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Wall Street Finance Ltd.

BSE: 511147 Sector: Financials
NSE: N.A. ISIN Code: INE549D01012
BSE LIVE 14:27 | 15 Dec 38.05 -1.90
(-4.76%)
OPEN

38.60

HIGH

39.60

LOW

38.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 38.60
PREVIOUS CLOSE 39.95
VOLUME 3395
52-Week high 47.15
52-Week low 23.30
P/E 29.96
Mkt Cap.(Rs cr) 44
Buy Price 38.05
Buy Qty 34.00
Sell Price 39.00
Sell Qty 100.00
OPEN 38.60
CLOSE 39.95
VOLUME 3395
52-Week high 47.15
52-Week low 23.30
P/E 29.96
Mkt Cap.(Rs cr) 44
Buy Price 38.05
Buy Qty 34.00
Sell Price 39.00
Sell Qty 100.00

Wall Street Finance Ltd. (WALLSTREETFIN) - Chairman Speech

Company chairman speech

Dear Shareholders

It gives me great pleasure to present to you the annual report at a time when we aremaking rapid progress in the transformational journey of your Company with the objectiveof enhancing value creation for all stakeholders.

The world economy has experienced subdued growth for another year in 2016 unable tomeet even the modest projections by many institutional forecasters. This is the secondconsecutive year when the overall inward remittance to India has fallen to USD 62.7billion from USD 68.9 billion. Notwithstanding a significant 8.9 % drop in remittances toIndia in 2016 the country retained the top spot among remittances receiving nations. Thedecline in remittance volumes have largely been led by the Gulf region which contributesmore than 50% to inward remittances to India. Your Company operates in the business offacilitating cash to cash inward money remittance business. In the backdrop of overallfalling remittances to India this business segment faced additional challenges because ofthe demonetization policy. Despite the company's focused efforts on growing its networkthe revenues from inward remittance de-grew by 21% because of these external factors.Further with increasing penetration of bank accounts the customer's preferences aremoving to non-cash methods of remittances. Typically in scenarios of declining revenuesmarket consolidation is usually the best strategy to create value.

Your Company also caters to the international traveler segment by providing moneychanging and outward remittance services. Driven by growing affluence and liberalisationof regulatory policies like Liberalised Remittance Scheme (LRS) the market for outwardremittance and forex has been growing at a rapid pace. As per data published by RBI theoutward remittances from India grew from USD 4.6 billion in FY16 to USD 8.2 billion inFY17. Your Company is sharpening its focus on the growing customer segments like studentsstudying abroad business as well as leisure travelers. Further as the customer is movingfrom cash to digital forms of transactions your Company will be focusing on digitalcurrency like prepaid forex cards as well as developing the next-gen digital platform tobring transparency and convenience in the cross border transactions at the same timebuilding a scalable business model. We have seen consistent

growth in this business segment over the last few years and are confident that givenour renewed sharpened focus we will be able to leverage the opportunity that thisindustry has to offer.

Having evaluated various strategic options the Board of your Company has recommendedto unlock value from the inward remittance business. The Company will invest part of theproceeds to build the growing forex and outward remittance business. We are evaluatingfurther possibilities to evolve your Company into an asset light scalable digitallyenabled financial services (fintech) company.

I would like to thank all employees partners and most importantly you ourshareholders for your whole-hearted support and trust in our endeavours. I look forward toan exciting and successful year ahead and thank you for your continued patronage.

Dilip Kumar Modi

Chairman