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SML-Annual Report 2016-17

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SML-Annual Report 2016-17 Contents 02 Chairman’s Statement 04 Company Information 05 Board of Directors 08 Board’s Report 16 Management Discussion & Analysis Report 25 Corporate Governance Report 36 Secretarial Audit Report Financial Statements: 54 Independent Auditors’ Report 60 Balance Sheet 61 Statement of Profit & Loss 62 Cash Flow Statement 65 Notes to Financial Statements Consolidated Financial Statements: 113 Independent Auditors’ Report 118 Balance Sheet 119 Statement of Profit & Loss 120 Cash Flow Statement 124 Notes to Financial Statements 202 Statement containing Salient Features of the Financial Statements of subsidiaries/associates/ joint ventures (Form AOC-1) Spice Mobility Limited Chairman’s Statement Dear Shareholders, money and mobile entertainment domains. I am pleased to inform you that in the past It gives me great pleasure to present to you one year, we have secured flagship projects in the annual report at a time when we are each of the above 3 domains. I am confident making rapid progress in the transformational that these projects will enable us to begin our journey of your company. journey of building new IP within the digital Spice Digital – Our Core Business platforms and services domain. At Spice Mobility, we aspire to become a Spice Money- our Fintech initiative leader in digital technologies that make a One of the key strategic initiatives that I spoke difference to the lives of billions of people to you last year about was Spice Money-our in India and other emerging markets. Over Fintech initiative within Spice Digital. I am the last few years we have seen that the pleased to inform you that we have made business potential and value is shifting from significant progress in this initiative wherein hardware to apps and services. Keeping pace during the year 2016-17, we have seen the with these changing business dynamics, GMV on our Spice Money platform grow by we are transforming ourselves by focussing more than 350% and we are now close to an on digital platforms and services. Besides annualised platform GMV of Rs. 6000 crores India, we are establishing ourselves in other which is nearly equivalent to 1 bn USD. We emerging markets which are witnessing are very excited to see a large number of similar technology adoption trends. Last year, small shop owners signing up as Spice Money we strengthened our presence in Indonesia, agents using Spice Money smartphone app South East Asia’s largest market as well as and providing a range of services like instant Bangladesh, the second largest market in money remittance, cash deposits, cash South Asia. In Africa, our footprint ranges withdrawls, bill payments, ticket bookings across 12 countries in sub-Saharan Africa. and e-gov services to customers in their We have recently entered the Middle East neighbourhood. At Spice Money, we see market as well and are working with strong ourselves building out an asset light digital local partners to explore opportunities within interoperable bank branch network across the digital services space in the region. Our India. Given that there is a shop in every services business today contributes nearly corner of India, this Spice Money network has 30% of our consolidated revenues out of the potential to fill the huge gap in the last which nearly 40% is contributed by markets mile banking infrastructure in our country, outside India. thereby become the financial services We continue to invest into new product platform for Bharat. and service areas which we believe will Retail and E-commerce Business provide significant growth opportunities going forward. We are focussing on building In our smartphone retail business, our drive solutions in the mobile governance, mobile towards consolidating our network around 2 | Annual Report 2016 - 17 Chairman’s Statement profitable stores has begun to yield results. strong capabilities in R&D and managing We are now EBITDA positive at store level a quality supply chain and will sell devices and hope to soon reach the same at a under 2 brands- Itel Mobile and Spice Mobile. Company level. During the year 2016-17, we Early signs are promising- in less than a achieved same store sales growth of 22%, year of launch, Itel has become the second thus providing some evidence of our ability to largest mobile brand by volume in Q4 of grow in a very tough competitive environment 2016, as per IDC. As Spice Mobility, we now within the smartphone retailing space. This hold an investor position in the Transsion space will however continue to be financially device business and I am confident that this challenging since we will need to continue to investment will grow in value over time. invest in our existing stores as well as open new stores in upcoming marketplaces within Corporate Social Responsibility the cities where we operate in. Finally, I would like to update you on our CSR One of the areas that I spoke to you about intiative. At Spice, we continue to support last year was on our initiative around building the Ek Soch Foundation, which is committed a B2B commerce platform business. We have towards building an ecosystem that nurtures been working on building a mobile-first innovation and social entrepreneurship. The platform aimed at connecting manufacturers Foundation is now supporting 9 programmes directly to retailers. Given our focus within within key areas of primary education, the mobility domain, we have started by women healthy and empowerment and agri- focussing on the mobile category and have services. We will continue to support such begun the process of signing up mobile phone programmes through which, we hope to shop owners to our e-commerce platform. In contribute to sustainable social change. the coming year we will be working further I would like to thank the entire Spice employee on this initiative. family for their hard work and dedication over Mobile Devices Business the last one year, all our partners for their strong commitment and support and most In the mobile devices business, my view is importantly to you, our shareholders for your that the success factors have been shifting trust in all our endeavours. I look forward to from branding and distribution alone an even more exciting year ahead and thank to design, technology and supply chain you for your continued patronage. management capabilities. It is with this strategic understanding that we decided to With Best Wishes, partner with Transsion Holdings, a global conglomerate in the digital products space and accordingly discontinue our own mobile Dilip Modi device operation. Transsion brings with it Executive Chairman Spice Mobility Ltd. | 3 COMPANY INFORMATION Spice Mobility Limited BOARD OF DIRECTORS CIN: L72900UP1986PLC008448 Registered Office Mr. Dilip Modi – Executive Chairman S Global Knowledge Park, 19A & 19B, Sector 125, Mr. Hanif Mohamed Dahya Noida, District Gautam Budh Nagar, U.P.-201301 Ms. Preeti Malhotra Phone :0120-3355131 E-mail : [email protected] Mr. Subramanian Murali Website : www.spicemobility.in Mr. Suman Ghose Hazra Mr. Umang Das Statutory Auditors M/s. S.R. Batliboi & Co. LLP Chartered Accountants Company Secretary 6th Floor, Worldmark-1, Mr. M. R. Bothra IGI Airport Hospitality District Aerocity, New Delhi - 110 037 Chief Financial Officer Mr. Madhusudan V. Internal Auditors M/s. Bansal Dalmia & Co. KEY COMMITTEES OF THE BOARD Chartered Accountants 210, Gupta Tower, Commercial Complex Azadpur, Delhi - 110033 I) Audit Committee Registrar & Share Transfer Agent Mr. Suman Ghose Hazra – Chairman MAS Services Ltd. Mr. Hanif Mohamed Dahya T-34, 2nd Floor, Okhla Industrial Area Mr. Subramanian Murali Phase-II, New Delhi-110 020 Phone : 011-26387281/82/83 Mr. Umang Das Fax : 011-26387384 E-mail : [email protected] II) Nomination and Remuneration Committee Bankers: Mr. Umang Das – Chairman HDFC Bank Limited Mr. Subramanian Murali IndusInd Bank Limited Mr. Suman Ghose Hazra Symbol/Scrip ID at NSE /BSE NSE Symbol : SPICEMOBI III) Stakeholders Relationship Committee BSE Scrip ID : 517214 Mr. Subramanian Murali – Chairman Mr. Suman Ghose Hazra Green Initiative In order to enable the Company to send various documents through electronic mode, the members IV) Corporate Social Responsibility Committee of the Company are requested to register/update their e-mail addresses with the Company in case Mr. Dilip Modi – Chairman the shares are held in Physical mode and with the Mr. Subramanian Murali concerned Depository Participant in case the shares Mr. Umang Das are held in Demat mode. 4 | Annual Report 2016 - 17 BOARD OF DIRECTORS Mr. Dilip Modi Executive Chairman Mr. Dilip Modi was appointed to the Board on 21st August, 2006 Mr. Dilip Modi has been closely involved in industry forums and as Director and has been Chairman of the Company since 18th has held the position of Chairman of the Cellular Operators February, 2014. He has been appointed as Executive Director Association of India (COAI) and has also had the honour of w.e.f. 30.11.2015 and designated as Executive Chairman of the being the youngest ever President of ASSOCHAM (Associated Company. Chambers of Commerce), working on key industry programs such as “Making Inclusive Transformation Happen”. His efforts Mr. Dilip Modi is one of India’s most successful young in the industry were duly recognized as he was conferred the entrepreneurs and has pioneered several new technologies “Youth Icon Award” by the Gujarat Chamber of Commerce in the mobility and technology sector in India. As a young and Industry. entrepreneur, Mr. Modi is passionate about creating usable and affordable technologies that can help improve lives of people As an entrepreneur himself, Mr. Modi is committed to creating across Asia and Africa. Driven by his firm belief that technology an inclusive society by empowering young entrepreneurs. This can become a key enabler for achieving inclusive growth in the is the philosophy behind the Ek Soch Foundation, a dedicated country, his group’s current business interests are in the digital effort to create an ecosystem for promoting inclusive growth technologies, financial services and mobile hardware.
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