Swati Projects Limited is a Kolkata-based **Non-Banking Financial Company (NBFC)** registered with the **Reserve Bank of India (RBI)** under Section **45-IA** of the RBI Act, 1934 (Certificate of Registration No. **B.05.02353**). The company is classified as a **non-deposit taking**, non-systemically important NBFC. The company maintains a multi-exchange presence, with its equity shares listed on **BSE Limited (Scrip Code: 543914)**, the **Calcutta Stock Exchange (CSE)**, and the **Metropolitan Stock Exchange of India (MSEI)**. As of March 31, 2025, the company maintains a **Paid-up Share Capital** of **Rs. 10.10 Crores**. --- ### **Core Financial Services and Investment Portfolio** The company’s traditional business model is built upon three primary financial pillars: * **Investment in Shares & Securities:** Active management of a diversified portfolio of equity and various financial instruments. * **Inter-Corporate Loans:** Providing essential credit facilities and liquidity to corporate entities. * **Personal Loans:** Extending retail loan products to individual borrowers to capture consumer credit demand. While these activities remain the core of the NBFC operations, the company has recently faced **margin compression** and a contraction in top-line growth. Revenue from operations decreased by **19.32%** to **Rs. 91,05,695** in **FY 2024-25**, down from **Rs. 1,12,86,794** in the previous year. --- ### **Strategic Pivot: Real Estate Development and Diversification** Swati Projects is currently undergoing a significant strategic transformation, moving toward inorganic growth through majority stake acquisitions in the real estate and infrastructure sectors. #### **The "Radhashree 30" Project** On **December 11, 2024**, the company acquired a **76% majority stake** in **Radhashree Apartments Private Limited**. This acquisition was executed by purchasing an **17.88% stake** from existing shareholders and subscribing to **8,12,500 equity shares** at **Rs. 10/- each** via a rights issue. This subsidiary is now the vehicle for the company's flagship residential project. | Project Feature | Details | | :--- | :--- | | **Project Name** | **Radhashree 30** | | **Location** | 30 Motilal Basak Lane, Kolkata 700054 | | **Total Saleable Area** | **58,768 Sq. Ft.** | | **Inventory Composition** | **44 residential flats** and **34 Car Parking spaces** | | **Development Model** | Joint Venture (**60% Developer** : **40% Land Owner**) | | **Capital Expenditure** | **Rs. 13,37,17,902** incurred as of March 31, 2025 | | **Sales Velocity** | **19 flats booked** out of 44 (as of March 31, 2025) | #### **Expansion into Transport Services** The company further diversified its subsidiary portfolio through **Radhashree Roadsters Private Limited** (Wholly Owned Subsidiary). In **February 2024**, this entity received a **Licence of Renting Motorcycles** from the State Transport Authority of West Bengal, marking an entry into the niche transport services market. --- ### **Financial Performance and Capital Management** The company’s recent financial trajectory reflects a period of transition and macroeconomic pressure. | Metric | FY 2023-24 | FY 2024-25 | | :--- | :--- | :--- | | **Gross Revenue Growth** | **+5.74%** | **-19.32%** | | **Profit After Tax (PAT)** | **Rs. 57.90 Lakhs** | **Rs. 11.52 Lakhs** | | **Statutory Reserve Transfer** | Standard Transfer | **Nil** (due to reported losses) | | **Dividend Status** | No Dividend | No Dividend | **Key Financial Notes:** * **Accounting Standards:** Financials are prepared per **Indian Accounting Standards (Ind AS)** and **SEBI LODR Regulation 33**. * **Audit Opinion:** Statutory auditors **M Modi & Associates** issued **unmodified opinions** for the most recent cycles, confirming a "true and fair view" of both standalone and consolidated positions. * **Internal Controls:** The **Audit Committee** oversees internal control systems designed for **asset safeguarding** and **fraud prevention**. --- ### **Governance, Compliance, and Infrastructure** To support its expanded operational scope, the company has overhauled its governance and physical infrastructure: * **Board Strengthening:** In March 2025, the company appointed two **Non-Executive Independent Woman Directors** (Mrs. Shikha Gupta and Mrs. Puja Shaw) for a **5-year tenure**. This move was partly corrective, following a **₹3,24,500 penalty** imposed for prior non-compliance with **Section 17(1) of SEBI (LODR) Regulations** regarding board gender diversity. * **Long-term Oversight:** A Secretarial Auditor has been appointed for a fixed **5-year term (2025-26 to 2029-30)** to ensure adherence to **Secretarial Standards SS-1 & SS-2**. * **Operational Relocation:** Effective **October 7, 2025**, the registered office moved to a larger facility at **13, Ganesh Chandra Avenue, 2nd Floor, Room No-12, Kolkata-700013** to accommodate growing administrative needs. * **Reporting Obligations:** The company maintains active compliance with **National E-governance Services Limited (NESL)** and Credit Information Companies (CICs) such as **CIBIL**. --- ### **Risk Profile and Macroeconomic Outlook** The company operates in a high-volatility environment where domestic growth is tempered by global headwinds. **Primary Risk Factors:** * **Inflationary Pressures:** High inflation poses a threat to **discretionary consumption**, which could impact the take-up of the company’s real estate inventory and loan products. * **Monetary & Currency Risks:** A **depreciating Rupee** and volatile crude oil prices impact the broader economy, potentially widening the **trade deficit** and affecting the cost of capital. * **Global Geopolitical Crises:** Ongoing international conflicts contribute to **supply chain disruptions** and elevated commodity prices, which directly impact construction costs for the "Radhashree 30" project. * **Market Competition:** Management attributes recent **thin margins** to stiff competition within the NBFC sector and a slower-than-expected global recovery. Despite these challenges, management remains optimistic, citing India's **6.50% GDP growth** in **FY 2024-25** as a foundation for "better results" in the upcoming financial year.