When we first incorporated this company we had envisioned a long-term strategy and avision to become the most trusted brand for our clients and associates in the country. Asa traditional research organization we have experienced the growth which the Indianfinancial industry has progressed through. As the industry advanced we too climbed theladder of success by adapting to our near-term challenges which were well-matched withour increasingly global business needs. Growing recognition worldwide acknowledged us as aunique Indian brand for research relating to small-cap and mid-cap companies. Furthermoreit is our dedicated team's efforts to meet client deadlines which have supported us toachieve this growth. I want to thank our BOD and other key management personnel foraccomplishing sizeable achievements during the company's tenure despite the challengesand problems faced by the capital markets worldwide.
During the fiscal year 2019 we continued to strengthen our business segments despiteuncertainty arising due to structural changes in the Indian economy. Our long-termstrategies which are focused towards small and midcap companies have primarily supportedus to sustain our near-term business goals. As moderate growth is being witnessed acrossthe globe mostly due to changing commodity prices and weak economic growth in advancedeconomies the Indian economy too was affected during the first half of FY 2018. Howeverthe macroeconomic story of India over the long-term remains strong due to theimplementation of robust economic reforms undertaken by the government of India. Notablyimplementation of the "GST Bill" in July 2018 is expected to increase Indiangovernment's overall tax collections. This will lead to greater participation of retailinvestors in the capital markets which would in turn help us grow our business.
By the end of the fiscal year 2019 our total revenues stood at Rs. 4.02 crore. Thoughrevenue is down by 10% co has incurred losses on equity as midcap and small caps correctedvery badly. However we are hopeful of reversal in the next year. Substantial domestic andforeign inflows optimism surrounding improvement in the economy and moderate growth inearnings of corporate were the main factors behind the rally. Furthermore significantstructural changes in the Indian economy would have long-term positive effects on thecapital markets especially in small and medium-sized companies which in turn would bebeneficial to our business. During FY 2019 despite a challenging market scenario ourcompany reported a net loss of Rs. 49.98 lakhs. Our long-term strategies to survive eventhe most challenging market circumstances has helped us to achieve this profit. Wecontinue to focus on research offerings related to small and mid-size companies andcontent sale. These segments are likely to remain our core growth drivers. On the globalfront we are considered one of the most trusted brands for small and mid-cap research andcontent. This has enabled us to enter into a content sharing agreement with ThomsonReuters Capital IQ - a division of Dow Jones TheMarkets.com LLC-USA Bloomberg EMIS andmany other alliances in the Indian markets.
Significant efforts have been made by us to improve the corporate governance system ofour company. Enhancement in the company's corporate governance will not only help us toaugment our internal controls but will also support us in endorsing a higher level oftransparency and disclosures. These efforts would assist us in improving overallshareholder relations and protect the rights of the shareholders. We have attached thereport on corporate governance for FY 2018-19 reflecting corporate governance standardsfollowed by our company. Finally on behalf of the Board of Directors and myself I wouldlike to express my sincere gratitude to our shareholders for immense support. I am alsothankful to our Board of Directors for their guidance. With your deep help I believe thatour company is well positioned to maximize shareholder returns over the long-term.
Kishor P. Ostwal
Chairman & Managing Director