Approval of Financials for the quarter and year ended 31-03-2025 and appointment of internal auditor and secretarial auditor of the company
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Midland Polymers Limited's Board, at its meeting on May 27, 2025, approved the audited financial results for Q4 and FY ended March 31, 2025. Revenue from operations stood at just Rs. 0.55 lakhs, with the company posting a widened net loss of Rs. 14.77 lakhs for FY25 compared to a Rs. 4.57 lakh loss in FY24. Basic EPS was Rs. (2.21). The Board also appointed Pavan Reddy & Associates as internal auditors for FY 2025-26 and M/s. Nuren Lodaya and Associates as Secretarial Auditors for a 5-year term (FY 2025-26 to FY 2029-30). The statutory auditors (Pundarikashyam and Associates) issued an unmodified opinion on the financials.
The company continues to report near-zero revenue and deepening losses with negative net worth of Rs. (197.70) lakhs, reflecting weak business traction. The appointment of auditors is routine compliance, but shareholders should note the company's distressed history — it was under NCLT insolvency proceedings, with a resolution plan approved in August 2023, and outstanding sale proceeds of Rs. 40 lakhs from an investment transfer remain unreceived.