By transformation into a Fintech Company through Digitalisation, we will continuously provide innovative retail financial services to Indian customers to meet the demand of

‘FASTER, SIMPLER and MORE CONVENIENT’

Maintaining trust is more important than ever in today’s global business environment. We, ÆON Credit Service India Private Limited as ÆON Group Company are standing on basic principle:“Pursuing peace, respecting humanity, and contributing to local communities, always with customers point of view as its core”. Our management philosophy is to “Support customer’s lifestyle and enable each individual to maximize future opportunity through effective use of credit. We would like to keep on providing various retail financial services and serve to Indian community.

ÆON has numerous policies and systems in place to ensure that our business practices and operations are consistently effective, responsive and highly principled. We are committed to achieve this through integrity and sound corporate governance.

We continuously strive to maximize the value we bring to our Customers, Business Partners and other Stakeholders. Openness creates opportunities for dialog with our Customers, Business Partners, Stakeholders and Employees. We maintain corporate transparency and conduct ethical business practices. This would enable awareness of emerging problems and fast resolution turnaround, hence greater efficiency.

During the year under review, total sales of the Company was drastically reduced due to high interest rate and setting up of stricter credit criterion to have control over spiralling bad debts resulting thereby very low revenue recorded in the financials. Due to very low business performance, financial position of the Company got worsen, which put the company in distress to maintain the minimum net worth and other financial ratios as per the regulatory requirement.

In view of this, company’s holding company, ÆON Financial Service Co., Ltd. Japan (AFS) had come up with a revival plan for business sustenance in India. As per the plan, AFS could inject INR 1.59 billion in the capital of the Company in the beginning of fourth quarter after exit of Edelweiss Financial Service from Joint Venture Agreement. However, after the new management assumed the office, the sales volume had picked up in the beginning of third quarter post revision of various credit and other business criterion. Simultaneously, one new product namely Two-Wheeler Finance kick started to compensate the business shortfall. Further, we could successfully shift our corporate office to a better place with all the modern amenities in order to provide much better working environment than the existing one.

We hereby wish to thank our shareholders for their continuous support and confidence on our company performance. In line with ÆON Group strategy and positive market scenario, the company plans to focus its business expansion in Mumbai targeting on new to credit customers segments at bottom of the pyramid.

I wish to thank our customers, business partners, merchants and shareholders for your continued support to the company. I would also like to express my sincere appreciation to the Board of Directors, management team and staff of the company for their precious contribution, efforts and commitment towards improvement of business operations and performance of the Company. We are certainly looking forward for a better year ahead to continue serve our customers.