Audited Standalone And Consolidated Financial Results For The Quarter And The Year Ended March 31, 2025 and appointment of Internal Auditors of the company
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The Board approved audited financial results for Q4 and FY25 along with the auditor's report carrying an unmodified opinion. Revenue from operations collapsed to Rs 5.89 lakh in FY25 from Rs 99.82 lakh in FY24, a decline of about 94%. The company reported a loss before tax of Rs 1,119 lakh (FY24: Rs 1,157 lakh) and its net worth turned negative at Rs (651) lakh as on March 31, 2025, compared with a positive Rs 467 lakh a year earlier. The auditor flagged a Material Uncertainty Related to Going Concern, noting continued losses and negative net worth, and raised 6 Emphasis of Matter points around unreconciled balances, doubtful trade receivables, MSME classifications, and non-payment of interest on OCCD and dividend on RCPS. Operations have been shut since March 2020 due to COVID-19, a workers' strike, and a liquidity crunch, with the company now only selling off old plant, equipment, and finished stock to meet expenses. M/s Bharat Sharoff and Co. was appointed as Internal Auditor for FY 2025-26.
This is a deeply negative filing for shareholders — the company is loss-making, has negative net worth, is essentially non-operational, and carries an explicit going-concern warning from auditors, meaning there is real doubt about its ability to continue. Stock price risk is high and existing shareholders face significant dilution or wipeout risk if restructuring or liquidation occurs.