We are submitting integrated filing financials for the quarter ended on March 31, 2025
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Datiware Maritime Infra Ltd (formerly Ruia Aquaculture Farms Ltd) reported audited standalone results for FY25 with total income of Rs. 39.00 lakhs and a net loss of Rs. 45.58 lakhs, improving significantly from the Rs. 112.04 lakh loss in FY24. Cash loss narrowed to Rs. 26.55 lakhs from Rs. 91.45 lakhs. The balance sheet shows total assets of Rs. 673.13 lakhs against borrowings of Rs. 870.63 lakhs, resulting in a deeply negative net worth of negative Rs. 235.66 lakhs. The auditor (Palsule and Associates) issued a qualified opinion flagging that the audit trail feature in the company's accounting software was not enabled throughout the year, and that statutory dues of Rs. 40.44 lakhs (Custom Duty and Excise Duty) remain unpaid for over six months. The auditor also noted that the statutory auditor was resigned during the year and the company has incurred cash losses in both the current and preceding year.
Negative net worth, persistent cash losses, rising borrowings, and the auditor's qualified opinion are significant red flags for shareholders. The qualified opinion on audit trail non-compliance and unpaid statutory dues may concern regulators and lenders, while the deeply negative net worth raises questions about long-term financial stability despite the improving loss trend.