From AR, the interest they get from Inter corporate deposits is 8.8% where-as, as you pointed out they availed the loan at 9 to 9.3%
While this looks illogical, one needs to ask the management on why would they do this.
Also I couldn’t fine more details on what the 35cr intangible asset, which is marked under license is and 10% of this got amortized (look for details under Note 6 : Intangible asset in AR). Does anyone know ?. Wonder from whom they got license, is it for the technology from a partner ?. If so, Anup may need to renew the license by paying such high sum in future again !!
And this, for which I couldn’t find any information at all,
Disclosure: Not invested.