First of all, let me congratulate for excellent work on the company and bringing out various disparities between the company peformance and trying to connect with reality. Most of the points you mentioned are real concern and we need to have answer for same, specifically, decline in office expense and margin being 40% when other IT companies are having margin of around 20%. I think that is mute question for me as well. If salary is any indication,the Median salary of Rs 300,000 per annum (25,000 p.m.) does not connect with narrative company claims in presentation.
While I am in agreement most of your observations, only in certain points, I would have partial disagreement and I put foward my rationale on those points.
On point 14 of distribution of cashflow, while you validly raised that FY22 dividend being higher than FY22 cashflow from operation. Since pre FY21, size of company was tiny, I have considered FY21-FY22 aggreage cashflow form operations, which amount to Rs 13.88 Cr as against FY21-FY22 aggregate dividend of Rs 12.74 Cr (around 92% being distributed).
On point 13 of receivable, while your point is valid that the company does not have any tangilble assets and receivable being large portion of total assets at around 40%, I would like to look at receivable from revenue context. On FY22 sales of Rs 43 Cr (Standlone), receivable of Rs 9 Cr, would be around 20%, i…e 72 days of average daily sales in FY22. However, while evaluating high growth companies, it might make sense to look at quarterly sales. During Q3FY22 and Q4FY22, quarterly sales of company was Rs 11.97 cr and Rs 13.59 Cr repsectively. On Page 127 of Annual report FY22, we find ageing details of receivable, which indicate that all receivable are less than 6 months. Hence, in case we apply average sales of Rs 15 Lakhs per day for Q4FY22 vis Rs 8.94 Cr Receivable, we get receivable days of ~60 for Q4FY22 which is reasonable in my view for such small company.
Thanks once again for doing excellent work and raising valid concern which benefit all forum members. Appreciate your efforts 
Disclosure: I have 1% of equity portoflio invested in the company. My view may be biased. Not a SEBI Registered advisor. Not recommending any investment action. I may exit from investment without informing the forum in case I find other opprtunities which attractive. Added small quantity in last 7 days.
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