The Board of Directors of the Company at their meeting held on Thursday, 29th day of May 2025 has approved the following: 1. Audited Financial Results for the quarter and FY ended 31st ....
Awaiting price reaction for this filing.
The Board approved audited financial results for Q4 and FY ended 31 March 2025, with the statutory auditor (PPKG & Co) issuing an unmodified opinion. The company reported a net loss of around Rs. 10.46 lakh in FY25, narrower than the Rs. 30.97 lakh loss in FY24. However, operating cash flow turned sharply negative at around -Rs. 71.11 lakh (vs. positive Rs. 30.42 lakh last year), and end-of-year cash balance is wafer-thin at Rs. 2.10 lakh. Beyond the numbers, the Board approved sweeping corporate changes: a proposed name change to 'Mipco Limited', a dramatic increase in authorised share capital from Rs. 7 crore to Rs. 25 crore (equity portion rising from Rs. 5 crore to Rs. 23 crore), and a wholesale change in the object clause. The company is pivoting away from seamless rings into power generation, transmission, solar energy, pollution control, e-waste recycling, and sewage treatment. A new CFO (Mr. Amarjit Rajbhar) and a new internal auditor (Aravind Kumar K & Co.) were also appointed.
The combination of a net loss, negative operating cash flow, and a razor-thin cash balance suggests the company may need to raise fresh capital, which the 257% jump in authorised share capital could enable. Shareholders should watch for a potential equity dilution event. The pivot into power and renewable energy is a fundamental business change — existing investors in the seamless rings business are effectively being repositioned into a new sector, pending shareholder approval.