Outcome of Board Meeting dated 30/05/2026.
Awaiting price reaction for this filing.
Union Quality Plastics Ltd reported total income of just Rs. 0.18 lakhs for FY2026, a dramatic drop from Rs. 604 lakhs in the prior year, with a net loss of Rs. 3.20 lakhs compared to a profit of Rs. 375.49 lakhs in FY2025. The company's balance sheet shows a severely distressed state with negative net worth of Rs. 166.85 lakhs (fully eroded equity), total assets of Rs. 815.09 lakhs, and short-term borrowings of Rs. 536.81 lakhs. The statutory auditor, Sagar & Associates, issued a qualified opinion citing eight distinct audit qualifications including unrecoverable sundry debtors of Rs. 274.83 lakhs, non-moving inventory of Rs. 158.06 lakhs, unverifiable sundry creditors of Rs. 364.33 lakhs, and Rs. 419.25 lakhs in advances transferred to related party Ikon Associates with no documented terms. The auditor also raised a going concern doubt, citing accumulated losses, negative net worth, cash losses, and current liabilities exceeding current assets. The company also appointed new secretarial auditors (Atluri Ramesh & Associates) for FY2026.
This is a highly distressed result filing. The negative net worth, qualified auditor opinion, and explicit going concern doubt signal extreme financial stress. Shareholders face significant risk as the company's ability to continue operations is in serious doubt.