**BSE SME: 543516 | Symbol: DHYAANITR | ISIN: INE0K5F01014** Dhyaani Tradeventtures Limited (formerly **Dhyaani Tile and Marblez Limited**) is an Indian listed entity currently undergoing a radical strategic transformation. Since **November 2023**, the company has pivoted from a specialized trader of vitrified tiles into a diversified conglomerate with interests spanning **Agro-commodities, Agri-tech, Artificial Intelligence (AI), and Real Estate Development**. --- ### **Strategic Pivot & Multi-Sectoral Expansion** The company has systematically altered its **Memorandum of Association (MoA)** to transition from legacy building materials to high-growth, technology-driven sectors. * **Agri-tech & Commodities (November 2023):** The primary revenue driver, focusing on trading staples and manufacturing modern agricultural implements. * **Artificial Intelligence & IT Services (September 2023):** Development of **AI-based application solutions** for task automation, image processing, and process control software. * **Real Estate & Infrastructure (July 2024):** New authorization to operate as **Contractors, Builders, and Town Planners**, covering land acquisition and civil works both in India and internationally. * **Global Footprint:** Establishment of wholly-owned subsidiaries including **Dhyani Cyberrtech FZE / Dhyaani Connsultech FZE** (Dubai, UAE) and **Dhyani Cyberrnest Private Limited** (India), with planned expansions into the **USA**. --- ### **Core Business Verticals & Product Portfolio** #### **1. Agricultural Commodities & Inputs** This segment now accounts for over **95% of sales revenue**. The company utilizes a lean inventory model with a distribution network of **40+ traders**. * **Rice Varieties:** Boil Rice, **Dubar Rice**, Jirasar Rice, **Parimal Rice**, and Sharbati Rice. * **Pulses & Legumes:** Desi Chana, **Kabuli Chana**, Kashmiri Rajma, **Moong Dal**, Moong Mogar, **Tuver Dal**, Urad Dal, and **Urad Kali**. * **Agri-Inputs:** Trading in fertilizers, micronutrients, pesticides, and insecticides. * **Consumer Goods:** Trading in tobacco products (cigarettes, cigars), pan masala, and matchboxes. #### **2. Building Materials (Legacy Operations)** The company maintains its presence in high-strength flooring solutions: * **Double Charge Vitrified Tiles:** Features a **3mm to 4mm thicker** pigment layer for heavy-traffic commercial use. * **Glazed Vitrified Tiles:** Composed of clay, feldspar, and quartz with high-temperature firing for **low water absorption**. #### **3. Life Sciences & R&D** Through its subsidiary, **Astec LifeSciences Limited**, the company engages in: * **Agrochemical Actives:** Technical manufacturing of core chemical components. * **Innovation:** R&D focused on optimizing **process efficiencies** and enhancing **product yields**. --- ### **Operational Performance & Financial Growth** The shift to agro-commodities has resulted in a massive scale-up of the top line. | Metric | FY 2023-24 | FY 2022-23 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Turnover** | **₹ 29.67 Crore** | **₹ 9.23 Crore** | **+221.4%** | | **Net Profit / (Loss)** | **₹ 68.64 Lakhs** | **(₹ 7.71 Lakhs)** | **Turnaround** | | **Total Equity** | **₹ 4.95 Crore** | **₹ 4.26 Crore** | **+16.2%** | | **Total Debt** | **₹ 3.03 Crore** | **₹ 0.09 Crore** | **Significant Increase** | *Note: For the period **FY 2024-25**, the company reported a turnover of **₹ 12.28 Crore** and a Net Profit of **₹ 24.81 Lakhs**.* --- ### **Capital Restructuring & Fundraising Strategy** To fund its aggressive diversification, the company has significantly expanded its capital base and borrowing powers. * **Authorized Share Capital:** Increased from **₹ 1.60 Cr** (Sep 2023) to **₹ 18.00 Cr** (Aug 2024), with a proposal to reach **₹ 24.55 Cr**. * **Rights Issue (Sep 2024):** Successfully raised **₹ 29.37 Crore** by allotting **1,27,68,000 shares** at **₹ 23** per share. * **Optionally Convertible Debentures (OCDs):** * **Tranche I:** Approved **₹ 20 Crore** issue to **Quantum Quasar Capital** at **₹ 30.50** per OCD. * **Tranche II:** A proposed **₹ 30 Crore** issue was **abstained** following an investor request in January 2025. * **Borrowing Limits:** Shareholders approved an increase in borrowing powers up to **₹ 500 Crores** to meet long-term strategic objectives. * **Bonus Issue:** Executed a **9:5 ratio** bonus issue in October 2023. --- ### **Operational Workflow & Efficiency Targets** The company employs a structured quality-control workflow to mitigate risks in the fragmented commodity market: 1. **Dealer Selection:** Rigorous evaluation of financial stability and logistical reach. 2. **Quality Verification:** Sampling for purity, moisture, and nutrient levels. 3. **Logistics Optimization:** Direct delivery from godowns to customers to maintain **minimal inventory days**. 4. **Tech Integration:** Plans to implement **Blockchain, AI, and GIS** to achieve cost reductions and functional efficiencies. --- ### **Governance & Corporate Structure** * **Leadership:** Led by Managing Director **Chintan Nayan Bhai Rajyaguru**. Recent board additions include **Amit Kapariya** (Executive Director) and **Reeta Devi** (Non-Executive Director). * **Auditors:** **M/s S D P M & Co.** (Term ending **2028**). * **Dividend Policy:** Currently **ploughing back all profits** into growth; no dividends recommended for FY 2025. --- ### **Critical Risk Factors & Compliance Challenges** Investors should note several high-impact risks and regulatory hurdles: * **Internal Control Lapses:** Auditors have flagged **inadequate internal financial controls** over financial reporting. * **Regulatory Non-compliance:** * Marked as **'SDD Non-Compliant'** by BSE regarding the Structured Digital Database. * Faced fines for **delayed financial results** for FY 2024-25. * Non-compliance with **e-way bill**, **e-invoice**, and **Section 206CR** (TCS) regulations. * Outstanding **'Loan to Director'** as of March 2025, violating **Section 185** of the Companies Act. * **Financial Risks:** * **High Receivables:** Trade receivables stood at **₹ 30.42 Crores** (FY24), representing a significant portion of revenue. * **Liquidity:** Unsecured loans of **₹ 3.03 Crore** are repayable on demand. * **Operational Risks:** * **Execution Risk:** Moving from tiles to AI and Real Estate involves steep learning curves. * **Litigation:** A pending **NCLT** case involving a demand of **₹ 13.10 Crores** from Cengres Tiles Limited. * **IP Risk:** Company **trademarks and logos are not registered**, leaving the brand vulnerable to infringement. * **Concentration:** Operations are heavily concentrated in **Gujarat**, exposing the firm to regional economic shifts.