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મેફ્કોમ કેપિટલ માર્કેટસ

બીએસઈ: 531176  |  ઍનઍસઈ : N.A  |  ISIN: INE186C01015  |  Finance - General

શોધો મેફ્કોમ કેપિટલ માર્કેટસ કનેક્શન
ચેરમેનનું ભાષણ વર્ષ : Mar '02
It is going to be almost one year when the famous terrorists strike on
 the World Trade Towers took place - and the world business scene has
 never been the same since then, including the financial markets. Dow
 Jones and Nasdaq melted to its lowest levels since then and there still
 is room for more correction, as per the analysts. This has also
 affected almost all the major indices around the globe.
 
 Impact of these developments had to be felt in India as we are now
 integrated with the world markets. Share prices of almost all leading
 companies came down substantially during the last year and euphoria
 built around technology stocks also came to an end, though a new story
 started building-up around public sector disinvestments which brought a
 number of hitherto untraded stocks into limelight. Not only the leading
 PSUs showed excellent appreciation, they were followed by their poor
 brothers and mid-cap stocks appreciated a lot. These developments kept
 up the interest of the investors in the stock markets, though with
 heavily reduced volumes.
 
 As has happened invariably in our country, the political priorities
 overtook the economic ones and the wavering government decisions
 delayed disinvestment process which in-turn halted surging volumes in
 PSUs and their infectious virus spread out to other counters.
 
 All in all, it was a year of bad kick-starts, halting growth &
 intermittent resurgence of bad news. Every time some Feel-Good Factor
 would start happening, one or the other bad news would spoil the
 effect, taking us back to a recessionary feeling, despite courageous
 attempts by the Industry Captains to take their respective companies
 out of recession. Sometime it were war clouds which would surface
 frequently OR it would be another terrorist strike & the other time, it
 would be a kind of mini-scam on the financial front - be it linked with
 Ketan Parekh or with Home-Trade. The bad news also came from Government
 as well as government owned institutions, most notable being the fall
 out of Unit Trust of India which was almost a Symbol of Trust for
 millions of investors spread in every nook and corner of the country.
 
 These developments overshadowed the frequent inflow of goods news which
 came in the form of increasing sales of consumer goods, bulging foreign
 exchange reserves and heavy drop in the interest rates. Even the
 quarterly results were quite good and most of the industry majors
 continued to perform well despite shrinking margins and rumors of a
 shrinking market.
 
 In short, the year was the one without any decisive trend-line. Stock
 markets too could not stay away from the trend and kept on making Tops
 & Bottoms within short intervals. It was only the lucky short-term
 investor who was able to make money; most of the people developed a shy
 attitude; having burnt their fingers in these fast moving developments.
 
 The only financial market which did make money was the Debt Market due
 to continuous fall in the interest rates and these developments were
 duly reflected in the balance sheets of different banks, and financial
 intermediaries whose total involvement was in the Debt market. There
 was hardly any public issues and the ones which came did not give good
 returns to the investors except those from the banking sector which
 further dried up the Primary Markets. The major emphasis of Merchant
 banking activities was in advisory fields like Mergers & Acquisition
 etc. but your company could not participate effectively in the same as
 the activity remained restricted mainly in western India.
 
 The year gone-by affected the performance of your companies as you can
 notice from their results. In fact last few years have been bad for
 the financial services business and despite trying our best, we could
 not be an exception.
 
 Your management, however, has not lost hope and feels that the coming
 months would be better. As per the market pundits, the markets have
 bottomed out and are due for a good rise but this hope could be
 illusionary again in view of the experience of the last few years. The
 only positive note I can think of passing on, is that we are ready to
 effectively participate as & when the conditions change for the better.
 
 Your management has drawn out a detailed project report called
 VISION-2006 which details our growth-plan of the next 5 years. Our
 core areas are going to be Broking & Merchant Banking only in view of
 which we have discontinued the financing activities. All group
 companies have now been brought under one umbrella. Your company Mefcom
 Capital Markets Ltd., besides carrying out its own activities, shall
 now be the holding company for Mefcom Securities Ltd. as well as Mefcom
 Agro Industries Ltd. Accordingly their annual accounts have also been
 incorporated in this balance sheet.
 
 We have also taken membership of Online Commodity Exchange of India
 Ltd. (OCEIL) which would be the first recognized Commodity Exchange in
 the country on lines of Chicago Futures Exchange & London Metal
 Exchange. This will be an additional service for our customers within
 the same broad structure. Your management feels and hopes this exchange
 to do well, the beginning for which is being made on VIJAYADASHMI DAY
 on 15th October, 2002. A new company Mefcom Commodity Brokers Ltd.
 has been formed for the purpose. Combined with our status as Category -
 l Merchant Bankers duly approved by SEBI, we have completed the
 groundwork to emerge as `An Integrated Capital Market Services Company
 probably the only one in North India - under one professional
 organizational structure with active offices in both political and
 financial Capitals of the country.
 
 Mefcom Securities Ltd. (MSL) is now counted amongst the top 50 stock
 broking firms in terms of daily turnover and financial net worth,
 though it is not reflected adequately in the financial figures due to
 low rates of brokerage and lower volumes. It has now become a complete
 brokerage-house which is dealing in all areas of organized broking
 platforms available in the country which includes primary markets,
 equities & debt markets as well as derivatives (popularly known as
 Futures and Options) & Commodities.
 
 Nothing much could be done on the manufacturing front in Mefcom Agro
 Industries Ltd. (MAIL), as it has become uneconomical to run a small
 unit. Your management, therefore, has drawn out plans to enhance the
 capacity and engage professionals by bringing in more capital,
 resolutions for which have been proposed in the current annual meeting
 only. A project report has also been prepared. Once-bitten-twice-shy
 could be the most appropriate terminology to describe the present state
 of mind of your management. The plunge for this expansion shall only be
 undertaken once your management is fully satisfied about its success.
 Alternatively, the efforts shall be made to dispose-off the unit,
 keeping in-mind the best interests of the shareholders.
 
 The next few pages will give you the history, background and other
 Mefcom group details by going through which, you will appreciate that
 we are a group with Dynamic History and Growth but has been passing
 through a bad phase for the last few years due to circumstances beyond
 our control and creation. We are fully committed and are hopeful of
 resuming our leadership status. The current year 2002-03 is the first
 year of VISION-2006. We are confident that the next 5 years shall meet
 your expectations slowly but gradually for which your complete team at
 Mefcom is making sincere efforts.
 
 A daily newsletter ~ STOCKS TODAY ~ is being launched to keep our
 clients in-touch with the happenings & to give them benefit of our
 fundamental and technical research on the stock markets. Those of you
 who are interested can send us their e-mail address and we shall be
 pleased to send them the same.
 
 I would like to end this communication not only by thanking you for
 having remained a part of Mefcom-family but also by seeking your
 blessings for a better future.
 
 With kind regards,
 
 (Vijay Mehta)
સ્તોત્ર: રેલીગેર ટેકનોવા


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