To The Members of Wall Street Finance Limited.
 
 The Directors present the 25th Annual Report of your Company along
 with the Audited Statements of Accounts for the year ended 31st March
 2012.
 
 OVERVIEW
 
 The year 2011-12 has been extremely challenging on account of global
 economic slowdown and financial market turmoil. Global macro economic
 conditions have not yet shown signs of improvement and Indian financial
 market continues to remain under pressure. The currency market has seen
 volatility of unprecedented nature in the recent months and the
 worsening domestic fiscal defcit position doesn''t assure stability even
 in the near future.
 
 To meet the challenging circumstances and build a sustainable, long
 term and Profitable business, your Directors have been reviewing various
 business segments of the Company on a continuous basis. Such review has
 resulted in discontinuation of the bulk foreign currency export
 business in the second half of the year on account of shrinking margin
 and high risks involved.
 
 Renewed emphasis is being laid on increasing numbers of MTS
 transactions and active sub-agents. The possibility of introducing new
 products to optimize revenue from existing customers and sub-agents
 base, is also being explored.
 
 During the year, fraud in one of our branches in southern part of India
 impacted our wholesale forex business badly. It diverted the focus of
 the management towards handling litigation and other related matters
 and also has put tremendous pressure on the Working Capital of the
 Company resulting in increased outflow on account of interest.
 
 To handle the unprecedented situation, the board undertook various
 restructuring measures. In order to bring renewed focus on
 Profitability, operations and risk management, the board brought in a
 new highly experienced and capable leadership team to lead the
 organization. Your Directors have adopted a strategy to focus on Money
 Transfer, Retail Forex and Outward Remittance activities by building on
 our core competencies as an organization and focus on enhancing our
 foot-print of sub-agent locations during the current financial year.  We
 have also renewed focus on Profitability of the business and closed
 non-Profitable branches, which did not seem to be potentially viable in
 the coming quarters. The Company has also optimized costs at all levels
 as per the business requirement to remove inefficiencies. These measures
 have already started to yield positive results and should augur well in
 the coming months.
 
 The Company has formed a Risk Management Committee to lay down the
 framework to manage the business risks and mitigate them. This will
 ensure stricter internal controls and compliance mechanisms in the
 business operations.
 
 Our long-term goal is to be a premier financial service provider in the
 areas which are evolving and to serve not only our existing customer
 base but also add new ones as well. We are exploring opportunities to
 use our existing network of branches and sub-agents and un-utilized
 licenses by finding new products, capabilities, technologies and
 partnerships. We are building our base strong to meet these emerging
 needs by recruiting professional staff to drive the Company''s business
 to the desired level.
 
 FINANCIAL RESULTS
 
 The financial results of the Company for the year under review are
 summarised below:
 
                                                     (Rs. lacs)
  
 Particulars                            For the year ended
 
                               31.03.2012             31.03.2011
 
 Profit before finance cost, 
 depreciation and tax              90.09                 342.58
 
 Less: Finance cost               312.78                 233.89
 
 Profit / (Loss) before 
 depreciation and tax            (222.69)                108.69
 
 Less: Depreciation                63.46                  63.66
 
 Net Profit / (Loss) before 
 tax and extra-ordinary 
 expense                         (286.15)                 45.03
 
 Less: Extra-ordinary expense      66.38                    –
 
 Net Profit / (Loss) before tax  (352.53)                 45.03
 
 Less: Provision for tax           17.15                   8.47
 
 Profit / (Loss) after tax       (369.68)                 36.56
 
 Add: Balance of Profit 
 brought forward                   29.44                  28.74
 
 Profit available for 
 appropriation                   (340.24)                 65.30
 
 APPROPRIATION
 
 a) Transfer to statutory 
 reserve                             –                     7.31
 
 b) Transfer to reserves – 
 contingent provision on 
 standard asset                     2.12                   1.48
 
 c) Transfer of profits 
 attributable to subsidiary          –                       –
 
 d) Proposed dividend                –                    23.14
 
 e) Tax on dividend                  –                     3.93
 
 Surplus carried to 
 balance sheet                   (342.36)                 29.44
 
 During the financial year the income from operations amounted to Rs.
 3282.12 lakhs as against Rs. 3191.46 lakhs for the previous year,
 recording a marginal growth of 2.84%. However, the Company incurred a
 loss of Rs. 369.68 lacs for the year as against a Profit of Rs. 36.56
 lacs for the previous year. The financial year 2011- 2012 was a
 challenging year and the losses incurred during the year were primarily
 on account of wholesale forex business not performing as per
 projections and increase in fixed overhead, which grew by 16.19 % over
 the last year without registering the corresponding growth in revenue
 during the year. The overall reduction in the rate of commission by
 Western Union by 1% had also adversely affected the bottom line.
 
 Detailed information about the operations of the Company is
 incorporated in the Management Discussion and Analysis Report. The
 Financial Highlights are mentioned above while segment wise performance
 is not reported as the financials & allied services segment has ceased
 to be reportable business segment within the criteria defined under
 Accounting Standard 17.
 
 DIVIDEND
 
 Your Company has reported loss for the year and hence your directors do
 not recommend dividend for the year.
 
 The Company will transfer the unclaimed dividend to the Investor
 Education and Protection Fund as and when it is due during the current
 year.
 
 FINANCIAL IRREGULARITIES AT ONE OF THE BRANCH IN SOUTH
 
 During the year under consideration, some fraudulent transactions at a
 branch in the southern region were noticed and after detailed
 investigation, the quantum of losses has been ascertained at approx Rs.
 522 lacs. Apart from that, claims amounting to Rs. 280 lacs approx.
 have been raised by some other corporates which are disputed by the
 Company and suitable legal measures have been taken to defend the
 Company''s position against these disputed claims. Your Company has fled
 insurance claim for the losses mentioned hereinbefore which is under
 process.
 
 RESOURCE MOBILISATION
 
 Your Company was converted into Non-Deposit Accepting Non-Banking
 Finance Company during financial year ended 2010 and since then, it had
 stopped accepting fresh fixed deposits and also renewing existing fixed
 deposits and had started repaying the fixed deposits alongwith the
 interest thereon from the Escrow Account upon their maturity.
 
 During the year under consideration, fixed deposits amounting to Rs.
 31.10 lacs were repaid. Fixed deposits outstanding as on 31st March
 2012 were Rs. 10.87 lacs as against Rs. 41.97 lacs on 31st March 2011.
 
 The working capital requirements of the Company are currently funded by
 the Company''s bankers at a reasonable cost. Various strengthening and
 tightening measures employed by the management have resulted in better
 utilization of the existing credit facilities available to the Company
 from the Company''s bankers.
 
 SUBSIDIARY COMPANY
 
 The Company had a 100% wholly owned subsidiary named Goldman Securities
 Private Limited (GSPL).  During the year under review, the Company
 divested the investment of 51,10,000 equity shares of Rs.  10/- each
 held in GSPL to Spice Investments and Finance Advisors Pvt. Ltd. at par
 value amounting to Rs. 511 lacs. Consequently, Goldman Securities Pvt.
 Ltd. ceases to be a subsidiary of the Company with effect from 30th
 September 2011. The transition of business and licence to the new
 entity is awaiting regulatory approvals.
 
 CHANGE IN THE REGISTERED OFFICE
 
 With effect from 19th December 2011, the Registered Office of the
 Company was shifted from 101-112, Chintamani Plaza, Andheri - Kurla
 Road, Chakala, Andheri (East), Mumbai – 400 099 to Spice Tower, CTS - R
 10, Phase II, Anand Nagar, New Link Road, Jogeshwari (West), Mumbai –
 400 102.
 
 DIRECTORS
 
 During the year under consideration, following changes took place in
 the Board of Directors of the Company:
 
 - Ms. Shefali Shah ceased to be a Director upon her resignation with
 effect from 13th August 2011.
 
 - Mr. Subroto Chattopadhyay, Mr. Sudip Bandyopadhyay, Ms. Divya Modi
 and Ms. Preeti Malhotra were appointed as additional directors with
 effect from 20th August 2011. Their directorship in the Company was
 confrmed by the shareholders in the Annual General Meeting held on 23rd
 September 2011.
 
 - Mr. Rajeev Maheshwari ceased to be CEO and Whole-time Director of the
 Company with effect from 15th November 2011 upon his resignation.
 
 The Board places on record the appreciation for the guidance and
 directions provided by Mr. Rajeev Maheshwari and Ms. Shefali Shah
 during their stint as directors.
 
 Ms. Divya Modi and Ms. Preeti Malhotra retire by rotation at the
 ensuing Annual General Meeting and being eligible offer themselves for
 re-appointment.
 
 As required under Clause 49 of Listing Agreement, brief profle, details
 of experience and other Directorships / Committee memberships held by
 the Directors, whose appointment/re-appointment is due in the
 forthcoming Annual General Meeting (AGM) of the Company, forms part of
 the Notice convening AGM.
 
 Mr. Arun Ajmera has been appointed as a Chief Executive Officer of the
 Company with effect from 15th November 2011.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to section 217 (2AA) of the Companies Act, 1956, the
 Directors, based on representations received from the operating
 Management, confirm that:
 
 i) in the preparation of the annual accounts, the applicable accounting
 standards have been followed, unless otherwise stated in the notes to
 accounts;
 
 ii) the relevant accounting policies are consistently applied and
 reasonable, prudent judgments and estimates are made so as to give a
 true and fair view of the state of affairs of the Company as at 31st
 March 2012 and of the loss incurred by the Company for the year ended
 on that date;
 
 iii) proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities;
 
 iv) the Annual Accounts have been prepared on a going concern basis.
 
 AUDITORS
 
 M/s ASA & Associates, Chartered Accountants, Mumbai, Statutory Auditors
 of the Company, retire at the conclusion of the ensuing Annual General
 Meeting and being eligible, have offered themselves for re-appointment.
 
 ACCOUNTS
 
 Observations in the Auditor''s report read with relevant notes forming
 part of the accounts are self-explanatory.
 
 Your Company undertakes two activities namely, Money Changing and Money
 Remittance Services. The Company follows prudential norms prescribed by
 the Reserve Bank of India in addition to generally accepted accounting
 principles and standards.
 
 CORPORATE GOVERNANCE
 
 As required under the provisions of Clause 49 of the Listing Agreement,
 the Corporate Governance Report including the Auditors'' Certificate
 thereon and the Management Discussion and Analysis Report form part of
 this Annual Report.
 
 GENERAL
 
 Your Company continues to be registered as a Non-Banking Finance
 Company (NBFC) and follows the prudential norms of Reserve Bank of
 India.
 
 Your Company continues to honour, within prescribed time, all its
 obligations with respect to payment of interest on fixed deposits and
 borrowings, repayment of fixed deposits and payment of statutory dues.
 The Company continues to use at par facility for payment of interest to
 fixed deposit holders. As on 31st March 2012, the Company has no overdue
 deposits other than unclaimed deposits of Rs. 10.87 lacs for which
 reminders have been sent to the concerned deposit holders. The Company
 does not have any unclaimed deposits which are required to be
 transferred to the Investor Education and Protection Fund.
 
 PART A – CONSERVATION OF ENERGY: Not Applicable
 
 PART B – TECHNOLOGY ABSORPTION: Not Applicable
 
 PART C – FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 The Company is into the business of money remittance wherein the
 remittances sent from abroad are disbursed to the receiver residing in
 India for family maintenance and are governed by the applicable
 guidelines prescribed by Reserve Bank of India time to time. Within the
 ambit of the applicable laws, the Company is taking suitable steps to
 increase its business.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees of the Company are covered by the provisions of
 Section 217(2A) of the Companies Act, 1956. Hence no disclosure under
 Section 217(2A) of the Companies Act, 1956 read with Companies
 (Particulars of Employees) Rules, 1975, as amended to date, is
 required.
 
 APPRECIATION
 
 Your Directors would like to place on record their sincere appreciation
 and gratitude for the guidance and support provided by the Reserve Bank
 of India and other statutory authorities, bankers, shareholders,
 deposit holders, credit rating agency, business associates and the
 esteemed customers during the year under review.  The Directors also
 wish to thank all the employees for their sincere efforts at all
 levels.
 
 Registered Office:                     For and on behalf of the Board 
 
 Spice Tower, CTS-R10
 
 Phase II, Anand Nagar,                               Brij Gopal Daga
 
 New Link Road, Jogeshwari (W),                              Director
 
 Mumbai - 400 102                                 Sudip Bandyopadhyay
 
 Date : 28th May 2012                                        Director