Sujala Trading & Holdings Limited is a Kolkata-based **Non-Banking Financial Company (NBFC)** registered with the **Reserve Bank of India (RBI)**. Established in **1981**, the company operates as a financial intermediary, primarily focused on bridging the credit gap for the unorganized sector and small-scale local borrowers. The company is publicly traded on both **BSE Limited** and **The Calcutta Stock Exchange (CSE)**. --- ### **Core Revenue Streams and Operational Focus** The company operates within a single reportable segment: **Non-Banking Financial Services**. Its business model is designed to facilitate capital formation through two primary verticals: * **Credit and Lending Services:** Providing **private funding**, **unsecured loans**, and credit facilities to the corporate sector and small-scale borrowers. This serves as a supplement to formal banking channels, targeting niche financial needs. * **Investment and Treasury Operations:** The acquisition and trading of **shares, securities, and mutual funds**. The company’s inventory is comprised exclusively of **Equity Shares**. * **Ancillary Financial Services:** Managing financial obligations and providing general banking-type services, including stock trading. **Strategic Segmentation:** While currently reporting as a single unit, the Board is evaluating a transition to separate reporting for **Investment in Mutual Funds** versus **Interest Income from Unsecured Loans** to more accurately reflect the distinct risk-reward profiles of these activities. --- ### **Corporate Governance and Management Structure** The company maintains a lean operational profile with a Board of Directors structured to comply with **SEBI Listing Regulations**, ensuring independent oversight and gender diversity. * **Board Composition:** * **Subhadeep Mukherjee:** Managing Director & Chairman (**Executive**) * **Manish Agarwal:** Independent Director (**Non-Executive**) * **Tapashi Naha Roy:** Independent Woman Director (**Non-Executive**) * **Priyankar Basu Mallick:** Director (**Non-Executive**) * **Governance Committees:** The Board is supported by three mandatory committees: **Audit Committee**, **Stakeholders' Relationship Committee**, and **Nomination & Remuneration Committee**. * **Key Managerial Personnel (KMP):** The leadership team includes the Managing Director, a Chief Financial Officer (**CFO**), and a **Company Secretary**. --- ### **Financial Performance and Capital Position** Sujala Trading operates as a **Non-Deposit taking NBFC**. Recent fiscal years have shown a contraction in top-line growth, though the company remains marginally profitable. | Metric (₹ in Lacs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **148.52** | **163.33** | **234.24** | | **Profit After Tax (PAT)** | **13.67** | **16.62** | *Not Disclosed* | | **Transfer to Reserves** | **Nil** | **2.49** | *Not Disclosed* | **Capitalization Highlights:** * **Equity Structure:** The **Paid-up Equity Share Capital** is stable at **₹5.72 Crore**, represented by **57,21,750 Equity Shares** (Face Value **₹10**). * **Funding:** The company has not issued new securities or debt instruments in the **2023-2025** period. * **Leverage:** Management characterizes the company as **well-capitalized** with **low leverage** and sufficient liquidity to maintain operations. --- ### **Asset Quality and Recovery Challenges** The company faces significant headwinds regarding its loan book and the recovery of historical advances. Management has adopted a conservative stance on revenue recognition for distressed assets. * **Non-Accrual of Interest:** The company has opted not to book **Interest Income** on advances totaling **₹12.70 Crore**. These are classified as **Business Advances** with "remote chances of recovery." * **Bad Debt Write-offs:** * **December 2025:** A write-off of **₹1.24 Crore** was recognized, primarily related to **Shree Ram Buildprop Pvt Ltd**. * **April 2023:** A prior write-off of **₹1.41 Crore** was executed. * **Recovery Documentation:** Auditors have noted a lack of **proof of service** for collection notices (issued **10.07.2025**), suggesting potential weaknesses in the legal recovery framework. --- ### **Risk Matrix and Exposure Analysis** The company’s risk profile is influenced by its size and the nature of its lending counterparties. | Risk Category | Specific Exposure / Entity | Impact | | :--- | :--- | :--- | | **Revenue Concentration** | **Shree Ram Buildprop / Libra Equipments** | Full revenue loss; remote recovery prospects. | | **Unpaid Liabilities** | **Midnight Agencies / Motorex Finance / Ascent Dealmark** | No interest paid or provided for on loans taken by Sujala. | | **Asset Quality** | **General Loan Book** | Significant bad debts attributed to post-COVID economic impact. | | **Market Risk** | **Equity Portfolio** | Profitability is highly sensitive to the carrying value of investments. | --- ### **Strategic Outlook and Market Positioning** Management acknowledges that business opportunities are **"very limited"** due to the company's status as a small-sized NBFC and **moderate** competitive threats from larger financial institutions. * **Operational Strategy:** The company continues to focus on the **unorganized sector**, where formal banking penetration remains low. * **Compliance Framework:** The company adheres to **Ind AS 24** for related party disclosures and maintains standard records for **Property, Plant, and Equipment**, though asset revaluations are infrequent. * **Growth Trajectory:** Despite a **36.6% decline** in revenue from FY23 to FY25, the company aims to leverage its existing liquidity to identify new lending opportunities while managing its legacy non-performing assets.