The 2023 annual report shows loans to related parties of over 200cr, higher than 160cr last year. This does not show in the consolidated balance sheet. Can anyone shed light ?

Thanks

The spin off EX date was 25th Sept, hence one can sell on 25th on Ex basis ,as settlements are T+1 ,hence shares will be debited from account on 26th.

@joinjp2003 Nice write up!! I started reading about the company from 2-3 days and you summed up nicely. I also have some observations which needed clarity.

Yeah, this is very high and we need to keep monitoring this. In Annual report, it is mentioned that, there is a difference of INR 8.8 cr in Net current assets between stock statement and audited value. Company explained that the difference is due to not reporting assets (trade receivables and unbilled services) more than 90 days in stock statement. Trade receivables more than 90 days (actually this is more than 3 years) is ~ 3 cr. It means that unbilled revenue more than 90 days is ~ 5.8 cr, which is troubling me. Also, there is one line item “Excess billing to customer which is amounting to ~ 5.6 cr. Does this mean are there any disputes regarding the invoiced amount ?

Also, it is mentioned that trade receivables pertaining to contract balances is 8.8 cr. Then what are the remaining 9 cr pertaining to ?

Company in current year has approved the following with respect to related parties, which appears material considering the transaction size.

Also, professional and consultancy charges is ~50% of topline in FY2023 and FY2022. Is it common in these types of companies?

Another thing, company has business loan from NBFC of 0.68 cr @interest rate of 14-19%. Why company is taking loans from NBFCs at such high interest rates? Does this mean company not getting loans from commercial banks? If this is the case, then getting BG from Banks for long tenure would be really difficult. Need to understand how much limits company currently has and does it meets the requirements? Already BG outstanding of ~18 cr is there.

I think this is 6.3cr.

Disc: Not invested.

it depends on the timeframe you have, if you are thinking about next month sure the price is likely to go down but i think in the longer term (a couple of years) there are much higher chances of it go higher.

Thanks a lot, would the bidding be updated on bseindia page if you withdraw? that way we can monitor the changes.
would the share continue to trade post 17th october?
Cheers