WSFX Global Pay Limited — AGM Information 2021

Sep 18, 2021

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Date: 18[th] September, 2021

To, The Manager, Department of Corporate Services, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001

Subject : Proceedings of 34[th] Annual General Meeting held on 17[th] September, 2021 Scrip ID: WSFIN Scrip Code: 511147

Dear Sir/ Madam,

This is to inform that 34th Annual General Meeting of the Company held on 17[th] September, 2021 at 3.30 p.m. through Video Conferencing ("VC") or Other Audio Visual Means ("OAVM"). We are enclosing summary in compliance of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including amendments (‘Listing Regulations, 2015’).

The voting results and other details in prescribed format as required under Regulation 44 of the Listing Regulations, 2015 shall be published separately.

Kindly take the above information on records.

Thanking You,

Yours faithfully,

For Wall Street Finance Limited

MANISHA SWAMI

Digitally signed by MANISHA SWAMI DN: c=IN, st=Rajasthan, 2.5.4.20=154225c23c4dcf8862bed588503fac96bb2c2f7da 6edeb441fa2ecfbf3e95427, postalCode=332001, street=NAGESHWAR BAGICHI KE PAS, WARD NO.7, , serialNumber=c61ee6eb42fce602396a5ffec0f767a98dc76 80bbb826cb9c4cafc612fd60968, o=Personal, cn=MANISHA SWAMI Date: 2021.09.18 14:57:25 +05'30'

______ Manisha Swami

Company Secretary & Compliance Officer

Encl: Annexure – I - Summary of Proceeding

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ANNEXURE - I

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SUMMARY OF PROCEEDINGS OF 34[TH] ANNUAL GENERAL MEETING (AGM) OF THE MEMBERS OF WALL STREET FINANCE LIMITED HELD ON 17[TH] DAY OF SEPTEMBER, 2021 THROUGH VIDEO CONFERENCING ("VC") OR OTHER AUDIO VISUAL MEANS ("OAVM") AT 03:30 PM AND CONCLUDED AT 04:35 PM

The Meeting was attended by:

Mr. Ramesh Venkataraman Chairman- Non-Executive Director Mr. N Srikrishna Whole Time Director & Chief Executive Officer Mrs. Asha Shah Independent Director (Chairperson of Stakeholders Relationship Committee) Mr. Brij Gopal Daga Independent Director (Chairman of Audit & Nomination Remuneration Committee) Mr. Dipesh Dharod Chief Financial Officer Ms. Manisha Swami Company Secretary & Compliance Officer Mr. TP Ostwal Partner of M/s. DTS & Associates LLP, Statutory Auditor Mr. Dharmesh Zaveri Proprietor of M/s. D.M. Zaveri & Co., Secretarial Auditor & Scrutinizer of the Meeting

Mr. Ramesh Venkataraman, Chairman chaired the proceedings of the Meeting and after ascertaining the requisite quorum being present, called the meeting in order.

In view of the continuing COVID-19 pandemic, this meeting was conducted through VC/ OAVM facility without the physical presence of the Members.

It was informed that the statutory registers were available electronically for inspection by the members during the AGM.

The Company had received the Board Resolutions from the Company appointing representative under Section 113 of the Companies Act, 2013 representing 69.5% of the paid-up equity capital. As the AGM was being held through Video Conferencing, the facility for appointment of proxies by the members was not applicable.

The Chairman addressed the shareholders and shared his vision about the Company’s performance and strategic growth path, digital initiatives etc.

Mr. N. Srikrishna, Whole Time Director and Chief Executive Officer of the Company made elaborated presentation at the meeting and the same is enclosed as Annexure - A.

The members were informed that the Company had provided the facility to members to exercise their right to vote on all the resolutions through remote e-voting in compliance of relevant provisions of the Companies Act, 2013 read with rules made thereunder and Listing Regulations, 2015. It was informed that the members who have not casted their votes through remote e-voting can cast their using e-voting facility of National Securities Depository Limited (NSDL) during the meeting.

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Thereafter, on invitation the members who had registered themselves as speakers, raised queries and sought clarifications. The Chairman and the Chief Executive Officer of the Company responded to the queries to the Members and provided clarifications.

The following items of business as included in the notice convening the 34[th] Annual General Meeting were transacted:

Ordinary Businesses / Ordinary Resolutions

• (1) (a) The Audited Standalone Financial Statements of the Company for the financial year ended 31[st] March, 2021, including Balance Sheet as at 31[st] March, 2021 and the Statement of Profit and Loss Account and Cash Flow Statement along with the report of the Board of Directors and Auditors thereon; and

• (b) The Audited Consolidated Financial Statements of the Company for the financial year ended 31[st] March, 2021, including Balance Sheet as at 31[st] March, 2021 and the Statement of Profit and Loss Account and Cash Flow Statement along with the report of the Auditors thereon.

• (2) To consider and appoint a Director in place of Mr. Ramesh Venkataraman (DIN: 03545080), who retires by rotation at this Annual General Meeting and being eligible offers himself for reappointment.

Special Businesses / Special Resolutions

• (3) Payment of Remuneration to Mr. Ramesh Venkataraman (DIN: 03545080), Non-Executive Non-Independent Director.

The members were informed that the consolidated results of remote e-voting and e-voting will be announced and displayed on the website of the Company and will also be submitted to the stock exchange and National Securities Depository Limited (NSDL) as per the requirements under the Listing Regulations, 2015.

Mr. Dharmesh Zaveri, Practicing Company Secretary was appointed as the scrutinizer to scrutinize the remote e-voting and the e-voting at the meeting in a fair and transparent manner.

It was informed that e-voting process will continue for the next 30 minutes post conclusion of the meeting.

Mr. Ramesh Venkataraman thanked the Members for participation in the meeting and announced the formal closure of the 34[th] Annual General Meeting of the Company.

This is for your information and record.

Yours Faithfully,

For Wall Street Finance Limited

______ MANISHA SWAMI Digitally signed by MANISHA SWAMI DN: c=IN, st=Rajasthan, 2.5.4.20=154225c23c4dcf8862bed588503fac96bb2c2f7da6edeb441fa2ecfbf3e95427, postalCode=332001, street=NAGESHWAR BAGICHI KE PAS, WARD NO.7, , serialNumber=c61ee6eb42fce602396a5ffec0f767a98dc7680bbb826cb9c4cafc612fd60968, o=Personal, cn=MANISHA SWAMI Date: 2021.09.18 14:59:50 +05'30'

Manisha Swami

Company Secretary & Compliance Officer

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Annual General Body Meeting 17th September 2021

1

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Building a Digital Forex Tech Enterprise

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2021
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Creating Smart & Secure Digital Forex Solutions for all our customer segments.

Introducing the WSFx Smart Fx App

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2020
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Launch of WSFx Smart Fx App, One app for Sending outward Cross Border remittances, Buying Forex Cards and Currency. Impact of Pandemic in Fx Business.

Introducing the WSFx Smart Currency Card

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2019
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Focused on student & millennials and building a strong customer base of new age traveler and Launch of WSFx Smart Currency Card with App, a Unique Multi - Currency Forex Card with INR Wallet

Digital Solutions for Corporates & Agents

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2018
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Rebranding to WSFx and strategic focus on going digital and launch of two innovative digital forex solutions designed for the Corporate and Agent Segments.

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Focus on Foreign Exchange

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MTSS Business Sale & Focus on Forex business and building a strong Retail & Corporate Base.

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Competitive Landscape

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Market Scenario

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• Impact of COVID 19 Pandemic in Forex Business

Banks

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Forex - Fintech
- Digital Platforms & App
- 17 Branch Network
- Authorized Dealer Cat-II
3
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• Increasing compliance requirements Traditional Forex Players

• • Competition from Online Remittance Platforms

• • Key Segments of Digital Forex Students, Millennials & Players

• Corporate

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Impact of Covid 19 Pandemic

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• Total Business Impact in Leisure travel, Corporate Travel, Tour Remittance & Wholesale segment due to continuous impact of the Pandemic and resultant lockdowns / restrictions / ban on international Travel.

• Business continuity though Work from Home during Lockdown with support for Remittance and Prepaid Cards Reload.

• Strategic Focus on Students business and digital transformation of our product and solutions and process automation.

• Cost Reduction Measures Implemented for optimization of various costs.

Future Outlook

• Various government initiatives and global vaccine drive augers well for revival of Travel and Forex Business

• Countries opening up for Students for in campus studies has seen upsurge in student remittance for university fee and travel overseas.

• Leisure & Corporate Business expected to improve with more countries opening up their borders and removing travel restrictions.

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• Forex Business will be tech driven, with Digital playing a major role in the new paradigm.

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4

Forex Market

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Outward Remittances – LRS – USD Million

Education Travel Maintenance Others

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18758
3373
13785
12685
3439
11313 2613
-33% 2929
2353
8170 2800
6955 2680
1897 2937
4803
4642 2169 3240
1419 4002
1372 2568 4991
651 3569 3836
1200 1536 2021
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Source : RBI Website
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Estimated Market Size – Retail Forex (Pre Covid) . USD 25 – 30 Billion Approx Total Impact in FY 2020-21, with degrowth of 80% in Leisure, Corporate and Wholesale Segment

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Key Segments

Study Abroad | Corporate Travel | Leisure Travel | Millennial Travel

Products

Outward Remittance | Forex Cards| Foreign Currency 5

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FY 2021 Highlights

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Particulars - INR Lakh	**FY 2020-21 **	**FY 2019-20 **	% Growth
Gross Turnover	1,44,001	3,31,349	-57%
Revenue from Operations	2,111.36	3,632.22	-42%
Other Income	175.00	199.07	-12%
Total Income	2,286.36	3,831.29	-40%
Total Expenses	2,872.51	3,905.15	-26%
Profit Before Tax	-586.15	-73.86
Exceptional Item	-110.00	-
Tax Expenses	182.96	21.48
Profit/(Loss) after Tax	-513.19	-52.38

Building a Forex – Fintech Company

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Continuous Pandemic Impact on Forex Business with Corporate, Leisure and Wholesale Business totally impacted due to global lockdowns & travel restrictions

Strategic Focus on Student Segment contributing 70% of GTO and 75% of Gross Revenue

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ISO 27001 Certification from TUV for Information Security Management System

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Launch of WSFx Smart Fx App, one app for all outward remittance, Forex Cards, Currency and management of WSFx Smart Currency Card. Redesigned Website & Fx Portal focused on students & Millennials.

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WSFx SecuSmart REMIT an innovative digital solution for outward remittances selected by RBI under its Regulatory Sandbox for testing 6

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Revenue from Operations - INR lakhs

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3632
989 Gross Revenue
- 42% 949
874
820
2111
648 665
643
486
535 549
478
312
330 321
Net Revenue
243
184
FY 2019-20 FY 2020-21
Annual
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Sever Impact of Pandemic on Business from Feb 2020 onwards

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7

Priority Segments

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Prepaid Card GTO Growth %age

Outward Remittance GTO Growth %age

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162%
97%
136%
107%
31%
23% 74%
17% 109%
48%
-21% -23% 31%
-39%
-73%
-85%
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Sever Impact of Pandemic on Business from Feb 2020 onwards

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8

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Digital Transformation of Forex Ecosystem

Focusing on the digital future of forex with forex fin-tech solutions designed to empower segments across Students | Leisure | Corporates | Agents

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WSFx Smart Currency Card & App

Industry first Foreign Currency & Rupee Card with Smart App for card management on the go.

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WSFx Smart Forex Portal & APP

E-com Platform and app for end consumers to order forex / outward remittances. Easy, convenient and transparent with Digital Onboarding through VKYC.

WSFx Smart Corporate Platform

Automated Forex Ordering Platform customised to manage forex requirements of Large Corporate, SME & MSME both on App and Web

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WSFx Smart Agent Platform

Platform for Agent Partners (travel agents, educational consultants) to order Foreign Exchange for customers, Tour Remittances both in App and Web 9

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Selected for RBI Regulatory Sandbox Testing

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The future of remittance is an app away!

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Building a Sustainable Forex Business

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Process Customer Automation Centric

Corporate Governance

Omni Channel Compliance

Automation

• Digital Platforms

• System Level Controls

• Automation of Delivery (DMS)

• Independent Board

• Building Trust & Transparency

• Physical Outlets

• Transparency in Dealings

• Committees

   - Uniform Customer Experience with Feedback Mechanism
  

  • Integration with Principals

• Internal Audits

• Concurrent Audit

• Cost Optimization

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Way Forward

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Building our Forex Fintech Proposition

• Fully integrated platform for all Personal Remittances under LRS – University fee, Gift, Family Maintenance & Portfolio investment

• in Equity / Debt etc.

• INR Card Program & Expense Management

• Providing White labeled Forex Solutions for Agent Partners

• Payment Solutions for Overseas Universities / Hospitals etc. for remittance from India.

• Leveraging Customer base for offering Platform based Credit solutions.

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Vision to digitally transform the Forex Ecosystem & build innovative Forex & Financial Solutions and create true value for its stakeholders.

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Disclaimer

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• The material in this presentation has been prepared by Wall Street Finance Limited and is general background information about Wall Street’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete.

• Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters and in particular, you should seek independent financial advice.

• This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Wall Street’s businesses and operations, market conditions, results of operation and financial condition and specific provisions.

• Readers are cautioned not to place undue reliance on these forward looking statements. Wall Street does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

• While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Wall Street’s control. Past performance is not a reliable indication of future performance.

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Thank You

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Head Office

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Wall Street Finance Ltd.

Unit 622, 6th Floor, The Summit Business Bay – Omkar, M. V. Road, Opp. PVR Cinema, Chakala, Andheri (East), Mumbai - 400093

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022 62709600 www.wsfx.in info@wsfx.in https://www.facebook.com/wsfx.in/ https://www.instagram.com/wsfx_in/ https://twitter.com/wsfx_in linkedin.com/company/wsfx

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