SecUR Credentials Limited has submitted to the Exchange, the financial results for the period ended December 31, 2024.
Awaiting price reaction for this filing.
SecUR Credentials Limited reported severe financial deterioration. Q3 FY2025 (December 2024) shows negative revenue of Rs 87.49 Lakhs compared to Rs 704.26 Lakhs in Q3 FY2024, representing a collapse in operations. The company posted a loss of Rs 215.97 Lakhs versus a profit of Rs 41.44 Lakhs in the same quarter last year. The statutory auditors raised multiple emphasis of matters including: inventory overstatement concerns in prior periods, non-compliance with gratuity provisioning (Ind AS 19), no ECL provisions (Ind AS 109), unpaid statutory dues, and a loan of Rs 127.34 Lakhs granted to a Director violating Section 185 of Companies Act 2013. Deferred tax assets were not recognized due to uncertainty of future taxable profits. The company's website was inactive during audit.
The company is facing severe operational stress with revenue declining significantly and multiple accounting/regulatory compliance issues flagged by auditors. Shareholders should be cautious as the company has negative EPS, compliance failures, and related party transaction concerns.