Was looking at nanocaps when I came across this company, Looked interesting.
But:
- From the P& L for the year ended 31 Mar 2022, Out of the total income at Rs.4043.97 Lakhs Employee cost occupies a large chunk at Rs.1582.9 Lakhs. Considering the total employee count at 365 (From the latest AR), Is the total count necessary to be kept high? Is such a huge workforce necessary with respect to our revenue? Or is the field so labor intensive?
- Apart from the working capital/term loans taken for business needs, There are four vehicle loans that look like personal vehicles. Wanted to clarify whether the same is for commercial uses or if they are indeed used by the directors.
- Under Note 4, Where loan advances by the company are discussed. The nature of the advances (Like permitting trade credit to suppliers/purchases) or for any personal purposes and also Shri Ketan N Shah and Ms. Dipal J Desai has been granted interest-free loans.
- The company shares are freaky in nature (Either at UC or at LC) an operator’s paradise.
Seems like a proprietorship- company, But its reports/disclosures are not like something of a nanocap. They are ambitious aiming to enter a couple of new states this year, I’ve called them asking queries but have not yet received replies. I will let ppl know if something good/bad comes out. Kindly share your research too.
Voldemort
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