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Chemox Securities Ltd.

BSE: 511485 Sector: Financials
NSE: CHEMOXSEC ISIN Code: N.A.
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NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Chemox Securities Ltd. (CHEMOXSEC) - Chairman Speech

Company chairman speech

1996 CHEMOX SECURITIES LIMITED CHAIRMAN'S STATEMENT Its a great pleasure to welcome you at this tenth Annual General Meeting of your company. As you all are aware, the financial services industry has been passing through a very critical stage because of continuous depressed capital market conditions. The liquidity crunch faced by the economy, particularly in the second half of the last fiscal year was severe and unprecedented. This has coupled with reduction in ceiling on bank lending to all types of NBFCs and moderation of lending by financial institutions (FIs). Hence the credit availability to NBFCs from these sources has become scarce driving them to access funds from other sources, often at non-competitive rates. Even though there are signs of easing of liquidity, sentiments towards NBFCs do not seem to have changed for the better. As NBFCs have to mobilise public deposits in a highly competitive environment, it is absolutely necessary to provide some flexibility at least to offer a yield matching with the tenure of deposit. The Reserve Bank of India has just announced major relaxations by freeing the ceiling on interest rates and the quantum of deposits that can be accepted by registered NBFCs which meet the prudential norms and credit rating requirements. While this will help the NBFCs to achieve the above purpose and also a better maturity match, it will be their responsibility to ensure an orderly and healthy development of the sector as a whole. In this type of adverse and competitive environment, only those NBFCs can survive who have got very efficient and cost effective working. You would be happy to note that despite this adverse conditions, your company could perform reasonably well and have earned a profit of Rs. 500.71 lacs for the year ended 31st March, 1996. The company has received registration as Category - I Merchant Banker from Securities and Exchange Board of India (SEBI) and the activities of Merchant Banking have already been started. In addition to this, your company has been very active in syndication of various corporate services and could earn substantial income out of that and the company has also entered into Stock Broking services. I am sure, with your tacit support and confidence reposed in the management, your company would be able to perform well and make a place for itself in the industry and would be a force to reckon with. On behalf of the Board of Directors and on my own behalf, I take this opportunity to thank our depositors, customers, bankers, financial institutions and all the shareholders for the co-operation and assistance extended to your Company and look forward to their continued support. I also place on record my appreciation of the good work done by all members of staff. S.N. AGARWAL CHAIRMAN

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