Reg. 34(1) Annual Report.
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Awaiting price reaction for this filing.
Heera Ispat Limited has submitted its 33rd Annual Report for FY 2024-25 to BSE under Regulation 34(1). The company had no commercial operations during the year — revenue from operations and other income were both NIL. Total expenses rose to Rs. 4,645.90 thousand (up from Rs. 638.99 thousand last year), leading to a net loss of Rs. 46.46 lakh versus Rs. 16.39 lakh in the previous year. Reserves and surplus have fallen sharply to negative Rs. 6.44 crore, and EPS was -0.79. The 33rd AGM is scheduled for 12th July 2025 in Ahmedabad. The notice includes special resolutions to raise the borrowing limit to Rs. 500 crore and to convert up to Rs. 25 crore of unsecured loans from directors and others into equity shares on a preferential basis.
For shareholders, this filing paints a worrying picture — a dormant company with no revenue, widening losses, deeply negative reserves, and unpaid BSE listing fees. The proposed loan-to-equity conversion of Rs. 25 crore will dilute existing shareholders, and the Rs. 500 crore borrowing limit suggests plans for a major scale-up, though no business activity is currently visible.