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Shriram News January 2013 New.Pmd VOL. 26 JANUARY 2013 ISSUE 1 SHRIRAMCity SOCIAL AUDIT – AMONG THE FIRST IN THE FINANCIAL SERVICES INDUSTRY A Social Audit is a formal review of a company’s ShriramCity is uniquely positioned in its target endeavours in social responsibility. Such an audit looks market of Small business enterprises. In this endeavour at the activities of the firm which create a significant social ShriramCity has endeared itself to the cause of the impact to its stakeholders. Such activities may include: underserved and has developed the capability to assess charitable initiatives, volunteer activity, economical the needs of this category of customers and provide them energy consumption, transparency in all business appropriate financial products. ShriramCity, in its mission transactions, work environment and worker emoluments has been providing access to financial services to the credit and benefits to evaluate what kind of social and starved section of the society through its regular business environmental impact a company is having on its process and has contributed significantly to financial operations. A Social audit is usually carried out as a CSR inclusion. While this has resulted in making a significant activity of a firm. ShriramCity is amongst the first in the positive difference to its customers, ShriramCity has never financial services industry to carry out a social audit as a had a formal process of assessing the impact this strategy business activity, rather than a CSR activity. has had to its stakeholders. Thus, a scientific study on the Shri. P. Chidambaram Honourable Union Finance Minister being welcomed by Shri. P. Chidambaram addressing the audience Shri. Arun Duggal, Chairman, Shriram Capital Ltd ShriramCity’s Social Audit Report being unveiled Shri. K. R. Kamath, Chairman & Managing Director, Punjab National Bank receiving the first copy of the Report from the Hon’ble Union Minister JANUARY 2013 SHRIRAM NEWS 1 EDITORIAL Dear Friend, Our greetings and best wishes to you and your family for a very happy and prosperous new year ! We have just come past what can be called ‘ the most significant year in the history of not only our country, but the entire world. Yes ! 2012 has indeed been a milestone year for all of us, though for various reasons. Man’s growing concern for the safety and security for himself as well as his family drives him either to educate himself about money, savings, investments and the like, or turn to whom he considers ‘experts’ in those fields to plan a secure financial future. And, more often he turns to Shriram for consultation and further action in one form or the other like deposits, mutual funds, stocks & shares etc., to help him decide on a course of action for a financially secure future for self and family. This is precisely what Shriram has been doing over the years. Educating and guiding people in what can be called ‘ financial literacy ’ and earning their trust and goodwill through an honest and sincere application of the group’s philosophy of ‘ empowering the common man’. Several of the group companies who have strived and succeeded have been recognized and rewarded for their good work. Read all about it in this issue. On a closing note I am tempted to say that ‘ the best is yet to come ’. Yours truly, Akhila Srinivasan Editor huge social impact created over the years was initiated l 64% of the customers earn around Rs.10,000/- through this Social Audit on ShriramCity. a month. Hon’ble Union Finance Minister Shri. P. Chidambaram, l 62% of the customers surveyed were availing released the Shriram City Union Finance Ltd Social loans for the first time in their lives. Audit Report (2010 - 12) in New Delhi on 23rd October l 60% of the employees are the sole bread winners 2012, amongst the presence of Shriram City’s Chairman, of their family. Directors, partners & business associates. The first copy l Through low operating costs with an average of the Report was presented to Shri. K. R. Kamath, transaction cost of Rs. 4 per transaction, the Chairman & Managing Director, Punjab National Bank. company has inculcated the philosophy of efficient Shri. Vijay Mahajan, Founder and Chairman, BASIX operations Group, was among the distinguished guests at the event. l Through a tool, SROI, the social value of During his speech, Hon’ble Union Finance Minister Rs.1 lent to a ShriramCity customer to fulfill his commended the efforts of the Group in reducing the myth business needs and aspirations is Rs. 2.05 which is perceived in serving the high risk, lower economic strata of the society. The event was well received by the This Audit for ShriramCity was conducted by Social audience besides getting a good media coverage. Audit Network (SAN) India, the recognized Indian chapter of Social Audit Network (SAN) UK, an independent Some findings of the Social Audit report: accredited agency that facilitates social accounting and audit practices internationally. Such an audit will also l ShriramCity has provided loans to 2.7 million self enable ShriramCity to benchmark itself for continuous employed customers who run micro and small ongoing enhancement of its strategy and processes year enterprises in the informal sector for their business on year. This is a pioneering effort within the group and development needs. will certainly be a harbinger for more such assessment of l Over 95% of the customers avail business purpose social impact of the various other businesses within the loans up to Rs.1 lakh. Shriram Group. JANUARY 2013 SHRIRAM NEWS 2 SHRIRAM TRANSPORT FINANCE COMPANY WINS CNBC TV18 BEST BANK AND FINANCIAL INSTITUTION AWARD 2012 Shriram Transport Finance Company Limited Chairman of India Venture Advisors Pvt. Ltd & Former (STFC), the largest asset financing NBFC in the country, Chairman of State Bank of India, Mr. H.N. Sinor, CEO, was chosen as the “Best NBFC” in “Asset Backed Association of Mutual Funds of India, Former CEO, Lending” category at “CNBC TV18 Best Bank and Indian Banks Association and former MD of ICICI and Financial Institution Awards 2012” held on October 17, Mr. M.V. Nair, Former Chairman, Union Bank. 2012, at the ITC Grand Central, in Parel, Mumbai. The jury round was preceded by a rigorous scoring STF is a part of the Shriram conglomerate, which process designed by KPMG. The KPMG team evaluated has a significant presence in financial services, viz., all banks and financial institutions on criteria like growth, commercial vehicle financing business, consumer finance, profitability, capital ratios and even softer qualities like life and general insurance, stock broking, chit funds and investor/customer care and compiled a short list. In the distribution of financial products such as life and general second stage, the short-listed companies were examined insurance products and units of mutual funds. Apart from by the jurors who then vigorously debated the various these financial services, the group also has a significant nominations before coming to a unanimous conclusion presence in non-financial services business such as on each category. property development, engineering projects and information technology. Upon receiving the award, Mr. U.G. Revankar, Managing Director, Shriram Transport Finance Company Ltd, said, “We are extremely honoured to receive this prestigious award from CNBC TV18. This award signifies the hard work that Shriram Transport Finance Ltd has been putting in over the years. We, at, STFC are now even more determined to reach greater heights in the future.” This distinction was accorded to STFC by a distinguished panel of jurors, including Mr. Jagdish Capoor, Former Deputy Governor at the RBI and Former Chairman of HDFC Bank and the Mr. U.G. Revankar, Managing Director, Shriram Transport Finance Company Ltd, receiving the award from Dr. C. Rangarajan, Chairman of the Prime Minister’s Bombay Stock Exchange (BSE), Mr. A.K. Purwar, Economic Advisory Council SANLAM EMERGING MARKETS and SHRIRAM CAPITAL LIMITED South African financial services group Sanlam has announced the finalization of a further R 2 billion (2 billion South African Rands) investment in the country’s leading financial services group, Shriram Capital Limited(SCL). Sanlam’s proposed investment into SCL was first announced in September 2011 and has been subject to a number of conditions and regulatory approvals. These have since all been obtained which allowed for the final discussion of the transaction. The investment in SCL has Following the transaction, been made by Sanlam Emerging Markets(SEM), the SEM effectively owns cluster within Sanlam responsible for financial services 26% of SCL. The investment has in emerging markets outside of South Africa. The been funded from Sanlam’s acquisition augments its existing portfolio of businesses surplus capital. in Africa and Asia, in support of the Group’s target of At the release of Sanlam’s sustainable value creation in these growth markets. interim results for the six months JANUARY 2013 SHRIRAM NEWS 3 to the end of June 2012 on 6 September 2012, Sanlam entrenched to the long term benefit of both partners”, Group CEO Dr. Johan van Zyl reiterated Sanlam’s Mr. Werth said. strategic emerging market focus In Africa and India. He further added that whilst the economic Mr. Heinie Werth, CEO of environment in India is currently somewhat challenging, SEM, said concluding the he remains confident of its long term potential and that transaction with Shriram, means the investment in SCL will in time yield an attractive return. a more meaningful exposure for Sanlam has been in partnership with the Shriram Sanlam in India. Group in respect of life insurance (Shriram Life Insurance “The transaction will Company Limited) since 2005 and short term insurance strengthen our relationship with (Shriram General Insurance Limited) since 2008. Shriram. Strategically Sanlam Mr. G. S. Sundararajan, Director, Shriram Capital, previously entered into insurance joint ventures with the said, “Sanlam’s partnership with us has been catapulted to Shriram Group to participate in and benefit from the the next level with this investment.
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