annual report fy 2017-18...index 01 02 03 04 05 06 07 08 09 10 company profile chairman's note about...

ANNUAL REPORTFY 2017-18

Index

01

02

03

04

05

06

07

08

09

10

Company Profile

Chairman's Note

About Utkarsh Welfare Foundation

Board of Directors

Senior Management

Directors' Report

Financials

Extract of Annual Return

Voices from the Field

Our Partners through the Journey

01

02

04

05

07

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23

30

35

Corporate Identification No.

U74900UP2010NPL041674

e-mail :

[email protected]

Statutory Auditors :

M/s Achal Srivastava & Co.

H. No. S. 2/57, Dithori Mahal,

Orderly Bazar, Varanasi

Uttar Pradesh – 221002 INDIA

Company Secretary :

Ms. Ankita Khetan

Registered Office :

Utkarsh Welfare Foundation

S-2/641-34, Varuna Vihar Colony

J. P. Mehta Road, Cantt. Varanasi

Uttar Pradesh - 221002 INDIA

Email ID : [email protected]

Contact No. : +91 75228 00125

COMPANY PROFILE

01 Annual Report FY 2017-18

CHAIRMAN'S NOTE

Dr. H. P. Mathur

02Annual Report FY 2018-19

Utkarsh Welfare Foundation (UWF) is a catalyst

to development interventions that enhance

wellbeing of poor and rural households for over

a decade. With innovative program design at the

core of its intervention strategy, Utkarsh is

rapidly evolving its approach to maximize its

outreach and intensify its impact. The institution

has made sustained efforts in diversifying its

interventions in the areas of health, financial

awareness, skill development, micro enterprise

training and sustainable livelihoods.

In the past year, UWF has doubled its outreach to

over 4 lakh beneficiaries through its multi themed

interventions across geographies through

partnerships with various government organizations,

industry leaders, resource organizations, grass root

entities and innovative entrepreneurs. Some notable models

of co - creation in the past years were with Small Industries Development Bank of India (SIDBI) - Poorest

States Inclusive Growth Programme (PSIG), International Finance Corporation (IFC), Swiss Capacity

Building Facility, Dutch Entrepreneurial Development Bank (FMO), ACCION and Leading Health Service

providers in our areas of intervention.

We aim to launch our full - scale operations on a holistic multi themed Village Development Program within

the next year. A knowledge repository of various capacity building modules and tools has been developed

in each area of intervention based on experiential learning in the field and continued collaboration from

industry and knowledge partners who are pioneers in their respective sectors.

UWF's Village Development Programs (VDP) are designed through intensive engagement with the

community members with the objective to provide multi themed products and services to cater to

beneficiaries' needs as described by them through self-sustaining delivery channels which are scalable.

The foundation put efforts to understand the need of communities in underserved and financially excluded

geographies to gain access to financial education that helps to identify and address the gender barriers and

knowhow in the financial decision making processes at households. The objective of financial literacy

programs has been to provide with the knowledge and tools to make informed financial decisions and

improve their lives.

Our Health Initiatives are beneficiary centric and aims to address the gaps that prevent access to quality

health care for the underprivileged. Since its inception, UWF has catered to 1,77,268 people under its

Regular Polyclinic and Mobile Van Polyclinic program. UWF has designed new health initiatives to meet the

needs of the beneficiaries expanding its initiatives to mental health, diabetes awareness and women's

menstrual health. We believe in viable and sustainable models for delivering suitable health services to the

last mile communities in close collaboration and partnerships with various health sector institutions.

UWF interventions are focused on developing ideas and solutions that are based on deep understanding of

the needs of low - income households in remote and underserved areas. It has achieved this growth

through a partnership oriented, multi thematic approach that focuses on identifying the needs of the Plan

beneficiaries and designing interventions and partnerships which can potentially address these needs in

the most sustainable manner.

Utkarsh Welfare Foundation has embarked on a new and successful journey towards sustainable strategies

in improving access to Water and Sanitation. We have been instrumental in spreading awareness on WASH

Financing and also collaborated for assisting the program beneficiaries in availing loans to access clean

water and sanitation facilities.

The dynamism in UWF strategy has informed multiple participatory outreach which forms the foundation

of an expertise which can be capitalized to both expand and intensify impact. Our future areas of priority

shall be built on four important pillars such as compliance with the norms of Corporate Social

Responsibility under Section 135 of the Companies Act 2013, thematic alignment with United Nation's

Sustainable Development Goals & the Government's National Priorities Agenda.

Utkarsh programs ride on a strong technology spine to maximize outreach and impact. UWF has

strengthened its monitoring and evaluation systems to assess impact in a more scientific and efficient

manner to institutionalize evidence - based documentation, impact assessment and program design.

With the strong partnerships and collaborations in the coming year and with a dynamic and enthusiastic

team, I am positive that we will continue to achieve scale while intensifying our interventions with the

communities.

Regards,

Sd/-

Dr. H. P. Mathur

Chairman

03

Varanasi

May 10, 2018

Place

Date

:

:

Annual Report FY 2017-18

Utkarsh Welfare Foundation (UWF) was incorporated in August 2010 and is registered under Sec. 25 of Companies Act, 1956 (now Sec. 8 of Companies Act, 2013). Its interventions are aimed at providing various services for the development and assistance to the underprivileged and under served segment with market linkage opportunities, education, health and vocational training programs. UWF aims at empowering women, making them self-confident and enabling them transform into successful entrepreneurs.

UWF aims to make a meaningful and sustainable impact in the community through a multi-pronged service oriented market led approach. UWF has initiatives that focuses on education, health, skill development, micro enterprise training and sustainable livelihoods.

Guiding Principles

The Foundation is in continuous efforts to positively impact the society, especially the underprevileged and underserved communities in areas of its operations. Utkarsh has formulated policies for social development based on following guiding principles:

· Adopt an approach that aims at achieving a greater balance between social development and economic development.

· Adopt new measures to accelerate and ensure the basic needs of all people. · Work towards elimination of barriers for the social inclusion of disadvantaged groups, such as the

poor and the differently abled.· Support underprivileged and underserved segments by providing financial and non-financial

services through a socially responsible, sustainable and scalable institution.

VISION

Be an institution of excellence in promoting holistic development through inclusive growth leading to greater participation in equitable socio-economic opportunities.

To promote sustainable development through technology driven, impactful and scalable interventions in the identified thematic areas including primary healthcare, education, skill training, livelihoods, financial inclusion and environmental conservation.

MISSION

ABOUT UTKARSH WELFARE FOUNDATION

Annual Report FY 2017-18 04

Dr. Himendu Prakash Mathur is having rich experience in academic administration, research and teaching. He has published a number of articles / papers in reputed National & International Journals. He has also authored 12 books besides having edited several volumes. His areas of interest include Banking, Strategic Managements, Finance. He acts as expert member at different committees and academic bodies.

Dr. H. P. Mathur is Coordinator of BHU Placement Coordination Cell, Convener, HRD Cell, BHU; Dy. Coordinator International Student Affair's Collaboration and Coordinator, MBA Agribusiness Program. He is also Treasurer, BHU Management Alumni Association (BHUMAA).

Prior to joining as Professor at FMS, BHU in 1992, he worked as Assistant Engineer at Hindustan Aeronautics Ltd., involved in

designing, planning, fabricating and testing equipments for aircrafts. He also worked for over ten years in Allahabad Bank and was Branch Head. His major involvement was in project formulation, evaluation, credit management and consultancy.

He is B. Tech. in Electrical Engg. from IIT, BHU, Masters in Management Studies (Gold Medalist) Ph.D. from Faculty of Management Studies (BHU), CAIIB from IIBF and holds Diploma in German Language.

Dr. H. P. Mathur

BOARD OF DIRECTORS

Mr. Govind Singh has an overall experience of more than three decades in the Banking & Finance Sector, with wide range of experience at different levels.

He is the founder of Utkarsh Micro Finance Ltd., the promoting institution of Utkarsh Small Finance Bank Limited. Currently, Mr. Govind Singh is the MD & CEO of Utkarsh Small Finance Bank.

Prior to setting up Utkarsh, he was with ICICI Bank Ltd. in Rural, Micro & Agri - Business Group as the Business Head for Micro Banking. He also worked in Retail Liabilities Group with ICICI Bank.

Earlier to ICICI Bank, he had stints with UTI Bank Ltd. (Axis Bank), Bank Internasional Indonesia, Surya Roshni Group (Financial Services). He had also stints with Allahabad Bank and State Bank of Patiala.

Mr. Govind Singh also served as a member of the working group to review the Business Correspondent (BC) Model in India. The committee was setup by RBI to examine the ways for improving BC Model.

Mr. Govind Singh


Ashwani Kumar has over 12 years of Banking and Micro Finance experience, especially in the phases of setting up, upscaling and transition management of new verticals and entities with focus on Skills and Competency Development Management.

He has extensive hands-on exposure and demonstrated abilities of streamlining multi-functional roles in the domain of Strategy - Planning & Execution for different Support and Control Functions (Support Functions exposures being in HR, Training, Administration, Compliances, Company Secretarial, Corporate Communications, Client Interactions, Branding & Marketing; and Control Functions exposures being in Internal Audit, Risk Management & Inspections) in BFSI sector including in NBFC-MFIs.

He has exposures in both government setups (while working with Canara Bank, a leading Nationalised Bank in India and NABARD Financial Services, a quasi-government NBFC-MFI in their

respective Head Offices at Bangalore) and private setups (while working with Utkarsh Small Finance Bank, a new generation private Sector Small Finance Bank; started with its NBFC-MFI avatar and played a critical role during its transition journey, based out of its Head Office in Varanasi and with Locus Research and Consultants, a Delhi based private Research & Consulting Agency).

He has been speaker at various National & International Conferences, Seminars and Workshops in the domain of Priority Sector Lending, Microfinance, Microbanking Practices and Competency Building Initiatives. He has also taken several sessions and workshops at various Banks, Colleges, Universities, CAB-RBI (Pune) and NIBM (Pune). He has publications in CAB-RBI's annual book and has been Editor of organization's internal magazines like Farm Digest and Utkarsh Gyan Darpan.

He is a Rural Management Graduate from Institute of Rural Management, Anand (IRMA); has UGC NET certification in Management and has also done CFA from ICFAI (India); CAIIB with other Diplomas and Certifications from IIBF. He is a lifetime member of CFA Council (CCFA, India) and Indian Institute of Banking & Finance (India).

Mr. Ashwani Kumar

Mr. Rahul Dey

Mr. Rahul Dey has over 14 years of experience in Banking and Microfinance sector. Presently he is heading Internal Audit Department at Utkarsh Small Finance Bank. Prior to joining Utkarsh, he was with Ujjivan Financial Services Pvt. Ltd. as Regional Business Manager responsible for their Individual lending business in eastern India. Apart from this, he has worked in various capacities with organizations like Ballarpur Industries Ltd, ICICI Bank Ltd, Spandana Spoorthy Financial Ltd. and Anjali Microfinance Pvt. Ltd. while working with ICICI Bank as Regional Manager - West Bengal and North East, he was responsible for the Bank's MFI business in the region for more than three (3) years.

He holds Post Graduate Diploma in Rural Management from Xavier Institute of Management, Bhubaneswar.


Mr. Umanath Mishra

SENIOR MANAGEMENT

Head Operations

Mr. Umanath Mishra has diverse experience of over 12 years in the domain of

Banking, Microfinance, Management of Development Projects and Research. He

has varied experiences of working with Corporate and Social sector. He has

worked with ICICI Bank, one of the largest private sector Banks in India and

leading development institutions like ISMW promoted by Self Employed

Women's Association (SEWA) and Friends of Women World Banking-India

(FWWB).

Prior to joining Utkarsh Welfare Foundation, he was Director at Indian School of Microfinance for

Women (ISMW) for over 5 years, where he played strategic and leadership role in designing,

implementing and managing multiple stakeholder capacity building initiatives and research

programs with large scale client outreach in different States and poorest districts pan India. He has

demonstrated experience in successful bidding for projects with Multilateral and International

development agencies such as UK Aid's Department For International Development (DFID) and Asian

Development Bank (ADB) focussing Financial Inclusion and Entrepreneurship Development. He has

developed a range of modules, technology based and audio visual toolkits on financial education and

micro enterprise trainings. He has also hands on experience in designing and implementing projects

based on innovative mobile technology and web based platforms for impact evaluation and

capturing accurate socio economic data. He played the Chief Liaison with leading microfinance

institutions, international development, Government and CSR agencies viz. RBI, NABARD, SIDBI,

NRLM, GIZ, UNDP, UN WOMEN, ICICI Foundation, CITI Foundation, BSE-IPF (Bombay Stock

Exchange), Union Bank CSR, Indian Institute of Management - Ahmedabad. During his tenure with

ICICI Bank, he worked in various business verticals such as Rural Micro Banking, Microfinance, and

Commercial Banking for over four (4) years.

He was invited as panellist with eminent personalities to speak on Financial Inclusion and Women

Empowerment issues. He attended National Financial Inclusion conferences by Reserve Bank of

India and Dun & Bradstreet as one of the key panellists; Invited as Guest Faculty on Financial Inclusion

Strategies by Entrepreneurship Development Institute of India (EDII) Gandhinagar. He was invited to

represent ISMW at the FT ASEAN Economic Summit at Singapore as Indian social sector

representative.

He holds Post Graduate Diploma in Rural Management from Institute of Rural Management, Anand

(IRMA); has Advance Diploma in Software Application from SVET, Vishakhapatnam. He was also a

member of Indian Peoples Theatre Association (IPTA), Patna.


Mr. Ravinder Singh Karkee

Manager

He has over 13 years of rich experience in Strategic Project Management for Social & Developmental Issues is passionate about working for the socio-economic development of deserving population by building their capacity & skills. He has successfully executed several projects related to Livelihood (Farm & Non-Farm Activities), Social Mobilisation & Institution Building, Enterprise Development, Agriculture, Horticulture, Skill & Vocational, Rural Handicraft Promotion and Socio-Economic Development during his career.

Prior to joining Utkarsh, he was associated with Reliance Foundation (CSR initiative of Reliance Industries) as Project Manager, providing Technical & Managerial Support to ensure implementation, capacity need identification, financial and programmatic reviews; monitoring the program and rendering on-site technical support to the staff to achieve better results. Apart from this, he worked with Uttarakhand Livelihood Improvement Project for Himalayas (a joint initiative of Government of Uttarakhand & International Fund for Agricultural Development) as Enterprise Promotion Manager and played a major role in strengthening the existing projects, providing inputs in proposal development for new assignments and preparing Business Plan for identified Value Chains / Sub-Sectors.

He has intensive grass-root exposure while working with Appropriate Technology India, working for hill communities in enhancing their primary as well secondary sources of livelihood (On-farm and Non-farm based activities). Initiated the project of ‘Devbhumi Retail Network’ with partner NGO’s in various districts of Uttarakhand. Backward, horizontal and forward linkages development for projects of Temperate Oak Tasar, Apiculture, Micro-Dairy Enterprises, Eco-Tourism, Rural Handicraft development through Value Chain.

He holds Post Graduate Degree in Forest Management from Forest Research Institute, Dehradun. Also completed MBA (HR) through distance education from Sikkim Manipal University and Master in Social Works (MSW) from St. Peter Institute of Higher Education & Research, St. Peters University, Chennai.


To,The MembersUtkarsh Welfare Foundation

Your Directors have pleasure in presenting their Seventh Annual Report on the business and operations and Audited Financials of the Foundation for the Financial Year ended March 31, 2018.

DIRECTORS REPORT

1. Financial Performance

The financial performance of the Company for the FY2018 are as follows: (Amount in )

Particulars FY2018 FY2017

Total Income

Less : Total Expenditure

(Deficit)/Surplus before prior period items

Less: Prior Period Items

(Deficit)/Surplus after prior period items

Less: Current Tax

(Deficit)/Surplus after Tax

1,35,91,470

1,81,04,112

(45,12,642)

3,300

(45,15,942)

-

(45,15,942)

2,24,46,557

2,21,05,952

3,40,605

(60,195)

4,00,800

-

4,00,800

2. State of Foundation's Affairs

During this year, your Company had raised additional Capital of `5 Lakh and the entire capital was

subscribed by Utkarsh Micro Finance Limited. Your company, with this infusion has become a subsidiary of

Utkarsh Micro Finance Limited. Currently, Utkarsh Micro Finance Limited Company holds 78.49% stake in

your Company.

Your Company has partnered with holding company i.e. Utkarsh Micro Finance Limited and sister concern

i.e. Utkarsh Small Finance Bank Ltd. for achieving their respective CSR objectives.

Your Company has also tied up with SIDBI, ACCION, FMO, IFC, ISMW, SCBF for various CSR Activities.

The various activities carried out by your company are as given below:

Operational Highlights for FY2018

i. Activities supported under Utkarsh Micro Finance Limited (UMFL) Corporate Social Responsibility:

During the FY2018, major focus areas under Corporate Social Responsibility (CSR) were health and

financial literacy activities.

a. Health Initiatives: The Health Initiatives by Company had its reach to the remote villages of the project

areas. The initiatives are specially focused on those beneficiaries who are not able to access even basic

medical services. Both the Regular Polyclinics and Mobile Van Polyclinics are being successfully

operated in these areas, and there are plans to further expand the outreach. During the FY2018, the

Regular Polyclinics were operational on 166 occasions wherein 17,562 beneficiaries were examined and

provided basic diagnosis and medicine facilities. Also, a total of 312 Mobile Van Polyclinics were

organized and 53,388 patients benefited.


b. Financial Literacy Initiatives: Learnings and experience gained during the implementation of various projects on financial literacy, with reputed knowledge and resource partners such as ACCION, FMO, IFC, ISMW, SCBF, SIDBI and others, helped build the in-house capacity to design and deliver financial literacy programs for plan beneficiaries. Company aims to develop financial literacy initiatives which are replicable and scalable.

Total beneficiary outreach under financial literacy initiatives of Company, since its inception, has been 1,23,523 beneficiaries.

During FY2018 Company decided to focus on health programs and supported various health initiatives across the states of Bihar, Madhya Pradesh and Uttar Pradesh.

ii. Activities under the Corporate Social Responsibility (CSR) Initiative of Utkarsh Small Finance Bank Limited (USFB): During the FY2018, prime focus under CSR initiatives of USFB were financial literacy and goodwill initiatives.

a. Financial Literacy: Financial literacy initiatives are aligned with Utkarsh’s mission to support underprivileged and underserved segments of the population, by providing financial and non-financial services, in a socially responsible, sustainable and scalable manner. Financial literacy program is aimed at building financial decision making and capabilities of the planned beneficiaries through right information, instructions and advice.

For the FY2018, the total outreach achieved through CSR initiative under financial literacy program has been 1,13,779 beneficiaries which comprises of 23,064 beneficiaries under SIDBI PSIG program from the previous year program which received third phase of training during FY2018.

iii. Projects supported under USFB - Corporate Social Responsibility in collaboration with other funding & technical partners

a. SIDBI - Poorest States Inclusive Growth Program (PSIG) - Financial Literacy and Women Empowerment Initiatives (FLWEI): The project was taken up in July 2016 for scale-up and the program was extended to 30 new branch locations across Bihar and Uttar Pradesh, through 30 Master Trainers (MTs), to be covered within 15 months by July 31, 2017. Each of the MTs were expected to undergo 15 days TOT and Refresher Trainings. Web based MIS system was used for effective monitoring and evaluation of the project. The project entails collection of baseline data and training of 22,500 new beneficiaries and end line data collection of 15,000 beneficiaries from the pilot project through open data kit based mobile handsets.

Total beneficiary outreach as at the close of the project i.e. October 2018, through class room training approach, has been 23,525. Total 60 Mass Awareness Camps (MAC) were organized, with total participation of 19,313 beneficiaries.

b. Dialogue on Business (DOB) for Micro Enterprise Beneficiaries - Knowledge Collaboration with ACCION: Dialogue on Business (DOB) is an award-winning business skills training program developed by the knowledge partner, ACCION. It is based on adult learning principles, which draws from the knowledge and experience of program participants. It uses interactive games and role-playing tools, to help participants solve real-life business challenges. DOB is found to be an interesting and engaging activity for people, even with little formal education, who may not learn effectively in a traditional classroom setup.

The Program started in June 2016 and aimed to cover 2,880 Micro Entrepreneurs by March 2018. The total outreach under DOB program as at FY2018 has been 1,912 beneficiaries.


c. Goodwill Projects: Demonstrating ethos of charity, Company has established regular engagements

with the initiatives of Missionaries of Charity such as Nirmala Shishu Bhawan and Nirmal Hriday.

Voluntary participation is encouraged, and visits are organized on a monthly basis. As a token of

goodwill gesture, employees distribute snacks, small gifts, food items and other basic necessities to the

inmates.

d. Blood Donation Camps: A blood donation camp was organized in association with Pandit Deen Dayal

Upadhya Government Hospital Varanasi, in March 2018. Employees of Utkarsh Group companies (61 in

numbers) voluntarily donated blood. The event strengthened the noble cause that blood donation saves

life.

3. Material Changes

There are no material changes and commitments that occurred between the closure dates of both the

previous financial year and the current financial year of the Company to which the financial statements

relate and the date of the report which can affect the financial position of the Company adversely.

4. Details of Subsidiary/Joint Ventures/Associate Bank

The Company became the subsidiary company of Utkarsh Micro Finance Limited on November 22, 2017.

Currently, the Company is a part at Utkarsh Group and Utkarsh Small Finance Bank is a Co – Subsidiary of

Utkarsh Welfare Foundation.

5. Deposits

The Company has not accepted any deposits during the FY2018.

6. Statutory Auditors

The present Statutory Auditors of the Company, M/s. Achal Srivastava & Co, Chartered Accountants,

Varanasi, U.P. are proposed to be re-appointed as the Statutory Auditors, subject to ratification by members

in the ensuing AGM of the Company.

7. Auditor’s Report

There are no adverse observations / qualifications in the Statutory Auditor’s Report.

8. Share Capital

The Company has issued 50,000 shares to Utkarsh Micro Finance Limited (UMFL) on private placement

basis. Previously, the Paid-up capital of the Company was ̀ 1,37,000 and after allotment of 50,000 shares at

`10 each to UMFL the total paid-up capital of Company is now ̀ 6,37,000. Currently, Utkarsh Micro Finance

Limited holds 78.49% stake in the Company.

9. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars to be disclosed under Section 134(3) (m) of the Companies Act 2013, relating to

conservation of energy and technology absorption are not applicable to the Company.

Also, the Company has not carried out any activities relating to the export and import during the financial

year, there is no foreign exchange expense or foreign income during the financial year.


10. Changes in Directors and Key Managerial Personnel

During the FY2018, there was the following change the Board of Directors or Key Managerial Personnel of

the Company:

Sl. DIN Date of Appointment

Mr. Govind Singh 02470880 April 19, 2017

Name of Director

1.

11. Number of meetings of the Board of Directors

A total of six (6) Board Meetings were held by the Company during the FY2018. The same is summarized as

below:

Sl.

No. of Directorseligible toattend themeeting

April 19, 2017

June 22, 2017

August 3, 2017

November 13, 2017

November 22, 2017

March 5, 2018

3

4

4

4

4

4

3

4

4

4

3

4

Date

1

2

3

4

5

6

100%

100%

100%

100%

75%

100%

No. of Directors

attended themeetings

% of Attendance

12. Particulars of Loans, Guarantees or Other Investment

The Company has not given any loans, guarantees or made any investment, which requires disclosure

under Section 186 of the Companies Act, 2013.

13. Particulars of contracts or arrangements with related parties

The Company has received CSR contribution from its holding company i.e Utkarsh Micro Finance Limited

and its sister concern company i.e Utkarsh Small Finance Bank Limited

14. Managerial Remuneration

No employee had earned remuneration in excess of limit mentioned under 5(2) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014.

This page is intentionally left blank.


16. Acknowledgments

Sd/-(Ashwani Kumar)DirectorDIN-07030311

Place: Varanasi

Date: May 10, 2018

Sd/-(Rahul Dey)DirectorDIN-07030307

Your Directors would like to express their sincere gratitude for the co-operation and assistance received

from all Shareholders, Regulatory Bodies, partners and other Business Constituents and Partners during

the year under review.

The Directors wish to place on record, their sincere thanks and gratitude to all associates of various welfare

programs undertaken by the Company.

The Directors also wish to place on record, the appreciation and the synergy impact created along with all

its partners and sponsors.

Your Directors further wish to place on record, their deep sense of appreciation for the commitment, hard

work and dedication displayed by all the employees.

For and on behalf of the Board of Directors.

15. Directors’ Responsibility Statement

Pursuant to the Directors’ Responsibility Statement referred to in clause (c) of sub-section (3) of Section

134 of the Companies Act, 2013 and based on representation from Management, the Company states that:

a) In the preparation of the annual accounts, the applicable accounting standards have been followed

along with proper explanation relating to material departures;

b) The Directors have selected such accounting policies and applied them consistently and made

judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state

of affairs of the Company at the end of the financial year and of the Surplus/ Deficit of the company for

that period;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records

in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the

Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a going concern basis; and

e) The Directors have laid down internal financial controls to be followed by the Company and that such

internal financial controls are adequate and were operating effectively.

f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable

laws and that such systems were adequate and operating effectively.


Form No. MGT-9

EXTRACT OF ANNUAL RETURN

As on the Financial Year Ended on March 31, 2018[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies

(Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS

I) CIN: U74900UP2010NPL041674

ii) Registration Date – 12.08.2010

iii) Name of the Company – Utkarsh Welfare Foundation

iv) Category / Sub-Category of the Company – Private Company

v) Address of the Registered office and contact details

S-2/641-34, Varuna Vihar Colony, J. P. Mehta Road, Cantt., Varanasi, U.P., India - 221002.

Contact No.: +91 7522800125

vi) Whether listed company - No

vii) Name, Address and Contact details of Registrar and Transfer Agent, if any - No

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sl. No.Name and Description ofmain products / services

NIC Code of theProduct/service

% to total turnover ofthe company

P401

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

EXTRACT OF ANNUAL RETURN

100Education

All the business activities contributing 10% or more of the total turnover of the company shall be stated:-

Sl. No.Name and Address

of the CompanyCIN/GLN

Holding / Subsidiary /Associate

U65191UP1990PLC04560901 Holding CompanyUtkarsh Micro Finance Limited, S- 2/639 56, Varuna Vihar ColonyJ.P Mehta Road Cantt

Varanasi 221002, U.P., India



I) Category-wise Share oldingh

Category ofShareholder

No. of Shares held at the beginning

of the year[As on 31-March-2017]

No. of Shares held at the end of the year

[As on 31-March-2018] % Change

during

the year

A. Promoters

(1) Indian

a) Individual /

HUF

b) Central Govt

c) State Govt (s)

d) Bodies Corp.

e) Banks / FIs

f) Any Other

Demat Physical Total% of Total

SharesDemat Physical Total

% of TotalShares

5,200 52,000 37.96- 5,200 52,000 8.16- (29.79)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

- - - - - - - - -

TotalShareholdingof Promoter (A)

- -5,200 52,000 37.96 5,200 52,000 8.16

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

B. Public

Shareholding

1. Institutions

a) Mutual Funds

b) Banks / FIs

c) Central Govt

d) State Govt (s)

e) Venture

Capital Funds

f) Insurance

Companies

g) FIIs

h) Foreign

Venture Capital

Funds

i) Others

(Specify)

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

-

Sub-total(B)(1):-

2. Non-Institutions

a) Bodies Corp.

i) Indian

ii) Overseas

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

50,000 5,00,000 78.49

50,000 5,00,000 78.49-

(29.79)

---

---

-

-

78.49

78.49



b) Individuals

i) Individualshareholdersholdingnominal sharecapital uptoRs. 1 lakh

ii) Individualshareholdersholdingnominal sharecapital inexcess ofRs. 1 lakh

c) Others (specify)

- - - - - - - - -

8,500 85,000 62.04- - 8,500 85,000 13.34 (48.70)

- - - - - - - - -

Non Resident

Indians

Overseas

Corporate

Bodies

Foreign

Nationals

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

Sub-total(B)(2):-

Total PublicShareholding(B)=(B)(1)+(B)(2)

C. Shares heldby Custodianfor GDRs &ADRs

Grand Total(A+B+C)

Clearing

Members

Trusts

Foreign Bodies

- D R

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

8,500 85,000 62.04- - 58,500 5,85,000 91.84

- - - - - - - - -

13,700 1,37,000 100.00- - -100.00

8,500 85,000 62.04- - 8,500 85,000 13.34

63,700 6,37,000

Category ofShareholder

No. of Shares held at the beginning

of the year[As on 31-March-2017]

No. of Shares held at the end of the year

[As on 31-March-2018]% Change

during

the year Demat Physical Total% of Total

SharesDemat Physical Total

% of TotalShares

(48.70)

29.79


Sl.No.

ii) Shareholding of Promoters

Shareholder'sName

Shareholding at the beginningof the year

Share holding at the end ofthe year

No. ofShares

% of totalShares of

the company

%of SharesPledged /encumbe

red to total

No. ofShares

% of totalShares of

thecompany

% of Shares

Pledged /encumbe

red to total

% changein shareholdingduring

the year

Gyanandra Narain

Mishra

Abhisheka Kumar

01

02

2,600 18.98 2,600 -

2,600 18.98 2,600 -

iii) Change in Promoters' Shareholding (please specify, if there is no change)


Cumulative Shareholdingduring the year

No. of Shares% of total Shares of

the company

% of totalShares of

the company

At the beginning of the year 5,200 37.96

No. of Shares

Date wise Increase /Decrease in PromotersShare holding during theyear specifying thereasons for increase /decrease(e.g. allotment / transfer /bonus/ sweat equity etc):

At the End of the year

Particulars

5,200

5,200 5,200

4.08

4.08

8.16

37.96

8.16

iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)



No. of Shares% of total Sharesof the company

At the beginning ofthe year

No. of Shares

Date wise Increase /Decrease in PromotersShare holding during theyear specifying the reasonsfor increase / decrease(e.g. allotment / transfer/ bonus/ sweat equity etc):

At the end of the year

For Each of the Top 10Shareholders % of total Shares

of the company

1. Utkarsh Micro Finance Limited

50,000,Private

Placementof shares

50,000 50,00078.49 78.49

Percentage ofholding decreases

due to privateplacement of

shares of 50,000to Utkarsh MicroFinance Limited

- - - -

78.49 50,000 78.49

(14.90)

(14.90)

-

-


2. Ramesh Chandra Singh





No. of Shares




of the company

3. Trilok Nath Shukla

2,500 18.25 2,500 18.25

2,500 3.93 2,500 3.93





No. of Shares




of the company

4. Ankur Govind Singh

2,500 18.25 2,500 18.25

2,500 3.93 2,500 3.93





No. of Shares




of the company

-

3,500 3,5005.49 5.49

3,500

Due toPrivate

Placementof shares

Due toPrivate

Placementof shares

25.55 3,500 25.55

-

- Due toPrivate

Placementof shares

Due toPrivate

Placementof shares

-

- Due toPrivate

Placementof shares

Due toPrivate

Placementof shares

-


v) Shareholding of Directors and Key Managerial Personnel: NIL

V. INDEBTEDNESS

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager: NA

Sl. No. Particulars of Remuneration Name of MD/WTD/ Manager Total Amount

Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961

01

02

03

04

Stock Option

Sweat Equity

Commission- as % of profit- others, specify…

05 Others, please specify

Total (A)

Ceiling as per the Act

NIL

B. Remuneration to other Directors : NA

Sl. No. Particulars of Remuneration Name of Directors Total Amount

Independent Directors

Fee for attending board Committee meeting

Commission

Others, please specify

Total (1)

Other Non-Executive Directors

Fee for attending board committee meetings

Total (2)

Total (B)=(1+2)

Total Managerial Remuneration

Commission


Overall Ceiling as per the Act

01

02

03

04

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


C. Remuneration To Key Managerial Personnel Other Than : MD/MANAGER/WTD

Sl. No.Particulars ofRemuneration

Key Managerial Personnel

CEO

Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17 (2) Income-tax Act, 1961

(c) Profits in lieu of salary u/s 17 (2) Income-tax Act, 1961

CFO Total

Stock Option

Sweat Equity

Commission

- as % of profit

others, specify…


Total

01

02

03

04

05

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES

NIL

CS

2,80,272

2,80,272

2,80,272

2,80,272

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Amount in `


VOICES FROM THE FIELD

“Kamana's Journey in making her family business profitable through Financial Planning. "KAMANA KHATUN

Kamana Khatun, 42 years old, is managing a large family of eight (8) people. Her husband is a farmer and a part time tailor and they have four (4) boys and two (2) girls. Like any other family, the aspiration of Kamana and her husband Mohammad is to give their children a better life than they had. All their efforts are directed towards this goal. Kamana and Mohammad had earlier attempted to increase the income they received from their tailoring business but their plan seemed to have failed multiple times despite borrowing money to buy a new tailoring machine to increase productivity.

Kamana saw value in the Financial Literacy training as the characters of the training reminded Kamana and her husband of their own household and the day to day issues that they face in planning their family’s finances. On undergoing seven (7) modules on Financial Literacy, Kamana and her husband started conducting many experiments on household financial planning. After undergoing some financial planning exercises with Utkarsh Welfare Foundation’s Master Trainer, Kamana and her husband made plan to separate the income and profits in their business and also planned to judiciously spend the household income while investing the money they saved back into their business. Kamana’s family has now started making profits on trading the clothes they prepare from the sewing machine and have seen an increase in their household income by ̀ 6,000.

Kamana thanks Utkarsh Welfare Foundation for providing her with an alternative vision for her family. She is determined to use the planning techniques she has learnt in the training for increasing her own economic independence and thereby providing financial security to her family.


Parvati and her husband earn daily wages as labourers and live in a village near Jabalpur with their two sons. They own a small land which is unproductive and the income generated from the land is erratic and unreliable. Like any aspirational family, Parvati and her husband Ram would like to give their children the education and opportunities they never had. Parvati’s husband had some experience in garment business but did not have the opportunity to continue with the garment business due to the lack of capital funding. Since they were daily wage earners, the income, they generated from their work as labourers was mostly erratic. When Parvati attended the training, she found the concept of financial planning as very relevant to her household. She brought her husband for a counselling session with the trainer. They planned their finances and found that if they took a loan for income generation to kickstart and then to diversify a business for door to door saree selling, they would be able to capitalize on Ram’s existing experience to enhance household income. Parvati and Ram planned their finances and borrowed `25,000 from Utkarsh Small Finance Bank to buy a consignment of sarees and a cycle for door to door selling. Today, Ram and Parvati together sell sarees to earn an income of approximately `1,000 which is in addition to the income they are earning from the land and Parvati’s daily wage labour. Parvati and Ram are currently following a savings plan to save enough money to give both their children, a good college education. With this loan, they intend to re capitalize their business to expand the areas of service and generate more income.

“Smoothening erratic income flows through financial planning."PARVATI


thSumitra, a resident of Posara village in Katni zilla, has studied till the 8 Standard in her school. She has a normal family with two children, her husband and her mother in law. When we met Sumitra, she and her mother-in-law were running a small grocery store in the village which generated an income of ̀ 2,000. Her husband was a daily wage labourer and the income generated from that was erratic but sometimes if she and her husband both were able to get job, they could collectively earn ̀ 5,000. The total household income of Sumitra’s family was mere ̀ 7,000. Sumitra had active loans with two MFIs. Due to her children falling ill, the household was significantly under debt. Sumitra’s dream was to make her two children study in a good school which seemed impossible in her past income. Sumitra and the members of her center were skeptical of attending the financial literacy and women empowerment training due to their busy schedule and daily wage labourer routine. But after the training, Sumitra attempted to plan her finances as mentioned in the module. Once she was able to see an overview of her household income, she was able to identify the various avenues where she could diversify her income sources. The next loan she took from Utkarsh Small Finance Bank, and then she dedicated it in expanding her grocery store and buying additional stock. Sumitra and her husband started stocking additional products in their store and Sumitra started travelling to nearby villages to sell products door to door. This resulted in more than doubling their household income to ̀ 18,000 from which they now manage to save approximately ̀ 12,000. Sumitra aims to realize her dream of sending her children to best schools by planning her finances to achieve that goal.

“Sumitra’s journey towards the financial goal of sending her children to the best schools.”SUMITRA


Vimla is a housewife who has three (3) children (2 boys and 1 girl). She dreams of giving a good life to her children someday. Like most women of her socio-economic status, she finds it difficult to achieve this dream due to the financial problems faced by her and her husband. He husband owns a grocery shop in the village but the income they generate from the Kirana shop used to barely cover their household expenditure. Due to this they were able to save very little to actually meet the education needs of their children. Before the training, Vimla had never analyzed the expenditure of her family. The training empowered her with a new skill to analyse the expenditure of her family and figure out places where the family could control the expenditure to save the income generated from family business. Once Vimla was aware of this, they started implementing a financial plan which helped them save some money each month. Her husband and she made a conscious decision to put this money back into the business to expand the range of products and services that they provided. This has increased the household income of their family. Vimla is now planning on investing this money in a planned manner so she can provide the quality education that she wants to give to her children. She has started saving her money in her Bank account with State Bank of India and has enrolled herself in Pradhan Mantri Suraksha Bima Yojana (PMSBY) to ensure that the future of her children is protected.

"Managing household spending pattern to increase household income.”VIMLA


“Business management techniques to sustain and grow business (Dialogue on Business case study)."

VISHWANATHTHAKUR

Vishwanath Thakur is a 34 years young entrepreneur, living at Kajakpura crossing near city railway station Varanasi. In the city, he supports a family of four (4) with his wife and two school going children. Vishwanath could not complete his education as a young college student due to financial troubles in the family and was forced to terminate his education and migrate to the city to find a steady source of income to support himself and his family. Vishwanath has tried to ensure that he gives his children a quality education and life. He wants his younger son who is a state level hockey player to hone his talent and play hockey for the country. When Vishwanath migrated to the city of Varanasi, he started gaining some experience in the shoe manufacturing and marketing industry. He started developing his skills in shoe making and took a loan of `90,000 to open a shoe retail and manufacturing store called ‘Vishwanath Shoe House.’

He attended the Dialogue on Business program conducted by Utkarsh Welfare Foundation to potential micro entrepreneurs. The training captured Vishwanath’s imagination since important business concepts were broken down by characters that Vishwanath could relate to. The first aspect that attracted Vishwanath to the program was the concept of visioning a goal for the business. He stated that he gets so caught up in the operational and funding aspects of the business that he tends to ignore the final objective of the business. This may lead to a lacuna in planning which can adversely affect the business plan from being viable. Vishwanath has now worked on the goal for his business as well as the financial goal for his family.

Vishwanath felt empowered as an entrepreneur from techniques that were taught in the program. Vishwanath was particularly interested in the Book keeping concept under cash management. He has now started his business with a disciplined book keeping routine in which he diligently records the income and expenses of his business. He has also started planning the expenditure pattern of his household with his wife to ensure that they have surplus money left for investment both in business and household. He has also applied the risk management and marketing concepts to his business. He has analyzed the market for his shoes and has identified the marketability and margins for various business segments in the shoe retail business. He has employed some shoe makers so that he can make better margins in the customized shoe making business in addition to the shoe retail business where he makes fixed margins. He wants to carefully expand his business and brand his custom-made shoes as soon as he is able to capture a market base.

Vishwanath was also impressed by the Self-Management module where he learnt the concept of motivation and return. He has set financial goals for his household expenditure as well. He has also enrolled himself into a life insurance policy to secure the future of his wife and children. Vishwanath wants to formalize all his business processes. Next year, he aims to file his Income Tax Return, acquire his business registration certificate and expand his business so that he can sell custom made shoes in his own name.

Vishwanath says he has many expectations from his venture but was not sure how to actually achieve them. He has credited the Dialogue on Business training for equipping him with the relevant tools and techniques to turn his vision and aspirations into actionable goals so that he can achieve his vision in a practical manner.


OUR PARTNERS THROUGH THE JOURNEY

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G.V. Meditech Pvt. Ltd.


REGISTERED OFFICES-2/641-34, Varuna Vihar Colony, J.P. Mehta Road, Cantt

Varanasi - 221002 (U.P.)Email ID : [email protected]

Contact No. : +91 75228 00125

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