Market Simplified India Limited (MSIL) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Market Simplified India Limited

Market Simplified India Limited Standalone Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Equity
Share Capital	2,138.92	2,138.92
Reserves & Surplus	1,716.53	2,274.53
Total Equity	3,855.45	4,413.46
Non-Current Liabilities
Long Term Provisions	285.66	281.16
Long Term Borrowing	561.02	-
Current Liabilities
Short Term borrowings	935.10	18.50
Trade Payables	122.78	47.24
Other current liabilities	455.56	125.75
Short term Provisions	25.52	34.29
Total Equity & Liabilities	6,241.09	4,920.40
Non-Current Assets
Property, plant and equipment	1,078.58	262.07
Capital work in progress	1,382.41	726.56
Deferred Tax Asset	147.61	-
Non-Current Investments	1.26	1.26
Other Non-Current Assets	235.70	222.75
Current Assets
Trade Receivables	224.57	388.66
Cash & cash equivalents	2.34	1,883.07
Short Term Loans & Advances	2,744.22	1,173.97
Other Current Assets	424.40	262.06
Total Assets	6,241.09	4,920.40

Market Simplified India Limited Standalone Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Income
Revenue from Operations	4,034.95	4,736.16
Other Income	43.92	24.06
Total Income	4078.87	4760.22
Expenses
Employee Benefit Expenses	3,550.42	3,434.61
Finance Costs	259.55	4.58
Depreciation & amortization expense	250.67	138.06
Other Expenses	699.14	1,056.18
Total Expenses	4,759.77	4,633.43
Profit Before Tax	-680.90	126.79
Tax Expense
Current Tax	-	35.27
MAT Credit Entitlement	24.71	-49.82
Deferred Tax	-147.61	-
Profit after tax for the year	-558.01	141.34
Earning per share
Basic	-2.61	0.73
Diluted	-2.61	0.73

Financial ratios of Market Simplified India Limited

Particulars	31-03-2024	31-03-2023
Current ratio	2.21	16.42
Debt equity ratio	0.39	0
Debt service coverage ratio	-0.11	14.56
Return on equity ratio	-0.14	0.03
Trade receivables turnover ratio	13.16	11.72
Trade payables turnover ratio	11.28	17.58
Net capital turnover ratio	2.17	1.36
Net profit ratio	-14%	3%
Return on capital employed	-9%	3%
Return on Investments	-9%	3%

Summary of Financial Ratios for the year 2024 and 2023:

Current Ratio
The current ratio declined sharply from 16.42 in 2023 to 2.21 in 2024, indicating a significant reduction in liquidity. While a ratio of 2.21 still suggests the company can meet its short-term obligations, the steep fall points to either increased current liabilities or reduced current assets. This may reflect tighter working capital management or higher short-term funding pressure during 2024.

Debt–Equity Ratio
The debt–equity ratio increased from 0 in 2023 to 0.39 in 2024, showing that the company introduced debt financing during the year. Though the ratio remains at a moderate level, the shift from a fully equity-funded structure increases financial risk and interest obligations. This change may have been undertaken to support operations or expansion.

Debt Service Coverage Ratio
The DSCR deteriorated drastically from 14.56 in 2023 to -0.11 in 2024, indicating that operating earnings were insufficient to cover debt servicing requirements in 2024. A negative DSCR highlights financial stress and raises concerns about the company’s ability to meet interest and principal repayments from its operating cash flows.

Return on Equity
ROE declined from 0.03 in 2023 to -0.14 in 2024, reflecting losses incurred during the year. This indicates that shareholders’ funds did not generate positive returns and were instead eroded. The negative ROE signals poor profitability and reduced value creation for equity investors.

Trade Receivables Turnover Ratio
The trade receivables turnover ratio improved from 11.72 in 2023 to 13.16 in 2024, indicating faster collection of receivables. This suggests improved credit management and efficient recovery of dues, positively impacting cash flows despite overall profitability challenges.

Trade Payables Turnover Ratio
The trade payables turnover ratio declined from 17.58 in 2023 to 11.28 in 2024, showing that the company took longer to pay its suppliers. While this may have helped conserve cash in a difficult year, it could strain supplier relationships if prolonged.

Net Capital Turnover Ratio
The net capital turnover ratio increased from 1.36 in 2023 to 2.17 in 2024, indicating more efficient utilization of net working capital to generate revenue. This improvement reflects better operational efficiency despite adverse financial results.

Net Profit Ratio
The net profit ratio declined sharply from 3% in 2023 to -14% in 2024, indicating that the company incurred significant losses. Rising costs, lower margins, or reduced revenues may have contributed to this decline, reflecting weakened operational performance.

Return on Capital Employed

ROCE fell from 3% in 2023 to -9% in 2024, showing that the total capital employed failed to generate positive returns. The negative ratio reflects inefficient use of long-term funds and operational losses during the year.

Return on Investments
Return on investments declined from 3% in 2023 to -9% in 2024, indicating that investments yielded negative returns. This suggests poor investment performance or impairment in value during 2024, adversely affecting overall profitability.