The company has been informed to submit revised standalone results, statement of impact of audit qualifications (Annexure 1), the same has been uploaded.
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Manipal Finance Corporation Ltd, a small NBFC, has resubmitted its audited standalone results and the statement of impact of audit qualifications (Annexure 1) for the year ended 31 March 2025 after BSE pointed out that the earlier filing was incomplete (table figures missing in PDF). The company's statutory auditor has issued a qualified opinion, with the qualification being repetitive every year since 1999-2000. The core issue: the company has been incurring losses, most of its funds are stuck in non-performing assets (NPAs), and the auditor has raised a doubt about the company's ability to continue as a going concern. Despite this, the accounts are still prepared on a going-concern basis based on management's perception. No specific financial figures (turnover, profit/loss, net worth) were disclosed in the qualification statement, with all marked 'Not Applicable.'
This is a significant red flag for shareholders — the auditor's going-concern doubt and the qualified opinion have persisted for over 25 years, suggesting deep, unresolved structural problems in this NBFC. The stock is likely to be viewed negatively by investors, and the lack of disclosed financial numbers means shareholders have very limited visibility into the company's true financial health.