ARSHIYA: Arshiya Limited has submitted to the Exchange, the audited financial results along with the auditor report thereon for the quarter and financial year ended on March 31, 2025.
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Arshiya Limited, under Corporate Insolvency Resolution Process (CIRP) since April 2024, has submitted audited standalone financial results for FY2025. The auditors (ARTHA & Associates) have issued a DISCLAIMER OF OPINION rather than a standard audit opinion, citing inability to obtain sufficient appropriate audit evidence across 12 material areas. Key issues include: revenue of Rs. 31,497.19 lakhs recognized from Ascendas Panvel FTWZ without executed contracts or customer acceptance; Rs. 57,538.95 lakhs in investments/loans to subsidiary under CIRP with no impairment testing; financial guarantees of Rs. 1,22,350 lakhs not fair-valued; and PPE, inventory, and investments lacking impairment assessment. The company reported net loss of Rs. 1,09,446.03 lakhs (vs Rs. 1,17,495.10 lakhs prior year). Consolidated results could not be prepared as subsidiaries are also under CIRP. Total negative equity stands at Rs. 1,44,030.12 lakhs. Directors refused to sign the statements citing disagreement over a Rs. 1,200.04 lakh receivable.
This is an extremely distressed filing with a disclaimer of opinion—the most severe auditor flag—compounded by ongoing CIRP, massive negative equity, and unverified financial statements. Shareholders face extreme risk as the financial position remains highly uncertain pending CIRP resolution. The stock should be treated as high-risk with no reliable financial picture available.