i. Narendra Singh Bapna, aged 55 years, is the Managing Director of the Company. He has completed his Bachelor of Commerce from Bhopal University. He is a Chartered Accountant from ICAI, passed out in May 1992. He is having over 18 years of experience of running a NSB BPO Solutions Pvt. Ltd. , the Company engaged in the business of rendering services to back office related processes to telecom, banking and financial institutions and is also engaged in the business of trading in grocery items and vegetables. In 2014, he founded Ondoor to venture into Retail Sector. He looks after the overall business development, quality control, E Commerce and sourcing of material. ii. Pramod Ramdas Ingle, aged 53 years, is the Whole Time Director of the Company. He has completed his Bachelor of Commerce from Barkatullah Vishwavidyalaya, Bhopal. He is a Chartered Accountant and admitted as an associate member of ICAI, in February 1998. He has more than 18 years of experience as promoter and managing business of a NSB BPO Solutions Pvt. Ltd., the Company engaged in the business of rendering services to back office related processes to telecom, banking and financial institutions and is also engaged in the business of trading in grocery items and vegetables. He has been serving Ondoor from May 2015. He is a key person involved in strategic decision making and cater to further business opportunities and also looks after the Investor relations. iii. Vaishali Pramod Ingle aged 46 years is the Executive Director of the Company. She has completed her B. Ed. from Devi Ahilya Vishwavidyalaya, Indore. She has also done M. Sc. In Botany from University of Pune. She has over 10 years of experience in the field of HR & Administration. She has been appointed as director w.e.f. April 13, 2023 to broad base the Board of the Company.

A. Balance Sheet

Particular (In Lakhs)	Mar-21	Mar-22	Mar-23
Equity Share Capital	202.51	202.51	386.46
Reserves	-6,291	-6,828	4,734
Borrowings	11,190	11,190	118
Trade Payables	1,282	1,824	2,655
Other Liabilities	180	1,394	1,116
Total Liabilities	12,652	14,408	3,889
Net Block	3,123	3,608	4,761
Other Assets	357	389	266
Total NC Assets	3,480	3,997	5,027
Receivables	115	203	1,111
Inventory	2,343	3,005	2,460
Cash & Bank	20	42	54
Other Assets	606	535	358
Face value	10	10	10

B. Profit & Loss Statement

Particular (In Lakhs)	Mar-21	Mar-22	Mar-23
Sales	18,265	17,314	18,015
Purchases of Stock In Trade	15,950	14,836	15,187
Change in Inventory	-905	-662	545
Employee Cost	1,302	1,204	626
Other Expenses	1,844	1,796	1,254
Other Income	41	19	0.5
Depreciation	305	394	336
EBITDA	115	158	403
EBITDA Margin	0.63%	0.91%	2.24%
Interest	352	348	66
Profit before tax	-542	-584	1
Tax	-19	-47	-5
Profit after tax	-523	-537	6
NPM (%)	-2.86%	-3.10%	0.03%

C. Cash Flow Statement

Particular (In Lakhs)	Mar-21	Mar-22	Mar-23
Cash From Operating Activity
Profit From Operation	73	139	1,703
Receivable	-2	-89	-908
Inventory	-905	-662	545
Payable	552	542	831
Loans And Advances	-100	-3	57
Other WC Items	-2	1,288	-158
Working Capital Changes	-457	1,077	367
Direct Taxes	0	0	0
Net Cash Inflow from Operating Activity	-384	1,216	2,070
Cash from Investing Activity
Fixed assets purchased	-675	-879	-1,489
Other investing items	-26	34	129
Net cash inflow from investing activities	-701	-845	-1,360
Cash from Financing Activity
Proceeds from shares	950	0	10440
Proceeds from borrowings	350	-0.4	68
Repayment of borrowings	0	0	-11140
Intrest paid fin	-352	-348	-66
Net Cash Flow	-136	22	12

Name of the Company	Revenue (In Crore)	PAT (In Crore)	EPS ( in Rs)	P/E	CMP	Mcap (In Crore)
On Door Concepts Limited	180	0.06	0.11	1808	208	112
Osia Hyper Retail Ltd	732	10	0.92	51.9	53	544

* All the data is as per FY23.

Review and Recommendation of On Door Concepts Limited IPO by IZ team is 2/10 A) Company Overview On Door Concepts operates as an omni-channel retailer focusing on groceries and household essentials. It combines both physical and online sales channels. With 55 stores primarily in Madhya Pradesh, the focus is on smaller cities and densely populated middle to upper-middle-class areas. The company boasts local market knowledge, an efficient supply chain, and a broad array of product categories. 75% sales comes from Offline Channel and 25% Online. B) Financial Analysis (i) Revenue There is no growth in revenue over the past three years, which is a concern. FY21: ₹182 Cr FY23: ₹180 Cr (ii) Debenture Conversion and Debt Waiver The company has reduced its debt burden by converting ₹35 Cr raised from debentures into equity and getting a debt waiver of ₹13 Cr. This is generally a negative sign for the business. This ₹13 Cr is shown as income in P&L which has inflated the earnings. (iii) Pre-IPO and IPO Pricing The IPO is priced lower than the pre-IPO round, indicating that the company or its advisors see risk factors requiring a lower price to attract public investors. Pre-IPO Price: ₹259/share IPO Price: ₹208/share (iv) Profit & Loss Analysis The company revenue in the last 3 years is stagnated.The company has shown improvement in EBITDA margins from 0.63% in FY21 to 2.24% in FY23. Interest expenses have reduced significantly, aligning with the debt waiver. However, the company is just barely profitable with extremely low profit margins. IPO is coming at Mcap of 120 Cr. C) Risks (i) Financial Risks The lack of revenue growth and low profitability are significant concerns. Debt-to-equity conversion also leads to shareholder dilution. (ii) Business Model Risks Managing both online and offline sales channels can be operationally complex and resource-intensive. Real-time inventory management is crucial for the business model to succeed. (iii) Competitive Risks The grocery retail space is highly competitive, including competition from online giants like Amazon and Flipkart. A price war could quickly erode profitability. (iv) Other Risks With stores primarily in Madhya Pradesh, the business might be overly reliant on the region's economic health. The company must also adhere to various food safety and franchise regulations, which could impact operations.

On Door Concepts Limited Phoenix Corporate Park, First Floor, Opp. Vrindawan Garden, Hoshangabad Road Bhopal, 462026 Phone: +91 755 3511480 Email: cs@ondoor.com Website: http://www.ondoor.com/