Trejhara was born in FY19 after demerger of Interact DX and Logistics business of Aurion Pro. The owners of both the companies are largely same.
Trajhara →
Please note following points in Trejhara Balance sheet →
The annual depreciation/amortisation charged to P&L account is 1-2cr since the inception.
Now let us looks at Intangible assets →
The amount is ~147cr and 120cr out of 147cr is more than 3 years old.
I think investors should probe/research on depreciation/amortisation policies followed by promoters.
What are the capital advances of 100cr+ in a largely software company?
What are these advances to supplier of 182cr which are 3x FY22 sales? Who are these suppliers?
What is “other” receivables – amounting to 124cr?
I think one should try to find answers to these questions if one is serious about investing in any company promoted by these promoters.
To my amateur eye, it looks like a large part of (non-existent) assets were demerged (read dumped) from Aurion Pro → Trejhara and they are not being written off in P&L. Some of the numbers like capital advances/advance to supplier and other receivables are quite absurd and simply bordering on fraud. Very hard for me to trust this management ever.
Disc – Hold 1 share of Aurion Pro/Trejhara to track developments and learn lessons in corporate governance and frauds.
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