6-K 1 ea0202471-6k_primech.htm REPORT OF FOREIGN PRIVATE ISSUER





Washington, D.C. 20549





PURSUANT TO RULE 13a-16 OR 15d-16



For the month of March 2024


Commission File Number: 001-41829


Primech Holdings Ltd.


23 Ubi Crescent
Singapore 408579
+65 6286 1868

(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:


Form 20-F ☒       Form 40-F ☐







Primech Holdings Ltd Announces Unaudited Interim 2023 Financial Results


Primech Holdings Ltd (“Primech” or the “Company”) (Nasdaq: PMEC), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, today announced its unaudited financial results for the six months ended September 30, 2023. A copy of the press release relating to the above matter is set forth in Exhibit 99.1, which is being furnished herewith. 





Primech Holdings Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(in U.S. dollars)


   September 30,
   March 31,
Current assets        
Cash and cash equivalents  $8,684,721   $9,072,223 
Accounts receivable, net   13,692,155    15,364,052 
Government subsidies receivable   1,231,527    1,683,832 
Prepaid expenses and other current assets   1,364,561    1,174,891 
Inventories   52,556    141,434 
Total current assets   25,025,520    27,436,432 
Non-current assets          
Property and equipment, net   10,085,353    10,920,008 
Right of use assets   2,740,724    3,128,366 
Goodwill   657,974    693,025 
Intangible assets, net   9,592    92,587 
Deferred offering costs   761,612    552,771 
Total assets  $39,280,775   $42,823,189 
Liabilities and shareholders’ equity          
Current liabilities          
Accounts payable and accrued expenses  $8,841,267   $10,899,488 
Notes payable-current portion   12,087,801    11,905,350 
Lease liabilities-current portion   1,622,809    1,717,574 
Total current liabilities   22,551,877    24,522,412 
Non-current liabilities          
Notes payable-long term   6,361,108    7,114,272 
Lease liabilities-long term   1,335,093    1,627,673 
Deferred tax liability   254,159    725,894 
Total liabilities   30,502,237    33,990,251 
Commitments and contingencies          
Shareholders’ Equity          
Common Stock, 32,500,000 and 32,500,000 shares issued and outstanding as of September 30, 2023 and March 31, 2023, respectively,   12,719,782    12,719,782 
Additional paid-in capital   924,100    924,100 
Accumulated other comprehensive income   662,223    946,898 
Accumulated deficit   (5,585,851)   (5,809,669)
Total Primech Holdings Limited shareholders’ equity   8,720,254    8,781,111 
Non-controlling interests   58,284    51,827 
Total shareholders’ equity   8,778,538    8,832,938 
Total liabilities and shareholders’ equity  $39,280,775   $42,823,189 





Primech Holdings Limited and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and other Comprehensive Loss
(in U.S. dollars)


   For the Six Months Ended
September 30,
   2023   2022 
Revenues, net  $35,161,160   $32,697,280 
Operating costs and expenses          
Cost of revenue (net of $1,614,649 and $911,989 of government
   29,397,340    28,905,289 
General and administrative expenses (net of $4,658 and $66,190 of government subsidies)   5,344,718    5,330,940 
Sales and marketing expenses   11,363    143,228 
Other operating expenses (income), net (includes $61,921 and $105,515 of government subsidies)   102,640    (97,437)
Total operating costs and expenses   34,856,061    34,282,020 
Profit/ (loss) from operations   305,099    (1,584,740)
Interest expense   (520,585)   (265,954)
Loss before income taxes   (215,486)   (1,850,694)
Income tax benefit (expense)   446,856    (3,589)
Net income (loss)   231,370    (1,854,283)
(Income)/ loss attributable to non-controlling interests   (7,552)   19,703 
Net income (loss) attributable to PHL   223,818    (1,834,580)
Total foreign currency translation adjustment   (284,675)   (573,608)
Comprehensive loss  $(60,857)   (2,408,188)
Income (loss) per share:          
Basic and diluted  $0.01   $(0.06)
Weighted average number of ordinary shares outstanding:          
Basic and Diluted   32,500,000    32,500,000 





Safe Harbor Statements


This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as Primech’s strategic and operational plans, contain forward-looking statements. Primech may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Primech’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business; the risk that we may be unable to realize our anticipated growth strategies and expected internal growth; its future business development, results of operations and financial condition; changes in the availability and cost of professional staff which we require to operate our business; changes in customers’ preferences and needs; changes in competitive conditions and our ability to compete under such conditions; changes in our future capital needs and the availability of financing and capital to fund such needs; changes in currency exchange rates or interest rates; projections of revenue, earnings, capital structure and other financial items; changes in our plan to enter into certain new business sectors; and other factors beyond our control. Further information regarding these and other risks is included in Primech’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and Primech undertakes no obligation to update any forward-looking statement, except as required under applicable law.







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


  Primech Holdings Ltd.
Date: March 28, 2024 By: /s/ Kin Wai Ho
  Name: Kin Wai Ho
  Title: Chief Executive Officer







Exhibit No.   Description
99.1   Press Release dated March 28, 2024