Shikhar Consultants Limited is a Mumbai-based **Non-Banking Financial Company (NBFC)** registered under **Section 45-IA** of the Reserve Bank of India Act, 1934. The company operates as a specialized finance and investment entity, primarily engaged in capital and money market activities. After a period of regulatory challenges, the company is currently executing a strategic pivot to modernize its operations and restore its standing in the Indian capital markets. --- ### **Core Business Operations & Asset Management** The company operates exclusively within a **single business segment: NBFC Activities**. Its operational framework is built around three primary pillars: * **Credit Operations:** Granting of loans and advances to various corporate and individual entities. * **Investment Portfolio:** Investing and dealing in shares and securities, maintaining a diversified portfolio of financial instruments to capture market gains. * **Inventory Management:** Physical inventory management of financial assets, which undergoes periodic verification by management to ensure strict alignment with book records. The company maintains a lean operational model, supported by a professional team of **4 permanent employees** (as of March 31, 2025). --- ### **Strategic Pivot: From Suspension to Digital Integration** Shikhar Consultants is currently transitioning from a period of regulatory inactivity to active market participation. A critical milestone was reached in **August 2023**, when the company received in-principle approval from **BSE Ltd** for the **revocation of suspension** in the trading of its securities (**Scrip Code: 526883**). To capitalize on this return to the market, the firm has adopted a technology-driven investment management strategy: * **Real-Time Analytics:** Upgrading to advanced investment analytics tools for portfolio monitoring and scenario planning. * **Stress-Testing Models:** Implementation of enhanced assessment frameworks to mitigate market uncertainty and volatility. * **ESG & Innovation:** Developing **ESG-aligned** (Environmental, Social, and Governance) products and **structured investment solutions** to meet modern investor demand. * **Strategic Partnerships:** Forming alliances with research providers and financial institutions to broaden investment insights and market reach. --- ### **Financial Performance Summary** The company’s recent financial history reflects a period of stagnant operational revenue as it works through regulatory hurdles. However, recent filings show a significant narrowing of net losses. | Particulars (INR) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **0.00** | **0.00** | **0.00** | | **Other Income** | **0.00** | **3,200.00** | **-** | | **Total Revenue** | **0.00** | **3,200.00** | **0.00** | | **Profit / (Loss) After Tax** | **(9,08,961.00)** | **(49,79,464.00)** | **(10,70,918.00)** | **Key Financial Observations:** * **Loss Reduction:** While the company remains loss-making, the **Net Loss** decreased by approximately **81%** year-on-year, falling from **Rs. 49.79 Lakhs** in FY24 to **Rs. 9.08 Lakhs** in FY25. * **Asset Recovery:** In FY 2022-23, management successfully reversed a provision for doubtful debts amounting to **Rs. 1,52,25,000**, following successful recovery efforts. * **Corporate Structure:** The company has **no subsidiaries** or associate companies, maintaining a simplified standalone structure. --- ### **Governance & Leadership Profile** The company is led by a long-tenured board with a focus on cost-effective management and regulatory alignment. | Feature | Details | | :--- | :--- | | **Managing Director** | **Mr. Jeetmal Ramkaran Asawa** (Re-appointed until **Dec 31, 2030**) | | **Executive Director (WTD)** | **Mr. Rajesh Shrinivas Daga** (Re-appointed until **Sept 07, 2030**) | | **MD Remuneration Cap** | **Rs. 1.00 Lakhs per annum** | | **Median Remuneration Increase** | **Nil** (FY 2024-2025) | | **Statutory Auditor** | **M/s RDB & Associates** (Appointed until **AGM 2027**) | The company maintains a **Vigil Mechanism** and **Whistle Blower Policy** under **Section 177(9)** of the Companies Act, 2013, to ensure internal ethical standards. --- ### **Regulatory Status & Compliance Roadmap** The primary risk factor for investors is the company’s historical non-compliance with listing norms, which management is actively resolving. * **BSE Status:** The company was officially **delisted** on **July 4, 2018**. Following an appeal to the **Securities Appellate Tribunal (SAT)**, the status was upgraded to "**suspended**" effective **February 5, 2019**. * **Audit Qualifications:** Statutory and Secretarial Auditors have issued **Qualified Opinions** because the total financial impact of fees and penalties leviable by **SEBI** or **BSE** for historical non-compliance cannot be presently determined. * **Penalty Resolution:** Penalties levied by **SEBI** were reportedly paid in **April 2024**, marking a significant step toward full compliance. * **Revocation Progress:** Management has engaged professional experts to coordinate with the **BSE** for the final **revocation of suspension** to resume active trading. --- ### **Market Outlook & Risk Matrix** Shikhar Consultants operates in a **high-risk, high-profitability** environment. Its performance is highly sensitive to the **RBI credit policy**, government stability, and international market trends. | Risk Category | Strategic Impact | | :--- | :--- | | **Market Volatility** | Macroeconomic shifts directly impact **asset valuations** and portfolio returns. | | **Interest Rate Risk** | Fluctuations pose risks to **borrowing costs**, **interest income**, and **Net Interest Margins (NIM)**. | | **Competitive Pressure** | Rising competition from **Fintech platforms** offering alternative investment solutions. | | **Regulatory Evolution** | Evolving requirements for **capital buffers**, enhanced reporting, and governance standards. | **Growth Drivers:** Management views the current environment as an "optimistic growth" phase. The company aims to leverage **digital platforms** to capture increasing retail investor flow and capitalize on the demand for yield-based products in a stabilizing interest rate environment.