Arshiya Limited has Submitted to the Exchange, the Unaudited Financial Results (Standalone) along with the Limited Review Report thereon for the Quarter and Half year ended September 30, 2024.
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Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP) admitted by NCLT on April 23, 2024, has filed its unaudited standalone financial results for quarter and half year ended September 30, 2024. The company reported revenue from operations of Rs. 360.89 lakhs for Q2 and Rs. 579.89 lakhs for H1 FY25. The half-year loss before tax stands at Rs. 99,685.09 lakhs, which includes an exceptional item of Rs. 96,623.66 lakhs representing admitted financial creditor claims under CIRP. The auditor M/s ARTHA & Associates has issued a Disclaimer of Conclusion citing multiple unresolved issues: non-compliance with Ind AS for fair valuation of corporate guarantees (Rs. 1,03,850 lakhs), failure to conduct impairment tests on PPE (Rs. 57,425.07 lakhs) and investments, inability to confirm trade receivables/payables, and severe operational disruption following mass resignation of 50 out of 71 employees in late July/early August 2024. The company's negative other equity stands at Rs. 1,34,268.76 lakhs indicating eroded net worth.
The disclaimer of conclusion from auditors signals extreme uncertainty about the reliability of financial statements. The company is in CIRP with eroded net worth, massive losses, and operational disruptions. Shareholders face extreme risk as the resolution plan outcome remains uncertain and asset valuations are pending completion of CIRP.