Submission of audited financial results for the quarter & year ended 31st March, 2015
Awaiting price reaction for this filing.
Alstone Textiles (India) Ltd filed its audited financial results for Q4 and FY ending March 31, 2025. The company is functioning as a Core Investment Company (CIC), with no inventory, no immovable property, and no active textile operations — its main activity is borrowing (inter-corporate deposits of about ₹1,422 lakhs) and lending (loans and advances of ₹1,695 lakhs). Net profit for the year stood at ₹310.608 lakhs as per Ind AS. The statutory auditor (VRSK & Associates) flagged several concerns: the financial statements do not fully comply with Ind AS requirements, internal financial controls are inadequate, the previous statutory auditor resigned during the year, a newly appointed auditor was not ratified at an EGM, the company should be registered with the RBI under Section 45-IA but is not, the accounting software lacks an audit trail feature, and some expenses were booked on a cash basis. No dividend was declared.
Despite reporting a profit, the audit report carries multiple qualifications and compliance red flags — including non-compliance with Ind AS, weak internal controls, an unsettled auditor change, and missing RBI registration for its lending/borrowing activity. Shareholders should treat this as a high-risk filing, as the underlying business is essentially a lending/shell structure with governance and regulatory gaps that could weigh on the stock.