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Golden Goenka Fincorp Ltd.

BSE: 530579 Sector: Financials
NSE: N.A. ISIN Code: INE152C01025
BSE LIVE 15:00 | 16 Aug 7.43 0.86
(13.09%)
OPEN

6.84

HIGH

7.44

LOW

6.60

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.84
PREVIOUS CLOSE 6.57
VOLUME 6259
52-Week high 9.28
52-Week low 3.00
P/E 12.38
Mkt Cap.(Rs cr) 141
Buy Price 6.80
Buy Qty 1000.00
Sell Price 7.43
Sell Qty 300.00
OPEN 6.84
CLOSE 6.57
VOLUME 6259
52-Week high 9.28
52-Week low 3.00
P/E 12.38
Mkt Cap.(Rs cr) 141
Buy Price 6.80
Buy Qty 1000.00
Sell Price 7.43
Sell Qty 300.00

Golden Goenka Fincorp Ltd. (GOLDENGOENKA) - Chairman Speech

Company chairman speech

Dear Shareholders

It is a matter of immense pride and pleasure in placing before you the 23rdAnnual Report of your Company for the financial year 2015-16.

The Indian Economy is considered the fastest growing amongst the major world economies.According to provisional estimates the Indian economy managed to clock a 7.6% GDP growthmaking it the world’s fastest growing major economy. The growth in India is primarilyconsumption driven with the increase in per capita income and to some extent by thecapital expenditure undertaken by the government. However other key indicators such asIndustrial growth continue to remain weak. Bank credit growth also remains sluggishindicative of a continuing capacity overhang and the resultant hesitancy on the part ofindustry to invest in the new capacity. On the other hand consumption demand appears tobe improving notably in the consumer durables segment.The Reserve Bank of India (RBI) hasmaintained an accommodative monetary policy and since January 2015 RBI has reduced Reporate by 150 basis points but unfortunately fresh capital investments by the privatesector is yet to pick up. International oil price is once again moving up and althoughthis trend has been predicted to be temporary by experts it may marginally affect thefiscal situation. In addition its impact on inflation will also influence RBI’sdecision on any further interest rate cut.

Taking cognizance of the macroeconomic scenario the management consciously adopted acautious approach and exercised extreme prudence in its disbursements. The quality of loanportfolio has been consistently improving and stressed clients are being closely monitoredtowards prudent recovery. Your Company has been making strategic investments from time totime and has always followed a strategy of harvesting such stakes at the opportune moment.The management is vigilant of such opportunities and will opt for strategic divestmentswhenever the right opportunity beckons. Your Company intends to expand into financialmarket segment on pan India basis soon and capitalize the set up for the same along withincreasing capacity as required by the business.

Your Company hopes to post reasonable growth in its chosen lines of business and alsocontinue to explore new profitable business opportunities. Competitive pressures in thevehicle financing market are likely to remain high with banks increasingly focussing onretail lending thereby exerting downward pressure on margins. As always preservation ofasset quality will remain a key imperative. Growth with Quality and Profitability has beenthe underlying philosophy that has guided your Company over the years and shall continueto do so in the future as well.

On behalf of the Board of Directors I want to assure you that we are committed toproviding the highest standards of governance and to ensure this all the systemsprocedures and structures of good governance have been put in place. Your Board compriseseminent members drawn from diverse backgrounds; requisite Board Committees have beenconstituted; and policy framework and operating procedures needed for smooth operationshave been laid down.

Your Company not only displayed its resilience to extreme challenges and volatilitiesin the market but also reassured stability and soundness in terms of overall businessperformance by achieving profit before tax of Rs. 1291.96 lakhs as against Rs. 858.62lakhs in the previous financial year.

At Golden Goenka while we identify and reward individual brilliance we focus on totalteamwork. We are an organized team and we function on the basis of principle that we addon collectively all of us be triumphant. We promote our staff to multitasking to adaptnew skills sets and improve their overall capabilities. This helps us to deliver acomplete response to our client’s requirements. We function on the fact that our teamwork is far more superior than the sum total of our individual abilities.

Further the "GOLDEN GROUP" is one of the leading entrepreneur in thefield of Real Estate Project Development Non-Banking Financial Activities. Recently the"Golden Group" is coming out with its own project "GOLDEN RESIDENCY"in the heart of Kolkata on the main road near Bhawanipore P.S. providing 4BHK with servantquarter flats where the flats will be exclusive very private just like your thoughts.It’s distinctly different in the architecture amenities and lifestyle with moderncontemporary structure of truly excellent architectural finesse along with proper carparking space. The legend by Golden Group is a luxurious oasis nestled in the most covetednew residential quarters of the city.

On behalf of the Board and on my own behalf I place on record my sincere appreciationand gratitude to our Bankers RBI SEBI MCA Registrar and Share Transfer AgentsRegistrar of Companies Stock Exchanges Depositories Customers Business Associates& Auditors for their continued support and the confidence they have reposed in theCompany. I record my special appreciation of the tireless efforts of Team Golden adedicated and loyal band of people who have displayed unswerving commitment to their workin these challenging times and helped the Company deliver strong results. I owe mygratitude to the Company’s valuable shareholders for their continued patronage &co-operation and seek their continued support and co-operation in future.

Sincerely

CA G. L. Goenka (DIN: 00613725)