ENCLOSED HEREWITH BOARD MEETING OUTCOME FOR APPOINTMENT OF INTERNAL AUDITOR
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Suncity Synthetics' board met on May 10, 2025 and approved audited financial results for Q4 and FY ended March 31, 2025. The board appointed M/s Amarendra Mohapatra & Associates as Secretarial Auditor for 5 years (FY26–FY30) and Mrs. Aakansha Vaid as Internal Auditor for FY26. FY25 total revenue fell sharply to Rs 118.08 lakhs from Rs 216.32 lakhs in FY24, though the company reported a small profit of Rs 12.86 lakhs for the year (boosted by Rs 32.01 lakhs in exceptional items). The balance sheet shrank from Rs 554.64 lakhs to Rs 209.01 lakhs, and 'Other Equity' is deeply negative at Rs -542.86 lakhs, indicating accumulated losses far exceeding share capital. Statutory auditor S. Gandhi & Associates issued an unmodified opinion.
The financial picture is weak — shrinking revenues, a negative net worth position, and reliance on exceptional items for profitability raise red flags for shareholders. The auditor appointments are routine compliance matters and unlikely to move the stock; the negative reserves and falling scale are the more material concerns for investors.