Corrigendum/clarification regarding outcome of the board meeting dated may 30, 2025.
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Awaiting price reaction for this filing.
Western Ministil Ltd filed a corrigendum correcting an earlier error — the phrase 'Statement on Impact of Audit Qualifications' was wrongly mentioned; it should have said the auditor gave an Unmodified Opinion. The underlying FY25 audited results show the company generated virtually no operating revenue (Rs 0.06 lakhs total income for the year) and reported a net loss of Rs 32.23 lakhs, roughly double the Rs 16.16 lakhs loss in FY24, with EPS of Rs (1.49). Net worth is deeply negative at Rs (482.65) lakhs against Rs 215.72 lakhs paid-up capital. The auditor (Maark & Associates, newly appointed replacing Paresh Rakesh & Associates LLP) flagged an Emphasis of Matter: accumulated losses wipe out share capital and reserves, current liabilities exceed current assets, the company is not carrying on any activity, and unrecorded interest of Rs 274.71 lakhs on related-party loans (availed since April 2001) understates the loss. The auditor explicitly stated a material uncertainty exists on the company's ability to continue as a going concern, while giving an unmodified opinion overall.
Despite the 'unmodified' label, the auditor has raised serious red flags — going concern doubt, negative net worth, no operations, and hidden related-party interest liabilities of nearly Rs 275 lakhs. Shareholders should treat this as a distressed, non-operating shell with significant solvency risk; near-term stock action is likely to be negative on any independent review of the filings.