**Exchange:** BSE Limited | **Scrip Code:** 507833 | **ISIN:** INE607B01012 Computer Point Limited is an Indian enterprise currently navigating a high-stakes strategic pivot. Historically rooted in **Information Technology (IT)** and **software training services**, the company is transitioning into a specialized provider of early childhood and school education. While the company maintains a lean, inventory-free operational model, it is currently balancing aggressive expansion targets in Eastern India against significant liquidity constraints and regulatory hurdles. --- ### **Strategic Pivot: The "Heurekan" Education Model** The company is moving away from traditional IT training toward a comprehensive K-12 and early childhood education framework. This transformation is centered on the **"Heurekan"** curriculum, a proprietary product developed over **18 months** of research and pilot testing. * **Curriculum Philosophy:** Developed in collaboration with **EuroKids Group**, the curriculum integrates **Harvard University’s Project Zero** philosophies. It focuses on "Visible Thinking" rather than rote learning. * **Pedagogical Framework:** The model utilizes **20 specific "Thinking Routines"** and aligns with the **National Education Policy (NEP) 2020**. It emphasizes the **"Panchakosha"** concept, targeting five layers of development: Intellectual (**IQ**), Physical, Creative, and Spiritual. * **Target Demographic:** Designed for children aged **2 years and above**, aiming to foster critical analysis and problem-solving from an early age. --- ### **Market Expansion & Distribution Network** Computer Point is aggressively scaling its footprint, particularly in **West Bengal**, through a robust franchisee model. | Metric | Current Status | 5-Year Target | | :--- | :--- | :--- | | **Total Centers (West Bengal)** | **140** | **250** | | **New Center Additions** | N/A | **110** | | **Geographic Focus** | Rural & Urban West Bengal | Pan-India via Franchisees | * **Franchisee Strategy:** The company leverages a "huge network" of franchisees to distribute educational products and services to both private institutions and universities. * **Rural Penetration:** A significant portion of the expansion is directed toward rural areas, aiming to capture underserved educational markets. * **Contracting:** Management maintains an "aggressive quest" for new contracts while strictly adhering to standardized **pricing benchmarks**. --- ### **Capital Structure & Shareholding Data** The company maintains a stable capital base with no recent issuances of equity or convertible instruments. As of **March 31, 2025**, the capital metrics are as follows: * **Authorised Share Capital:** **Rs. 31,00,00,000** * **Paid-Up Share Capital:** **Rs. 30,00,13,000** * **Total Equity Shares:** **3,00,01,300** (Face Value **Rs. 10/-**) * **Dematerialisation:** **100%** of equity shares are compulsorily traded in demat form. Currently, **87.04%** of total shares are held electronically via NSDL and CDSL. **Shareholding Pattern (March 2024):** * **Bodies Corporate:** **64.25%** * **Resident Individuals:** **27.1%** * **Others/NRIs:** **6.82%** * **Promoters:** **1.83%** --- ### **Financial Performance & Solvency Analysis** The company has experienced a significant contraction in revenue compared to historical peaks, shifting from a high-volume trading model to a service-oriented education and IT model. **Comparative Financial Summary (INR in Lacs):** | Metric | FY 2022-23 | FY 2016-17 | FY 2015-16 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **154.44** | **5,874.55** | **4,504.78** | | **Total Revenue** | **154.44** | **6,063.06** | **4,682.92** | | **Earnings Per Share (EPS)** | **0.62** | **0.00** | **0.00** | * **Dividend Policy:** No dividends have been recommended recently due to **carried over losses**. There are no outstanding dues to the **Investor Education and Protection Fund (IEPF)**. * **Capital Mix:** Funding is managed through a combination of **equity, long-term borrowings, and short-term borrowings**. * **Asset Profile:** The company holds **no immovable properties** in its own name. Fixed assets are physically verified on a **three-year cycle**. --- ### **Operational Infrastructure & Governance** The company operates under a **single reportable business segment** (IT and Media/Entertainment), with centralized management under one board. * **Leadership:** Recent key appointments include **Mr. Tapas Chowdhury** as **Executive Director** (5-year term starting 2025) and **Mr. Sujay Bag** as **Company Secretary**. * **Lean Operations:** The company maintains **zero physical inventory** due to the service-based nature of its IT and training solutions. * **Compliance Status:** Regulation 23(9) regarding Related Party Disclosures is currently **not applicable**. The company does **not** offer **Employee Stock Option Schemes (ESOPs)**. --- ### **Critical Risk Factors & Contingencies** Investors should note several significant headwinds that impact the company’s "Going Concern" status and operational efficiency. **1. Financial & Liquidity Risks:** * **Working Capital Deficit:** A "serious" deficit in working capital is currently hindering the company's ability to reach peak service quality and expansion speed. * **Order Position:** Management foresees **no immediate improvement** in order positions across diverse sectors due to these liquidity bottlenecks. **2. Regulatory & Compliance Deficiencies:** * **Internal Audit:** No **Internal Auditor** was appointed for the most recent review period. * **BSE/SEBI Defaults:** The company has faced delays in filing **Quarterly Corporate Governance Reports** and **Shareholding Patterns**. * **Unpaid Fees:** Annual listing fees for **BSE, CDSL, and NSDL** for **2023-2024** remain unpaid. * **Internal Controls:** Auditors issued a **qualified opinion**, noting that the company does not fulfill essential internal control components prescribed by the **ICAI**, raising risks of management override or undetected misstatements. **3. Legal & Tax Liabilities:** | Item | Amount | Description | | :--- | :--- | :--- | | **Income Tax Dispute** | **Rs. 4.73 Crore** | Related to fund transfers in **2014-15** treated as unaccounted income. | | **Service Tax Recoverable** | **Rs. 18.49 Lacs** | Non-current assets pending adjudication. | | **Regulatory Fines** | **Pending** | Fines levied by the **BSE**; waiver requests are currently awaiting a response. | **4. Market & Macro Risks:** * **Government Dependency:** High reliance on **Government budgetary support** for education; fiscal deficits could lead to reduced funding. * **Technological Obsolescence:** The rapid pace of change in IT-enabled services requires constant system updates to prevent the brand from becoming irrelevant. * **Competitive Pressure:** Large-scale domestic and multinational players with superior capital access are entering the IT and education sectors, threatening regional market share.