The Board of Directors of the Company in their Meeting held today have approved the appointment of Kashyap R. Mehta & Partners, Company Secretaries, Ahmedabad as Secretarial Auditors of ....
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Awaiting price reaction for this filing.
Promact Plastics Limited reported a massive drop in revenue to Rs. 16.14 lakh for FY 2025-26 from Rs. 91.43 lakh in the previous year, representing an 82% decline. The company swung to a net loss of Rs. 72.42 lakh compared to a profit of Rs. 12.56 lakh in FY 2024-25. Total equity turned deeply negative at Rs. 255.18 lakh (negative reserves of Rs. 906.36 lakh), indicating eroded net worth. Other current financial liabilities nearly doubled to Rs. 883.51 lakh. The statutory auditor issued an unmodified opinion but included an Emphasis of Matter regarding property-related expenses and advances. The company appointed Kashyap R. Mehta & Partners as secretarial auditors after Nishant Pandya & Associates resigned.
The company is in severe financial distress with negative net worth, massive revenue decline, and significant losses. Shareholders face extreme risk as the company's liabilities far exceed assets. The stock is likely to remain under pressure given deteriorating fundamentals and negative equity.