I am invested here.
Please do highlights the Cons separately: (Unsecured loan clubbed with Decrease in Finance Costs)
Company is into heavy wc industry due to Govt customers or private customers taking works from Government. Resulting into Receivables going above 3 years. 10 cr as on 31.03.2023.
Company had a rights issue which failed. (High price and bad timing. February 2023 where a downtrend in small companies was there till March 2023)
Company has unsecured loans with very high interest rates. If directly linked with money stuck in those long period receivables. A recipe for disaster.
Credit agency report issued non co-operation from management.
Overall, the company is good and Infra boost from NHAI is directly beneficial to them. They also have good orders in hand and India Equity Fund has also recently invested and points mentioned above are sufficient enough to get a view on the company.
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