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Latest filing: 2026-08-22 11:37
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Advance Syntex Q1: Nil Revenue, Net Loss of ₹1.00 Lakh; Auditor Issues Adverse Opinion
Advance Syntex reported zero revenue from operations and a net loss of ₹1.00 lakh for the quarter ended June 30, 2026. The statutory auditor issued an adverse review opinion, stating that business operations have completely halted, the fixed asset block is now zero following asset sales by lenders under the SARFAESI Act, and the going concern assumption is invalid. The company has zero active employees and carries non-performing asset (NPA) debt of ₹24 crore against a negative net worth of -₹13 crore without accruing interest.
Confidence: HIGH
What changedAdvance Syntex filed Q1 financial results confirming full closure of business activities, zero remaining fixed assets, and an adverse auditor review.
Why it mattersThe company has ceased functioning as a going concern, has no productive assets or employees, and faces severe debt distress with ₹24 crore in unpaid obligations.
Revenue (Q1): Rs 0.00 lakhNet Loss (Q1): Rs 1.00 lakhFixed Asset Block: zeroBank Realisation (Land & Building): Rs 4,54,00,000/-Bank Realisation (Plant, Eqp & Inv): Rs 66,00,000/-
📅 Short termSevere financial distress persists with no operational turnaround visible and ongoing lender recovery actions.
📈 Long termViability as an operating entity is compromised given the total liquidation of physical assets and adverse auditor findings.
⚠ Risk flags
- Operations completely shut down with zero revenue
- Auditor adverse opinion on going concern sustainability
- Fixed asset block reduced to zero post SARFAESI auction
- Negative net worth of -₹13 Cr and NPA bank debt of ₹24 Cr
Key Highlights
Reported zero revenue from operations and a net loss of ₹1.00 lakh for the quarter ended June 30, 2026
Auditor issued an adverse opinion highlighting that operations are shut and the going concern assumption is not sustainable
Fixed asset block reduced to zero after Axis Bank auctioned all plant, equipment, and land/buildings under SARFAESI
Axis Bank realized ₹4.54 crore from Land & Buildings and ₹0.66 crore from Plant, Equipment & Inventory
No active employees remain, leading to written-back gratuity provisions and advances
👀 What to Watch
Track statutory filings for potential debt resolution or corporate insolvency resolution processes under IBC/NCLT, as operations are completely shuttered.
Advance Syntex Q1: Rs 0 Revenue, Net Loss of Rs 1.00 Lakh; Auditor Issues Adverse Opinion
Advance Syntex Ltd reported zero revenue from operations and a net loss of Rs 1.00 lakh for the quarter ended June 30, 2026. Business activities remain completely shut down with zero employees and a fixed asset block reduced to zero following asset sales by Axis Bank under SARFAESI. The statutory auditor issued an adverse conclusion citing non-sustainable going concern status, non-compliance with Ind AS, and unprovided interest liabilities.
Confidence: HIGH
What changedAdvance Syntex reported its Q1 financial results, confirming ongoing total operational shutdown and adverse auditor conclusion.
Why it mattersWith zero revenue, zero fixed assets, no staff, and negative net worth of Rs -13 Cr against Rs 24 Cr debt, recovery prospects remain critical.
Revenue from operations: Rs 0.00 lakhNet loss: Rs 1.00 lakhCash and cash equivalents: Rs 7,39,286Paid-up equity share capital: Rs 1,109.71 lakh
📅 Short termTrading remains constrained given the defunct operational status and adverse auditor findings.
📈 Long termGoing concern status is unsustainable as production is halted and all fixed assets have been liquidated by lenders.
⚠ Risk flags
- Business operations completely closed
- Adverse auditor opinion regarding going concern viability
- Fixed assets block reduced to zero
- Lender NPA classification and unprovided interest obligations
Key Highlights
Revenue from operations was Rs 0.00 lakh for the quarter ended June 30, 2026
Net loss for the quarter stood at Rs 1.00 lakh compared to a loss of Rs 1.41 lakh in the previous quarter
Fixed asset block stands at zero following SARFAESI asset liquidation by lender bank
Statutory auditor issued an adverse review opinion citing unsustainable going concern status
👀 What to Watch
Track formal insolvency or liquidation developments as operations and asset base are completely depleted.
