Patel Chem Specialit balance sheet is weak and might have solvency issues

The net debt of Patel Chem Specialit is decreasing.
Latest net debt of Patel Chem Specialit is ₹13.83 Crs as of Mar-25.
This is less than Mar-24 when it was ₹14.53 Crs.

Yes, profit is increasing.
The profit of Patel Chem Specialit is ₹10.57 Crs for Mar 2025, ₹7.66 Crs for Mar 2024 and ₹2.89 Crs for Mar 2023

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Patel Chem Specialit latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Capital Work in Progress, Accounts Receivable