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Golden Goenka Fincorp Ltd.

BSE: 530579 Sector: Financials
NSE: N.A. ISIN Code: INE152C01025
BSE LIVE 15:40 | 17 Nov 12.39 0.39
(3.25%)
OPEN

12.95

HIGH

13.20

LOW

12.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.95
PREVIOUS CLOSE 12.00
VOLUME 274310
52-Week high 13.20
52-Week low 3.41
P/E 18.22
Mkt Cap.(Rs cr) 236
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.95
CLOSE 12.00
VOLUME 274310
52-Week high 13.20
52-Week low 3.41
P/E 18.22
Mkt Cap.(Rs cr) 236
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 24th AnnualReport of your Company for the financial year 2016-17.

Demonetisation and the passage of the Goods and Services Tax (GST) Bill were the twoevents that occupied the headlines for much of the year. While the former evoked a lot ofheated debate both in Parliament and in the media the disruptions caused by this movewere only temporary; the intended benefits are expected to flow though in the future.Although the GST initially may result in some practical issues it will usher insignificant benefits especially by ensuring a greater degree of transparency intransaction trails and by enhancing logistical efficiencies. The simplicity of the tax isexpected to lead to easier administration and enforcement. Further the recentlyintroduced Insolvency & Bankruptcy Code (IBC) will surely enable the much awaitedresolution for the over-leveraged corporates and the bank burdened with bad loans. Thetimeframe for addressing issues under IBC is practical and as and when implemented willeffectively help in resuscitating the stressed companies. Steps have also been initiatedto improve India's ‘global competitiveness rank' and the concerted efforts madetowards formalising the economy are reasons to be optimistic. Meanwhile to keep inflationin control RBI has adopted a cautious but accommodative approach. The interest rates mayfurther be reduced which will augur well for fresh investments.

Our country is poised for a good monsoon this year. And with the ongoing reforms theGDP growth momentum is likely to sustain. There is a general ‘feel good' factorprevailing with an emerging belief that this year would be the year of the turnaround.There is an influx of foreign investments in the stock market in India and globalinvestors are excited about investing in the India Growth Story. Thus we are upbeat thatthis year and the years ahead will be interesting times for our country and your Company.Your Company as always is consistently monitoring all these developments and iscontinuously exploring new opportunities. Your Company is actively tracking all thesedevelopments and the management is upbeat that the business scenario is poised to improvesignificantly during FY 2017-18.

Your Company has been making strategic investments from time to time and has alwaysfollowed a strategy of diluting / divesting such stakes at the opportune moment. Themanagement is aware of such opportunities and will opt for strategic divestments wheneverthe right opportunity beckons. The quality of loan portfolio has been consistentlyimproving and stressed clients are being closely monitored towards prudent recovery. YourCompany has been making strategic investments from time to time and has always followed astrategy of harvesting such stakes at the opportune moment. Competitive pressures in thevehicle financing market are likely to remain high with banks increasingly focusing onretail lending thereby exerting downward pressure on margins.

Growth with Quality and Profitability has been the underlying philosophy that hasguided your Company over the years and shall continue to do so in the future as well. Asalways preservation of asset quality will remain a key imperative.

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. 1812.19 lakhs as against Rs. 1291.96lakhs 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 team workis far more superior than the sum total of our individual abilities.

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

(Chairman & Manging Director)

(DIN: 00613725)