Please find attached Revised Annual Report after taking shareholder''s Approval. Detail reason attached in the Annual Report. Further to note that original Annual report filed by the Company ....
Awaiting price reaction for this filing.
Mysore Paper Mills filed its revised 81st Annual Report for FY 2015-16 following shareholder approval, after years of delay caused by late finalisation of FY 2014-15 accounts and a qualified auditor report. The company reported a sharp deterioration in FY16, with total income falling 46% to Rs. 206 crore and a net loss of Rs. 275 crore, nearly three times the Rs. 93 crore loss in FY15. Paper mill operations were suspended in November 2015 and the sugar mill in March 2016 following directions from the National Green Tribunal and the Government of Karnataka, leading to VRS being offered to nearly all employees. Net worth is fully eroded to negative Rs. 675 crore, and the company was declared a sick unit under SICA 1985. The auditors (Vasan & Sampath LLP) issued a disclaimer of opinion citing serious going-concern doubts, and the company's shares have been suspended from BSE trading since November 2016 due to repeated delays in regulatory filings.
This is a delayed and restated disclosure of an old financial year and does not change the company's current situation — shareholders should note that the stock remains suspended from BSE trading, manufacturing has been shut down since 2015-16, and a government-led effort to lease out operations to a private entity has so far received no bidder response. The underlying fundamentals remain deeply negative with negative net worth and large unresolved liabilities including Rs. 259 crore owed to MESCOM.