BSE LiveJul 31, 16:00
Bid Price (Qty.)
Offer Price (Qty.)
NSE LiveAug 06, 15:32
Bid Price (Qty.)
Offer Price (Qty.)
It gives me great pleasure to welcome you all to the 9th Annual General Meeting of One life Capital Advisors Limited. The notice related to this Annual General Meeting, Director''s Report, Audited Annual Accounts for the FY 2015-16, Consolidated Annual Audited Accounts and Cash Flow Statement are already with you. With your kind permission, I shall take it as read.
FY2015-16 has been a significant year for your company. It is the fiscal when your company has ventured to provide a business identity and growth option which may yield positive gains in the years to come.
India- Economic Performance FY2015-16:
Indian economy (GDP) grew at 7.6% for FY16, which is one of the highest growth rates amongst G-20 nations. It is important to note that despite global growth challenges from developed economies like USA, Europe and China, the Indian economy has been able to sustain high growth rates and is now benefiting from a strong currency with low crude and commodity prices. We feel there is now a mood of optimism emerging in the Indian economy. For Q4 FY2015-16, Indian economy grew at 7.9% to become one of the fastest growing economy in the world. Exports growth has been an area of concern with Y-O-Y negative growth rates, but the trade balance has been partially alleviated by the reduced trade deficit and current account deficits.
Services sector contributes almost 53% of the Indian GDP grew at a robust 10.2% during FY2016. Macroeconomic reforms expected in the tax regime like GST, coupled with the new policy and investment initiatives of the present government should augur a positive growth environment for the nation. Hence, we as management of this company firmly believe that India is perfectly augured to benefit from both global and local opportunities.
India- Economic Outlook for FY2016-17
India''s consumption will continue to grow in FY2017. Good monsoons should help ease the inflationary pressures in the economy. India will continue to benefit from low crude prices and stable interest rates. Resolution of Non-Performing Assets in the banking system should further add growth momentum to the Indian economy. Despite global challenges expected due to Brexit, negative interest rates in Japan and USA indicating of a potential rise in interest rates FY2016-17. This highlights the tremendous confidence of the global economy on India''s expected performance.
Indian economy which is estimated at US$2 trillion today is expected to grow to US$20 trillion in next 20 years, making India one of the largest and best performing economies in the world. Average age of the Indian population is at 35 years, indicating its tremendous income generating potential and the ability to provide a positive growth momentum to the global economies.
Company Developments 2015-16:
Your company has positioned itself to benefit from all the above opportunities by building a strategic business and investment portfolio that can help reflect and profit from these developments. Your company has further focused to provide a platform for generating value added business by focusing on investments and opportunities which are investment accretive. Execution and management are the two key elements on which your company wishes to reach this strategic goal.
In FY2015-16, your company, through M/s Purple India Holding Limited, a 100% subsidiary of One life Capital Advisors Limited, has entered into a shareholding agreement, subject to all regulatory approvals, to acquire Destimoney group of companies. Destimoney is amongst India''s leading full service equity brokerage and third party financial services company, with its own NBFC. Your company has ventured to acquire and thereafter to build upon the existing business networks, infrastructure and clientele of Destimoney. This acquisition should help your company to catapult itself to become amongst one of the India''s leading financial services business. Your company expects this acquisition should offer the ability to use its management strengths effectively to generate positive value to shareholders. This venture should be a good strategic fit to your company business.
Your company also acquired 100% shareholding in Eyelid Infrastructure Private Limited, with the intention to develop and use the underlying assets in the company for business purposes.
During FY2015-16, your company revenue was Rs. 209.50 lakh, with a net profit of Rs 0.38 lakh. The income was primarily by earned interest on the fixed deposits of the company.
Considering that your company is in an investment mode, the management has decided not to declare any dividend for the year.
Company Outlook for FY2016-17
Your company is working to secure the necessary regulatory permissions, by addressing the ground challenges and possibilities. Your company is also looking at parallel business opportunities to rebuild on the business options as they may arise. Your company expects to conclude on this transaction by end of FY2017 and has built on future plans to integrate and manage this new business. We are looking forward to make a quick turnaround and growth for this new venture once all initial approvals and hurdles are cleared.
Our Sincere Appreciation and Acknowledgements
Your Directors, and I the Chairman, would like to take this opportunity, to put across our personal gratitude for the support demonstrated by our shareholders for the company initiatives conducted by us. We will remain committed to try and build a formidable business for the shareholders. The board will continue to provide the role of the mentor for this company and help it navigate in these interesting times.
I would again like to thank our shareholders, Banks, Employees, and other stakeholders of our business, whose support and guidance has enabled our enterprise reach these business targets and have been an inspiration to us.
Yours sincerely TKP Naig