📌 At a glance
California Software Company Ltd (CALSOFT) announced its FY25 results… and the auditors nearly called for an exorcism. Despite publishing its audited financials, the company’s ₹1,840 lakh in unconfirmed receivables, ₹311 lakh worth of investments pending impairment checks, and a tax asset of ₹380 lakh that no one can trace raise more questions than answers. The cherry on top? Audit qualifications again, confirming CALSOFT’s honorary membership in the “Never A Clean Report” club.
🏢 About the Company
CALSOFT is an old-school software services firm trying to stay relevant in a GenAI world. Once an NSE and BSE darling, the company has slowly faded into obscurity — until now, when it has returned to headlines thanks to financial skeletons tumbling out.
- Industry: Software services
- CIN: L72300TN1992PLC022135
- Headquarters: Chennai, Tamil Nadu
- Website: www.calsof.com
👨⚖️ Key Managerial Personnel
- Dr. Vasudevan Mahalingam – Managing Director
- Board remains unchanged despite continued audit red flags.
You could say they’re running a tight ship. Others might say they’re too comfortable with the chaos.
📉 Financial Results (FY25)
Despite all the statutory chaos, CALSOFT managed to declare results. But do they
inspire investor confidence? Let’s see.
Standalone Highlights:
| Metric | FY25 |
|---|---|
| Revenue | [Data not disclosed] |
| Net Profit | [Data not disclosed] |
| Audit Status | Qualified Opinion |
| Major Concerns | ₹380 lakh tax asset unreconciled, ₹1,840 lakh in receivables unconfirmed, potential impairment in ₹311 lakh investment |
The numbers? Irrelevant until the red flags are cleared. The financial report is a Bollywood plot – action, suspense, but zero logic.
🧾 Summary of Audit Qualifications
Here’s what CALSOFT’s statutory auditors K. Gopal Rao & Co. flagged:
1. ₹380.02 lakh — Vanishing Tax Asset?
- Current tax asset “subject to reconciliation.”
- Translation: We don’t know if this money is real.
2. ₹311.38 lakh — Ghost Investment
- Investment in a subsidiary under “Non-current financial assets” needs impairment testing.
- Translation: It might be worthless.
3. ₹1,840.11 lakh — Receivables With No Confirmations
- Debtors haven’t responded.
- This also affects GST export exemptions, which now need provisioning.
🔴 None of the above issues are quantified. That’s like saying “the ship has
