The Board of Directors of the Company at its meeting held today. i.e. Monday, the 26th day of May, 2025 held at the Registered Office of the Company situated at D. No. 2-93/8 & 9, 3rd Floor, ....
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Awaiting price reaction for this filing.
The Board approved Miven Machine Tools' FY25 audited financial results alongside the Q4 results. Revenue from operations collapsed to just INR 11.55 lakhs for the full year, down from INR 157.60 lakhs in FY24, and the company reported a net loss of INR 61.31 lakhs. The statutory auditor (V. Rao & Gopi) issued a Qualified Opinion, flagging that the company did not provide for INR 16.86 lakhs of accumulated interest on inter-corporate borrowings from Miven Mayfran Conveyors. More critically, the auditor raised a Material Uncertainty on Going Concern: total liabilities of INR 565.59 lakhs vastly exceed total assets of just INR 13.38 lakhs, the company has no plant and machinery and no inventory, and net worth is fully eroded. The Board also approved a proposal to change the main object clause of the Memorandum of Association, to be put to shareholders via postal ballot, hinting at a possible pivot in business direction. A new internal auditor (A.S.R.V. Prasad & Co) was appointed for FY26.
This is a severe red-flag filing. The company is effectively a near-empty shell with liabilities around 42 times its assets and no operating business to speak of. The going-concern warning, qualified audit opinion, and the proposal to change the main objects together suggest the existing machine tools business is being wound down or replaced. Shareholders should view this stock as high-risk with serious solvency concerns.