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Annual Report 2014-15

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Annual Report 2014-15 Embracing a Billion People VAKRANGEE LIMITED Annual Report 2014 -15 Vakrangee Kendra URBAN RURAL Embracing a Billion People SASHAKT PARIVARTAN OR TRANSFORMAtional change – a CHANGE THAT IS NOT MERELY AN IMPROVEMENT OVER THE PAST; IT IS BOLD, FEARLESS, INNOVATIVE, COLLABORATIVE AND RADICAL IN NATURE. IT IS ABOUT BEING INNOVATIVE, INVOLVING PEOPLE AND CHALLENGING THE STATUS QUO. We, at Vakrangee Limited, are innovating journey. We are spreading the banking habit and delivering a Sashakt Parivartan or a far- by bringing the “financially excluded” under reaching change in India. We are enabling the perimeter of India’s formal banking this by building cultures of continuous sector; developing a culture of savings; improvement and shaping a change vision broadening the resource base of our that is deep-rooted, strong and entrenched. financial system; delivering subsidies and This change is immovable and for good. direct transfers; building a robust network of our touch points – Vakrangee Kendras; Being one of the most rurally-penetrated and also bringing about greater integration companies in India and tangibly delivering between the Government and its citizens. last-mile financial access, we own a compelling and shared vision to be the Our formidable task is to ensure that as catalyst for this change. With a deep each customer gains financial access and experience and vigorous approach, our falls under the purview of formal banking, strategic priority is to be the enabler we create awareness on financial services for shared prosperity. Our fundamental & products with the aim of enabling objective is to touch every single life in India financial security. In the process, Financial by increasing our scope of dealing a mix Access ultimately culminates into Financial of rural and urban population across the Inclusion, Financial Literacy and Financial length and breadth of the country. Security. The real test of our progress is to play a vital role in India’s inclusive and With a comprehensive approach, we are sustainable socio-economic development hand-holding our customers and travelling by way of dedication, resilience and a with them throughout their financial willingness to make bold commitments. 2 VAKRANGEE LIMITED Annual Report 14-15 ANNUAL REPORT Contents 2014-15 Theme Introduction ...................................01 Corporate Information ...............................03 At a Glance .................................................04 Our Competitive Strengths ........................06 Our Opportunities ......................................07 Our Vision, Our Mission and Our Brand Promise .....................................08 The Vakrangee Effect .................................09 Our Pan India Presence ..............................10 Our Brand Principles ..................................11 An Insight into our Operations ..................12 Banking and Insurance Services ...............................12 E-Commerce (B2C) Services......................................13 E-Governance (G2C) Services ...................................13 E-Governance (SI) ......................................................14 White Label ATMs .....................................................15 Message by the Chairman of the Board ................................................16 VISION 2020 ...............................................18 Board of Directors ......................................22 NOTE ON FORWARD Our Key Management ...............................24 LOOKING STATEMENTS Key Financial Indicators .............................26 In this Annual Review we have disclosed forward-looking information to enable investors to comprehend our The Year in Brief .........................................27 prospects and take informed investment decisions. This review and other statements – written and oral Straddling Across The Value Chain With - that we periodically make contain forward-looking Our Customers ...........................................28 statements that set out anticipated results based on the management’s plans and assumptions. We have tried Touching a Billion Lives Across India’s wherever possible to identify such statements by using Length and Breadth ....................................30 words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance Leveraging The E-Commerce in connection with any discussion of future performance. Channel as a Pathway to Enhance We cannot guarantee that these forward-looking Value Creation ............................................31 statements will be realized, although we believe we have been prudent in assumptions. The achievement Enabling Harmonious Integration Between of results is subject to risks, uncertainties and even The Government And Common People ....32 inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying Management Discussion and Analysis ......34 assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Directors’ Report ........................................50 Readers should bear this in mind. We undertake no obligation to publicly update any forward-looking Corporate Governance Report ..................81 statement, whether as a result of new information, future Standalone Financials ................................93 events or otherwise. Consolidated Financials ...........................129 CORPOARTE INFORMATION VAKRANGEE LIMITED 3 Annual Report 14-15 Corporate Information Board of Directors Security Trustee Mr. Dinesh Nandwana Axis Trustee Services Limited - Managing Director & CEO Dr. Nishikant Hayatnagarkar Registrars - Whole Time Director, R&D M/s Bigshare Services Pvt. Ltd. Mr. Ramesh M. Joshi E-2, Ansa Industrial Estate, Saki - Vihar Road, Sakinaka, Mr. Sunil Agarwal Mumbai - 400 072. Mr. B. L. Meena Tel: +91-22-4043 0200 Mr. Avinash Vyas Fax: +91-22-2847 5207 Mr. T. Sitharthan Email: [email protected] Mrs. Sujata Chattopadhyay Registered Office Compliance Vakrangee Limited (erstwhile Vakrangee Softwares Limited) Statutory Auditors ‘Vakrangee House’ M/s. S. K. Patodia & Associates, Plot No. 66, Chartered Accountants, Mumbai Marol Co-op. Indl. Estate, Off. M. V. Road, Marol, Company Secretary & Compliance Officer Andheri (East), Mumbai - 400 059. Ms. Darshi Shah Phone No. : +91 22 2850 4028 / 3412, +91 22 6776 5100 Bankers Fax No. : +91 22 2850 2017 Axis Bank Limited Email: [email protected] Union Bank of India Website: www.vakrangee.in State Bank of India IDBI Bank Limited Indian Overseas Bank Dhanlaxmi Bank Limited Vijaya Bank Bank of India State Bank of Travancore State Bank of Bikaner & Jaipur State Bank of Mauritius Limited Kotak Mahindra Bank Limited (Earlier ING Vysya Bank Limited) Andhra Bank Punjab National Bank 4 VAKRANGEE LIMITED Annual Report 14-15 At a Glance We are a technology-driven company, focussing Our endeavour is to connect India’s citizens with on creating India’s largest network of last-mile retail a modern ecosystem. We also aim to bridge the points-of-sale. Our aim is to potentially enable every financial inclusion gap between the developed Indian to seamlessly benefit from financial inclusion, urban India and under-developed rural India by Government programmes and a wider access to basic serving a market of one billion people through our goods and services. We leverage our vast network Vakrangee Kendras. Being the largest single systems of retail access points to deliver real-time Banking integrator for key government projects, we enable services, Insurance Services, E-Governance Services the Central and State Governments to administer and (G2C), e-Commerce Services (B2C) & ATM Services to deliver E-Governance services to each citizen – more the unserved rural, semi-urban and urban markets. affordably, reliably and efficiently than ever before. 34% 39% 43% 75,000 100% Franchisee Network of Vakrangee FY2013 FY2014 FY2015 FY2020 (P) Kendras across India Rising Share of Vakrangee Kendras to Revenues 16 15,000 Number of States in which White Label ATMs to be set up and Vakrangee Kendras will be set up managed across India 200Million 50,000 Potential customers to be served across Rural Vakrangee Kendras under-served Rural, Semi-Urban and to be set up Urban India 22 17,000 Years of Consistent Execution Semi-Urban Vakrangee Kendras to Experience be set up (including WLAs) 8,000 Urban Vakrangee Kendras (including WLAs) VAKRANGEE LIMITED 5 Annual Report 14-15 DELIVERING REAL-TIME SERVICES TO THE UNDER-SERVED, RURAL, SEMI-URBAN AND URBAN LANDSCAPE IN INDIA ACROSS BANKING, INSURANCE, E-GOVERNANCE, E-COMMERCE AND ATM SERVICES PLATFORMS E y Bank A/C Opening - Savings, Current, Recurring y Transactions - Deposits, Withdrawals, Remittances NC y Balance Enquiry, Statement of Accounts y Direct Benefit Transfer SURA y Pension Disbursement IN y Food Security related DBT y Retail Loans, ODs, FDs G & & G N y Recovery of Loans KI y Insurance - Life & Non-Life premium payments N y Insurance Schemes - Atal Pension Yojna, Jeevan Jyoti BA Bima Yojna and Pradhan Mantri Suraksha Bima Yojna E NC y Enrolments - UID Card, NREGA Job Card, Election Card A y Land Record Digitisation, Electoral Rolls N y Payment of Utility Bills, Taxes, Levies y Railway Tickets, Certificates, Hall Tickets OVER G y Exam Fee Payments, Online Form Filling e- E C y Telecom - Mobile Recharge y DTH service - Recharge, Bill Payments y Educational y E-Commerce, Retail in alliance with Amazon India y
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