On behalf of myself and the members of the Board of Directors (BOD) I am pleased tointroduce this Thirty Fourth annual report for the year ended March 2016.
It has been a great honour to address shareholders of Cni Research Limited as theChairman of the Board of Directors and pleased to see the confidence shown in me by ourBoard and shareholders. Building on our history of over 14 years in the research businesswe continue to grow our business this year becoming a trusted brand for our clients andassociates. I would like to thank the BOD and other key management personnel for theachievements accomplished during the financial year 2016 despite challenging businessenvironment and problems faced by capital markets worldwide.
In FY 2016 we continue to grow our business supported by our growth strategies focusedtowards small and medium sized listed companies in India. While capital markets across theglobe faced significant volatility in FY 2016 due to lower commodity prices slowdown inChinese economy and fragile global economic growth macroeconomic story of India remainedattractive thanks to strong emphasis on governance and economic reforms undertaken by Mr.Narendra Modi led National Democratic Alliance (NDA) government. Looking aheadIndias macroeconomic story remains strongest despite bleak world economic outlook.
By the end of fiscal year 2016 we achieved extraordinary growth in total revenue(including other income) which was up 101.8% reaching a value of Rs. 48.7 crore. Equitysegment revenue grew strong by 115.0% to Rs. 48.5 crore. Revenue from content sale stoodat Rs. 10.6 lakhs as against no revenue in the previous year. Cni has been continuouslyfocusing on small and mid-cap research and content sale segment which is expected toremain the key growth driver for Cni Research Limited. We are one of the most trustedsource of small and mid-cap research and content accepted by global investor communityand hence we have entered into a content sharing agreement with Thomson Reuters CapitalIQ - a division of Standard & Poor's Dow Jones Factiva a division of Dow JonesTheMarkets.com LLC USA Bloomberg EMIS and host of other alliances in domestic arena.
It is very important to highlight that we have been continuously investing into ouroperations people and distribution channels with said initiatives contributing positivelyin the companys growth. We believe these sustained efforts should help the companyto gain further acceptance in the market and present new opportunities with furthermomentum in the market activity.
We have been relentlessly working on improving corporate governance system helping usenhance the internal controls in the company promote transparency and disclosure andexpand shareholders relations and protect the rights of stakeholders. We have attached thereport on corporate governance for FY 2016 reflecting corporate governance standardsfollowed by the company.
Finally on behalf of the Board of Directors and myself I would like to express mysincere gratitude to our shareholders for immense support. I am also thankful to our Boardof Directors for their guidance. With your deep support and Cnis strong position inthe market we believe that the company is well positioned to maximize shareholder returnsover the long term.
Kishor P. Ostwal
Chairman & Managing Director