Appointment of Secretarial Auditor
Awaiting price reaction for this filing.
Fraser and Company Limited reported audited results for FY25 (ended March 31, 2025) showing a net loss of Rs. 15.77 million, wider than the Rs. 10.54 million loss in FY24. Total income remained negligible at Rs. 3.09 million, and net worth turned deeply negative at Rs. (53.66) million. The statutory auditor (AMS & Co LLP) issued a qualified opinion citing unreconciled trade receivables of Rs. 96.09 million, trade payables of Rs. 58.68 million under litigation, unverified supplier advances of Rs. 28.65 million given under previous management, and blocked GST input credit of Rs. 0.91 million. The auditor flagged a material uncertainty about the company's ability to continue as a going concern due to accumulated losses, no orders in hand, and pending NCLT/recovery proceedings. The board also appointed M/s AAS & Associates as secretarial auditors for five years, subject to shareholder approval.
This is a significantly negative filing for shareholders. The company is loss-making, has negative net worth, faces a going-concern risk, has unresolved receivables/payables, and old advances under previous management are unrecovered. Investors should view this as a high-risk situation with the stock remaining suspended on the Calcutta Stock Exchange, and any recovery hinges on the new management's planned change in business object.