We are submitting letter regarding non applicability of Annual Secretarial Compliance to us for the year ended on March 31, 2025
Awaiting price reaction for this filing.
Girnar Spintex Industries Limited (formerly Amit Spinning Industries Ltd) has informed BSE and NSE that it is exempt from filing the Annual Secretarial Compliance Report for FY ending March 31, 2025, under Regulation 15(2) of SEBI LODR Regulations 2018, which exempts smaller companies from the requirements of Regulation 24A. To support this, the company has attached a Net Worth Certificate from its statutory auditor showing paid-up equity share capital of ₹2.05 crore, which qualifies it for the size-based exemption. However, the same certificate reveals a sharply deteriorating financial position, with net worth falling from a positive ₹4.70 crore in FY22 to negative ₹2.03 crore in FY23 and further worsening to negative ₹7.04 crore in FY24. Paid-up capital has remained unchanged at around ₹2.05 crore over all three years.
While the filing itself is procedural and not price-moving, the disclosed net worth trajectory is a serious red flag — the company is sitting on negative net worth that has nearly tripled in two years. Shareholders should view this as a warning sign about the company's financial health and accumulated losses, even though a ₹46+ crore revaluation reserve exists outside the net worth calculation.