On behalf of Onelife Capital Advisors Limited (OCAL) and its Board ofDirectors I am pleased to present before you the 12th Annual Report of yourCompany.
The new financial year has started with the Modi Government returning to power with athunderous majority voicing an ambitious target to make India a $5 trillion economy by2024. A strong mandate at the Centre makes a strong case for stability and clarity inpossible policy outlook and long-term reforms substantiating our theme of Growing IndiaGlowing India.
Growth is expected to remain weak in the first half of 2020 on weak consumption demandand export income. The rising collections of GST collection and constant growth in directtax to GDP ratio are welcome for the Indian economy. We expect the inflation framework(low food prices and positive real rates) fiscal consolidation infrastructure spendingFDI focus and strong external affair policies should help revive growth in second half of2019-20. However a below normal monsoon spike in oil prices and global trade disputesare the key risks that could dampen the growth outlook.
With a view to improve compliance and strengthen our business efficiency the Companyhad filed a Scheme of Amalgamation involving merger of six wholly owned subsidiaries withthe Company. In this regard the Honorable National Company Law Tribunals(NCLT) Mumbai Bench had approved the Scheme vide its order dated July 182019. The certified copy of which has since been filed with the Registrar of CompaniesMumbai. With this step the Scheme has become effective from the Appointed Date viz.April 1 2018. The scheme would thereby cut down many unnecessary expenses leading tofurther focus and growth of your Company.
For OCAL Fiscal year 2018-19 was a mixed bag in terms of business and operations.While we continued to put strong building blocks in place for the future throughinvestments in innovation people and digital our overall performance fell short of ouraspirations and in-house targets. We are taking a number of corrective actions to addressthis anomaly.
The income of your Company stood at Rs. 1064.74 Lacs more than the previousyears income of Rs.742.13 Lacs. But due to the rise in expenses your Company hassuffered a loss of Rs. 1.80 Lacs compared to the previous years profit of Rs. 7.47Lacs. Our management team is deeply committed to turnaround this business situation. Theycontinue to show admirable resilience and agility in responding to the macroeconomicchallenges. I am confident that together we will deliver a stronger fiscal year 2019-20and will have better inputs to share with you all.
We remain committed to our vision of servicing clients by offering the next generationfinancial solutions and right advice to clients that will help us to create value for ourinvestors and customers at all times. In this context we are continuously focusing onexpanding our bouquet of financial solutions and improving our digital offerings toprovide a holistic experience. Our business model is relatively simple. It revolves aroundthe thumb rule that if we treat prospective and existing clients the way we would want tobe treated they will choose to build a relationship with us and thus do more businesswith us. SERVICE and TRUST are the pillars on which we are molding this organization.
Your company has adhered to a set of principles that ensure responsible behavior andvalue systems. Since our inception and you as owners your company is confident thatthese principles that define what we do every day at your Company will define the futurewe are building for a better tomorrow. Were confident that our approach can help allour stakeholders take ownership of their financial future.
To all our customers business partners shareholders investors and communities mysincere gratitude for your trust and support through the years. At OCAL we often say thatwe are only as good as what we do next. So I look forward to your continued partnershipas we craft the best years of OCAL.
Thank you for your ongoing trust and confidence.