Arshiya Limited has Submitted to the Exchange, the Unaudited Financial Results (Standalone) along with the Limited Review Report thereon for the Quarter and Nine months ended December 31, 2024.
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Arshiya Limited, under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024, has filed its Q3 FY25 standalone results with a Disclaimer of Opinion from auditors M/s ARTHA & Associates. The company reported revenue from operations of Rs. 450.00 lakhs for Q3 and Rs. 1,020.89 lakhs for nine months, showing modest growth from the prior year. However, Q3 net loss stood at Rs. 9,672.79 lakhs, while nine-month loss was Rs. 14,121.93 lakhs. The auditors raised serious concerns including non-recognition of corporate guarantee liabilities of Rs. 1,03,850 lakhs (given to lenders of subsidiaries ANFL and NCR Rail), non-compliance with Ind AS 36 for impairment testing on PPE (Rs. 57,272.33 lakhs) and investments, and non-assessment of inventory net realizable value. The auditors could not verify trade receivables/payables due to CIRP constraints and could not comment on recoverability of Rs. 57,538.95 lakhs invested in/loaned to subsidiary ANFL. Subsidiaries ANFL and NCR Rail are also under separate CIRP proceedings.
This filing represents an extremely high-risk situation for shareholders. The disclaimer of opinion is significantly more severe than a qualified opinion, indicating pervasive uncertainties that prevent auditors from forming any conclusion on the financial statements. The company remains in CIRP, has massive accumulated losses (negative other equity of Rs. 39,853.63 lakhs), and material asset values remain dependent on uncertain CIRP outcomes. Shareholders should be aware that the going concern status is under severe stress and resolution of the CIRP will determine actual asset values and shareholder recovery.