ENCLOSED HERWITH APPOINTMENT DISCLOSURE OF INTERNAL AUDITOR
Awaiting price reaction for this filing.
The board, at its meeting on May 17, 2025, approved the audited financial results for Q4 and full year ended March 31, 2025. The company reported zero revenue from operations and only other income of Rs. 4.01 lacs (vs Rs. 4.57 lacs last year), resulting in a net loss of Rs. 16.36 lacs (slightly improved from Rs. 17.69 lacs loss in FY24). The balance sheet shows severely depleted reserves with other equity at negative Rs. 191 lacs and total shareholders' funds shrinking to Rs. 7.32 lacs. Operating cash flow was negative at Rs. (20.06) lacs, and cash at year-end fell to just Rs. 0.73 lacs. The statutory auditor (PAMS & Associates) issued an unqualified opinion, though it noted the company has incurred cash losses. Additionally, CS Amarendra Mohpatra was appointed as Secretarial Auditor for 5 years and Mr. Manas Dash as Internal Auditor for FY26.
The company appears operationally dormant with no core business revenue, mounting accumulated losses, and rapidly eroding cash reserves — raising concerns about long-term viability despite a clean audit opinion. Shareholders should treat this as a high-risk, thinly-traded entity with negligible business activity.