Audited Results for the year and quarter ended March 2025
Awaiting price reaction for this filing.
Advance Syntex Ltd has reported audited results for FY25 that come with a rare and serious red flag: the auditor (VRAJM & Associates) issued an Adverse Opinion on the financial statements. The auditor explicitly stated that 'Going Concern' is not sustainable as the company's business activity has been closed. The company has defaulted on loan and interest repayments to banks and financial institutions, and these dues have been classified as Non-Performing Assets (NPAs). Despite the defaults, the company has not recognized the related interest expense. Other Equity deteriorated sharply to a negative Rs. (2,351.69) lakhs from Rs. (510.12) lakhs a year earlier, pushing Total Equity into negative territory at Rs. (1,241.98) lakhs. The lender bank has already sold off the company's plant, machinery, inventory and other fixed assets, but without proper breakup of sale values, the books were adjusted using available information only. Operating cash flow was deeply negative at Rs. (1,843.83) lakhs, confirming severe cash stress.
This is a very negative filing for shareholders. The auditor's adverse opinion, going-concern failure, negative net worth, NPA-classified borrowings, and exhausted operating cash suggest the company is in deep financial distress with near-zero chance of revival. Shareholders should expect the stock to face serious scrutiny and possible delisting or insolvency proceedings.