Shree Ram Proteins Limited: Auditors Issue Adverse Opinion on FY25 Financials
Shree Ram Proteins Limited's auditors issued an adverse opinion on the FY25 annual financial results. Key issues include going concern uncertainties due to loan defaults, ongoing CIRP, and failure to provide sufficient audit evidence. The company also defaulted on a One-Time Settlement with Union Bank of India.
An adverse audit opinion, especially one highlighting going concern issues and defaults, has a significant negative impact on investor confidence, creditworthiness, and the company's operational continuity.
The auditors have issued an adverse opinion on the company's financial results, citing significant going concern issues, defaults, and lack of audit evidence. This indicates severe financial distress and uncertainty.
Shree Ram Proteins Limited has received an adverse opinion from its auditors, HB Kalaria & Associates, on its audited annual financial results for the year ended March 31, 2025. The auditors cited material uncertainties related to the company's going concern status, including defaults in loan repayments and statutory dues.
The audit report highlights that the company has not provided true and fair views in conformity with Indian Accounting Standards. Specific concerns include the company's continued preparation of financial statements on a going-concern basis despite defaults and ongoing Corporate Insolvency Resolution Process (CIRP) proceedings. The auditors were also unable to obtain sufficient audit evidence due to the company's failure to perform balance confirmations, inventory inspections, and physical inspection of property, plant, and equipment.
Furthermore, the company has defaulted on a One-Time Settlement (OTS) with Union Bank of India, failing to make timely payments for the second and final installments of the settlement. The auditors were unable to carry out a review of the company's inventories and fixed assets as at the balance sheet date due to a lack of inspection.
What to do with a filing like this
Shree Ram Proteins Limited filed this with the NSE as a statutory disclosure, categorised under annual results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Shree Ram Proteins Limited. Read the original for the full detail.