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SML-Annual Report 2015-16

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SML-Annual Report 2015-16 Contents 02 Chairman’s Statement 05 Company Information 06 Board of Directors 09 Board’s Report 16 Management Discussion & Analysis Report 19 Corporate Governance Report 29 Secretarial Audit Report Financial Statements: 48 Independent Auditors’ Report 54 Balance Sheet 55 Statement of Profit & Loss 56 Cash Flow Statement 58 Notes to Financial Statements Consolidated Financial Statements: 84 Independent Auditors’ Report 88 Balance Sheet 89 Statement of Profit & Loss 90 Cash Flow Statement 92 Notes to Financial Statements 130 Statement containing Salient Features of the Financial Statements of subsidiaries/associates/ joint ventures (Form AOC-1) Spice Mobility Limited Chairman’s Statement Dear Shareholders, Changing business dynamics It’s a great pleasure to present our annual The business potential and value is shifting report to you all as we witness a major from hardware to applications. Mobile app transformational period in the history of your downloads increased by 129% in 2015, Company. according to a report by Digital Asia. Be it communications, social networking, travel, Mobile Internet: Driving the entertainment, news, ecommerce, India is transformation witnessing the fastest adoption. The new age Increase in adoption of smartphones, and startups are driving this change. According mobile internet is changing the way India to the Economic Survey Report 2015-16, lives. The adoption of mobile internet in India India has approx. 19,000 technology enabled is growing at a break-neck pace. Number of startups led by consumer internet and users accessing internet on mobile grew 71% financial services startups. The total in last one year touching 320 Mn users (As per investment in Venture Capital backed study by Internet and Mobile Association of companies topped USD 12Bn, most of the India). The pace is such that the projection of funding coming in the last couple of years. end-2017 has already been surpassed. This is We have seen huge growth in adoption being driven by the investments being made of shopping apps, taxi hailing apps, social by telcos in depth and breadth of network networking and messaging apps in the recent infrastructure, data pricing becoming past. affordable, as well as the aspirations of young We believe that the next wave of adoption and India to access the new age communication, growth is expected in the areas of financial entertainment, products and services. The technology (fintech), big data analytics and technology is undergoing change at a fast Internet of Things (IOT). pace as well. A couple of years ago we saw 3G smartphones overtaking the 2G smartphone The Fintech Opportunity sales. This year, 4G smartphone sales in India Over the last few years, the Government has overtaken the 3G smartphone sales. of India has been rolling out a technology This is literally transforming our society – enabled infrastructure, which will turn out to bridging the digital divide, empowering rural be path breaking drivers to financial inclusion and urban alike and truly democratising an for citizens of this country. Some of these individual’s access to information, freedom projects/initiatives are listed below: of thought and speech and access to various 1. Aadhaar – Every citizen can now be services not possible before. This brings identified through an aadhaar number, before businesses a huge opportunity as well capturing biometric details also. Linking as challenges. The needs of the society are of mobile number and bank account changing and businesses who adapt to these number with Aadhaar number allow changes will be the winners. for multiple applications like e-KYC and 2 | Spice Mobility Ltd. Annual Report 2015-16 | 3 Chairman’s Statement Aadhaar enabled payment. 100cr plus dynamics and participates in the emerging citizens have been enrolled into the opportunities. Following are some of the Aadhaar database. initiatives that your company is taking : 2. UPI – Unified Payment Interface being 1. Spice Money – Your company plans to rolled out by National Payments roll-out a leading financial services play, Corporation of India (NPCI) will allow leveraging technology to drive financial cashless and convenient payments going inclusion. The subsidiary company Spice beyond people having credit and debit Digital took initiatives to enter the space cards. of fintech in the previous year. Using a 3. Bharat Bill Payment System – Being rolled robust technology infrastructure, it has out by NPCI, BBPS will allow seamless rolled out more than 10,000 touch points and convenient bill payment of various where a range of financial services will utilities like electricity, gas, telephone, be enabled. Currently these touch points mobile, insurance, etc are enabling people to remit money to bank accounts in a quick, convenient and 4. Aadhaar Enabled Payment System (AEPS) cost effective manner besides delivering – This allows various banking transactions value added services like air and railway like cash deposit, withdrawal, balance tickets, hotel booking, mobile topups and enquiry etc just like an ATM but without bill payments. I am pleased to inform the need of ATM Cards and makes it that the company has secured necessary possible at micro outlets (bank authorised permissions and licenses like PPI (Pre-paid correspondents) substantially increasing Payment Instruments), AEPS (Aadhaar the reach of banking services. Enabled Payment System), BBPS (Bharat The above initiatives of the Government Bill Payment System), E-KYC integration coupled with many other projects like and UPI (United Payment Interface) IMPS (Immediate Payment Service), NACH permission to enable it to leverage the (National Automated Clearing House), upcoming fintech opportunity. E-KYC (Identification of customer without 2. Digital Technologies – Through its need of paper documents) enable reach and subsidiary company Spice Digital, the convenience of financial services beyond company is focussing on use of digital what has been imagined earlier. This opens technology to deliver value added up a multitude of opportunities for new age services, building and running mission businesses to participate in enabling financial critical applications for enterprises and inclusion for India. partnering with telcos as their digital Spice Mobility’s participation in the new transformation partners, to leverage age businesses the opportunities that have become addressable with the fast changing eco- We are very focussed on ensuring that your system. company moves in line with changing market 2 | Spice Mobility Ltd. Annual Report 2015-16 | 3 Chairman’s Statement 3. New Tech Retail Experience – After can create affordable, scalable solutions consolidation of retail stores, the focus is addressing local challenges. Ek Soch on transforming the stores to deliver the engages with not-for-profits, academics, experience that the discerning customer non-governmental organizations and wants today. entrepreneurs to launch effective and 4. One of the subsidiaries of the Company, scalable models of development. They are Spice Online , recently announced a Joint empowering the urban and rural youth venture with a large Chinese company with the leadership and skill development ‘Beijing Digital Telecom’ for investment necessary to manage their own social in online B2B Ecommerce space. enterprises and become the change their community needs. Through the 5. We are aggressively researching the implementation of these programs, effective, areas of Internet of Things (IOT), which scalable and relevant solutions will develop we believe will witness the next wave of from within the communities, bringing about adoption, like the mobile phones did 5-7 sustainable social change. years ago. We are also looking at tapping geographies I invite you all to join our exciting journey like Middle East, Indonesia and Bangladesh ahead as we build Spice Mobility into a with our digital offerings. Indonesia and leading digital technologies company. Bangladesh are emerging markets with India- I would like to thank all our customers, like demographics and almost following India employees, partners, and most importantly in the digital revolution. you, our shareholders for your continued support and trust in our company and in our Corporate Social Responsibility business and strategic undertakings. I look As an organisation, we believe that giving forward to an exciting and successful year back to the society is one of our primary ahead and thank you for your continued responsibilities. Keeping this in mind, at Spice, patronage. we have set up the Ek Soch Foundation. The primary objective of Ek Soch is to empower With Best Wishes, the society by supporting social entrepreneurship. Community based social Dilip Modi entrepreneurship, enabled by technology, Executive Chairman 4 | Spice Mobility Ltd. Annual Report 2015-16 | 5 CompanY Information Spice Mobility Limited BOARD OF DIRECTORS CIN: L72900UP1986PLC008448 Mr. Dilip Modi - Executive Chairman Registered Office Mr. Hanif Mohamed Dahya S Global Knowledge Park, 19A & 19B, Sector 125, Ms. Preeti Malhotra Noida, District Gautam Budh Nagar, U.P.-201301 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 Mr. M. R. Bothra Chartered Accountants 6th Floor, Worldmark-1, Chief Financial Officer IGI Airport Hospitality District Aerocity, New Delhi- 110 037 Mr. Madhusudan V. Internal Auditors BOARD COMMITTEES M/s Bansal
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