Established in **1985**, Sarthak Global Limited is a diversified Indian entity operating at the intersection of financial services and commodity markets. The company maintains a dual-engine business model, serving as a critical intermediary in the capital markets while engaging in the strategic trading of commodities and securities. --- ### **Core Business Verticals & Market Presence** Sarthak Global Limited operates through two distinct segments that balance service-based fee income with trade-based revenue. * **Registrar and Share Transfer Agent (RTA):** * Registered with **SEBI** as a Category-I Share Transfer Agent since **1995**. * Provides comprehensive registrar services, managing a database of over **1,00,000 shareholders**. * Maintains direct electronic connectivity with **NSDL** (National Securities Depository Ltd.) and **CDSL** (Central Depository Services (India) Limited) to facilitate seamless dematerialization and share transfer activities. * **Commodities & Securities Trading:** * Engaged in the procurement and merchant trading of various **commodities**. * Actively involved in the **investment and trading of securities**, leveraging market volatility for portfolio growth. --- ### **Strategic Growth Initiatives & Macro Alignment** The company is currently pivoting toward a more aggressive growth stance, aligning its corporate strategy with India’s broader economic trajectory. * **Structured Investment Platforms:** On **January 01, 2024**, the company executed an investment agreement with **Alpha Alternatives MSAR LLP**, signaling a move into sophisticated, structured financial products to enhance long-term portfolio value. * **National Economic Alignment:** Management has aligned its outlook with the **Viksit Bharat 2047** vision. The company aims to capture downstream opportunities from the government’s **₹10 lakh crore** capital investment outlay and the **PM Gati Shakti** National Master Plan. * **Supply Chain Diversification:** The company is positioning itself to benefit from the global **"China Plus One"** strategy and the trend of **reshoring**, which is expected to drive demand in the domestic manufacturing and services sectors. * **Market Expansion:** Strategic focus is currently placed on exploring new domestic and global markets while implementing cost-reduction initiatives to maintain a competitive edge against larger RTA players. --- ### **Financial Performance & Capital Structure** Sarthak Global has successfully transitioned from a period of volatility in **FY 2021-22** to a trajectory of consistent revenue growth and profitability. #### **Three-Year Financial Summary** | Particulars (₹ in Lakhs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **722.59** | **406.87** | **291.33** | | **Other Income** | **141.33** | **142.58** | **112.65** | | **Total Income** | **863.92** | **549.45** | **403.98** | | **Profit Before Tax (PBT)** | **8.86** | **7.41** | **2.62** | | **Profit After Tax (PAT)** | **3.00** | **1.89** | **5.63** | #### **Balance Sheet Highlights** | Metric | As at 31.03.2025 | As at 31.03.2024 | | :--- | :--- | :--- | | **Paid-up Equity Share Capital** | **₹300.00 Lakhs** | **₹300.00 Lakhs** | | **Net Worth** | **₹130.81 Lakhs*** | **₹166.20 Lakhs** | | **Current Liabilities** | **₹1316.06 Lakhs** | **₹277.73 Lakhs** | | **Current Assets** | **₹1692.75 Lakhs** | **₹1948.12 Lakhs** | *\*Note: Net worth as of 30.09.2024 was reported at ₹1.66 Crore.* * **Capital Management:** The **Authorized Capital** stands at **₹4.00 Crore** (40,00,000 shares at **₹10** each). The company has opted to retain earnings to strengthen reserves rather than declaring dividends. * **Liquidity:** The company utilizes fund-based **overdraft facilities** secured by Fixed Deposits with **Bandhan Bank**. --- ### **Operational Infrastructure & Governance** The company maintains a lean operational footprint with a focus on regulatory compliance and professional oversight. * **Geographic Footprint:** Operates via a registered office in **Mumbai** (Nariman Point) and a corporate office in **Indore**. * **Asset Profile:** Maintains records for Property, Plant, and Equipment (**PPE**); notably, the company holds **no intangible assets** and **no immovable property**. * **Inventory Integrity:** Physical verification of inventory is conducted regularly; recent audits showed no discrepancies exceeding **10%**. * **Board Oversight:** Recent appointments have strengthened independent oversight: * **Mr. Naresh Vyas** (Independent Director): Term through **August 2028**. * **Mr. Ramprakash Verma** (Independent Director): Term through **June 2029**. --- ### **Risk Profile & Regulatory Compliance** Investors should note specific regulatory and market-driven risks that impact the company’s valuation and operational stability. #### **1. Regulatory Non-compliance** * **Promoter Dematerialization:** As of **August 2024**, the company is in non-compliance with **Regulation 31(2) of SEBI (LODR)**, as 100% of promoter group shareholdings are not yet in dematerialized form. * **Interest Rate Violations:** The company has extended loans either interest-free or at rates below the government security yield, which is a violation of **Section 186 of the Companies Act, 2013**. #### **2. Financial Risk Exposure** * **Credit Risk:** Maximum exposure was **₹18.75 Crore** as of March 2024 (down from **₹21.49 Crore** in 2023). This is managed through quarterly reviews of trade receivables. * **Liquidity Risk:** While maintaining a positive cash balance, the company faces a sharp increase in current liabilities (from **₹277.73 Lakhs** to **₹1316.06 Lakhs** in the last fiscal year). #### **3. Maturity Profile of Financial Liabilities (as of March 31, 2024)** | Liability Type | Carrying Amount (₹ in lacs) | Due Within 1 Year | | :--- | :--- | :--- | | **Borrowings** | **10.00** | **10.00** | | **Trade Payables** | **1.44** | **1.44** | | **Other Financial Liabilities** | **10.14** | **10.14** | | **Total** | **21.58** | **21.58** | #### **4. Macroeconomic & External Threats** * **Geopolitical Volatility:** Exposure to **OPEC** policy shifts and conflicts (e.g., Russia-Ukraine) impacting energy and commodity prices. * **Economic Headwinds:** Potential slowdowns in the US and Europe could dampen global demand and commodity price trends. * **Policy Sensitivity:** Operations are highly sensitive to changes in **SEBI regulations** and **Government of India** fiscal policies. --- ### **Future Outlook** Sarthak Global is positioned to capitalize on India's projected **6.8% to 7.0% GDP growth** for **FY 2024-25**. With **CPI inflation** expected to moderate to **4.5%**, the company anticipates a stabilization of operating costs. The management’s strategy remains focused on leveraging its SEBI-registered status to capture the increasing dematerialization of the Indian economy while using its trading arm to navigate global commodity cycles.