SVH & Associates, Auditor of the company have issued the Audit Report with financial results for the financial year 2024-2025.
Awaiting price reaction for this filing.
The company, classified as sick under the Sick Industrial Companies Act, 1985, reported nil revenue from operations and only Rs. 61.84 lakhs of other income for FY25, ending with a paper profit of Rs. 27.82 lakhs versus a Rs. 27.81 lakh loss in FY24. The company's factory property is under a court receiver's possession following a Debt Recovery Tribunal order, and although the Gujarat High Court ruled in the company's favour on March 10, 2025, the case has been carried to the Supreme Court. Net worth is deeply negative at Rs. (719.83) lakhs against borrowings of Rs. 698.73 lakhs, and operating cash flow was negative at Rs. (14.45) lakhs. The auditor, SVH & Associates, issued a Qualified Opinion citing material uncertainty about the going concern assumption — contradicting the company's separate declaration that claimed an 'unmodified opinion.'
Negative for shareholders — the company shows multiple red flags including a qualified audit opinion, going concern doubt, factory under court receiver, fully eroded net worth, negative operating cash flows, and zero operational revenue, raising serious concerns about survival and questioning transparency in the company's modified-opinion claim.