th

HR/PR07/M0394/2020-21/00742 Date: 30 April 2021

Dear MASHOUD ALAM KHAN

KHAN,

Our country is undergoing one of the worst humanitarian crises ever seen in the last century, the second round of
COVID 19.

We have been witnessing over 3 lacs new reported cases daily for more than a week now and the death toll is also
increasing. The entire administration has collapsed and every day a new crisis is being witnessed – hospital beds,
injections and latest, the scariest of all is the scarcity of oxygen supply.

I am glad to state that our organisation has been consistently contributing towards fighting against the deadly
CORONA Virus / Covid 19 pandemic. We have donated more than 50 oxygen concentrators across various hospitals
and covid centres, where oxygen is created from the surrounding air around and it helps mild hypoxia patients to
survive while reducing the burden of sharing oxygen required for critical patients.

Kudos to all the team members for remaining in contact with one another and helping in sourcing beds, injections,
plasma or whatever support was required.

During such times even a word of comfort to the victim or their family members makes a huge difference.

We continue to believe that vaccination is the only panacea to this deadly crisis and therefore I am sharing a few
statistics from the Union Health Ministry.

The total no of vaccinations done until 26th April 2021 has been 14.19 crores, also below mentioned are some very
important statistics to understand the impact of vaccination

Status COVAXIN COVISHIELD

93,56,436 10,03,02745
Received the first Dose
(Apprx 93.56 lacs) (Apprx 10 crores)

Covid + ve after first dose 4208 (0.04%) 17145 (0.02%)

17,37,178 1,57,32,754
Received the second dose
(Approx 17.37 lacs) (Approx 1.57 crores)

Covid +ve after Second dose 695 (0.04%) 5014 (0.03%)

*Data as on 20th April 2021

If we study the above statistics it is clearly evident that the probability of getting infected even after getting the first
dose of vaccination is a meagre 0.04% and the probability of any mortality due to COVID after one dose of vaccination
is almost remote.

We are also putting an article of BBC which is related to ISRAEL

The health ministry said more than 53% of the country's population of about nine million people had received two
doses of vaccine.

"This is a tremendous achievement for the health system and Israeli citizens. Together we are eradicating the
coronavirus," Health Minister Yuli Edelstein tweeted on Friday. Last week Eyal Leshem, a director at Israel's largest
hospital, the Sheba Medical Center, said the country may be close to reaching "herd immunity".

Herd immunity happens when enough of a population has protection against an infection, thus stopping it from
spreading.

World Health Organization (WHO) experts have estimated that at least 65%-70% of a population need vaccination
coverage before herd immunity is reached. Mr Leshem said herd immunity was the "only explanation" for Israel's
continued fall in cases as more restrictions were lifted.

"There is a continuous decline despite returning to near normalcy," he said. "This tells us that even if a person is
infected, most people they meet walking around won't be infected by them."
*Source Our World in Data, BBC, 23rd April 2021, 12.00 BST

Looking at the experience of Israel and the statistics as shared in India, it is clearly evident that mass vaccination is
the only solution and as responsible citizens we first have to get ourselves vaccinated if not until now and motivate all
our near and dear ones to get vaccinated as soon as possible.

We are aware that from 1st May 2021, the vaccines will be made available to any Indian citizen above the age of 18
and at our Surat Head Office we have already made arrangements for our employees to get themselves and their
family members vaccinated. For the same you may contact Mr. Hemant Aswani, our Head of Admin to manage the
logistics.

I would also urge the senior leadership in other centres to take responsibility in your centre and tie up with local
vaccination centres and organise a mass drive of vaccination for our employees, Partners and their families.

Despite all the gloom and doom in fiscal 2020 – 21 where we worked most of the time from our homes and we have
been fortunate enough to grow our business. We are sharing a few highlights of our businesses:
Business Highlights:

DISTRIBUTION BUSINESS – MUTUAL FUNDS:

 Our AUM is close to 95000 crores and we continue to be a leading mutual fund distributor across the country.
 Despite the lockdown we have been able to open 2.12 lac E Wealth Account and almost 99% of our E Wealth
accounts are getting opened online. We successfully launched the EDIS facility to open the E Wealth accounts
completely digitally without POA.
 More than 95% of our transactions of mutual funds are now digital and we enjoy a market share of
approximately 20% for mutual fund transactions processed through stock exchanges. We processed 2.18
crores of transactions through the stock exchanges last year.
 We generated a turnover of 8500 crores in the Capital Market segment and processed 46.30 lac transactions.
 We successfully opened new 10 NJ Wealth Express Centers and our toll goes now to 30.
 Introduced FLAP – Financial Literacy Awareness Program - which is a completely free program for getting
basic financial literacy.
 Launched E Black Board wherein we have a digital content of 1600 videos (150 hours) packaged across
different courses.

DISTRIBUTION BUSINESS – INSURANCE:

 Despite of challenges we were able to write a total premium of 388 crores (including 138 crores of Life
Insurance renewal premium)
 Our persistency continues to remain on the top at 90% far higher than the industry average.
 Recruited a record number of 8700 plus POSPs last year.
 Our insurance portal now has more than 80% of the plans and offerings in the digital mode.

NJ CAPITAL:

 NJC disbursed an amount of 37 crores last year, a growth of over 43% over the previous year across 2000
loan accounts.
 NJC also successfully launched the NJEMI store, the Consumer Loans portal and added different products viz
Laptops, Tablets, refrigerator, mobile phone, washing machines, LED TV, furniture and many other products
which are available at No Cost EMI.
 The entire Loan Management System of NJC will very shortly move in house to offer flexible offerings in
future.
NJ ASSET MANAGEMENT:

 Our PMS AUM ended at 2140 crores a growth of 130% in AUM over the previous year.
 Most of our PMS strategies performances have been doing better than its benchmark and ours is the only
Portfolio Management platform which has such a diverse offering.
 Our final license for the Asset Management business is anytime awaited.

NON FINANCIAL SERVICES – REFRESH WELLNESS / Q INTERIOR / EPAY NOW:

 Refresh products are available under Organic, Ayurvedic and Classic categories.
 The Ayurvedic “My Health Kit” working as an immunity booster was distributed across a vast segment and was
very well accepted and appreciated.
 The Home Care line of products were launched last year.
 Employment generating opportunities in the form of RSR - Refresh Smart Retailers was introduced during the
year and Refresh recruited more than 5000 such retailers.
 A range of Q Interior products are now available online and also through the NJ EMI store.
 Under Finlogic technologies we entered into a new business of payment processing known as E Pay Now and
also successfully acquired the PCI DSS and other relevant licenses.

SERVICES AT GROUP LEVEL:

 During the pandemic times our Customer Care services timings were extended from 8.00 am to 8.00 pm from
the erstwhile 10.00 am to 6.00 pm and 3.37 lacs call were attended.
 We introduced Courier Pick up services for collecting documents from the customers or Partners location and
offered uninterrupted services to Partners even while our offices were not open.
 Other teams such as HR, Compliance, Finance , Operations, Legal and many others despite of challenges
managed to work as a team efficiently and effectively and completed most of the works in a timely and an
efficient manner as a case in point more than 1100 GST returns were filed during the year within the stipulated
time frame.
 Also we are glad to state that our new employee joining process is completely digital and more than 200
employees have joined the organisation without submitting a single physical piece of paper.
 Apart from providing continuous, uninterrupted services throughout the year, the IT team efficiently worked on
automation, data analytics and security specifically. The IT team was able to provide or make live, more than
2500 requests during the last year.
NJ CHARITABLE TRUST:

 For the in-house students of NJCT, the classes were conducted online and more than 1500 lectures were
recorded.
 The NJCTs online platform now offers a free content of more than 6000 videos of over 850 hours for the
Gujarati medium students of Gujarat board.
 The platform now also offers a multi level school administration system to promote self learning and improve
the performance of the schools.

We are pleased to announce the rewards for last year.

Over several years we have made conscientious efforts to analyse the performance in an unbiased and a judicious
manner.

Based on the overall performance assessment viz. Your Performance Parameters scores, Non-Performance
Parameters score and other considerations, you have been rated as Very Good.

And you will be paid a performance incentive of ₹ 399540/-.

A few of the below lines are repetitive and monotonous but very important and we expect it to get followed in spirit.

As an ongoing healthy practice you will not disclose the figure with your fellow employees and shall keep it strictly
confidential with yourself. This practice shall help us in creating one of the best work cultures in the industry.

There is nothing noble about being superior to some other person. True nobility lies in being superior to your
former self.

The compensation package for the year 2021 – 22 and promotion, if any, will be communicated separately by HR
st
Department along with the break-up of the same, which will be made effective from 1 June 2021.

We reiterate to say that the second wave of Covid 19 is threatening and one has to remain very careful during the next
year.

We would urge you to behave sensibly, maturely, compassionately and remain in touch with your colleagues,
subordinates and superiors and most importantly get yourself and your near and dear ones vaccinated.

This time too shall pass and it is needless to say that we will only come out stronger.

We take this opportunity to thank-you for your continuous faith and trust in NJ and looking forward to stay together for
a very long time. We are confident that with heart, hope and togetherness we will conquer this pandemic and come out
stronger.
Ending up with the quote of Mahatma Gandhi :

“What is true of the individual will be tomorrow true of the whole nation if individuals will but refuse to lose
heart and hope.” - Mahatma Gandhi

Stay Safe – Stay Healthy

Neeraj Choksi – Jignesh Desai