I've spent 6 yrs working in technology (as a coder and then selling products to financial institutions), for the past 5 years I've been a capital markets professional. I've gone through the website and I have no issues saying that I just could not understand what it is that this company does.The products and services listed are full of tech gibberish, that's enough reason to give me a pass by itself.
Other points I could see from a cursory glance -
1) What is the nature of liability that a tech product provider assumes? This is usually the single biggest question one would have, unless you get to see specific terms in the contracts once can never answer this question
2) How do they price their products and services? License Fee + ATS or transaction based pricing? These areas are prone to accounting foolery in my experience. For a fin tech company that works with exchanges and works as a market maker I find it strange that there is no mention of a license revenue component anywhere in the AR
3) Non banking liquidity provider in FICC, sounds too ambitious with potential counter party risks especially for a firm of this scale
4) Huge spike in auditor's remuneration & legal charges
5) First page says global flow traders across exchanges whereas segment reporting says "Geographic segment is not applicable to the company". The firm also books FX gain/loss but says no split of revenue across geography can be provided!
6) 34 Cr invested into fixed assets as per cash flow, I just don't see where this money has gone into as per Note 6
It's almost as if the firm has hired people to proof read their website and annual reports to ensure no meaningful information about what is their core business gets revealed! I see a truckload of fin tech mumbo jumbo without revealing anything about what the firm does in the first place