Jackson Investments Limited (**JIL**) is a Kolkata-based financial services firm incorporated in **1982**. The company operates as a specialized entity within the Indian capital markets, focusing on a singular business segment: **Finance & Investments**. Currently, the company is navigating a complex period of corporate restructuring, regulatory normalization, and a strategic shift toward the burgeoning MSME and private wealth sectors in India. --- ### **Core Business Operations & Asset Portfolio** The company’s revenue model is built upon four primary pillars within the financial services ecosystem: * **Financing & Lending:** Direct lending operations and inter-corporate credit. * **Equity Investment:** Strategic and tactical investments in equity shares and diverse securities. * **Trading Operations:** Active trading in shares, securities, and commodities. * **Capital Market Services:** General activities related to the broader capital market infrastructure. **Asset Valuation & Exposure Profile:** As of **December 2025**, the company’s portfolio includes a specific subset of **stock-in-trade** consisting of shares in listed companies that are currently not traded on the **Calcutta Stock Exchange (CSE)**. * **Valuation Policy:** These non-traded shares are carried at a nominal value of **INR 1 per share**, representing a total book value of **INR 1.49 Lakhs**. * **Risk Mitigation:** The company maintains **no direct exposure** to **Foreign Exchange Risk** or **Commodity Price Risk**, as it does not engage in physical commodity handling or cross-border currency transactions. --- ### **Corporate Restructuring & Listing Evolution** JIL is undergoing a fundamental transformation of its ownership structure and exchange presence to streamline compliance and enhance operational flexibility. * **Delisting from CSE:** In **June 2024**, the Board approved the voluntary delisting of equity shares from the **Calcutta Stock Exchange**. * **Transition to Zero-Promoter Structure:** As of **February 2024**, the company initiated a reclassification of its "Promoter Group" (including **Mr. Raj Kumar Saraswat**, **Mr. Sajjan Kumar Saraswat**, and **Mr. Sunil Poddar**) to the "Public" category. Upon completion, the total **Promoter shareholding** is projected to be **Nil**. * **Share Liquidity:** The company has achieved high levels of digitization, with **91.10%** of public shareholding dematerialized via **NSDL and CDSL**. --- ### **Financial Performance & Capital Structure** The company has faced significant headwinds over the last three fiscal years, characterized by declining revenues and a transition into a loss-making position. | Financial Year | Total Revenue | Profit / (Loss) Before Tax | Profit / (Loss) After Tax | | :--- | :--- | :--- | :--- | | **2024-25** | **₹ 59.49 lakh** | **₹ (86.23) lakh** | **₹ (86.24) lakh** | | **2023-24** | **₹ 59.73 lakh** | **₹ (11.68) lakh** | **₹ (11.79) lakh** | | **2022-23** | **₹ 1.69 crore** | **₹ 40.58 lakh** | **₹ 31.11 lakh** | **Key Financial Metrics:** * **Revenue Contraction:** Total revenue declined by approximately **65%** between FY23 and FY25. * **Loss Acceleration:** Net losses widened by **631%** in the most recent fiscal year. * **Capital Stability:** The **Paid-up Equity Share Capital** remains constant at **₹ 29.07 Crore**. * **Resource Conservation:** No **Dividends** have been proposed for the last three years, and **₹ Nil** has been transferred to **General Reserves** to preserve liquidity. * **Borrowing Capacity:** Shareholders have authorized a borrowing limit of up to **Rs. 50.00 Crore**, alongside a limit of **Rs. 50.00 Crore** for inter-corporate loans and guarantees. --- ### **Strategic Growth Vectors & Market Opportunity** JIL is positioning itself to capitalize on the rapid formalization of the Indian economy and the expansion of the financial services sector. * **MSME Lending:** Leveraging the **CGTMSE** corpus (which saw an **INR 9,000 crore** inflow) to facilitate collateral-free loans. * **Wealth Management:** Targeting the projected **16.57 lakh** High Net Worth Individuals (HNWIs) expected in India by **2027**. * **Digital Payments:** Aligning with the **UPI** growth trajectory, which recorded **1,123 crore** transactions in late 2023. * **Insurance Expansion:** Eyeing the **$250 billion** Indian insurance market opportunity projected for **2025**. --- ### **Governance, Compliance & Human Capital** The company operates under a structured governance framework to ensure fiduciary oversight during its restructuring phase. * **Board Oversight:** A **4-member Board** led by an **Executive Chairman** oversees the **Managing Director**, who handles day-to-day operations. * **Workforce Dynamics:** The company maintains a lean team of **10 permanent employees**. Notably, the **Managing Director & CEO** saw a remuneration decrease of **152.82%** in FY23, bringing the remuneration ratio to **0.83:1** against the median employee. * **Regulatory Framework:** Financials are prepared under **Ind AS** (Section 133). The company currently does not meet the thresholds for mandatory **Corporate Social Responsibility (CSR)** expenditure. --- ### **Risk Factors & Regulatory Contingencies** Investors should note several critical risks regarding valuation, legal standing, and recovery of dues. **1. Regulatory Scrutiny:** * **ROC Inquiry:** An active inquiry by the **ROC West Bengal** (initiated August 2024) is examining past **loan receipts and payments**. * **Shell Company Status:** JIL was previously flagged on the **SEBI shell company list** (2017). While a **re-forensic audit** is complete, the final **BSE** decision is pending. * **NBFC Registration:** The company operates without **NBFC registration**, despite meeting criteria under **Section 45-IA of the RBI Act**. **2. Asset & Valuation Risks:** | Asset Category | Value | Risk Detail | | :--- | :--- | :--- | | **Unlisted Investments** | **₹ 7.78 crore** | Subject to fair value assessment in **March 2026**. | | **Pending Acquisitions** | **₹ 9.64 crore** | Advances for securities where transactions remain unsettled. | | **Non-Interest Loans** | **₹ 14.08 crore** | Lack of documentation to crystallize interest income. | | **Trade Receivables** | **₹ 88.35 Lakhs** | Long-term outstanding; recovery is uncertain. | **3. Legal & Market Risks:** * **Taxation:** An outstanding demand of **₹ 1.37 crore** for **AY 2014-15** is currently under appeal. * **Listing Status:** Previous non-payment of fees led to **Graded Surveillance Measure (GSM)** restrictions. * **Audit Qualifications:** Auditors have highlighted "Emphasis of Matter" regarding the **non-confirmation** of various receivables and payables.