Spice Mobility - Spice Global

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44 BOARD OF DIRECTORS Dr. Bhupendra Kumar Modi Chairman Mr. Dilip Modi Managing Director Ms. Preeti Malhotra Executive Director & Company Secretary Mr. Kashi Nath Memani Independent Director Mr. Krishan Lal Chugh Independent Director Mr. Subroto Chattopadhyay Independent Director BOARD COMMITTEES I) Audit Committee Mr. Kashi Nath Memani Chairman Mr. Subroto Chattopadhyay Mr. Dilip Modi II) Remuneration Committee Dr. Bhupendra Kumar Modi Chairman Mr. Kashi Nath Memani Mr. Krishan Lal Chugh Mr. Subroto Chattopadhyay III) Investors' Grievance Committee Dr. Bhupendra Kumar Modi Chairman Ms. Preeti Malhotra CHIEF EXECUTIVE OFFICER Mr. Kunal Ahooja CHIEF FINANCIAL OFFICER Mr. Manish Pengoriya REGISTERED & HEAD OFFICE D-1, Sector-3, Noida – 201 301, Uttar Pradesh FACTORY Village Billanwali, Baddi P. O, Teh. Nalagarh, Distt. Solan, Himachal Pradesh - 173205 SPICE MOBILITY LIMITED (Formerly <strong>Spice</strong> Mobiles Limited) AUDITORS M/s S. R. Batliboi & Co. Chartered Accountants Golf View Corporate Tower - B Sector 42, Sector Road Gurgaon – 122 002 (Haryana) REGISTRAR & SHARE TRANSFER AGENT MAS Services Ltd. T-34, 2nd Floor, Okhla Industrial Area, Phase-II, New Delhi – 110 020 BANKERS HDFC Bank Limited IndusInd Bank Limited CONTENTS Directors’ Report 5 Management Discussion & Analysis Report 8 Corporate Governance Report 12 Financial Statements Auditors’ Report 23 Balance Sheet 26 Profi t & Loss Account 27 Cash Flow Statement 28 Schedules forming part of 29 Balance Sheet and Profi t & Loss Account Notes to the Accounts 37 Balance Sheet Abstract & 53 Company’s General Business Profi le List of Regional Distributors 54 Human Capital @ <strong>Spice</strong> 58
DIRECTORS’ REPORT Dear Shareholders, Your Directors have pleasure in presenting the Twenty Second Annual Report together with the audited Statement of Accounts for the fi nancial year ended on 31st March 2010. FINANCIAL RESULTS For the year For the period PARTICULARS ended 31.03.2010 (12 months) ended 31.03.2009 (15 months) (Rs. ’000) (Rs.’000) Net Turnover and Other Income 10,482,930 6,778,232 Profi t before Financial Expenses, Depreciation & Tax 1,093,487 49,697 Financial Expenses 10,736 26,825 Profi t after Financial Expenses but before Depreciation & Tax 1,082,751 22,872 Depreciation 10,757 7,206 Profi t before Tax 1,071,994 15,666 Current Tax 360,600 9,901 Fringe Benefi t Tax – 2,884 Deferred Tax Charge/(Credit) 6,312 (7,379) Net Profi t 705,082 10,260 Balance brought forward from previous year 170,022 183,339 Profi t available for appropriation 875,104 193,599 Proposed dividend 111,957 20,152 Tax on dividend 19,027 3,425 Transfer to General Reserve 70,508 – Surplus carried to Balance Sheet 673,612 170,022 The Board of Directors are pleased to state that during the year ended on 31st March 2010, the Company has made best use of the market forces and has taken advantage of the business opportunities that has come its way. During the 12 months period under review, the Net Turnover of the Company was Rs. 10,482.93 million as against previous period of 15 months' Net Turnover of Rs. 6,778.23 million. The Profi t after tax for the year was Rs. 705.08 million as compared to Rs. 10.26 million during the previous period of 15 months ended on 31st March 2009. The improvement in performance of the Company may be attributed to greater focus on achieving operating effi ciencies, cost containment and concentration on products with high margins. Today, the Company has a substantial presence and market share in India and strong presence in countries such as Nepal, Bangladesh, Sri Lanka and Uganda amongst several other markets. DIVIDEND Your Directors are pleased to recommend a dividend @ 50% on the paid-up Equity Share Capital of the Company (i.e.@ Rs. 1.50 per share) for the year ended on 31st March 2010. COMMENCEMENT OF MANUFACTURING FACILITY FOR MOBILE HANDSETS AT BADDI, HIMACHAL PRADESH During the year under review, the Company commenced the manufacturing of Mobile Handsets at the factory premises of the Company situated at Baddi, Distt. Solan, Himachal Pradesh. With this, the Company became the fi rst Indian Mobile Phone brand to commence local manufacturing of mobile phones in India. With lower manufacturing cost of handsets and economies of scale, the Company would be able to tap a larger share of the Mobile Handsets market. This will also enable the Company to create an aspirational brand at the entry level mobile phones, by offering affordable yet feature rich handsets with innovative solutions and pre-embedded contents. This would result in increased competitiveness and raising the returns on deployed capital. LISTING OF SECURITIES The Equity Shares of the Company are presently listed on The Bombay Stock Exchange Limited and National Stock Exchange of India Limited. The Annual Listing Fee for the Year 2010-11 has been paid to the stock exchanges. 5 5
Page 8 and 9: 66 CHANGE OF NAME OF COMPANY The na
Page 10 and 11: 88 1. BUSINESS SEGMENT: TELECOMMUNI
Page 12 and 13: 1010 level. Leadership Imperative h
Page 14 and 15: 1212 CORPORATE GOVERNANCE REPORT In
Page 16 and 17: 1414 The details of the shares of t
Page 18 and 19: 1616 Note : The Remuneration Commit
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Page 22 and 23: 2020 National Stock Exchange of Ind
Page 24 and 25: 222 CERTIFICATE ON CORPORATE GOVERN
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5050 Spice Mobility Limited (former
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5252 Spice Mobility Limited (former
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5454 List of Regional Distributors
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5656 Bathinda:S R Communications Sh
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