Board of Directors of the Company at their meeting held on Wednesday, 28t May, 2025 at the Registered Office of the Company have inter-alia, approved the audited financial results along ....
Awaiting price reaction for this filing.
The board approved audited financial results for Q4 and FY ended March 31, 2025, along with the balance sheet and cash flow statement. The company reported a loss of about ₹297.94 lakhs from continuing operations and another ₹207.94 lakhs loss from discontinued (spinning) operations for the year. Accumulated losses stand at a steep ₹3,449.58 lakhs, total equity is deeply negative at ₹(1,843.99) lakhs, and current liabilities (₹2,095.47 lakhs) far exceed current assets (₹1,129.04 lakhs). The board also appointed M/s. LANS & CO., Chartered Accountants as internal auditors for FY26. The spinning division, classified as discontinued since September 2020 due to sustained cash losses, continues to drag on the books. The auditor (K.S. Rao & Co.) issued a qualified opinion flagging unprovided interest on unpaid TDS dues (₹2.69 lakhs) and time-barred payables of ₹58.59 lakhs.
This is a deeply negative filing for shareholders — the company is loss-making with negative net worth, its current liabilities overshoot current assets, and the auditor qualified the opinion. Management is relying on a 'new activity' and its market value to justify going-concern status, which is a significant red flag. Expect continued pressure on the stock price and heightened solvency risk for retail investors.