Primech Holdings Ltd. Files 2024 Annual Report

TL;DR

Primech Holdings Ltd. dropped its 2024 annual report, check it for the latest on their building services biz.

AI Summary

Primech Holdings Ltd. filed its annual report on Form 20-F for the fiscal year ended March 31, 2024. The company, incorporated in Singapore, is primarily involved in services to dwellings and other buildings. The filing provides comprehensive information on its business operations, financial performance, and risk factors.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Primech Holdings Ltd.'s financial health and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As an annual report, it contains standard disclosures about business operations and financial performance, but specific forward-looking statements or significant events are not detailed in this initial summary.

Key Numbers

• 20240331 — Fiscal Year End (Reporting period for the annual report.)
• 001-41829 — SEC File Number (Company's SEC registration number.)

Key Players & Entities

• Primech Holdings Ltd. (company) — Registrant
• 0001213900-24-063312 (filing_id) — Accession Number
• 20240331 (date) — Fiscal Year End
• 7340 (sic_code) — Standard Industrial Classification
• Singapore (location) — Jurisdiction of Incorporation

FAQ

Key Financial Figures

• $3,223,000 — pany recorded net loss of approximately $3,223,000 and $2,547,000, respectively. We antici
• $2,547,000 — et loss of approximately $3,223,000 and $2,547,000, respectively. We anticipate that our o

Filing Documents

• ea0209416-20f_primech.htm (20-F) — 1620KB
• ea020941601ex12-1_primech.htm (EX-12.1) — 10KB
• ea020941601ex12-2_primech.htm (EX-12.2) — 10KB
• ea020941601ex13-1_primech.htm (EX-13.1) — 4KB
• ea020941601ex13-2_primech.htm (EX-13.2) — 4KB
• ea020941601ex21-1_primech.htm (EX-21.1) — 5KB
• image_001.jpg (GRAPHIC) — 21KB
• image_002.jpg (GRAPHIC) — 13KB
• image_003.jpg (GRAPHIC) — 4KB
• image_004.jpg (GRAPHIC) — 2KB
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• image_011.jpg (GRAPHIC) — 2KB
• 0001213900-24-063312.txt ( ) — 6694KB
• pmec-20240331.xsd (EX-101.SCH) — 57KB
• pmec-20240331_cal.xml (EX-101.CAL) — 63KB
• pmec-20240331_def.xml (EX-101.DEF) — 268KB
• pmec-20240331_lab.xml (EX-101.LAB) — 519KB
• pmec-20240331_pre.xml (EX-101.PRE) — 278KB
• ea0209416-20f_primech_htm.xml (XML) — 615KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 88 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 88 PART II 89 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 89 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 89 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 89 ITEM 16. [RESERVED] 90 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 90 ITEM 16B. CODE OF ETHICS 90 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 90 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 90 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 90 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 91 ITEM 16G. CORPORATE GOVERNANCE 91 ITEM 16H. MINE SAFETY DISCLOSURE 91 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 91 ITEM 16J. INSIDER TRADING POLICIES 91 ITEM 16K. CYBERSECURITY 91 PART III 93 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 93 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 93 ITEM 19. EXHIBITS 94 i INTRODUCTION In this annual report on Form 20-F (the "Annual Report"), unless the context otherwise requires, references to: Other Companies, Organizations and Agencies "BCA" : Building & Construction Authority of Singapore "HSA" : Health Sciences Authority of Singapore "Independent Registered Public Accounting Firm" : Weinberg & Company P.A. "ISO" : International Organization for Standardization "MOM" : Ministry of Manpower of Singapore "NEA" : National Environment Agency of Singapore "Sapphire Universe" : Sapphire Universe Holdings Limited, which is a Major Shareholder General "Audit Committee" : The audit committee of our Board of Directors "Board" or "Board of Directors" : The board of directors of our Company "Companies Act" : The Companies Act 1967 of Singapore, as amended, supplemented or modified from time to time "Company" : Primech Holdings Ltd. "Compensation Committee" : The compensation committee of our Board of Directors "Constitution" : The constitution of our Company, as amended, supplemented or modified from time to time "COVID-19" : Coronavirus disease 2019 "CRS" : Contractors Registration System of the BCA "CVPA" : The Control of Vectors and Pesticides Act 1998 of Singapore, as amended, supplemented or modified from time to time "Directors" : The directors of our Company "EFMA" : The Employment of Foreign Manpower Act 1990 of Singapore, as amended, supplemented or modified from time to time "Employment Act" : The Employment Act 1968 of Singapore, as amended, supplemented or modified from time to time "EPHA" : The Environmental Public Health Act 1987 of Singapore, as amended, supplemented or modified from time to time ii "EPH Regulations" : The Environmental Public Health (General Cleaning Industry) Regulations of Singapore 2014, as amended, supplemented or modifie

Risk Factors

Risk Factors Risks Relating to Our Business We incurred a net loss in FY 2023 and FY 2024 and we may incur losses in the future. For the years ended March 31, 2024 and 2023, the Company recorded net loss of approximately $3,223,000 and $2,547,000, respectively. We anticipate that our operating expenses, together with the increased general administrative expenses of a public company, will increase in the foreseeable future as we seek to maintain and continue to grow our business, attract potential customers and further enhance our service offering. These efforts may prove more expensive than we currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses. As a result of the foregoing and other factors, we may incur net losses in the future and may be unable to achieve or maintain profitability on a quarterly or annual basis for the foreseeable future. We are subject to risks associated with debt financing. Due to our working capital requirements in support of our day-to-day operations and business expansion, we may finance all or a substantial portion of our costs through bank loans and credit facilities, in addition to Shareholders' equity and internally generated funds. Details on our total indebtedness is set forth in the section titled " Item 5. Operating And Financial Review And Prospects - A. Operating Results " of this Annual Report. 1 While we believe that we have sufficient capital from our available cash resources, our cash generated from our business operations and our credit facilities to meet our current working capital and capital expenditure requirements, we may require additional debt financing to operate our business, implement our future business strategies and/or acquire complementary businesses or develop new technologies. Our ability to obtain debt financing depends on a number of factors including our financial strength, creditworthiness and prospects, as well as other factors

View Full Filing

View this 20-F filing on SEC EDGAR