12Th Annual Report 2018-19
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12th Annual Report 2018-19 12th Annual Report 2018-19 INDEX CORPORATE INFORMATION .......................................................................................... BOARD AND ITS COMMITTEES ...................................................................................... THE ASIRVAD JOURNEY .................................................................................................. LETTER FROM THE CHAIRMAN .................................................................................... KEY TRENDS ........................................................................................................................ DIRECTORS’ REPORT ......................................................................................................... ANNEXURE TO THE BOARD’S REPORT ....................................................................... MANAGEMENT DISCUSSION ANALYSIS .................................................................... CORPORATE GOVERNANCE REPORT .......................................................................... SECRETARIAL AUDIT REPORT ....................................................................................... INDEPENDENT AUDITOR’S REPORT ............................................................................ FINANCIAL STATEMENT ................................................................................................. NOTICE OF 12TH ANNUAL GENERAL MEETING ..................................................... CORPORATE EVENTS ........................................................................................................ 3 12th Annual Report 2018-19 CORPORATE INFORMATION 1. COMPANY : Asirvad Micro Finance Limited 2. CORPORATE IDENTIFICATION : U65923TN2007PLC064550 3. REGISTERED OFFICE : 1st Floor, Desabandhu Plaza, 47, Whites Road, Royapettah Chennai – 600 014 +91- (44) 43510081 4. CORPORATE OFFICE : 1ST & 2ND Floor, Lemuir Building G.N. Chetty Road, T. Nagar Chennai – 600 017 +91- (44) 4212 4493 5. MANAGING DIRECTOR : Mr. S.V. Raja Vaidyanathan 6. CHIEF OPERATING OFFICER : Mr. S. Ramachandran 7. CHIEF FINANCIAL OFFICER : Mr. Mayank Shyam Thatte 8. CHIEF TECHNOLOGY OFFICER : Mr. Anand Sharma 9. HEAD (HUMAN RESOURCE) : Mr. Bikram Mishra 10. COMPANY SECRETARY : Mr. Anup Kumar Gupta 11. STATUTORY AUDITORS : M/s. Deloitte Haskins & Sells., Chartered Accountants, 8, ASV N Ramanas Towers, No. 52, (Old No.37), Floor-1,7,9 Venkatanarayana Road, T.Nagar, Chennai- 600 017. 4 12th Annual Report 2018-19 12. SECRETARIAL AUDITORS : Mr. S. Hari No.3, Palat Madhavan Road, 1ST Floor, Mahalingapuram, Chennai- 600 034 +91- (44) 2817 4480 13. REGISTRARS & TRANSFER AGENTS : S.K.D.C. Consultants Limited PB No. 2016, “Kanapathy Towers”, 3RD Floor 391/A1, Sathy Road, Ganapathy Post, Coimbatore – 641 006 T.N. +91- (422) 4958995, 2539835 14. DEBENTURE TRUSTEES : CATALYST TRUSTEESHIP LIMITED (Erstwhile GDA Trusteeship Limited) Windsor, 6TH Floor, Office No- 604, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400 098. : IDBI TRUSTEESHIP SERVICES LIMITED Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai- 400 001 Ph No: (22) 40807020 5 12th Annual Report 2018-19 LIST OF BANKERS / LENDERS Public Sector Banks Private Sector Banks 1 Andhra Bank 1 Axis Bank Ltd 2 Bank of Baroda 2 Development Credit Bank 3 Bank of India 3 Dhanlaxmi Bank Ltd 4 Canara Bank 4 Equitas Small Finance Bank Ltd 5 Indian Bank 5 Federal Bank Ltd 6 Indian Overseas Bank 6 IDFC Bank Ltd 7 Oriental Bank of Commerce 7 AU SFB 8 Kotak Mahindra Bank Ltd 8 Punjab & Sind Bank 9 Lakshmi Vilas Bank 9 State Bank of India (SBI) 10 Ujjivan SFB 10 Union Bank of India 11 ICICI Bank 11 United Bank of India 12 YES Bank Ltd 12 Vijaya Bank 13 HDFC Bank 14 RBL Bank Financial Institutions & Other Non Bank Lenders 15 IDBI Bank Ltd 1 Hero Fincorp 2 IFMR Capital Finance Pvt. Ltd 16 IndusInd Bank 3 Maanaveeya Development & Finance Ltd. 4 Reliance Capital Refinance Institution 5 Shapoorji Pallonji Finance Pvt. Ltd. 1 NABARD 6 Mahindra & Mahindra Financial Services Ltd 7 Nabkisan Finance Ltd 8 Piramal Foreign Banks 9 Hinduja Leyland Finance 1 CTBC Bank 10 Bajaj Finance Ltd 11 Aditya Birla Finance Ltd 2 SBM Bank (Mauritius) Ltd 12 INVESCO Asset management 3 Woori Bank 13 Indostar 4 SMBC Bank 14 UTI International Wealth 5 Standard Chartered Bank 15 Credit Suisse Securities (India) Private Limited 6 Catholic Syrain Bank 16 IFMR Fimpact Investment Fund 17 LKP Securities 18 A K Capital 19 Blue Orchard 20 Reliance Mutual Fund 21 Kotak MF 22 L & T Mutual Fund 23 Birla Sun life MF 24 Royal Sundaram General Ins. Co. Ltd 25 Reliance Home Finance Ltd 6 12th Annual Report 2018-19 BOARD OF DIRECTORS BORROWING COMMITTEE V P Nandakumar Chairman S V Raja Vaidyanathan Chairman S V Raja Vaidyanathan Managing Director V P Nandakumar Member B N Raveendra Babu Director A Ramanathan Member Gautam Saigal Director B N Raveendra Babu Member V R Rajiven Independent Director ASSET LIABILITY COMMITTEE A Ramanathan Independent Director S V Raja Vaidyanathan Chairman D R Dogra Independent Director Mayank Shyam Thatte CFO T M Manoharan Independent Director S Ramachandran COO T Balakrishnan Independent Director RISK MANAGEMENT COMMITTEE Pushya Sitaraman Independent Director Gautam Saigal Chairman AUDIT COMMITTEE T M Manoharan Member D R Dogra Chairman V R Rajiven Member T Balakrishnan Member D R Dogra Member Gautam Saigal Member IT STRATEGIC COMMITTEE A Ramanathan Member NOMINATION & S V Raja Vaidyanathan Member REMUNERATION COMMITTEE A. Ramanathan Member T Balakrishnan Chairman Anand Sharma CTO V R Rajiven Member MANAGEMENT COMMITTEE B N Raveendra Babu Member S V Raja Vaidyanathan Chairman Gautam Saigal Member CORPORATE SOCIAL A Ramanathan Member RESPONSIBILITY COMMITTEE Gautam Saigal Member T M Manoharan Chairman D R Dogra Member S V Raja Vaidyanathan Member V R Rajiven Member B.N. Raveendra Babu Member 7 12th Annual Report 2018-19 DIRECTORS WITH THEIRS PROFILE V P Nandakumar, Post graduate in Science, with additional qualifications in Banking & Foreign Trade. He is the Managing Director & CEO of Manappuram Finance Ltd. In December 2013, he took part in a Global Strategic Leadership Program at the Wharton Business School, Philadelphia (USA). He acts as a managing Committee member of leading trade and industry associations such as ASSOCHAM and FICCI. He is the Chairman of the Kerala state council of the Confederation of Indian Industry (CII). He promoted Manappuram Finance Ltd. in 1992 and today the company has a pan-India presence with 3747 branches across 27 Indian states. Business Today, a leading business magazine ranked him among India’s Top 100 CEOs. Earlier, in December 2013, Business World had listed his name amongst India’s Most Valuable CEOs. He is widely recognized as a leading wealth creator for investors in India’s stock market circles. S V Raja Vaidyanathan, B.Tech (IIT Madras), MBA (IIM Calcutta), AICWAI, ACS and has more than 36 years of experience in the field of Financial Services, Infrastructure, Media, Telecom & Retail sectors in the large private sector. He is the founder Chairman and the Managing Director of the Company. Gautam Saigal, is a qualified Chartered Accountant and a postgraduate in Commerce from the Calcutta University. Mr Gautam Saigal is founding partner of Pachira Financial Services LLP. He has over 24 years of experience in financial services covering private equity investment, investment banking and advisory services. Till mid-2013, Gautam was the Managing Director of AA Indian Development Capital Advisors Ltd., advisors to the India dedicated mid-market focussed private equity fund launched by the Ashmore Group and Alchemy Partners, UK. Prior to this, he was Vice President, AIG Global Investment Group (Asia) and Co-Head of its India private equity advisory practice. Gautam has been a member of the Board of team and Board Committees in several companies including in Financial services, Telecom, Energy distribution, Healthcare, IT services, Consumer products, logistics, Infrastructure etc 8 12th Annual Report 2018-19 V R Rajiven. was an IPS officer, retired in 2010 as Director General of Police & Commandment General, Fire & Rescue Services, Kerala. He was the CEO of M/s KGS Nelsun Kraft Paper Manufacturing Mill (Cochin Kagaz Ltd.) at Karukutty, Angamaly, a subsidiary of KGS Corporate Group Chennai. B N Raveendrababu, Post Graduate in Commerce with additional qualification in Management Accounting from the U.K. He occupied senior positions in Finance and Accounts in various organizations in the Middle East. A Ramanathan, M.B.A. He retired as a Chief General Manager from NABARD in Micro Credit innovations Department. He is an expert in Institutional Development, Organisational Development, Organisational Behaviour, Small Business Development, Training need assessment, Training techniques, etc. He has more than 35 yrs of rich experience in the banking industry. D R Dogra, MBA (Finance), Former Managing Director & CEO of CARE Ratings. Have around 39 years of experience in the financial sector in the areas of banking and credit rating. He is expertise in product conception and development across all sectors including Manufacturing, Infrastructure, Finance, and SME among others. Have maintained a high growth trajectory after taking over as acting Managing Director and made CARE the second largest rating agency. T Balakrishnan, is a retired officer of an Indian Administrative Services of Kerala Cadre. He holds Post Graduate Degree in Political Science & International Relations and Bachelor Degree in History