🧠 At a glance
On 15th February 2025, a fire at Sati Poly Plast’s premises destroyed inventory, fixed assets, and accounting records. But instead of a recovery plan, shareholders got… a “Disclaimer of Opinion” from the auditor. That’s audit-speak for: “Humse na ho payega.” FY25 results were approved by the board. But verified? Not really.
Welcome to India’s first “blindfolded balance sheet.”
🏢 About the Company
Sati Poly Plast Ltd (formerly a Pvt Ltd) is engaged in manufacturing and supply of plastic-based products — used in packaging, industrial applications, and consumer use. The company operates out of Bhagalpur, Bihar, with a corporate office in Noida.
Their website says “Poly for Every Purpose.” We think they meant “Poly Problems for Every Auditor.”
👔 Key Managerial Personnel (KMP)
| Name | Role |
|---|---|
| Akanksha Jain | Company Secretary |
| Auditor | Keyur Shah & Associates, Ahmedabad |
| CFO | Not disclosed in filings |
No Managing Director or CFO commentary on the fire was released. Apparently, the flames spoke louder than words.
🔥 The Fire That Lit Up FY25 (And The Balance Sheet)
According to the audit report:
- 🔥 Fire broke out on 15 February 2025
- 📄 Destroyed accounting records, supporting documents, inventory, and fixed assets
- 💰 Management claimed insurance — but the survey is still “in process”
- 😶🌫️ Auditors say: “We couldn’t verify anything, because
- nothing is left to verify.”
This is not a figure of speech — the actual report says:
“We were unable to obtain sufficient and appropriate audit evidence regarding the accounting treatment of the loss due to fire.”
📉 FY25 Results Summary (Or What’s Left of It)
Note: Due to the auditor disclaimer and missing data, actual numbers were not disclosed in full detail. Only high-level summaries were released.
But here’s what we know from the filings:
| Metric | FY25 (₹ lakh) | Comment |
|---|---|---|
| Financial Results | Approved | But not verifiable |
| Auditor Opinion | Disclaimer of Opinion | Auditor said “Nope” |
| Fire Loss | Not quantified | Pending insurance |
| Insurance Claim | Filed | Amount TBD |
| Documents Destroyed | Most | Including inventory & fixed assets |
It’s like trying to read a balance sheet printed in invisible ink.
🔎 What Did the Auditor Say?
Keyur Shah & Associates issued a Qualified – Disclaimer of Opinion, citing:
- No proper records to verify
- Inventory & asset destruction
- No reliable alternative evidence provided by management
- Inability to validate insurance claims or write-offs
The exact quote:
“We do not express an opinion on the financial results… because of the substantive
