On behalf of myself and the members of the Board of Directors (BOD) I am pleased tointroduce to you Thirty - Ninth (39th) annual report for the year ended 31st March 2021.
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.Furthermore it is our dedicated team's efforts to meet client deadlines which havesupported us to achieve this growth. I want to thank our BOD and other key managementpersonnel for accomplishing sizeable achievements during the company's tenure despite thechallenges and problems faced by the capital markets worldwide.
During the fiscal year 2021 we continued to strength then our business segmentsdespite uncertainty arising due to structural changes in the Indian economy. Our long-termstrategies which are focused towards small and mid- cap 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 2021. 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 2021 our total revenues stood at Rs. (231.03) lakh. Dueto stress of economy which impact on sale of investment which decline from Rs. 233.00lakhs in FY 2020 to Rs. (231.03) lakh in FY 2021. Most of our revenue comes from the saleof shares segment. Substantial domestic and foreign inflows optimism surroundingimprovement in the economy and moderate growth in earnings of corporates were the mainfactors behind the rally. Furthermore significant structural changes in the Indianeconomy would have long-term positive effects on the capital markets especially in smalland medium-sized companies which in turn would be beneficial to our business. During FY2021 due to challenging market scenario and slow-down of Indian economy due to Covid - 19outbreaks was declared a pandemic by WHO in the last quarter of the financial yearcausing social and economic turbulence. We have taken actions to ensure safety health andwell-being of
our CNI family our Employees. our company reported a net loss of Rs. 360.78 lakh. Ourlong-term strategies to survive even the most challenging market circumstances has helpedus to survive even thought there is loss. We continue to focus on research offeringsrelated to small and mid-size companies and content sale. These segments are likely toremain our core growth drivers. On the global front we are considered one of the mosttrusted brands for small and mid-cap research and content. This has enabled us to enterinto a content sharing agreement with Thomson Reuters Capital IQ - a division of DowJones TheMarkets.com LLC-USA Bloomberg EMIS and many other alliances in the Indianmarkets.
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 2021 reflecting corporate governance standardsfollowed by our 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 help I believe that our company is wellpositioned to maximize shareholder returns over the long-term.
Cni was the only agency which predicted Nifty 30000 target & has been bullish from7500 levels.
|Kishor P. Ostwal |
|Chairman & Managing Director |