Company Presentation 2020

Outward Remittances – LRS(USD Million)

Source : RBI Website

1419 1897 2353 2613 33711372

21702937 2801

3437

651

2568

40224804

6954

1200

1536

2021

3570

4989

0.0

3000.0

6000.0

9000.0

12000.0

15000.0

18000.0

21000.0

2015-16 2016-17 2017-18 2018-19 2019-20

Education

Travel

Maintanance

Others

An annual growth rate estimated at

10 %– 15%

An estimated Market Size for Retail Forex

USD 20 -25 BillionMarket Size

Growth Rate

Key Drivers

Changing Demographics Rising Disposable Income Relaxation in Forex Regulations Overseas Education Growth in Business & Leisure

Travel

Forex Industry

ICICI BankAxis BankHDFC BankYes Bank

Thomas CookEbix CashFCM Solutions

Bookmyforex.comFxkart.comNafex.comExtravelmoney.com

BanksAuthorized Dealers Cat I

Digital Players

Forex PlayersAuthorized Dealers Cat II

Omni-Channel Digital Service Provider

Authorized Dealers Cat II

Innovative Digital Solutions 19 Strategic Branch Network

Competitive Landscape

• WSFx, Wall Street Finance Ltd. is a part of Smart Global Group, which is a US$ 2 Billion

Conglomerate.

• WSFx is a RBI licenced Authorized Dealer Category II, and is able to provide customized

Foreign Exchange services across all customer segments with a focus on corporates & students.

• WSFx has also pioneered with a set of Digital Solutions designed exclusively for Forex

Requirements of Corporates, Agent Partners and Retail customers.

• WSFx also facilitates Travel Insurance.

• WSFx prides it’s 19 branch network strategically placed in key cities across India.

• Trusted alliances and partnership with Yes Bank & Thomas Cook for their Prepaid travel card

solutions.

• Partners also with IndusInd Bank, Yes Bank & Axis Bank for Outward Remittances

• Key clients like E&Y Group, Mphasis, Novartis, L&T Infotech, Siemens Group, HDFC Credila

etc. rely on WSFx for their forex needs.

Company Profile

Milestones

1986Date of Incorporation

& Listing in BSE.Began primarily with transportation, bill

discounting, hire purchase, merchant banking 1990 – 91 The first listed company in India to get FFMC License from RBI – Start of Forex Operations

2000 Started MTSS operations as principal agent of Western Union

2006First FFMC to get upgraded to an AD2 License

2009Change in Promoters -Acquisition by Smart Global – Spice Group from Patel’s

2009 – 2016 Growth in MTSS Business with a Network of 9000 Agents Pan India, Principal agent of Western Union, Ria & Instacash through wholly-owned subsidiary Goldman Securities pvt ltd.

2016 – 17 Surrender of NBFC

License & Sale of MTSS Business to

EBIX

July 2019Launch of WSFx

Smart Currency Card

June 2020Launch of

WSFx Smart Fx(B2C) App

Ms. Asha Shah has worked for over 30 years

at UTI Mutual Fund (erstwhile Unit Trust of

India) both at Corporate and Branch level,

including heading the UTI MF's largest branch

in India.

She has experience and expertise across all

major functions such as Business

Development, Marketing, Publicity, Product

Development, Branch Operations and Sales &

Distribution Network. She has travelled

widely across Gulf, Europe and Asia.

Mr. Bandyopadhyay has over 30 years of

rich and diverse experience in various

areas of finance and financial services.

His area of expertise includes NBFC,

Microfinance, equity, commodity and

currency markets, wealth management,

mutual fund, insurance, investment

banking, remittance, forex and

distribution of financial products.

Ramesh Venkataraman runs Avest, a private equity investment firm advising IDO, a UAE-

based sovereign wealth fund, as well as making direct investments in Asia. He also serves on

the board of various companies in India and around the world. He usually chairs the Executive

Committee or is in a position of equal authority on many such boards.

Mr. Daga started his career in the then

Exchange Control Department, he served with

RBI for over a quarter of a century in various

capacities. He joined UTI in 1987 as Deputy

General Manager and retired from there as

Executive Director in 2001.

He was Managing Director of Central

Depository Services (India) Ltd. during 2001-

03. He has served on the boards of leading

listed and unlisted companies as nominee of

UTI. Currently, Mr. Daga is a member of the

Mutual Fund Advisory Committee of SEBI

besides being a board member of a MF trustee

company and NBFCs.

Mr. Krishna has over 22 years of experience in

the foreign exchange industry and has

comprehensive knowledge of foreign exchange

business including prepaid products.

He joined the company in July 2017 to head the

Forex business and has been instrumental in the

digital transformation of the company to a

Digital Forex enterprise.

Mr. N. SrikrishnaWhole Tine director & Chief Executive Officer

Mr. Ramesh VenkataramanChiarmanNon-Executive Director

Asha H. ShahWoman Independent Director

Mr. Brji Gopal DagaIndependent Director

Mr. SudipBandyopadhyayIndependent Director

Board Members

Dipesh brings over 15years of rich financialwork experience withhim. He was previouslyassociated with PherozeFramroze, where heserved as Head of Financelast.

Roshan is a Forex &Treasury veteran in MoneyChanging Industry. Hecomes with over 27 yearsof experience, Roshan waslast associated withWeizmann Forex Ltd.

Chethan has over 15 years ofexperience in the ForexIndustry. He facilitates thecompany's activity in sales,marketing and remittanceacross India. His previousassignment was with EsselFinance VKC Forex Ltd. astheir National Head for,Remittance.

Vanishree brings 14 years ofexperience in the moneychanging business. Prior toworking with WSFx she wasassociated with CentrumDirect. She heads the StrategicAlliance & Corporate tie-upsPan India.

Chaitali brings 12 years ofexperience in the secretarialdomain, Chaitali was lastassociated with IL&FSSecurities Services Ltd.

Praveen brings 24 years ofexperience in moneychanging industry. He haspreviously worked withglobal players like Cox &Kings, Tata Capital andReliance Capital.

Ms. Vanishree Visrodia DVP Corporate & Strategic Alliance

Ms. Chaitali DesaiCompany Secretary

Mr. Praveen KoppikarCompliance – Principal

Officer

Mr. Chethan S ABusiness Head –

Retail Forex

Mr. Roshan DalalBusiness Head -

Wholesale

Mr. Dipesh DharodChief Financial

Officer

Mr. N. SrikrishnaWhole Tine director & Chief Executive Officer

Mr. Krishna has over 22 years of experience in the foreign exchange industry and has

comprehensive knowledge of foreign exchange business including prepaid products. He

joined the company in July 2017 to head the Forex business and has been instrumental in the

digital transformation of the company to a Digital Forex enterprise.

Key Management

CurrencyNotes

ForexCard

OutwardRemittance

ReceiveMoney

TravelInsurance

Traveller'sCheque

Products & Key Partnerships

Leisure segmentdeals withCurrency Notes,Travel Cards,Travellers cheques,DDs & TTs.

Customers areoften individualtravellers, andgroup travellers toname a few.

Corporate segmentdeals withCurrency Notesand Travel Cardsfor corporateorganizations.

Customers here arebusiness travellers,professionals andMICE travellers.

Student segment dealwith Foreigncurrency, prepaidcards, outwardremittances / FDD’sfor universityfees/personalexpenses.

Student segmentcaters to themillennials travellingabroad for studies.

This segment dealsonly with currencynotes.

Major activityinvolves domesticpurchase and salesbetween authorizeddealers, exports andimports.

Major players in thissegment are Banks,AD II and FFMC.

This segment catersto Foreign currency,prepaid cards, and,outward remittances

The segment catersto tour remittances,visa fees, filmshooting,educational tie up’setc.

Customer Segments

Wholesale Leisure Corporates Students Tour Operators /Others

Wholesale Corporate Leisure / Personal

Students Tour operators /

Others

Currency Notes

Travel Card

TelegraphicTransfer

(AD1/AD2)

Foreign Demand Draft

Traveller’s Cheque

Segments

Products

Product – Sitemap

Digital Transformation

Smart Corporate PlatformAutomated Forex Ordering Platform customized to manage forex requirements of Large Corporates, SME’s and MSME’s

Smart Agent PlatformAutomated Forex Ordering and Remittance Platform designed to cater to travel agents and educational consultants to manage forex requirements for their customers.

WSfx Smart Currency AppDigitally enabled, multi-currency app enabled travel card. Yes bank powered bin

WSfx Smart Fx AppB2C platform and consumer mobile application built to conduct outward remittance, ordering of forex and integration or purchase of travel cards.

Corporate Governance

5 Member Board 4 Independent Directors

Audit Committee - Chaired by Mr. BrijGopal Daga

Nomination and Remuneration Committee- Chaired by Mr. Sudip Bandyopadhyay

Stakeholders Relationship Committee -Chaired by Mr. Sudip Bandyopadhyay

Corporate Social Responsibility – Chairedby Mr. Brij Gopal Daga

Policy Audit Process Audit Functions Audit Head Office and Branch

Audit depending on thesize will be on monthly orquarterly basis

Internal ComplianceCommittee

Concurrent Audit ofBranches

System Level Controls Training & Development

Independent Board

Committees

Internal Audits

Compliance

Forex Business – Risk Management

Corporate & Retail Business : Sale & Encashment of Currency Notes, Prepaid Cards• As corporate require a minimum processing time, we are exposed to Credit risk which is mitigated by Customer Acceptance Policy and

Credit Policy where customer is profiled as per his business type, market standing, financial strength and limits are fixed and monitoredwith system level controls

• For Foreign Currency – Currency Balances which are maintained in branches for Sale purpose, the risk arising out of volatility is managedby taking appropriate hedge through Future contract

• For Prepaid Cards Sales – Sale is hedged back to back with Card principals and the risk of Exchange rate volatility is marginal

Outward Remittance Business : Permissible outward remittance transactions under LRS• There is minimal risk as all Outward remittance transactions are booked back to back with the bank treasury.• Depreciation of Currency has some business impact as there is postponement of transactions by customers during periods of extreme

volatility.

Wholesale Business : Sale & Encashment of Currency Notes• For Foreign Currency – Transactions are done on a back to back basis, any inventory is earmarked for a back to back confirmed sale /

purchase to be executed on the same day or subsequent day. Balance inventory is covered through Forward / Future contract to minimizeopen position

• High volatility in Currency has a business impact in terms of availability of currency at competitive price points.• Import & Exports are hedged to minimize exchange volatility through forwards contracts and coverings with overseas supplier / buyer.

Compliance:• Being in the regulated space, the company has Concurrent Audits done by Independent Auditors, Training & Development for employees,

system level controls, strong AML policy framework monitored by Principal Officer and the Internal Compliance Committee.Other Risks:• Are Covered through Special package policy covering transit risk, fidelity risk, Fire & Accident etc. D&O Policy, Marine policy of EXIM,

commercial general liability policy, Cyber Insurance, Personal Liability & other employee welfare policy have been taken to minimize riskat various levels.

Comparative Quarter on Quarter – Revenue & Expenses

INR Lakhs

Gross Revenue

Net Revenue

Priority Segments – Forex Turnover

Note :• The growth on both charts are pegged on Q3/2017-18 as the base year and growth are shown on the base year• Prepaid cards and outward remittance segment – seasonality (students) and hence the spike in Q2 of 18-19 & Q2 of 19-20

is seen from the above graph• Q4/2019-2020 has affected due to COVID19 from February last week

0% -2%

15%

124%

39%

44%42%

126%

51%

35%

Prepaid Card

0%19%

60%

93%80%

117%

137%

320%

235%

279%

Outward Remittance

Forex Standalone Results: Quarter on Quarter

Profit and Loss Account – Abstract (Standalone) INR Lakhs

31-Mar-20 30-Dec-19 30-Sep-19 30-Jun-19 31-Mar-19 31-Dec-18 30-Sep-18 30-Jun-18

(Audited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited)

Revenue from Operations 949.50 873.67 988.64 820.42 688.08 543.83 590.04 565.84

Less: Direct Cost 471.50 324.57 345.84 285.10 268.89 187.42 178.25 176.63

Revenue from Operations (Net) 478.00 549.10 642.80 535.32 419.19 356.41 411.79 389.21

Other Income 49.25 50.77 47.31 51.80 100.39 82.18 36.81 58.36

Total Revenue 527.24 599.87 690.12 587.12 519.58 438.59 448.61 447.57

Selling, General & Admin Exp 568.18 534.00 554.10 507.52 441.86 394.06 397.51 447.77

Provisions 87.60 - - - - - - -

EBIDTA (128.54) 65.87 136.02 79.60 77.72 44.53 51.09 (0.20)

Finance Cost 27.90 36.13 48.07 32.79 29.11 30.92 34.87 31.96

EBDTA (156.44) 29.74 87.95 46.81 48.61 13.61 16.22 (32.15)

Depreciation 28.66 18.88 19.93 14.47 5.33 10.77 10.77 12.27

PBT (185.10) 10.86 68.01 32.34 43.28 2.84 5.45 (44.43)

Tax Expense (67.46) 9.77 26.13 10.08 2.05 (0.50) (2.70) (3.88)

Other comprehensive income 1.07 - (8.30) 1.17 (9.75) 4.81 9.62 -

PAT (116.56) 1.09 33.58 23.43 31.48 8.14 17.77 (40.55)

Particulars

Quarter Ended

WSFx (Rs. In Lakhs) FY 2017 - 2018* FY 2018 - 2019 FY 2019 - 2020 WSFx (Rs. In Lakhs) FY 2017 - 2018* FY 2018 - 2019 FY 2019 - 2020

SHAREHOLDER'S FUNDS

Turnover Equity Share Capital 1,159.84 1,159.84 1,159.84

MTSS 206,900 Reserves and Surplus 2,714.13 2,756.94 2,491.12

Forex 172,640 256,042 331,349 Total Shareholders Funds 3,873.97 3,916.78 3,650.96

NON-CURRENT LIABILITIES

Other Long Term Liabilities - - -

Revenue from MTSS 1,638.17 16.52 3.97 Long Term Provisions 17.66 37.72 33.34

Revenue from Forex 1,812.24 2,371.27 3,628.26 Total Non-Current Liabilities 17.66 37.72 33.34

Operational Revenue 3,450.41 2,387.79 3,632.22 CURRENT LIABILITIES

Other Income 413.85 277.74 199.13 Short Term Borrowings 1,552.14 974.66 914.74

Total Revenue 3,864.26 2,665.53 3,831.35 Trade Payables 415.27 676.68 273.37

Other Current Liabilities 426.30 212.29 211.14

MTSS 839.47 - - Short Term Provisions 43.26 36.13 35.46

Forex 583.55 811.19 1,422.94 Total Current Liabilities 2,436.97 1,899.75 1,434.71

Total Direct Cost 1,423.02 811.19 1,422.94 Total Capital And Liabilities 6,328.59 5,854.25 5,119.00

ASSETS

Net Revenue from MTSS 798.70 16.52 3.97 NON-CURRENT ASSETS

Net Revenue from Forex 1,228.69 1,560.08 2,205.32 Tangible Assets 94.25 87.31 114.63

Other Income 413.85 277.74 199.13 Investment Property 49.55 - -

Total Net Revenue 2,441.24 1,854.34 2,408.41 Other Intangible assets 27.04 239.68 347.49

Intangible Assets Under Development 216.25 282.46 255.19

Expenses Fixed Assets 387.09 609.45 717.31

Manpower cost 1,161.34 1,039.53 1,312.68 Non-Current Investments 17.52 17.71 16.59

Finance cost 312.45 126.86 144.88 Income Tax & Deferred Tax [Net] 129.42 325.14 416.28

Depreciation & Amortisation 60.86 39.15 81.93 Long Term Loans And Advances 9.63 - -

Other Expenses 1,194.15 641.65 942.79 Other Non-Current Assets 64.39 198.89 103.29

Total Overheads 2,728.79 1,847.19 2,482.28 Total Non-Current Assets 220.97 541.73 536.16

CURRENT ASSETS

PBT before Extra-ordinary items (287.55) 7.15 (73.87) Current Investments 10.03 10.12 10.20

Add: Exceptional Items 3,821.66 - - Inventories 767.95 200.90 283.01

PBT after Extra-ordinary items 3,534.11 7.15 (73.87) Trade Receivables 1,202.74 1,101.50 359.08

Less: Taxes 852.89 (5.02) (21.48) Cash And Cash Equivalents 3,277.30 2,863.33 2,729.60

PAT 2,681.22 12.17 (52.39) Short Term Loans And Advances 204.18 213.13 225.71

Add: Other Comprehensive Income 19.24 4.68 (6.06) OtherCurrentAssets 258.33 314.08 257.92

Total Comprehensive Income 2,700.46 16.85 (58.45) Total Current Assets 5,720.53 4,703.06 3,865.53

Total Assets 6,328.59 5,854.25 5,119.00

* MTSS division has been sold effective 4th October 2017 For historical data please visit: https://wsfx.in/investors/financials

Financials

Profit & Loss Balance sheet

One Stop Forex Shop Digital Platforms Quick Processing and DeliveryPan India NetworkBest Competitive Rates

Business Advantage

Contact Us

Head QuartersWall Street Finance Ltd.113-122, 1st Floor, A – Wing,Chintamani Plaza, Andheri KurlaRoad, Chakala, Andheri (East),Mumbai 400 099.

022 62709600 info@wsfx.inwww.wsfx.in

https://twitter.com/wsfx_inhttps://www.facebook.com/wsfx.in/ https://www.instagram.com/wsfx_in/ linkedin.com/company/wsfx

BranchesAhmedabad, Amritsar, Bangalore, Chandigarh, Chennai,Coimbatore, Delhi, Goa, Hoshiarpur, Hyderabad,Jalandhar, Kochi, Kolkata, Ludhiana, Mumbai, Patiala,Pune, and Thiruvananthapuram.

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

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

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

Readers are cautioned not to place undue reliance on these forward looking statements. Wall Street does not undertake anyobligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstancesafter 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 ornegative 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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