Srei Infrastructure Finance Limited

208 Pages·2014·1.31 MB·English

Srei Infrastructure Finance Limited
Annual Report 2013-14
Srei Infrastructure Finance Limited
Annual Report 2013-14 &
YOUNG
MATURED
At 25!
Board of Directors Stakeholders Relationship Nomination and
Committee Remuneration Committee
Mr. Salil K. Gupta
Chief Mentor Mr. Salil K. Gupta Mr. Salil K. Gupta
Mr. Hemant Kanoria Chairman Chairman
Chairman & Managing Director Mr. Hemant Kanoria Mr. Sunil Kanoria
Mr. Sunil Kanoria Mr. Sunil Kanoria Mr. Shyamalendu Chatterjee
Vice Chairman Mr. Sandeep Lakhotia Mr. Sandeep Lakhotia
Secretary Secretary
Mr. Saud Ibne Siddique
Mr. S. Rajagopal
Asset Liability Management Corporate Social
Dr. Satish C. Jha
Committee Responsibility Committee
Mr. Shyamalendu Chatterjee
Mr. Sujitendra Krishna Deb Mr. Sunil Kanoria Mr. Hemant Kanoria
Dr. Punita Kumar Sinha Chairman Chairman
Mr. Shyamalendu Chatterjee Mr. Sunil Kanoria
Chief Executive Officers
Mr. Sanjeev Sancheti Mr. Shyamalendu Chatterjee
Mr. John Moses Harding Mr. P. C. Patni Mr. Madhusudan Dutta
Mr. Bajrang Choudhary Mr. Sandeep Lakhotia Secretary
Mr. Bijoy Daga Mr. John Moses Harding
Mr. S. B. Tiwari Corporate Identification
Company Secretary Secretary Number
Mr. Sandeep Lakhotia L29219WB1985PLC055352
Credit Committee
Chief Financial Officer Registered Office
Mr. Hemant Kanoria
Mr. Kishore Kumar Lodha Chairman ‘Vishwakarma’
Mr. Sunil Kanoria 86C, Topsia Road (South)
Auditors
Mr. Sujitendra Krishna Deb Kolkata – 700 046
Haribhakti & Co. Mr. S. B. Tiwari Telephone : [phone]
Chartered Accountants Secretary Facsimile : 91-33-2285 7542/8501
E-mail : [email protected]
Principal Banker
Investment Committee Website : www.srei.com
Axis Bank Limited
Mr. Hemant Kanoria
Listing
Chairman
Audit Committee
The Calcutta Stock Exchange Limited
Mr. Sunil Kanoria
Mr. Salil K. Gupta BSE Limited
Dr. Punita Kumar Sinha
Chairman National Stock Exchange of India Limited
Mr. Sanjeev Sancheti
London Stock Exchange - Global
Mr. Sunil Kanoria
Secretary
Depository Receipts
Mr. S. Rajagopal
Mr. Sujitendra Krishna Deb Risk Committee Depositories
Mr. Shyamalendu Chatterjee
Mr. Sandeep Lakhotia Mr. Shyamalendu Chatterjee National Securities Depository Limited
Secretary Chairman Central Depository Services (India)
Mr. Sunil Kanoria Limited
Committee of Directors Mr. Sujitendra Krishna Deb
Mr. S. B. Tiwari
Mr. Hemant Kanoria
Secretary
Chairman
Mr. Sunil Kanoria
Mr. Salil K. Gupta
Mr. Sandeep Lakhotia 29th Annual General Meeting on Saturday, August 02, 2014 at 10.30 a.m. at
Secretary Science City Main Auditorium, JBS Haldane Avenue, Kolkata - 700 046
Contents
(cid:81) Corporate identity05(cid:81) Chairman and Managing Director’s message08(cid:81) Vice Chairman’s message12(cid:81) Traditional & Contemporary16
(cid:81) Action & Advice18(cid:81) Stable & Dynamic20(cid:81) Disciplined & Agile22(cid:81) Alliance & Independence24(cid:81) National & Local26(cid:81) Integrated
& Expansive28(cid:81) Group structure30(cid:81) Beyond profits31(cid:81) Analysis of our financial statements33(cid:81) Our performance over the years36(cid:81)
Risk management38(cid:81) Directors’ profile42(cid:81) Directors’ report44(cid:81) Report on corporate governance80(cid:81) Shareholders’ information91(cid:81)
Independent auditor’s report and financial statements105(cid:81) Consolidated financial statements164
1 billion = 100 crore, 1 million = 10 lacs
All figures attributed to Srei are figures of Srei Consolidated unless otherwise stated.
WHAT FAITHFULLY DESCRIBES A
25-YEAR OLD SREI?
FINANCIER OR SERVICE PROVIDER?
RESPECTING TRADITION OR
CHASING EVERY SUNRISE?
STRATEGICALLY CONSISTENT OR
MEANING DIVERSE THINGS TO
DIFFERENT PEOPLE?
YOU JUST CAN’T PUT A FINGER ON
THE COMPANY.
HAPPENS TO MOST WHO ARE
DYNAMIC AND YOUNG.
LIKE SREI. AT 25.
1992
1989
Announced IPO. Currently listed on all
Started operations and identified the major stock exchanges – the BSE, the NSE
infrastructure sector as the core business and the CSE
Evolution of Srei
THE LAST 25 YEARS HAVE BEEN AMONG THE MOST MOMENTOUS
IN GLOBAL HISTORY.
LIBERALISATION. GLOBALISATION.
INTERNET. DOTCOM EXPLOSION.
INFRASTRUCTURE REVOLUTION.
MIDDLE-CLASS BOOM. FINANCIAL
SECTOR COLLAPSE. RISING
INTEREST RATES. GROWING
REGULATION. GLOBAL MELTDOWN.
AND YET, ON A STANDALONE BASIS
SREI HAS REPORTED A PROFIT IN
EACH OF THE LAST 25 YEARS. WITH A
CAGR IN POST-TAX PROFIT OF 40%.
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Srei Infrastructure Finance Limited Annual Report 2013-14
1997
2005
Strategic equity partner of international developmental
2008
institutions – IFC, Washington (World Bank Group); DEG Among India’s first NBFCs to
(owned by the Government of Germany) and FMO (owned be listed on the London Stock JV with BNP Paribas for equipment
by the Government of The Netherlands) Exchange finance business
THERE ARE A NUMBER OF OVERARCHING MESSAGES IN THE
SUCCESS STORY OF SREI.
ONE OF THE FEW INSTANCES
OF A NON-BANKING FINANCIAL
INTERMEDIARY ENDURING – AND
GROWING - ACROSS 25 YEARS.
CONSISTENT PROFITS THROUGH
INDUSTRY TROUGHS AND CRESTS.
ONE OF INDIA’S MOST VALUABLE
FINANCIAL SECTOR BRANDS.
CONSOLIDATED ASSETS UNDER
MANAGEMENT OF RS. 34,070 CRORES
AT THE CLOSE OF FY14, ONE OF THE
LARGEST IN THE SECTOR.
PRUDENT PROVISIONING AND STRINGENT
RISK MANAGEMENT PROCESSES HELPED
THE COMPANY TO CONTROL NPA.
3
2010
2009
Synergistic integration of Srei and Quippo
Strategic partnership with Tata Group for to create a fully integrated holistic
passive telecom infrastructure business infrastructure institution
Evolution of Srei
SO WHAT IS THE SECRET OF
SREI’S SUCCESS?
THE ABILITY TO TRANSFORM
THREATS INTO OPPORTUNITIES.
THE ABILITY TO DERIVE
SUSTAINABILITY FROM
UNCERTAINTY.
THE ABILITY TO STRENGTHEN
THE BUSINESS OF OTHERS AND
HENCE, IT’S OWN.
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Srei Infrastructure Finance Limited Annual Report 2013-14
2012 2014
2011
Received certificate of registration for Received certificate of authorisation
‘Infrastructure Finance Company’ and ‘Public mutual fund (infrastructure debt fund) from RBI to set up, own and operate
Financial Institution’ status accorded from SEBI white label ATMs
CORPORATE IDENTITY
Root Spread
x The NBFC business was founded in 1989 x Headquartered in Kolkata (India) with 87
branch offices across the country
x Headed by Hemant Kanoria (Chairman
and Managing Director), Sunil Kanoria (Vice x Present internationally with offices in
Chairman) with a team of dedicated and Germany, Nigeria, Mauritius, Russia and
experienced professionals Singapore
x Supported by eminent global institutions like x Listed on the Bombay Stock Exchange, the
FMO, UPS Capital, HSBC, ANZ Grindlays, DBS, National Stock Exchange and the Calcutta
Austrian Development Bank, DEG and BIO Stock Exchange and traded actively
among others
x Among the first Indian NBFCs to list GDRs
on the London Stock Exchange
CORPORATE PILLARS
Vision Integrity: All our actions are guided by strong
To be the most inspiring global holistic morals and we are committed to ethical
infrastructure institution. practices.
Stakeholder value enhancement: We enhance
Mission
value for our stakeholders by focusing on
To be an Indian multinational company
growth and profitability, managing risks and
providing innovative integrated infrastructure
contributing to the society.
solutions.
Passion for excellence: Our passion for
Core values
excellence is instrumental in driving us to be
Customer partnership: Intense customer innovative, solution - focused and impactful.
engagement, affection and understanding
Professional entrepreneurship: With over
facilitate us to create a mutually profitable
two decades of experience, our spirit of
partnership.
entrepreneurship enables us to overcome
Respect for people: We treat our employees obstacles and complexities with professional
like family, providing them with an inspiring expertise.
work environment that encourages initiative
and recognises excellence.
5
Major
DC
international
institutional
relationships in
the last 25 years
Revenue growth PAT growth
43 19
% %
10 YEAR
CAGR
s
Growth in assets under
Growth in disbursements
management
36 26
% %
SREI’S INFRASTRUCTURE BUSINESS
Fund based Fee-based Strategic investments
Equipment financing Project advisory Transportation
Project financing Insurance broking Telecom infrastructure
Project development Power
Investment banking Rural IT infrastructure
Venture capital/Fund Rentals (construction, oil &
management gas, energy)
SEZ and industrial parks
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Srei Infrastructure Finance Limited Annual Report 2013-14
OEM partners in
the last 25 years
95,230 34,070*
SREI IN
NUMBERS Total loan Total asset under
disbursed in the management (Rs.
last 25 years (Rs. in in crores)
crores)
35,000+ 696 143,369
Total customers Total fee income in Total number of
funded by Srei in the last 25 years assets financed in
the last six years (Rs. in crores) the last six years
*As on 31st March, 2014.
7
CHAIRMAN AND MANAGING
DIRECTOR’S MESSAGE
Hemant Kanoria, Chairman and Managing Director,
Srei Infrastructure Finance Limited
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