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Shaping Th E Fu Tu R E O F Finance SH AP IN G T H E F Global Offices: U Amsterdam | Chennai | Dubai | Jaipur | Jakarta | London | Manila |Mumbai | New Delhi | New Jersey | Noida | T Singapore | Sydney| Tokyo U R E O F F I N A N C E Nucleus Software Exports Ltd CIN : L74899DL1989PLC034594 Corp. Office: A-39, Sector 62, NOIDA, UP-201 307, INDIA Tel: +91-120-4031400. Fax: +91-120-4031672 ANNUAL REPORT Regd. Office: 33-35 Thyagraj Market, New Delhi - 110 003, INDIA E: [email protected] W: www.nucleussoftware.com 2014 - 15 World’s best-selling lending solution for 7th year running Next-generation lending solution launched 13 new product orders won worldwide New operations covering African Continent Took part in industry events worldwide Table of Chairman’s message 2 Balance Sheet 106 CEO’s message 6 Profit & Loss Account 107 Shaping the Future of Finance 10 Statement of Cash Flow 108 Leading Innovation 12 Notes forming part of the 109 Technology trends 14 financial statements Online and mobile 16 Management’s Discussion and 136 Analysis of Financial Condition and Next Generation solutions 18 Results of Consolidated Operations Sector expertise 20 Risk Management Report 146 Transformation on a global scale 22 Auditors‘ Report 150 Board of Directors 24 Consolidated Financial Statements 154 Years at a Glance 27 Shareholders’ Referencer 186 Directors’ Report 29 Segment Information & 197 Report on Corporate Governance 63 Ratio Analysis Management’s Discussion and 91 Glossary 200 Analysis of Financial Condition and AGM Notice & Proxy 201 Results of Operations Auditors’ Report 102 Cautionary statement regarding forward-looking statements Certain statements in this Annual Report are based on assumptions and expectations of future and may be considered as forward-looking statement. Such statements must be reviewed in conjunction with the risks that the Company faces. Although the Management has considered future risks as part of the discussions, future uncertainties are not limited to the Management perceptions. NUCLEUS SOFTWARE EXPORTS LIMITED Annual Report 2014-15 | 1 From the Chairman’s Desk Janki Ballabh Chairman Annual Report 2014-15 | 2 NUCLEUS SOFTWARE EXPORTS LIMITED Dear Shareholders, of IT products and services, their demand has also substantially increased over the Warm greetings to all of you! years. Undoubtedly, it has emerged as a major global source of both growth and I continue to be amazed by the speed of employment. In India the industry continued innovation and firmly believe that change is to evolve over the year and prioritized on the only constant. Yet each year, the pace enhancing efficiency, enabling transformation of change only accelerates. As we get into and agility and partnering for digital initiatives. this new financial year, let me briefly share Nasscom estimates the Indian IT- BPM with you how Nucleus as an organization is Industry revenues (including ecommerce) to evolving through the plethora of changes grow by 13% in FY 2015, to USD 146 Billion. brought about by both internal and external factors. Preceding Twelve Months We are living in an age of unparalleled Information Technology digital push, with massive amounts of around the world technology-driven change, huge innovation The global economy is still struggling to and significant evolution in the ways people gain momentum. While economic activity in use technology. At Nucleus we have opted to the United States and the United Kingdom focus on continuous innovation to succeed. has gathered momentum, the recovery has been sputtering in the Euro Area and We set a new paradigm with the launch Japan as legacies of the financial crisis linger, of FinnOne NeoTM – a product suite built intertwined with structural bottlenecks. to manage lending requirements of the Several major forces are driving the global banking and financial services industry. With outlook: soft commodity prices; persistently the banking sector experiencing a change low interest rates but increasingly divergent in customer profile coupled with growing monetary policies across major economies; competition and increased regulatory and and weak world trade. More than ever, economic pressures, the requirement for a cooperative leadership among business, breakthrough product in lending is evident government and civil society is needed to re- globally. Leveraging Nucleus Software’s global establish sustainable growth and raise living leadership in lending solutions, this new standards throughout the world. Back home, offering has the capability to empower our here in India, the new ‘Make in India’ initiative customers to enhance operational efficiency is expected to prove a vital component and drive growth while achieving superior risk in India’s quest for achieving wholesome management. The era of universal banking is economic development and to give the Indian coming to an end. Banks today choose best- economy a global recognition. of-breed technology solutions that can integrate with their IT landscape. Based The information technology (IT) industry has on our deep understanding of the domain, become one of the most robust industries in FinnOne NeoTM has been designed to be the world. Owing to the wide range availability highly responsive to changing business NUCLEUS SOFTWARE EXPORTS LIMITED Annual Report 2014-15 | 3 demands. We believe that this product will Looking ahead... help create a new paradigm in lending for the The Information Technology industry is global banking and financial services sector. facing increasing global competition. There is growing interest from companies in related Traction continues for our integrated global sectors in the technological transformations transaction banking solution, FinnAxiaTM that facilitate interconnectivity, mobility and launched during FY 2014. It is indeed big data processing, and flexible information heartening to see the customer acceptance management. In such an environment, our of our evolved products. There is fairly competitive position must remain firmly encouraging news from all our existing based on a clearly differentiated offer on markets where we are consolidating which we can continue to build lasting presence as well as from markets where competitive advantages. Our commitment to we have recently begun operations. We technology and innovation with a global focus believe that with the new products out in is imprinted in our DNA. We are conscious market, we would further strengthen our that building a sustainable business is always global leadership position. Going forward a long-term project that requires constant we remain committed to further enriching renewal of ambitions for the future. From the experience of our customers and the position where we started and the one investing in improving productivity. Strategic that is now within our reach, thanks to our transformation is making great progress Values and culture, we will continue to build on the business front and is driving cultural and maintain brand Nucleus as a preferred assimilation. partner in growth. Diverse nationalities bring in local nuances and industry expertise. To that effect, we International Monetary Fund (IMF) in its latest have brought in some of the best leaders World Economic Outlook has predicted that across the globe to join team Nucleus. India’s growth is expected to strengthen from 7.2 per cent in 2014 to 7.5 per cent in I am pleased to inform you that our ongoing 2015. Growth will benefit from recent policy investments in differentiating our offerings reforms, a consequent pick-up in investment, and pursuing innovation to provide best and lower oil prices. I believe we have to be solutions to the industry helped us maintain part of this growth story. our Number One position worldwide in the Lending Solutions space. Your Company’s The greatest opportunity lies in re-imagining flagship product FinnOne was recognized for what is possible—to compel ourselves to the seventh consecutive year as the No. 1 become fearless explorers and innovators Best Selling Lending System’ by International who push through boundaries, create bold Banking Systems (IBS). The recognition visions and make plans not constrained by reinforces FinnOne’s global leadership in the today, but fueled by what technology will banking and financial services industry. be able to do tomorrow. The goal for all of Annual Report 2014-15 | 4 NUCLEUS SOFTWARE EXPORTS LIMITED us should be to propel ourselves into new members and business associates who have, territory that will transform our collective at all times, provided us with their knowledge futures and accelerate the social, political, and whole-hearted support. and economic benefits that only strategic global connectivity can deliver. My profuse thanks, of course, are to our shareholders; both institutional and Our priorities are focused on maximizing individual, for their deep and abiding trust in growth potential in various geographic the Company. markets, developing and marketing new products, simultaneously boosting the Finally... growth of our global accounts, improving Everyone at Nucleus is fully committed to our the efficiency of our products and delivery strategy and targets. We are on track and processes. As we continue to build this will continue relentlessly to implement our premier business, we will not lose touch with strategy. Your confidence made it possible; the values that brought us here; Integrity your feedback is making it work the way we and ethical business conduct form the solid imagined and your belief in what we are foundation of the company. doing is going to push us to continuously improve. Acknowledgments I express my sincere thanks to the Thank you for your support as we continue to various officials of the Central and State build upon our success in the years to come. Governments, our bankers and financial institutions for their on-going support and Janki Ballabh assistance to the Company. I would also Chairman like to thank all our customers, dealers and May 7, 2015 vendors for their confidence in us and for being a part of the Nucleus Software family. I would also like to thank all Nucleites for their dedication and contribution to our business performance.
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