Union Quality Plastics News

Union Quality Plastics Reports Net Loss in Q1 Results; Auditors Raise Going Concern Doubts

Union Quality Plastics Limited reported a net loss of Rs 2.63 lakhs for the quarter ended June 30, 2025, compared to a net profit of Rs 535.31 lakhs in the previous quarter. The company recorded no revenue from operations during the quarter, with total income remaining at zero. Employee benefits expense was Rs 0.56 lakhs and other expenses totaled Rs 0.97 lakhs. The company's auditors issued a qualified review report highlighting several concerns including Rs 355.35 lakhs in sundry debtors outstanding for over three years, Rs 158.06 lakhs in slow-moving inventory, and Rs 396.93 lakhs in creditors outstanding for more than three years. The auditors noted that the company has accumulated losses with fully eroded networth and current liabilities exceeding current assets, raising material uncertainty about the company's ability to continue as a going concern. The Board approved these results on August 13, 2025.