Oseaspre Consultants’ record is thin but transparent: six years of clean audit opinions, a single disclosed business segment, and an orderly auditor rotation. Two things stand out. Revenue fell to nil in FY26 after a single-customer year, and ₹2.16 Lakhs of those prior-year receivables are still outstanding. The board has proposed a ₹1.74 crore dividend despite five straight years of negative operating cash flow and a cash balance of under a lakh.
Key findings
- Revenue collapsed to nil, and prior-year receivables remain uncollected
Minor- Revenue from operations fell from ₹18.00 Lakhs in FY25 to nil in FY26. Trade receivables stood at ₹2.16 Lakhs as at 31 March 2026, all undisputed and aged between six months and one year. The company applies the simplified approach under Ind AS 109 and considers no expected credit loss provision necessary. - Operating cash flows are persistently negative, yet a dividend is proposed
Minor- The company reported negative cash flow from operations in each of the last five years, including ₹0.22 crore in FY26. Cash and cash equivalents fell to ₹0.77 lakhs by 31 March 2025. The board proposed a dividend of ₹1 per share on 15 May 2026, which would require a cash outflow of ₹1.74 crore if approved. - Audit opinions are clean, but the audit trail was incomplete in two prior years
Minor- The statutory auditor issued an unqualified opinion every year from FY21 through FY26. For FY24, the audit trail feature in the accounting software did not operate throughout the year; for FY25, logs were preserved only from 12 March 2024 onward. The secretarial auditor has flagged since at least FY22 that compliance-monitoring systems need strengthening. - Auditor resigned mid-year; no issues raised by outgoing auditor
Clean- Kalyaniwalla & Mistry LLP served two consecutive five-year terms, ending at the 43rd AGM on 29 September 2025. Manek & Associates was appointed for a first five-year term through the 48th AGM in 2030. The statutory auditor resigned during the year; per management and communication with the outgoing auditor, no issues, objections, or concerns were raised.
What to watch
- Receivable recovery. Collection of the ₹2.16 Lakhs trade receivables outstanding as at 31 March 2026, already aged six months to one year.
Bottom line: This is a disclosed, audited micro-cap record with a single advisory segment and no concealment. The risk is one of viability, not integrity: revenue has vanished, cash generation has been absent for five years, and the proposed dividend would draw on resources the company does not hold. Watch whether the dividend is approved and whether the aged receivables are collected.