Aditri Industries Limited
1. Introduction
Aditri Industries Limited (ADITRI, BSE: 534707) currently suspended from BSE trading—last trade Dec 6, 2021 at Rs. 0.96. Last BSE annual FY2020; Screener.in up to FY2021. No FY22–24 data. Uses FY19–21 study period. Renamed Aditri Gems & Jewels Industries Ltd (MCA/MarketScreener).
Ran Anshu's Designer Studio ethnic wear boutique (bridal sarees, lehengas, party/designer), LOLIPOP kids wear, Kalamkari women's. Peak FY13 Rs. 30.63 crore revenue; zero since FY20.
2. Company Overview
Background and History
Started 2005 boutique; public issue, BSE listed. FY10–13 revenue Rs. 10→30 crore via branded retail expansion. FY14 collapse: Rs. 20 crore → Rs. 0.90 crore FY15 → Rs. 1.14 crore FY18 → zero FY20+. FY18 Rs. 14–15 crore write-off caused Rs. 15.83 crore loss—erased reserves.
Current Status
BSE suspended 2021+. No quarters post-Q1 FY22. Last annual FY2020. Name change signals gems/jewellery pivot—no revenue proof. 0% Promoters since Sep 2018; 100% public float, no control group.
3. Promoter Introduction
0% promoter holding maintained from September 2018 through June 2021 (final available data point). Pre-exit key promoters from BSE annuals:
Name | Designation | Note |
|---|---|---|
Anshul Shah | Founder/Promoter | Started Anshu's Designer Studio 2005; exited by FY19 |
Promoter Group | 0% since Sep 2018 | Full exit; no controlling shareholder |
Current Controller | None | Promoter-less; 100% public; trading suspended |
Table 1: Promoter (Sources: Screener.in/BSE Annual Reports)
Zero promoter holding persists over 6+ years since September 2018, compounded by BSE trading suspension and complete halt in financial filings..
4. Financial Statement Analysis
Data Note
No FY22–24 data on Screener.in/BSE. Uses FY19–21 (last available). Zero revenue all years.
4.1 Income Statement (FY19–FY21)
Zero revenue recorded across FY19, FY20, and FY21 garment operations fully terminated. Matching net losses: -0.27, -0.43, -0.72 crore. No interest, dep, tax, dividends.
Particulars (Rs. Crore) | FY19 | FY20 | FY21 |
|---|---|---|---|
Revenue (Sales) | 0.00 | 0.00 | 0.00 |
Total Expenses | 0.27 | 0.43 | 0.71 |
Operating Loss | -0.27 | -0.43 | -0.71 |
Net Loss | -0.27 | -0.43 | -0.72 |
EPS (Rs.) | -0.22 | -0.34 | -0.58 |
Table 2: Income Statement — FY19 to FY21 (Source: Screener.in)
Revenue = Rs. 0; final data
4.2 Balance Sheet (FY19–FY21)
Assets collapsed Rs. 0.10 → 0.09 → 0.07 crore—shell. Equity Rs. 12.47 crore; reserves -13.62 → -15.10 crore (losses > equity). Net worth -1.15 to -2.63 crore; book ~Rs. -2.11/share. Borrowings Rs. 1.24–2.61 crore cover costs. Zero fixed assets.
Particulars (Rs. Crore) | FY19 | FY20 | FY21 |
|---|---|---|---|
Equity Capital | 12.47 | 12.47 | 12.47 |
Reserves (accum. loss) | -13.62 | -14.05 | -15.10 |
Borrowings | 1.24 | 1.65 | 2.61 |
Total Assets | 0.10 | 0.09 | 0.07 |
Fixed Assets | 0.00 | 0.00 | 0.00 |
Book Value/Share (Rs.) | ~-0.92 | ~-1.27 | ~-2.11 |
Table 3: Balance Sheet Summary — FY19 to FY21 (Source: Screener.in)
4.3 Cash Flow
Ops cash near-zero/negative. FY21 -1.03 crore. Financing +1.05 crore FY21 (borrows for costs). No business cash; debt-funded compliance.
Cash Flow (Rs. Crore) | FY19 | FY20 | FY21 |
|---|---|---|---|
Operating | -1.13 | 0.00 | -1.03 |
Investing | -0.02 | 0.00 | 0.00 |
Financing | 1.04 | 0.00 | 1.05 |
Net Change | -0.12 | 0.00 | 0.01 |
Table 4: Cash Flow Summary — FY19 to FY21 (Source: Screener.in)
4.4 Key Ratios
Ratio | FY19 | FY20 | FY21 | Observation |
|---|---|---|---|---|
ROCE % | N/A | -537% | -2,840% | Absurd negative |
Revenue | 0.00 | 0.00 | 0.00 | Zero since FY20 |
EPS (Rs.) | -0.22 | -0.34 | -0.58 | Steady bleed |
Promoter Holding | 0% | 0% | 0% | None |
Book Value/Share | ~-0.92 | ~-1.27 | ~-2.11 | Negative decline |
Table 5: Key Ratios — FY19 to FY21 (Source: Screener.in)
5. Key Insights & Conclusion
Empty Corporate Shell
Aditri Industries Limited operates as a non-functional entity. Revenue zero since FY20 with total assets at just Rs. 0.07 crore—essentially vacant.
Financial Ruin
Accumulated losses Rs. 15.10 crore exceed Rs. 12.47 crore equity capital, creating Rs. -2.63 crore net worth. Small borrowings Rs. 1.24–2.61 crore fund compliance costs only.
No Ownership Control
Promoters fully exited by September 2018, maintaining 0% holding through June 2021 (last available data).
Suspended & Repositioned
BSE trading halted since 2021 (last Rs. 0.96, Dec 6). Renamed Aditri Gems & Jewels Industries Limited signals jewellery pivot—yet zero revenue persists across segments.
No Viable Business
Ex-apparel retailer shows no operational revival. FY19–21 micro-losses from admin reflect zombie compliance status, not commerce. Gems intent unproven without filings or sales.
Sources:
- Screener
- BSE