Bervin Investment and Leasing Limited is an Indian financial services firm registered as a **Non-Public Deposit-taking Non-Banking Financial Company (NBFC)**. The company is classified by the **Reserve Bank of India (RBI)** as an **Investment and Credit Company (NBFC-ICC)** and is positioned within the **Base Layer** of the RBI’s Scale-Based Regulation (SBR) framework. Listed on the **BSE Limited (Scrip Code: 531340)**, the company serves as a specialized vehicle for corporate lending and capital market investments. --- ### **Core Business Model & Operational Infrastructure** The company operates exclusively within the financial services sector, focusing on the deployment of capital through credit instruments and equity markets. * **Primary Revenue Activities:** The business model centers on investing in securities, providing corporate guarantees/security, and granting both secured and unsecured loans and advances to corporate entities and firms. * **Asset Utilization:** Despite the "Leasing" nomenclature in its title, the company has reported **zero leasing business** in recent years (through **November 2025**). * **Lean Operational Profile:** As a service-oriented entity, the company maintains **no manufacturing facilities**, **no physical inventories**, and **no immovable property**. Operations are centralized at its registered office in **New Delhi**. * **Customer Interface:** The company maintains **no direct retail customer interface**, focusing instead on B2B financial arrangements and proprietary trading/investment. --- ### **Financial Performance & Capital Structure** Bervin’s financial health is characterized by high volatility, largely driven by its exposure to capital market fluctuations and derivatives trading. #### **Three-Year Financial Summary** | Particulars (₹ '000) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Income / Other Income** | **29,086** | **120,684** | **108,638** | | **Gain / (Loss) on F&O** | **(26,147)** | **117,764** | *Not Specified* | | **Total Expenses** | **12,734** | **15,381** | **208,917** | | **Profit / (Loss) After Tax (PAT)** | **(9,795)** | **86,165** | **(100,279)** | #### **Key Financial Metrics & Observations** * **Profitability Volatility:** The company reported a **Net Loss of ₹9.79 million** in **FY 2024-25**, a sharp reversal from the **₹86.16 million profit** in **FY 2023-24**. This was primarily attributed to significant losses in **Futures & Options (F&O)** trading. * **Revenue Composition:** Income is generated through a mix of **dividend income**, **securities trading**, and interest on financing. Notably, the company reported **Nil turnover** for the **2022-23** fiscal year, indicating a reliance on non-operating income during that period. * **Equity & Valuation:** The paid-up equity share capital is stable at **₹58,981,000**. A fair value assessment (Dec 2023) estimated the company’s value at **₹44.06 per share**, using a weighted average of **Net Asset Value** and **Market Price**. * **Shareholding Pattern:** The company is closely held, with the **Promoter Group** owning **73.55%** and the **Public** holding **26.45%**. A significant inter-se transfer occurred in **March 2024**, where **Mrs. Sushma Paul Berlia** acquired **260,700 shares** from **Chang Investchem Private Limited**. --- ### **Governance Framework & Strategic Leadership** The company is currently undergoing a strategic shift toward professionalizing its board to enhance oversight and regulatory compliance. * **Board Diversification:** A key strategic objective is the integration of seasoned professionals. The appointment of **Mr. Ashok Ogra** as an **Independent Director** (tenure through **May 2030**) brings over **40 years** of experience in **Media, Management, and Education** to the board. * **Regulatory Adherence:** The company emphasizes strict compliance with **Section 102 of the Companies Act, 2013** and **SEBI Listing Regulations (17(1C) and 25(2A))**. * **Audit Oversight:** **M/s. Kumar Amboj & Associates** were appointed as Statutory Auditors in **July 2024**. Internal auditors have confirmed the adequacy of the company’s **Internal Financial Control (IFC)** systems. --- ### **Corporate Structure & Associate Relationships** Bervin maintains a simplified corporate structure with no active subsidiaries or joint ventures. * **Wavin India Limited:** Previously classified as an associate, this entity ceased to be an associate in **September 2025**. Although Bervin retains a **>20% shareholding**, it was determined that Bervin lacks "significant influence" as defined under **Ind AS 28**. * **Banking Limits:** The company operates with limited external leverage, with no sanctioned working capital limits exceeding **₹5 crore** from financial institutions. --- ### **Risk Profile & Macroeconomic Sensitivities** The company’s performance is highly sensitive to both systemic market risks and specific credit challenges. #### **Risk Matrix** | Risk Category | Impact & Context | | :--- | :--- | | **Market Volatility** | High sensitivity to **F&O** outcomes and **Foreign Capital Outflows**; impacted by **Gold** price surges (**+41% in FY25**). | | **Credit Risk** | Challenges with **Loan Defaults** have led to **Non-Performing Assets (NPAs)** and legal proceedings under the **SARFAESI Act, 2002**. | | **Macroeconomic** | Vulnerable to **US Tariff Policies**, **US Federal Reserve** rate hikes, and **Middle East tensions** affecting crude oil prices. | | **Regulatory** | Must comply with **Section 43B(h)** regarding **MSME** payments (15–45 day window) to avoid tax disallowances. | #### **Strategic SWOT Analysis** * **Strengths:** Management’s **determination** and a long-standing **RBI registration** (since 1998). * **Weaknesses:** A **low equity base** and high volatility in earnings due to speculative trading. * **Opportunities:** Management views market opportunities as "multiples," anticipating a corporate earnings revival starting **Q1FY26**. * **Threats:** While the company claims "practically no threats," it remains exposed to **unpredictable industry conditions** and global trade wars. --- ### **Future Outlook & Solvency** While the company faced a loss in the most recent fiscal year, auditors have indicated **no material uncertainty** regarding the company’s ability to meet its liabilities falling due within **one year** of the balance sheet date. The strategic focus remains on navigating a projected **6.5% GDP growth** environment for **FY26** while managing the risks associated with geopolitical uncertainties and domestic inflation. The Board did not propose a dividend for **FY 2024-25**, opting to retain capital amid fluctuating market conditions.