Revised results for the financial year ended 31st march 2025
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Manraj Housing Finance filed revised audited results for FY25 showing a reported profit after tax of INR 33.64 lakhs, reversing the previous year's loss of INR 11.07 lakhs. The statutory auditor (Ratan Chandak & Co LLP) issued an ADVERSE OPINION on the financial statements. Key concerns include: 99% of company assets are advances to related parties that are under investigation by the Enforcement Directorate under PMLA, with those properties provisionally attached; 64% of liabilities are unsecured loans from related parties. The company has defaulted on a bank loan of INR 687.03 lakhs since February 2020 and has not provided for uncharged interest of INR 569.48 lakhs. After auditor adjustments, the actual position shows a net loss of INR 93.09 lakhs instead of profit, and a negative net worth of INR 596.46 lakhs versus the reported negative INR 26.99 lakhs.
This is a deeply distressed company with severe going concern issues, regulatory investigations into related party transactions, and a financial position significantly worse than reported. Shareholders face extreme risk — the stock price is likely to react negatively given the adverse audit opinion and the auditor's view that actual net worth is deeply negative.