00:00 oh Good afternoon, dear members. I'm really sorry due to some technical glitch. We are unable to start. Hello. 00:35 Can someone tell her to move to a place where the internet is much more stronger? I think there is an issue with the internet from our side. 00:53 Mr. Sadani. 01:04 Am I audible? 01:07 Someone give me a confirmation, please. 01:11 Yeah. oh 01:25 Hello, sorry for the inconvenient good afternoon. Dear members. You're audible please continue. Hello, myself, so I think we'll be company secretary of efficient capital market limited. I'm delighted to welcome you all behalf on behalf of this team member of the board to this 43rd, a GM of your company for the financial 2425 issue. em 01:55 This agent being held today through video conferencing. We are holding this agent from five CR. You are audible please continue. 02:12 Being held today through video conferencing, are holding this AGM online from 5th CRE venue, 4th floor Kolkata 72, which is recognized as a deemed venue. A special thanks to all the members for joining the meeting virtually. Now let me introduce to you all the board members present who are joining us today physically or joining through video conferencing and they are. 02:39 Our independent director Mr. Akshay Kumar Banda is a qualified company secretary, CMA, LLB. Our whole time director Mr. Aditya Sadhanu is a qualified CNCS. Our non-executive director Mr. Apu Salarpuriya is a qualified chartered accountant. Our woman independent director Ms. Anapunda Gupta, a qualified company secretary. Our CFO Mr. Gaurav Bansal. Our statutory auditor Mr. Rakesh Agarwal, partner of Rakesh Shyam and Associates. Our scrutinizer Mr. Rajan Singh Akash. 03:08 practicing company secretary. The company has enabled the member to participate at 43rd AGM by way of video conferencing facility arranged through uh Swarnim Touch Technologies and CDSL. The proceeding of this meeting have been conducted live and also been recorded for the compliance purpose. According to the provision of regulation 36 of the SEBI LODR, the Greenish Initiative, we have sent soft copies of notice and annual report through electronic mode to all those members. 03:38 Whose email address are registered with the company or depositories, Niche Technologies Private Limited and a letter providing web link including exact path where the detailed of the annual report is available to those shareholders who have not registered their email ID through courier was sent to all the members. Further, 04:02 Further, we also dispatched hard copy of full annual report through courier to those shareholders who have requested for the same. Hence, the notice and audit report is being taken as a red. Since the quorum is present, we are commencing the proceeding of the meeting. The registers maintained in section 170 and 189 of the Act shall remain accessible to all the members till the closure of the meeting. Now, I request our Chairman 04:29 of the meeting Mr Akshay Kumar Pandaji to address you. 04:47 Sir, please do the honor. 05:16 Good afternoon, ladies and gentlemen. 05:21 It gives me immense pleasure to welcome you all to the 43rd annual General Meeting of your company, Eastern Capital Markets Limited. Before we reflect on your company's performance, let me take a look at the macroeconomic environment in which we operate. Last year, we witnessed a whole lot of events, ongoing Russia-Equity War, added with Afghanistan and Bangladesh's political development, and in the 05:50 Descent first. 05:55 USA retaliated 34 taken together with Israel and Nepal development. The overall environment is volatile. On positive aspects, India became the fifth largest economy and emerging market with our leadership showing way forward to the Indo-European economy. Coming to global economy. Global economy expanded by 3.3 % in 2024. 06:23 slightly below 3.5 % in 2023. According to the IMF, advanced economies like US and Europe experienced its lower growth due to high interest rates and weakened consumer spending. Emartian economies, particularly in Asia, maintained better economic momentum, largely driven by domestic demand. Several structural and external factors continue to affect global output. 06:52 These included, as you know, geopolitical tensions, trade conflicts, slower productivity, and high public debt levels. Despite these challenges, inflation declined from 6.6 % in 2023 to 5.7 % in 2024, helped by easing supply constraints and by tighter monetary policy. 07:19 Global economic activity is expected to maintain modest but uneven momentum. is projected that global real GDP growth will decelerate to around 3 % in 2025 and 2.9 % in 2026, following a 3.2 % advance in 2024, rising trade frictions, persistent geopolitical and political uncertainty, 07:46 Elevated market volatility and inflation divergence reshape the global outlook. Digital growth patterns have become more fragmented with developed markets losing stream and emerging markets showing varied vigilance. Advanced economies are expected to face slowing growth from 1.8 % in 2024 to 1.5 % in 2025. World growth 08:14 while GDP growth is expected to fall 2.2 % in calendar year 2025 and modestly improve to 3 % in calendar year 2026, which is well below the historical average of 3.7%. The continuation or escalation of geopolitical tensions combined with elevated uncertainty around trade and economic policies could surface growth further and undermine investor confidence. 08:44 high borrowing costs, withdrawal of fiscal support, and impact of the conflicts in Europe and Ostecia, geopolitical uncertainties, and extreme weather conditions caused by global warming seems to be the further reasons for the caution. But the Indian aspect and the company's future plan, I would request our whole time director, Mr. Aditya Sadhani, to clarify and address the August gathering. 09:14 Mr. Sadhani is all yours now. Thanks. uh 09:35 Hello. 09:43 Yeah, continue. Hello. Yeah, you are. Yes, I know. Chains. Sir mentioned I again welcome you all to the 43rd annual general meeting of your company online on behalf of board of directors. I thank you for the unwavering support you have extended. To the company and appreciate the time you have to join us today. On the macroeconomic expect, let us know. Have a bird eye view on the Indian economy. 10:11 The Indian economy is one of the fastest growing large economies in the world marked by its diversity and structural transformation over time, driven by the strong service sector expanding manufacturing base and large domestic market. With a young force and rapid digital adoption, India emerges as hub for IT services, fenced-back startups, while also pushing to an initiative like Make-In India and production link in service to boost industrial growth. 10:40 Agricultural still employs a large number of population through productivity challenges remain recent information such as GST insolvency and bankruptcy code and digital financial inclusive strength and economic fundamental. India's resilience demographic dividend policy support position which remain to a key driver of growth in coming decade. India is generally currently the fifth largest economy in the world in terms of nominal GDP and the third largest in terms of 11:09 PPP Purchasing Power Parity in 2025 India's nominal GDP is estimated at around 4.5 trillion dollar making it a major driver of global growth. The country contributes nearly 7 % of world GDP and has consistently ranked among the fastest growing large economies with an annual growth of somewhere around 6 to 7 % strong domestic demand a robust service sector expanding manufacturing and rapid digitalization. 11:39 have strengthened India's position in the global economy. With its demographic advantage in structural reform, India is projected to become the third largest economic overall by 2030 after US and China. Amidst the global uncertainties and challenges, the Indian economy presented a picture of confidence, positivity, and optimism with strong momentum. Despite the global uncertainties, Indian economy has had a healthy growth in FY24-25. 12:08 Relative to the global economy economy is projected to grow at 6.3 % in 2526 fiscal on the inflation front. There has been significant recovery CPI headline inflation declined from 5.2 in December 24 to 3.6 in February 25. Over the months that following inflation is by April 25 it had dropped to around 3.16, which was the lowest why why inflation since July 19. 12:37 Yoshi chief economist Chris Hill says in two 1026 we expect headline inflation at 4.3 % with food, fuel and core readings at 4.62.5 and 4.2 respectively. For the fiscal we have also penciled in two more report cut by 25. This point each of the MPC of the RBI in May 25 it showed a slight further cooling at least 2.82%. Still 13:08 Within the target range sent by the RBI, that is the lowest in more than six year from 3.16 in April. The recent type or with USA and subsequent GST reform has affected the overall market. In coming days, changing global alignment in trade is expected to affect global economy. 13:31 market expectations are high that tariff disrupt will stabilize shortly in positive mode. The RBI will play a key role in ensuring the sustainability growth of NWFs in coming years. 13:46 Through its scale-based regulatory framework, the into strengthened governance, capital-based regulatory framework, the risk management in NBFC bringing them closer to the standard of bank. At the same time, RB expected to encourage NBFC to expand their reach in rural and semi-urban area, thereby supporting financial inclusion. With the rapid rise of fintech and digital lending, RB focus will also be on promoting innovation while safeguarding customer interests through stricter norms and transparency, data security, and fair lending policies. 14:15 Additionally, NBFC will be guided towards data and sustainable financing, aligning with India's long-term development goal. Thus, RBA balanced approach of regulation and facilitation will be critical in shaping the stable and inclusive growth of NBFC sector. Despite risk from global market volatility, geopolitical development, and fragmented trade relation, India's strong fundamental resilient financial system and policy focus on long-term stability position 14:44 Well to sustain the risk country. Is expected to remain its position as the fastest growing measure economic in the world during FI 2526 the management taking a quick step to ensure that operation is recompense risk management is the knowledge transformation. Textiles teams are well prepared to comply with the regulatory both in letter and spread the organization is set up reinforced system and protocols to ensure efficient oversight of business operation related activity. 15:13 These policy and procedure have been put in place with the aim of opening a reasonable level of confidence that the company assets are sealed from unauthorized uses and that transactions are accurately and properly recorded and reported. These areas undergo regular review and evaluation. Throughout the fiscal year, the total revenue amounted to 1.23 CR with loss after tax 0.36. Due to loss on sale of financial instrument, I assure you that the company is looking to the future with 15:42 cautious optimism. have been significantly strengthen our internal system. Further, are undertaking initiatives to continuously upgrade the skill of our employer. Most values are engaged with that more winning value. Looking ahead, we are determined to build a reputation for excellence in product and services. The trust and confidence of our stakeholders remain our strongest motivation, pushing us to continually improve our performance. We will be as well positioned in terms of financial human capital, product links, physical. 16:09 And this will put printer contribute to India's economy before I control the other border. I wish to convey my sincere regards and deep credit to the value stakeholders for country support interest and confidence. You always have been the motivation force and have facilitates us to move and achieve the excellence despite the numerous challenges. I hear a place on my request since here thanks to the board vector for their advice and support to move further on the path of system and go to all the employees of the community for dedicated effort and support. 16:37 Also must thank the company team, various Department of Government of India, RDA, financial institution, or stakeholder for their support and incorporation. Now I request Swati Modi, our company secretary, to explain the manner in which we are going to proceed further in this meeting. Over to you Swati. 17:02 Thank you Chairman Sir and our whole time director for giving your valuable time and it was very nice to share your views. Now I read the resolution as communicated to you to be considered in this meeting as a ordinary business adoption of audited financial statement of the company together with the report of the Board of Directors and audited there on for the financial year ended 31st March 2025. 17:32 Appointment of Mr. Apu Salarpuriya, then 00058357 who retires by rotation and being eligible offer himself for reappointment and as a special business oh as ordinary solution resolve that person to the provision of Section 204 and other applicable provision if any of the companies act 2013. 17:56 The act read with Rule 9 of the company's appointment and remuneration of management personnel rules 2014, including any statutory modifications or reenactment thereof for time being enforced and Regulation 24A of the SEBI LODR, Regulation 2015 as amended, SEBI listing regulation and person to the recommendation of audit committee and subsequently approved by the Board of Directors, the consent of the members of the company be and hear the recorded for the appointment of 18:26 Mr. Raju Singh and company practicing company secretaries appear reviewed firm COP number 13599 as the secretarial auditor of the company to conduct secretarial audit of the company and to finish secretarial audit report for a period of five consecutive years, commencing from the financial year 2025 to commencing for financial year 2025-2026 till the financial year 2029 and 2030. 18:54 At such remuneration, including applicable taxes and out of the pocket expenses payable to him during their tenure as the secretarial auditor of the company, as may be mutually agreed between the board of directors and the secretarial auditors from time to time. Resolve further that the board of directors of the company, including its committee thereof, be and is hereby authorized to revise, alter, and vary the term and condition of their appointment. 19:20 including their remuneration in such manner and to such extent as may be mutually agreed with the secretarial auditor and to do all such acts, deed, matter and things as may be considered necessary, desirable or expected to give effect to this resolution. Now, I would like to inform the member that in accordance with the provision of Companies Act 2013 and SEBI Listing Regulation, the members have provided the facility to exercise their 19:48 right to vote by electronic means, both through remote e-voting and e-voting in the AGM. As you all are aware, remote e-voting commenced on 21st of September, 2025 at 9 a.m. and concluded on 23rd of September, 2025 at 5 p.m. And those who have not availed such facility are given opportunity to cast their vote on the above agendas during the meeting via e-voting throughout the meeting using their respective ID and password. 20:17 The board of directors have also appointed Mr. Rajul Singh and company practicing company secretaries as a scrutinizer for this meeting. Based on the report of the scrutinizer, the combined result of remote e-voting and the e-voting will be announced and displayed on the website of the companies and will also be submitted to the stock exchange as per the requirement in the SEBI LUDR regulation. Now I request the member who have sent their queries to SPIE, however, please ensure that the time allotted is limited. 20:46 First, we would take all the questions and the board would address to the same further. request you to please do not repeat the questions if it was asked once in view of time paucity. I request you to keep the question short and now I'll call the name of the members from whom we have received the queries and who have registered themselves as a speaker. 21:12 Once the name is called, I'd request the concern to talk and other are requested to mute their microphone toward the echo. We will now begin the interaction by calling the shareholder name one by one. 21:28 Vimal Sarkar, GPID uh is 1201330001481657. 21:42 Yeah, Mr. Sarkar, please unmute your mic. 21:49 Hello, do you have a right there? Yes, sir. uh 22:23 company. uh 22:50 Yes. Yes. uh 23:19 ah uh 23:48 Question number one. uh 24:18 Thank uh you 24:47 The capital experience plan over the next two likely focus on investing in technology upgrades, digital platform. We also may also allocate fund for expanding our product offering. Strengthening human resource this investment in to improve customer experience and long term growth prospects. Thank you. 25:06 oh Next shareholder name is Jayadit Bakshi and DPI ID is IN 30154936203908. 25:19 Mr. Bakshi, please unmute your mic. uh Yes, very good evening, Chairman and Board of Directors, myself Jadib Bakshi, connecting from the city of Kolkata. uh Thanks to our company secretary, Swati madam, for giving me an opportunity to express my view and presenting a detailed and informative annual report. Sir, the initial speech was very much informative, shared about the present status of our country and all the business which every industry is facing. 25:47 So just want to know how we plan to continue our growth momentum and what is our focus for the coming next two years and uh regarding new technology, what we planning to implement so that we can get better efficiency in our work field. And that's all from my side. I support all the revolutions along with my family members and wish a festive greetings to all present in today's video conference. Thank you, Thank you, Oz. 26:14 Sir, our next shareholder is Lili Pradhan. Mrs. Lili Pradhan. The GPID is IN 30051385002543. 26:27 Hello. Ms. Pradhan, please hand me the mic. 26:39 Nispradhan. 26:46 No, okay. Should I call the next name? Yeah, call the next one. Mrs. Preeti Paul. The DPI is IN 3016041335785. 27:03 Miss Paul, please unmute your mic. 27:10 My audible. Yeah, madam. Good afternoon, chairman, sir. Board of directors and key manager persons myself, pretty Paul connecting from the city of how thanks to the respected company secretary for giving me an opportunity to select me as a speaker at this platform and maintaining good investor service with the shareholders. I strongly support all the resolution. So I have two questions. The first one is. 27:37 with investments and NBFC activities being the main revenue source. What new strategies will strengthen growth next year? And the second one is with new independent directors joining, what fresh perspective and strategies can the board expect for the future goal? Thank you, sir. Thank you, madam. Our next shareholder is Mr. Subhaskar. 28:02 This is DPI, is IEN 3022691 2462717. 28:10 Mr. Cora, please unmute your mic. 28:16 Am I audible? Yes, sir. Thank you. you. Good afternoon, everyone. afternoon. afternoon. The respected chairman of the board and fellow shareholder. am Subhash Kaur joining from Kolkata. Your speech was outstanding and provided valuable insight about our company. Thanks to the company secretary, Madam Sati Modi and the entire team 28:46 very good investor service and registering my name as a speaker. um I have only two questions, sir. uh Sir, what are the companies plan to improve revenue and other income in the coming year? My second one, sir, uh how does the company intend to reduce earning volatility and ensure stable growth? Nothing to add more, sir. Thank you. 29:15 Sir and best wishes for Durga Puja, Navaratri and Diwali. Namaskar. Thank you, Our next shareholder is Mr. Sujan Modak. DPID is IN30160412210281. 29:36 It's from other people. You can hear me. Yes, sir. Yeah. Yeah. Respected chairman, other board of directors. Good afternoon. Namaskar. I'm I'm attending this meeting from a residence in Colkata. So, I would like to know about the NBF's future growth in our country for next two years. I think you can elaborate that one because we are dealing with NBF's and also. 30:05 So you can if you can tell it. And my last question is, what are the main challenges of my company is facing to keep the growth momentum continues? These are two questions I got. And uh thank you for giving me a chance to speak in this platform. Ma'am, thank you for your nice uh coordination with all the shareholders. Thank you. m 30:29 Our next shareholder is Mr. Sushant Kumar Bandopadhyay and his DPI ID is IN 30154952075789. 30:43 No, right now is not present. Okay. Our last speaker is Deepayan Pradhan and DPI is 1208160109623274. 30:58 Okay, he's also not present. Okay, we have also received few questions which I want to take and I would request Mr. Aditya Sadhani to answer it. Let me take the questions. Questions are, what are future roadmap? What are our growth strategy risk factor for saying? What is the roadmap to reach consistent profitability in every quarter? What are the strategy? Does management have to scale revenue materials materially? 31:27 oh That is increased operation value expand into new business line, increased market share. What has been trending in operating market? What are the company's top three strategies prioritized for next two, three years? And what are the company's current key challenges? What are the overall NBFC future growth in our country for next two years? What are the main challenges of our company to keep the growth momentum continuous? 31:54 What are the key risks that could affect the performance and what are the mitigation strategies? Since the revenue at the profit show of the world like how is the company planning for lean period? Are there any plan to invest in expanding the business? What will be the expected return on such investment? What is the timeline? Sir, over to you. 32:18 Thank you. This is the future roadmap. future roadmap focuses on expanding digital platform diversifying services and strengthening client relationship to drive consistent growth, stability and market share expansion over the few years. As we got our growth strategy or growth strategy include expanding into new business line like. 32:46 leveraging digital platform, increasing market share, and diversifying revenue stream to drive sustainable growth and profitability. Regarding risk factor, oh risk factors are volatility, regulatory challenges, competition, and technology disruptions. This could impact profitability, growth, and operational stability requiring effective risk management strategy. A few questions were on the... 33:13 Our overall NBFC future both in our country for next two years. The future growth of NBFC India over the next two years expected to be positive driven by increased demand for credit, particularly in under undeserved segments like MSME, rural areas, personal loan regulatory reform, digital transformation and improve asset quality will further boost growth. However, rising interest rate and liquidity concern may pose some challenges. As you got other question related to challenges of our community, growth momentum continuous. 33:43 Our companies facing challenges like market volatility, regulatory compliance, increased competition, managing operational costs while expanding services and technology infrastructure can also be difficult. Additionally, retaining customers, trust, growth and growing market share amid challenging economic conditions will require continuous innovation, effective risk management and strategic diversification of revenue stream. 34:08 Regarding question related to roadmap to reach consistent probability in every quarter, delivering consistent profitably require humongous effort and is driven by lot of experiences of direct and indirect bearing on the company, which includes ensuring operational efficiency, maintaining liquidity buffer, strong risk management, optimizing return, monitoring external market conditions, food and capital location, etc. As regards strategies, management have to scale revenue. 34:38 Our company is planning to scale revenue by expanding into new business line like digital lending, increasing operational volume through enhancing clients' acquisitions. We aim to capture great market share by leveraging advanced technology, offering innovative financial product and strengthening relationships with institutional and retail clients. 35:00 The key risks that could affect performance are the companies are exposed to regulatory risk, market risk that some assume interest rate fluctuations, price risk, competitive forces due to nature of business in which we operate. Various strategies have been deployed by the management to mitigate the potential impact of a risk that includes strict adherence to compliance requirement, conservative asset allocation to limit exposure to excessive volatile asset class, maintaining liquidity requirement, conducting the use of the investing company, etc. 35:32 Plans to invest in expanding the business. What will we are focusing on expanding through new product digital platform, advanced technology to enhance service offering investing human resource may also be planned to strengthen capability. Expected returning to improve market reach, better customer engagement and increase revenue streams. Specific timeline written would be retail industry plan as investor communications. 35:59 The last question, what has been the trend in operating margin operating income includes in our interest income income from investments which are redeemed sale as and when required. We do not have any borrowing costs as lending is done through old fund. The company would focus on increasing efficiency, improving transaction volumes and producing higher margin product to stabilize and improve margin. 36:25 Always keep your instructions. 36:31 Thank you. Thank you so much sir for sharing your review and answering all the questions. Now I wish to inform that the voting result shall be submitted to stock exchange that is BSE Limited and the Calcutta Stock Exchange in format prescribed under the SEBI. 36:53 Sorry, SEBI LODR within the prescribed time limit. 37:01 I'm sorry. 37:04 After this, the report is received by the company and the same shall be uploaded on the website of the company and CDSL and Stock Exchange. I would like to thank. 37:19 Sorry, sorry um all the shareholders, directors and other present in the meeting. Now I'll request our chairman sir for closing address. 37:40 Thanks, Adi. Esteemed ladies and gentlemen, for your time and attention, with this, we come to end of the today's proceedings. On behalf of the board and on my behalf, I place and record my appreciation and gratitude to our customers, debositors, shareholders, bankers for their continued support and confidence. They have repost in the... 38:09 I report my special appreciation to team Israel for their dedication and commitment in delivering the highest quality of service to everyone, even in the difficult and challenging circumstances. I thank you all for your attention. Last but not least, I would like to thank you, thank our company team involved in the simplest arrangements of this meeting and making the today's program a grand success. 38:38 Now I declare the meeting closed. Please note for convenience of the members who have not cast their votes yet, the e-voting facility shall remain open for next 15 minutes. I request you to please avail the facility and cast your vote. Thank you all. 38:58 See you 39:01 Okay, so I am stopping the recording and also ending this meeting. Thank you. Thank you, Thank you.