OUTCOME OF BOARD MEETING FOR APPROVAL OF FINANCIALS OF THE COMPANY FOR THE QUARTER AND YEAR ENDED ON 31-03-2025 AND OTHER MATTERS AS DISCLOSED
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The board approved audited standalone financial results for Q4 and FY ended March 31, 2025. The company reported a net loss of approximately Rs. 72.65 lakhs in FY25, slightly wider than the Rs. 68.12 lakh loss in FY24, with negative other equity of Rs. 11.46 crore and total borrowings of around Rs. 6.93 crore. Revenue from operations was negligible and operating cash flow remained negative at negative Rs. 55 lakhs. The statutory auditor MGR & Co issued an unmodified opinion but flagged outstanding PF dues of Rs. 16.38 lakhs (2013-14 to 2023-24) as an emphasis-of-matter item and noted several disputed statutory liabilities (Customs Duty ~Rs. 1.04 crore, Excise Duty ~Rs. 8.52 crore, Agriculture Market Cess ~Rs. 93 lakhs). Going concern status is supported only by a comfort letter from promoters. Vas & Co. was appointed as Internal Auditor for FY26 and Vivek Surana & Associates as Secretarial Auditor for five years (FY26-FY30). Two independent directors resigned due to advancing age and were replaced by new appointees.
Persistent losses, negative net worth, negative operating cash flows, significant disputed tax liabilities, and dependence on a promoter comfort letter for going concern make this a high-risk, financially weak company. Shareholders should view the results as negative, with material uncertainty around the business's long-term viability.