Dear Stakeholders

Welcome to the 30th Annual General Meeting of your Company We believe thatorganizations can emerge stronger in a dynamic environment by staying firm to its corevalues of Trust Customer centric approach Teamwork and Transparency.

India has once again reposed faith in Prime Minister Narendra Modi’s vision for anew India with huge mandate. A strong and stable Government would put focus on economictransformation.

Global headwinds and geopolitical events threaten to drag down major economies anddisrupt global trade and commerce. India in the midst of these challenges need to putacross structural and financial sector reforms to put back economy towards double digitgrowth.

Key area of focus

Investment Banking continues to be the focus area for the Company as a one-stopsolution for major value added corporate services. The services covered include merchantbanking loan syndication financial restructuring resolution of stressed assets mergeramalgamation placements of securities. Income there from was Rs. 1131 lacs in FY 19compared to Rs. 1033 lacs during FY 18.

Considering the overall risk and rewards attached your Company closed down its Brokingand allied operations effective April 2019 while it remains committed to its broaderfinancial services business.

Financial performance

The Company has posted revenues of Rs. 1809 lacs during FY19 (Rs. 2068 Lacs for FY 18).Profit before Tax was Rs. 551 lacs against Rs. 445 lacs in the previous year (23.86%increase) whereas PAT was Rs. 415 lacs compared with Rs. 353 lacs for FY18 (17.58%increase). EPS stood at Rs. 5.20 in FY19 compared to Rs. 4.42 in FY18.

Looking ahead

With positive developments all around your Company is confident of availing theopportunities to consolidate venture into new related opportunities and move forward. Ithank you for your sustained trust encouragement and support.

Warm Regards

R. L. Gaggar

Chairman

Annual Report 2018-19