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Spice Mobility Limited Chairman’S Statement

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Spice Mobility Limited Chairman’S Statement Contents 02 Chairman’s Statement 05 Company Information 06 Board of Directors 09 Board’s Report 15 Management Discussion & Analysis Report 19 Corporate Governance Report 32 Secretarial Audit Report Financial Statements: 52 Independent Auditors’ Report 56 Balance Sheet 57 Statement of Profit & Loss 58 Cash Flow Statement 60 Notes to Financial Statements Consolidated Financial Statements: 85 Independent Auditors’ Report 90 Balance Sheet 91 Statement of Profit & Loss 92 Cash Flow Statement 94 Notes to Financial Statements Statement containing Salient Features of the 132 Financial Statements of subsidiaries/associates/ joint ventures (Form AOC-1) Spice Mobility Limited Chairman’s Statement Dear Shareholders, be addressed by the introduction of ultra-low cost smartphones with vernacular interfaces It’s a great pleasure to present our annual and content. report to you all as we close yet another eventful year for your company. Market Dynamics: Smartphones driving mobile internet economy Mobile devices drive the next wave of growth for internet in India According to the Indian Cellular Association, the Indian handset market is projected to Mobile handsets have always played reach an overall volume of over 305 million an integral role in the socio–economic handsets in 2015 and smartphone sales are development and transformation of a country, projected to touch 200 million handsets opening new channels of communication and by 2020. According to a mobile consumer transaction for the general public. Reduction survey conducted by Deloitte, almost 64% of handset prices and increased affordability of the respondents are likely to purchase a of data services have spawned a huge mobile smartphone over the next 12 months. internet population in India, thereby opening up a parallel mobile internet economy The mobile landscape in India is steadily through e-commerce and mobile apps. shifting towards smartphones, aided rapidly Apart from serving primary communication by the availability of high quality smartphones needs, mobile phones now are being used by Indian handset manufacturers and for e-commerce and banking transactions, the rollout of 3G services across India. payments, social networking, messaging and Smartphones offer a compelling user as multimedia tools. experience through access to social media, e-commerce, multimedia content, emails and As per a recent industry report, India is now internet. Entry of smartphones has diversified the third largest smartphone market in the the revenue streams for telecom players, world and the fastest growing market in Asia enhancing their data revenues significantly Pacific, slated to reach 314 million mobile over the past few years. Adoption of 3G internet users by 2017. Currently, more than services has increased exponentially in the 65% of the total internet users in India access country, with preparations underway for the the internet through their mobiles, surpassing rollout of 4G services this year. even China and United States’ mobile internet population. Even though India has the third The primary driver for the growth of largest internet population globally, the smartphones in the last few quarters has been overall internet penetration in the country an increasing proliferation of mobile apps stands at only 19%, compared to 46% in for social networking, instant messaging, China and 86.8% in the United States. This gaming, lifestyle and e-commerce. According presents a significant opportunity for growth to a Deloitte report, about 9 million apps will of mobile internet, especially in the rural be downloaded in India in 2015, more than section of the population. This segment can 5 times the number of apps downloaded in 2 | Spice Mobility Ltd. Annual Report 2014-15 | 3 Chairman’s Statement 2012. E-commerce firms are observing more services and spread across MCommerce, than half of their traffic being generated MHealth, social networking, video streaming from mobile apps, as is also the case for and enterprise VAS solutions. According to aggregator services across transport, grocery an industry report, the MVAS (Mobile VAS) delivery, healthcare etc. These fast rising market is expected to almost double to USD internet companies are driving big valuations, 9.5 Billion by 2015. confident of future market potentials aided A look at last year by the forecasted increase in mobile internet penetration in the country, forming the The company has focused strongly on backbone of their revenue models. According increasing revenues in the past one year to the report, Indians are spending an through various initiatives such as enhancing average of 3 hours and 18 minutes daily on the product portfolio in mobiles and mobile their smartphones and one third of this time retail, simplifying the distribution structure is spent on mobile apps. This growing trend is and enhancing reach across the country. likely to drive the next wave of smartphone Spice Mobiles has focused on enhancing growth across the country. the smartphone portfolio in the entry level In spite of India’s handset market growing at a segment targeting first time smartphone robust rate, almost 83% of the demand is met buyers upgrading from feature phones to via imports, while domestic production and smartphones especially in Tier II and III cities. manufacturing continues to lag behind the In recognition of our efforts, we were ranked growing demand. In view of this exponential the second most trusted Indian mobile brand growth, it has become imperative to support by the Brand Equity annual survey 2014, local manufacturing and assembly of mobile conducted by the Economic Times publication phones in order to increase job creation and also won the prestigious Golden Peacock and enhance savings on foreign exchange. award in the same year. The Government of India has launched In the last year, the company also entered an aggressive Make in India program to into a strategic partnership with Google to encourage domestic manufacturing and with launch India’s first truly Hindi Android one mobile devices playing an important role smartphone in India - Dream Uno H, focusing in achieving the dream of Digital India, it is on the large Hindi speaking population in imperative to introduce favourable policies India. The company is planning to focus and taxation regimes for local manufacturing strongly on the sub-Rs 5,000 segment to of mobile phones. enhance its market share and target first Leading VAS (Value Added Services) time smartphone buyers. The company also companies are now evolving into full-fledged announced its investment plans to set up a internet companies from the SMS and CRBT local assembly unit for mobile phones, with services offered earlier. The industry is the company currently working on plans for seeking to offer convenient and customized setting up the same in the coming year. 2 | Spice Mobility Ltd. Annual Report 2014-15 | 3 Chairman’s Statement Spice Retail continued to focus on successfully retail, online presence and VAS, we are well positioning itself as a key destination for positioned in the Indian mobile landscape to smartphones, through brand partnerships grow our business and enhance revenues and with leading mobile companies. With profitability for our shareholders. growing proliferation of online retail in the Experts are already predicting that India segment, the company has decided to adopt will soon become the largest mobile phone an Omni-channel approach by being present market in the world owing its growing across channels to serve customers as per population and young demographics. With their demands. The company is also actively a young and contemporary product range engaging customers through visible business and expansive distribution reach, we are promotion and consumer centric activities. confident of growing the company steadily Spice Digital continues to focus on growing to scale new heights. its partnerships with leading Telco players in I invite you all to join our exciting journey high growth emerging markets across India, ahead redefining the landscape of the Indian Middle East, Africa and Latin America and has mobility segment. I would like to thank all also acquired three companies in the last year our customers, employees, partners, and to enhance its service portfolio and market most importantly you, our shareholders share within the Telco services domain. for your continued support and trust in our Future Outlook company, and in our business and strategic undertakings. I look forward to an exciting The mobility sector in India is one of the and successful year ahead and thank you for fastest growing consumer segments in the your continued patronage. country and will continue to grow steadily over the next decade, thus offering a strong market opportunity and future outlook for With Best Wishes, Spice Mobility. With our integrated network Dilip Modi spanning devices, distribution, modern Chairman 4 | Spice Mobility Ltd. Annual Report 2014-15 | 5 CompanY Information Spice Mobility Limited (Formerly S Mobility Limited) BOARD OF DIRECTORS CIN: L72900UP1986PLC008448 Mr. Dilip Modi - Chairman Registered Office Mr. Hanif Mohamed Dahya S Global Knowledge Park, 19A & 19B, Sector 125, Noida, District Gautam Budh Nagar, U.P.-201301 Ms. Preeti Malhotra Phone :0120-3355131 Mr. Subramanian Murali E-mail : [email protected] Mr. Suman Ghose Hazra Website : www.spicemobility.in Mr. Umang Das Statutory Auditors Company Secretary M/s S.R. Batliboi & Co. LLP Chartered Accountants Mr. M. R. Bothra Golf View Corporate Towers – B Sector-42, Sector Road BOARD COMMITTEES Gurgaon – 122 002 (Haryana) I) Audit Committee Mr. Suman Ghose Hazra – Chairman Internal Auditors M/s Bansal Dalmia & Co. Mr. Hanif Mohamed Dahya Chartered Accountants Mr. Subramanian Murali 210, Gupta Tower, Commercial Complex Mr. Umang Das Azadpur, Delhi - 110033 II) Nomination and Remuneration Committee Registrar & Share Transfer Agent MAS Services Ltd. Mr. Umang Das – Chairman T-34, 2nd Floor, Okhla Industrial Area Mr. Subramanian Murali Phase-II, New Delhi-110 020 Mr. Suman Ghose Hazra Phone : 011-26387281/82/83 Fax : 011-26387384 E-mail : [email protected] III) Stakeholders Relationship Committee Mr. Dilip Modi – Chairman Bankers: Mr.
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