Reason for Delay

The delay in submitting financial results is attributed to severe administrative difficulties due to staff shortages in finance, accounting, and compliance teams. This has created a backlog of pending financial results over multiple quarters. The management has been simultaneously addressing other past compliance issues, which has increased workload pressure.

Pending Results Disclosure

The company intends to disclose financial results for the following periods:

  • Quarter ended September 30, 2020 through March 31, 2025 (multiple quarterly periods)
  • The results will be uploaded on the company's website at https://futurapolyesters.in/
  • The Board of Directors had already reviewed and approved several past quarterly results during their meeting in June 2026

Financial Results for Quarter and Half Year Ended September 30, 2024

Income Statement Highlights (₹ in Lakhs)

Discontinued Operations (Quarter ended September 30, 2024):

  • Loss before tax: ₹(1,563.20)
  • Total comprehensive income: ₹(1,600.87)
  • Basic and diluted EPS: ₹(2.85)

Discontinued Operations (Half year ended September 30, 2024):

  • Loss before tax: ₹(1,705.26)
  • Total comprehensive income: ₹(1,780.59)
  • Basic and diluted EPS: ₹(3.11)

Comparative Figures (Year ended March 31, 2024):

  • Loss before tax: ₹(565.99)
  • Total comprehensive income: ₹(704.22)
  • Basic and diluted EPS: ₹(1.03)

Balance Sheet Position (as of September 30, 2024)

  • Equity Share Capital: ₹5,487.17 lakh
  • Other Equity: ₹(49,794.23) lakh
  • Total Equity: ₹(44,307.06) lakh (negative net worth)
  • Current Liabilities: ₹59,484.96 lakh
  • Current Assets: ₹5,389.57 lakh
  • Total Assets: ₹15,177.90 lakh

Cash Flow from Discontinued Operations (Half year ended September 30, 2024)

  • Net cash inflow from operating activities: ₹26.62 lakh
  • Net cash inflow from investing activities: ₹0.08 lakh
  • Net cash outflow from financing activities: ₹(256.74) lakh
  • Net decrease in cash and cash equivalents: ₹4.95 lakh

Auditor's Qualified Review

V. S. Somani & Co., Chartered Accountants, issued a qualified review report dated June 2, 2028, highlighting:

Basis for Qualified Conclusion:

1. The company has not recognized provision for finance cost in respect of borrowings exceeding 14.25% p.a. and has not provided for penal interest, if any levied by banks

2. Borrowings have been classified as Non-Performing Assets (NPA) by lenders

3. Finance costs and losses for the period may be understated (impact not determinable)

4. The company is continuously incurring losses, net worth has been completely eroded, and there are delays in servicing debt obligations with significant overdue liabilities

5. Material uncertainty exists regarding the company's ability to continue as a going concern

Significant Notes to Financial Statements

Note 5: The company has provided interest @14.25% p.a. on amounts due to Banks/Lenders/Financial Institutions. Penal interest, if levied by banks, has not been considered in the financial results.

Note 6: One-Time Settlement (OTS) Details:

  • Submitted OTS offer on September 2, 2024, amounting to ₹243.45 crores towards settlement of outstanding dues to all consortium lenders
  • OTS was valid for 180 days from date of sanction by last lender or up to nine months for completion
  • In March 2025 (subsequent to reporting period), all banks/financial institutions/lenders accepted the OTS offer
  • On June 23, 2025, the company paid the entire OTS amount of ₹243.45 crores to consortium lenders
  • Obtained No Due Certificates from all lenders in respect of settled dues

Business Status: The company's manufacturing of polyester products business has been discontinued since December 19, 2012.