PURSUANT TO REGULATION 34(1) OF THE SEBI LODR REGULATIONS , 2015 WE ARE SUBMITTING HEREWITH THE ANNUAL REPORT OF THE COMPANY ALONG WITH THE NOTICE OF ANNUAL GENERAL MEETING FOR HE FINANACIAL ....
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Integrated Thermoplastics Ltd has submitted its Annual Report for FY 2024-25 along with the notice for its 31st Annual General Meeting, as required under SEBI LODR Regulation 34(1). The auditor issued a qualified opinion, flagging that the company has accumulated losses of Rs. 64.95 crore and its net worth is fully eroded (negative Rs. 58.66 crore). The company reported a net loss of Rs. 6.06 crore in FY25, narrower than the Rs. 10.03 crore loss in FY24, on revenue of Rs. 6.50 crore (up from Rs. 3.63 crore). Key risks include APSFC loan default (Rs. 19.42 crore outstanding) with a One-Time Settlement proposal pending, Union Bank of India facilities classified as Non-Performing Asset since November 2021 (Rs. 9.79 crore outstanding), and a pending CIRP petition filed by SP Coal Resources with NCLT in February 2022. The company also did not appoint an internal auditor as required under Section 138, and the auditor identified material weaknesses in internal financial controls.
This is a deeply distressed company with fully eroded net worth, ongoing loan defaults, an insolvency petition pending at NCLT, and consecutive years of losses. Shareholders face significant uncertainty about the company's ability to continue as a going concern, and the stock is likely to remain highly risky.