Respected Shareholders,
On behalf of Onelife Capital Advisors Limited (“OCAL”) and its Board of
Directors, I am pleased to present before you the 12th Annual Report of your
Company.
The new financial year has started with the Modi Government returning to power with a
thunderous majority voicing an ambitious target to make India a $5 trillion economy by
2024. A strong mandate at the Centre makes a strong case for stability and clarity in
possible policy outlook and long-term reforms substantiating our theme of Growing India,
Glowing India.
Growth is expected to remain weak in the first half of 2020 on weak consumption demand
and export income. The rising collections of GST collection and constant growth in direct
tax to GDP ratio are welcome for the Indian economy. We expect the inflation framework
(low food prices and positive real rates), fiscal consolidation, infrastructure spending,
FDI focus and strong external affair policies should help revive growth in second half of
2019-20. However, a below normal monsoon, spike in oil prices and global trade disputes,
are the key risks that could dampen the growth outlook.
With a view to improve compliance and strengthen our business efficiency, the Company
had filed a Scheme of Amalgamation involving merger of six wholly owned subsidiaries with
the Company. In this regard, the Honorable National Company Law Tribunal’s
(“NCLT”), Mumbai Bench, had approved the Scheme vide its order dated July 18,
2019. The certified copy of which has since been filed with the Registrar of Companies,
Mumbai. 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 to
further 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 through
investments in innovation, people and digital, our overall performance fell short of our
aspirations and in-house targets. We are taking a number of corrective actions to address
this anomaly.
The income of your Company stood at Rs. 1064.74 Lacs, more than the previous
year’s income of Rs.742.13 Lacs. But due to the rise in expenses, your Company has
suffered a loss of Rs. 1.80 Lacs compared to the previous year’s profit of Rs. 7.47
Lacs. Our management team is deeply committed to turnaround this business situation. They
continue to show admirable resilience and agility in responding to the macroeconomic
challenges. I am confident that together, we will deliver a stronger fiscal year 2019-20
and will have better inputs to share with you all.
We remain committed to our vision of servicing clients by offering the next generation
financial solutions and right advice to clients that will help us to create value for our
investors and customers at all times. In this context, we are continuously focusing on
expanding our bouquet of financial solutions and improving our digital offerings to
provide a holistic experience. Our business model is relatively simple. It revolves around
the thumb rule that if we treat prospective and existing clients the way we would want to
be treated, they will choose to build a relationship with us and thus do more business
with 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 and
value systems. Since our inception, and you as owners, your company is confident that
these principles that define what we do every day at your Company will define the future
we are building for a better tomorrow. We’re confident that our approach can help all
our stakeholders take ownership of their financial future.
To all our customers, business partners, shareholders, investors and communities, my
sincere gratitude for your trust and support through the years. At OCAL, we often say that
we are only as good as what we do next. So, I look forward to your continued partnership
as we craft the best years of OCAL.
Thank you for your ongoing trust and confidence.
Best Regards
Yours sincerely
TKP Naig