+ Global Employees Added (On-roll associates) 1. BLS International Services Ltd entered into contract with Spanish Government on 12th December, 2016 for global visa processing TM Corporate Presentation November 2017 | 31#32Punjab e-Governance Project - India Rolled out Punjab Citizen Services (e-governance) Project in a record time of three months ਸੇਵਾ ਕੇਂਦਰ GEWA KENDRA BLS INTERNATIONAL ■ ☐ Awarded the Punjab e-Governance project, India's largest Citizen Services project under the Right to Service (RTS) Act in FY2015-16 Contract was secured from the Punjab e-Governance Society through a highly competitive process All government services to be provided through a single window system ☐ BLS would be delivering more than 223 services to the people of Punjab across 22 districts Partnering with Market Leaders hp ר rrandstad ◉ ◉ BLS will collect government fee and service charges upfront along with the applications Physical infrastructure provided by PSEGS; IT infrastructure and manpower to be supplied by BLS All utility bills to be deposited through these Citizen Service Centers (CSCs) All transactions, facilities, manpower requirement and consumables to be optimised and managed 134 Citizen Services offered as on 30th Sept 6.6 mn Applications processed as on 30th Sept 2.3 mn Applications processed during FY2016-17 Note: 1. 2. CP PLUS enhancing vision EMERSON. All Information as per RFP available at (http://www.dgrpunjab.gov.in/) Centers are constructed by Government and operated by BLS 22 Districts covered 2,147 Citizen Service Centres 223 Total service to be delivered TM Corporate Presentation November 2017 | 32#33Citizen Services Contract - Afghanistan in Gulf Countries Reinforced as a Global Market Leader in the Citizen Services domain BLS INTERNATIONAL Awarded a Citizen Services contract from the Embassy of Afghanistan worth USD 5.0 million for the five Gulf countries on 20th June, 2017 Citizens Service Centers (CSCs) to be located across the five Gulf countries including UAE, Kuwait, Oman, Bahrain and Qatar for the nationals of Afghanistan Opened 8 CSCs in a very short span of 30 days, to support the Embassy of Afghanistan and Consulates General of Afghanistan Key highlight is the processing of over 0.2 million applications through eight CSCs for the Afghans citizens all over UAE, Kuwait, Oman, Bahrain and Qatar, till date Spectrum of Citizen Services under this contract include: Accepting documents on behalf of Ministry Attestation Apostille services Biometric Data Collection with/without passport Value Added services like Translation, etc. TM Corporate Presentation November 2017 | 33#34Citizen Services Contract - Afghanistan in Saudi Arabia Reinforced as a Global Market Leader in the Citizen Services domain الم الفن úlist 20 ADLONIN BLS INTERNATIONAL Awarded a Citizen Services contract from the Embassy of Afghanistan for Saudi Arabia in September, 2017 As per the contract, BLS international will open Registration Centers in Saudi Arabia for The Embassy of the Islamic Republic of Afghanistan. This contract has been signed to provide efficient and well-organized services to Afghan citizens who are living in Saudi Arabia. The company will be processing about 200,000 applications through mobile centre for registration apart from registration centres in the region. Spectrum of Citizen Services under this contract include: Accepting documents on behalf of Ministry Attestation Apostille services Biometric Data Collection with/without passport Value Added services like Translation, etc. TM Corporate Presentation November 2017 | 34#35BLSⓇ INTERNATIONAL 5. Directors and Leadership Team#36Board of Directors Strong corporate governance standards BLS INTERNATIONAL Mr. Nikhil Gupta Managing Director Mr. Shikhar Aggarwal Joint Managing Director Mr. Karan Aggarwal Executive Director Mr. Sarthak Behuria Independent Director A Chartered Accountant by profession, with over 35 years of experience in audit, consulting, finance and leadership roles in both MNCs and Indian conglomerates. Prior to joining BLS, he served as the Managing Director and CEO of a manufacturing company for over a decade, where he was instrumental in its turnaround and subsequent multifold growth to become an industry leader. He has also been formerly associated with Price Waterhouse Coopers, Novartis India, Raychem RPG and RPG Cables. Holds Economics (Hons) from Delhi University and is an Associate Member of the Institute of Chartered Accountants of India (Merit List). Has been associated with the Company since 2014 and looks after various verticals of the Company. A young, vibrant and dynamic professional, he holds a Bachelor's degree from Delhi University. In a very short span of time, his proactive initiative-taking strategy has helped take the business operations to a new level. He is actively managing all international operations and is also instrumental in Business Development for new international projects. Has joined the board of the Company during FY2016-17. He has a decade long experience across diverse fields including Finance, Management, Administration and Human Resource. He has spearheaded various organizations including BLS Polymers, BLS Ecotech, BLS International and was instrumental in setting up three green field textile projects in group companies of BLS. Graduated in Finance & Management from University of Bradford, UK and has completed a specialization course in Finance from Harvard University. Has been superannuated from chairmanship of Indian Oil Corporation, India's largest commercial enterprise. Prior to Joining Indian Oil, he was Chairman and Managing Director of Bharat Petroleum Corporation Ltd (2002-2005). He was also Chairman (part-time) of Chennai Petroleum Corporation and Bongaigaon Refinery & Petrochemicals. He is currently associated with Adani Group, heading the LNG and LPG business of the Group. He has been conferred the Honorary Fellowship of Energy Institute, UK. An alumnus of St. Stephen's College, Delhi University and the Indian Institute of Management (IIM) Ahmedabad. TM Corporate Presentation November 2017 | 36#37Board of Directors Key emphasis on independence and transparency of the board BLS INTERNATIONAL Mr. Surinder Singh Kohli Independent Director Holds Bachelor's degree in Mechanical Engineering from Banaras Hindu University, CAIIB and Diploma in Industrial Finance from Indian Institute of Bankers. He is highly experienced, holding accredited position in various organisations of repute. Throughout his career Mr. Kohli has excelled in various fields and has been awarded with various honours some of them are mention hereunder: Ranked 22nd in the list of India's Best CEO's ranking over the period 1995 to 2011, by the Harvard Business Review Awarded the Wharton-Infosys Ltd. "Enterprises Transaction Award of Technology" Received the "Best Bank Award" for excellence on promotion of Kishan Credit Card scheme IBA for the year 2002 Received the "Golden Peacock Award" for Excellence in Corporate Governance for the year 2001-2002 Conferred B.H.U. Distinguished Alumni's Award 2003 Mr. Ram Prakash Bajpai Independent Director Currently, is the Chancellor of Vel Tech Technical University, Chennai. He has been Director/distinguished Scientist at Central Scientific Instrument Organization, Chandigarh. He has experience of more than 50 years in electronics, microelectronics, material science, nanoelectronics and optoelectronics and has held high profile government positions in the past. Holds a Doctorate degree from IIT Delhi and D.S.C. from Hokkaido University, Japan Ms. Shivani Mishra Independent Director Has wide experience of over seven years in the field of Finance & Accounts. Holds a Master's degree in Commerce and Master's in Business Administration TM Corporate Presentation November 2017 | 37#38Leadership Team Transcending next phase of growth, steered by the ingenious and experienced leadership Mr. Ajay Milhotra, Chief Financial Officer BLS INTERNATIONAL Has over 25 years of work experience and worked as a Chief Financial Officer, for various high profile listed and private companies. He specializes in the diverse areas of finance including accounting, strategic planning, investor relations, corporate law, taxation, governance, risk & etc. Working as a CFO, he managed global funds, while being an integral part of the debt raising and IPO initiatives. He has worked for Indian and globally listed organisations such as Dion in the IT sector, UCP and Homex in the real estate and construction sectors. He has also developed a unique set of skills in M&A and international budgeting, with a track record of transferring these skills cross industry. Holds Bachelor of Commerce (Hons.) from the University of Delhi, is a qualified Chartered Accountant, a qualified Company Secretary, and an MBA from University of Birmingham, UK. Mr. Jitendra Sahu, Senior Vice President Responsible for managing operations and key relationships across geographies, focusing on growth and expansion in new markets. Over 16 years of experience in operations and global projects, in countries like France, UK, Switzerland, Australia, Thailand and India. Mr. Merzban Majoo, Senior Vice President - Global Operations With more than 25 years of experience, he is responsible for managing the global operations of the Company. With his innovative ideas for enhancing employee productivity and customer satisfaction, BLS has achieved a benchmark in Operational Efficiency. Ms. Charu Khosla, Senior Vice President Business Development Responsible for managing and leading BLS International business across geographies, focusing on Strategy, Operations, Business Development and managing Key Client and partner relationships. TM Corporate Presentation November 2017 | 38#39Leadership Team Transcending next phase of growth, steered by the ingenious and experienced leadership BLS INTERNATIONAL Mr. Gautam Aggarwal, Chief Human Resources Officer A conscientious HR professional with 15+ years of experience in the realm of creating an impacting blend of HR & Business to cause effective Business HR Partnering. His major stints were with DSM Sinochem Pharmaceuticals (A Dutch-Chinese JV) as Director HR & OD - AMEA and Wrigley's (US MNC) as Head Business HR while his total experience pans industry sectors like Pharma, FMCG / Retail, Telecom (Services & Infrastructure) and Manufacturing. - He brings strong experience in Strategic HR, driving change and growth. Ms. Vaishali Sharma, Head Corporate Communications In a career spanning over 11 years, she has amassed functional skills in the areas of sales, marketing, communications and branding working across different industries in different capacities. She is responsible for spearheading all the communication channels (external and internal) at BLS International. She has an innate flair for advertising and inspires creative teams to deliver outstanding work. She is a professional wearer of many hats and has worked with versatile companies naming, G4S, Convergeys, Paharpur Group and SLCM. TM Mr. Prabal Banerjee, IT Head Has more than 15 years of experience in the field of Information Technology and leads an expert team of Software Developers and Database Engineers, who are instrumental in setting up the IT infrastructure and deploying the software application successfully Mr. Vicky Jain, Operation Head - Call Center Operations Possess 22 years of experience while working with companies like Convergys, Serco and Spice. He is a certified continuous improvement green belt with expertise in the field of contact center operations, client relations and business process optimization. He is leading the global contact center operations and plays a major role in customer experience. Corporate Presentation November 2017 | 39#40BLSⓇ INTERNATIONAL 6. Performance Review#41Excellence driven Performance Value creation through enhanced transparency and accountability BLS INTERNATIONAL Audit and Transparency Deploy strong governance ethos whereby increasing transparency between the audit committee, the auditor and the public is of key importance ■ All BLS offices worldwide are audited through the network of HLB International UK, an international forum of independent accounting firms adhering to best-in- class global standard practices Formed in 1969, HLB International is present across 140 countries through its member firms, in over 660 offices and well recognised for highest quality standards ■ All member firms to maintain utmost transparency, with most of the chosen members ranked among the top 12 nationally, at countries of their origin ■ HLB Hamt, member of HLB International, is the Global Audit Partner of BLS (Excl. India) HLB Hamt is one of the leading accounting firms and an ISO 9001:2008 and ISO/IEC 27001:2005 certified Organization ■ S.S. Kothari Mehta & Co., the Statutory Auditors in India, are also the member of HLB International EY - Business Transformation ■ Ernst Young (EY) is advising BLS, to bring in best global practices on Corporate Governance Aspire to be amongst the best managed (run) companies - ensuring sustainability of efficiency in operations and capital efficiency ■ To align operating processes as an enabler to growth and profitability, EY to develop Standard Operating procedures (SOPs) 'Business and Governance' SOPs are the key identified areas of transformation ■ Change management initiative adopted with an objective of aligning People, Process, Technology and Transparency to the overall corporate strategy and vision TM Corporate Presentation November 2017 | 41#42BLS INTERNATIONAL Operational Performance Consistent increase in volumes driven by an increasing customer base and new contract wins Note: 1. 0.9 Annual Trend CAGR of 46.1% 2.0 1.6 1.5 Total Applications Count (Million) 4.1 0.47 Quarterly Trend 538.2% 3.011 FY2013 FY2014 FY2015 FY2016 FY2017 Q2 FY2017 Q2 FY2018 Including Citizen Services application count TM Corporate Presentation November 2017 | 42#43BLS INTERNATIONAL Quarterly Result Highlights Significant increase in operating profile driven by higher volume of applications processed Revenue (Rs. million) 21.5% Gross Profit (Rs. million) 141.7% EBITDA (Rs. million) 238.9% Net profit (Rs. million) 197.2% Y-o-Y Growth 23.6% 1,874 38.5% 1,542 14.3% 5.9% 19.4% 8.5% 442 722 268 299 130 90 Q2 FY2017 Q2 FY2018 Q2 FY2017 Gross Profit Q2 FY2018 Gross Margin Q2 FY2017 EBITDA Q2 FY2018 EBITDA Margin Q2 FY2017 Net Profit Q2 FY2018 Performance Discussion Q2 FY2018 Net profit Margin ■ Revenue increased by 21.5% y-o-y to reach Rs. 1,874 million from 1,542 million same quarter last year. Topline growth is mainly driven by revenue contribution from the Spain MAEC contract and the Punjab e-Governance project Spain MAEC and Punjab project were operationalized last quarter, continuing to add considerably to the Company's revenues during Q2 FY2018 ■ EBITDA increased by 238.9% y-o-y while margins were up to 23.6% from 8.5% same period last year. This is on account of overall revenue growth coupled with strategic cost optimization ■ Net profit margin up to 14.3% from 5.9% same quarter last year TM Corporate Presentation November 2017 | 43#446M (YTD) Result Highlights Topline and profitability growth with a significant margin expansion Y-O-Y Growth Revenue (Rs. million) 37.1% 2,795 6M FY2017 3,831 6M FY2018 BLS INTERNATIONAL Gross Profit (Rs. million) and Margin (%) 166.9% 38.2% 19.6% 548 6M FY2017 1,462 6M FY2018 EBITDA (Rs. million) and Margin (%) 305.9% 23.0% Net profit (Rs. million) and Margin (%) 243.5% 14.6% 7.8% 217 881 6M FY2017 6M FY2018 5.8% 163 6M FY2017 559 TM 6M FY2018 Corporate Presentation November 2017 | 44#45Annual Financials Trend Topline and profitability growth with a significant margin expansion Revenue (Rs. million) 5 yr. CAGR: 39.9%; FY2017 Growth: 26.1% y-o-y 6,373 5,055 4,504 3,860 1,662 BLS INTERNATIONAL Gross Profit (Rs. million) and Margin (%) 5 yr. CAGR: 43.5%; FY2017 Margin: up 8.3 pps y-o-y 24.0% 26.6% 18.7% 18.4% 18.2% 1,695 721 828 922 399 FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017 EBITDA (Rs. million) and Margin (%) 5 yr. CAGR: 52.8%; FY2017 Margin: up 5.9 pps y-o-y 13.3% 9.4% 847 7.4% 6.5% 6.5% 372 250 291 155 Net profit (Rs. million) and Margin (%) 5 yr. CAGR: 37.1%; FY2017 Margin: up 1.7 pps y-o-y 8.5% 7.8% 6.1% 5.3% 5.2% 500 309 205 236 141 FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017 TM Corporate Presentation November 2017 | 45#46BLS INTERNATIONAL Key Annual Ratios Attractive returns with continuous operational cash flows increase Return on Equity¹ (%) FY2017 ROE up by 4.7 pps y-o-y Return on Capital Employed² (%) FY2017 ROCE up by 1.7 pps y-o-y Note: 1. 2. 3. 62.2% 44.3% 33.3% 35.2% 30.5% 63.4% 46.5% 32.6% 29.9% 31.6% FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017 Earnings per Share³ (Rs.) 5 yr. CAGR: 37.1%; FY2017 Growth: 61.8% y-o-y 30.17 23.02 19.97 13.78 FY2013 FY2014 FY2015 48.80 Operating Cash Flows/Net Profit (x) Continuously increasing earnings and quality of profit 1.1x 0.6x 0.5x 0.6x 1.8x FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017 Return on Equity = Net profit/ Average Shareholder's Equity Return on Capital Employed = EBIT/ Average Capital Employed EPS figures are pre stock split. Stock split was recorded on April 27, 2017 TM Corporate Presentation November 2017 | 46#47TM BLS INTERNATIONAL Leverage Position Significantly low leverage coupled with asset light model resulting in strong financial position Asset profile¹ Particulars (Rs. million) Sep 2017 Mar 2017 Mar 2016 29.4% 27.7% 25.7% 23.0% 3,871 Short Term debt 524.9 351.2 2,968 1,034 1,371 Long Term Debt 454.3 487.0 41.3 FY2015 FY2016 FY2017 979.2 838.2 41.3 Total assets (Rs. mn) 6M FY2018 (LTM) Return on Assets (%) Total Debt Less: Cash & Cash 1,016 664.8 425.9 Equivalent Net debt Per Share² - Net Worth and Cash (Rs.) 21.6 16.1 11.6 9.9 6.5 4.2 (36.9) 173.4 (384.6) 8.2 Net Worth 2,210.0 1,646.6 1,188.5 5.7 0.8 1.5 Debt/Equity (x) 0.44x 0.51x 0.03x FY2014 FY2015 FY2016 ■BV/Share (Rs.) Note: 1. Return on Assets = Net profit / Average Total Assets; LTM = Last Twelve Months 2. Figures are adjusted for the stock split. Stock split was recorded on April 27, 2017 FY2017 6M FY2018 ■Cash/Share (Rs.) Corporate Presentation November 2017 47#48Shareholders Information Consistently outperforming the broader market indices Shareholding Profile (As of Sep 30 2017) Summary of Quarterly Financials BLS INTERNATIONAL TM Others 19.5% Consolidated Profit & Loss Statement (Rs. million) Q2 FY2018 Q2 FY2017 DIIS 2.0% FIIS 4.3% Promoters 74.2% Revenues Net Sales Income from Operations Other Operating Income Total Revenue Gross Profit Expenses Cost of Services Consumed 1,865 8 1,874 1,536 6 1,542 722 299 1,152 1,243 Employee Benefit Expenses 126 98 Other Expenditure 154 70 Total expenses excl. D&A 1,432 1,412 EBITDA 442 130 Dividend Profile FY2016-17 Depreciation and Amortisation Expenses 102 23 EBIT 339 107 Other Income 0 0 Finance Costs 28 8 Total Dividend Particulars of Dividend Par Value (Rs. per share) Dividend Declared (% of Par Value) PBT - Pre Exceptional 311 99 Amount Exceptional Item 0 0 (Rs. per share) PBT 311 99 Tax Expenses 43 9 Interim Dividend Final Dividend 10 5.0% 0.50 PAT before Minority Interest 268 90 Minority Interest 0.24 0.04 PAT net of Minority Interest 268 90 10 30.0% 3.00 Basic EPS (Rs) 2.62 0.88 Margins (%) Gross Margin 38.5% 19.4% Total 35.0% 3.50¹ EBITDA Margin 23.6% 8.5% PAT Margin 14.3% 5.9% Note: 1. Pre dividend distribution tax Corporate Presentation November 2017 | 48#49Summary of Annual Financials BLS INTERNATIONAL TM Consolidated Profit & Loss Statement (Rs. million) FY2013 FY2014 FY2015 FY2016 FY2017 Revenues Net Sales Income from Operations Other Operating Income 1,660 3,856 4,500 5,050 6,350 2 4 4 5 23 Total Revenue Gross Profit Expenses Cost of Services Consumed Employee Benefit Expenses 1,662 3,860 4,504 5,055 6,373 399 721 828 922 1,695 1,263 3,139 3,676 4,132 156 331 351 329 4,678 417 Other Expenditure 87 140 185 221 431 Total expenses excl. D&A 1,507 3,610 4,213 4,682 5,526 EBITDA 155 250 291 372 847 Depreciation and Amortisation Expenses 11 35 51 55 260 EBIT 144 215 240 317 587 Other Income 0 0 0 0 0 Finance Costs 0 7 1 3 55 PBT - Pre Exceptional Exceptional Item PBT Tax Expenses PAT before Minority Interest Minority Interest 144 208 239 314 532 0 0 0 0 0 144 208 239 314 532 2.9 3 3 5 32 141 205 236 309 500 0 0 0 (0) (0) PAT net of Minority Interest 141 205 236 309 500 Basic EPS (Rs) Margins (%) Gross Margin 13.78 19.97 23.02 30.17 48.80 24.0% 18.7% 18.4% 18.2% 26.6% EBITDA Margin PAT Margin Note: 1. Calculated EPS is pre stock split. Stock split was recorded on April 27, 2017 9.4% 6.5% 6.5% 7.4% 13.3% 8.5% 5.3% 5.2% 6.1% 7.8% Corporate Presentation November 2017 | 49#50Summary of Financial Position BLS INTERNATIONAL TM Source of Funds Consolidated Balance Sheet (Rs. million) 1H FY2017 FY2018 Application of Funds 1H FY2016 FY2017 FY2016 FY2018 Fixed Assets 653 784 242 Net Worth 2,210 1,647 1,188 Other Non-Current Assets 332 311 21 Share capital 104 104 103 Trade Receivables 1,333 597 22 Reserves & Surplus 2,106 1,543 1,085 Cash & Cash Equivalents 1,016 665 473 Total Debt 979 838 40 Other Current Assets 537 611 613 Long Term Debt 454 487 40 Less: Trade Payables 199 130 68 Short Term Debt 525 351 0 Less: Other Current Liabilities 468 326 64 Other Non-Current Liabilities 14 26 11 Net Current Assets 2,218 1,416 976 Total Sources of Funds 3,203 2,511 1,240 Total Application of Funds 3,203 2,511 1,240 Corporate Presentation November 2017 | 50#51BLS INTERNATIONAL TM BLS International Services Ltd. Corporate Office: 912, Indra Prakash Building, 21, Barakhamba Road, New Delhi - 110001 (India) Phone: +91-11-43750006, 43760006 Fax: +91-11-23755264 E-mail: [email protected] [email protected] For further information, please contact: Vaishali Sharma Head-Corporate Communications [email protected] +91 11 23716531 Karish Manchanda Churchgate Partners [email protected] +91 22 6169 5988