Rajvi Logitrade Limited (formerly **Suryakrupa Finance Limited**) is an Indian listed entity currently undergoing a fundamental strategic transformation. Following the voluntary cancellation of its **NBFC registration certificate**, the company has successfully transitioned from a financial services provider to a dedicated **Transport, Logistics, and Commodity Trading** enterprise. Headquartered in the strategic port-adjacent hub of **Gandhidham, Gujarat**, the company is aggressively scaling its operational footprint through fleet acquisition, related-party synergies, and a shift toward asset-heavy logistics. While the company has demonstrated significant top-line growth and improved profitability in the **2024-25** fiscal year, it remains in a high-stakes transitional phase characterized by a fully eroded net worth and a heavy reliance on management support to maintain its status as a **Going Concern**. --- ### **Core Operational Framework & Logistics Infrastructure** The company’s business model is now consolidated into a single segment: **Logistics and Allied Services**. Its operations are designed to capitalize on India’s growing infrastructure and the digitalization of the supply chain. * **Fleet Management & Acquisition:** The company actively manages a growing fleet of commercial vehicles. In **February 2024**, the Board approved a **₹12.00 crore** transaction for the transfer of fleets to bolster internal capacity. * **Strategic Leasing Model:** To scale rapidly without immediate massive capital outlays, the company entered into a **Commercial Vehicle Lease Agreement** in **February 2026** with **M/S Rajvi Cargo Movers Private Limited** and Mr. Bhupendrasinh Dalpatsinh Rana for an initial **11-month** term. * **Technology Integration:** The company has aligned with national logistics initiatives, including: * **Unified Logistics Interface Platform (ULIP):** For streamlined data exchange. * **Fastag-Enabled Expressways:** To optimize transit times and reduce fuel wastage. * **Green Technology:** Gradual adoption of alternative fuel vehicles and renewable energy initiatives to mitigate carbon emissions. * **New Business Verticals:** In **March 2026**, the company diversified its revenue streams by commencing a new line of business in **Metals and Metal Scrap Trading**. --- ### **Financial Performance & Growth Metrics** The **FY 2024-25** period marked a significant scaling of operations, evidenced by a nearly **38%** increase in total revenue. | Metric | FY 2024-25 | FY 2023-24 | Variance (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **₹42.64 Crore** | **₹30.91 Crore** | **+37.95%** | | **EBITDA** | **₹2.02 Crore** | **₹1.02 Crore** | **+98.04%** | | **Profit After Tax (PAT)** | **₹0.61 Crore*** | **₹0.40 Crore*** | **+52.50%** | | **Basic/Diluted EPS (₹)** | **6.15*** | **4.04*** | **+52.23%** | *\*Based on 9-month actuals ended Dec 2024 and full-year projections.* **Key Efficiency Ratios:** * **Current Ratio:** Improved to **1.67** (from **1.58**), providing a better short-term liquidity cushion. * **Return on Equity (ROE):** Increased significantly to **0.49** (from **0.36**), a **329%** improvement in capital efficiency. * **Debtors' Turnover Ratio:** Declined to **3.31** (from **4.99**), indicating that the company is extending **longer credit periods** to secure market share in the competitive logistics sector. --- ### **Capital Structure & Funding Strategy** To fund its transition from a service-based NBFC to an asset-based logistics firm, the company has executed a major capital restructuring. * **Authorized Capital Expansion:** Increased from **₹2.50 Crore** to **₹6.50 Crore** (Approved **June 2025**) to accommodate new equity issuances. * **Preferential Warrants:** On **March 28, 2024**, the company allotted **86,90,976** fully convertible warrants at **₹10.00** per warrant, totaling an issue size of **₹9.00 Crore**. * **Capital Inflow:** The company has already received **₹2.17 Crore** (the mandatory **25%** upfront payment). These funds are earmarked for **fleet acquisition**, **working capital**, and general corporate purposes. * **Debt Profile:** The company transitioned from a zero-debt position to a **10.07% Debt-Equity ratio** after securing loans specifically for procuring its transport fleet. --- ### **Strategic Partnerships & Related Party Transactions** The company relies heavily on a network of related parties to maintain operational continuity and scale. These transactions are conducted at **arm's length** and are subject to strict aggregate value limits. | Period | Transaction Type | Aggregate Value Limit | | :--- | :--- | :--- | | **FY 2023-24 & 2024-25** | Shipping/Logistics services with **RCC Limited** | **₹40.00 crore** | | **FY 2023-24 & 2024-25** | Transfer of fleets & business transactions | **₹12.00 crore** | | **FY 2025-26** | Logistics & allied business services | **₹40.00 crore** | | **FY 2026-27** | Logistics & allied business services | **₹60.00 crore** | --- ### **Governance & Leadership Evolution** The board has been restructured to bring in expertise relevant to logistics and corporate finance: * **Executive Leadership:** **Mr. Dipendra Tak** was appointed Whole Time Director (effective **October 2025**), and **Mr. Ankit Gattani** joined as CFO in **August 2025**. * **Audit & Compliance:** **M/s. Jogi Dipak & Co.** has been appointed as Secretarial Auditors for a five-year term (**FY 2024-25 to 2028-2029**). Financials are strictly prepared under **Indian Accounting Standards (Ind AS)**. * **Banking Partners:** Primary banking relationships are maintained with **ICICI Bank** and **HDFC Bank**. --- ### **Risk Profile & Mitigation Strategies** Despite growth, the company faces substantial risks that investors must monitor closely. #### **1. Solvency and Going Concern Risk** The company’s **net worth is fully eroded**, with total liabilities exceeding total assets. Its survival is contingent upon: * Continuous financial support from the management/promoters. * The sustained profitability of the new logistics operations. * Successful conversion of warrants into equity to bolster the balance sheet. #### **2. Operational & Macroeconomic Hazards** * **Fuel Price Volatility:** Managed through a policy of **frequent freight rate revisions** to pass costs to customers. * **Asset Protection:** All trucks are **comprehensively insured** to mitigate risks of accidents, pilferage, shrinkage, or cargo loss. * **Infrastructure Dependency:** Operations are vulnerable to **bad weather**, **political unrest**, and the quality of the **Indian road network**. #### **3. Financial & Credit Risks** * **Liquidity Risk:** The company monitors **forecast vs. actual cash flows** to prevent shortages of liquid funds. * **Credit Concentration:** While no single counterparty exceeds **10%** of assets, the company **does not hold collateral** for its financial assets, exposing it to potential default risks. #### **4. Management Stability** The company has seen recent turnover, including the resignation of the **CFO and a Non-Executive Director** in **February 2024**, which may impact institutional memory during this critical transition phase.