Few observations from FY23 AR:
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Weak Independent BODs: Most of the independent board members profile is irrelevant to the operating business. On ARs Page 62, competence is FUN to read for most of the names.
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MDA loaded with boilerplate statements. No insights about the business.
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CEO and Co-Chairperson are not mentioned as Relatives of Key Managerial Personnel. It took some effort to map the family tree.
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Major Customer Dependency [83% of FY23 Revenue from 3 customers | Details of each name not provided]: Revenue from 3 customers (March 31, 2022, 3 customers) of the Company’s manufacturing & trading business are Rs. 225,337 lakh (March 31, 2022 Rs.176,418 lakh) which is more than 10% of the Company’s total revenue.
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Debt free and cash rich seems mirage: Cash seems to be a business NEED to fulfill obligations due within 3 months
Suppliers seem to have tough time to for getting their payments:
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Heavy churn in the top management [particularly COO and CFO Roles | MD and CEO roles are occupied by the promoter family]. Relavnt data-
Disc: No Position.
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