Audited financial results for the year ended 31st march 2025
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Manraj Housing Finance Ltd reported audited FY25 results showing revenue from operations at zero, confirming the company has not been in business for over 3 years. Total income of Rs. 54.29 lakhs came entirely from 'other income', turning a prior-year loss of Rs. 11.07 lakhs into a reported profit of Rs. 33.64 lakhs. However, the statutory auditor issued an ADVERSE OPINION, flagging that over 99% of the company's assets are advances to related parties for property purchases which are under investigation by the Enforcement Directorate under PMLA, with assets provisionally attached. The auditor also noted that unrecorded interest on a Rs. 687 lakh defaulted bank loan (now with ASREC) means the true result is actually a loss of Rs. 93 lakhs, not the reported profit. The company has negative net worth of Rs. -26.99 lakhs, accumulated losses of Rs. 526.99 lakhs, and the auditor has raised serious going concern doubts.
This is a severe red flag for shareholders - the adverse audit opinion, going concern warning, ED investigation into related-party transactions, and undisclosed bank loan defaults together signal deep financial distress and regulatory risk. Investors should expect significant stock price pressure and should treat the reported profit with extreme caution, as the auditor states it masks a real loss.