SecUR Credentials Limited reported a standalone net loss of ₹132.99 lakh for the quarter ended September 30, 2024 (Q2FY25), as revenue plummeted 88.7% year-on-year to ₹79.07 lakh. The filing, submitted on August 4, 2026, includes revised cash flow statements that were inadvertently omitted in the initial disclosure. More critically, the results are accompanied by a limited review report from statutory auditors JPMD & Associates containing multiple emphasis of matter notes regarding material compliance gaps and potential overstatements.

The company’s total income fell to ₹97.66 lakh from ₹741.37 lakh in the same period last year. Total expenses stood at ₹230.65 lakh, with employee benefits at ₹37.58 lakh and finance costs at ₹38.81 lakh. For the half-year ended September 30, 2024, the net loss widened to ₹515.60 lakh compared to a profit of ₹425.84 lakh in H1FY24. Cash and cash equivalents dropped to ₹200.57 lakh from ₹257.42 lakh in the previous half-year period.

Key Financial Metrics

Audit Qualifications and Compliance Gaps

The limited review report by JPMD & Associates highlights several critical issues that undermine the reliability of the financial statements. The auditors noted that Goods and Services Tax (GST) returns and reconciliation statements were not made available, preventing verification of GST-related balances. Furthermore, inventory disclosed in the books was not found during physical verification, indicating a possible overstatement of inventory in prior periods.

Other significant findings include:

• Statutory Non-Compliance: The company granted a loan of ₹152.12 lakh to a director, contravening Section 185 of the Companies Act, 2013.
• Missing Provisions: No provision for gratuity has been recognized, violating Ind AS 19 – Employee Benefits, and no actuarial valuation was obtained.
• Unverified Balances: Trade receivables and payables were considered certified by management without independent balance confirmations. Expected Credit Loss (ECL) provisions required under Ind AS 109 were also not made.
• Website Inactivity: The company’s website was inactive, preventing verification of statutory disclosures.

What the Numbers Show

The divergence between the reported revenue collapse and the relatively smaller decline in expenses suggests fixed cost pressures are disproportionately impacting profitability. While revenue fell nearly 89%, total expenses decreased only 67%, leading to a reversal from a net profit of ₹324.76 lakh in Q2FY24 to a loss of ₹132.99 lakh in Q2FY25. The absence of ECL provisions and unverified inventory balances raises concerns about the true quality of assets and potential hidden liabilities on the balance sheet.

Secur Credentials Limited appointed CS Neetika Gupta as Company Secretary and Compliance Officer effective August 1, 2026, replacing Stuti Pareek who resigned from the position due to personal reasons. The Board of Directors approved the appointment during a meeting held on August 1, 2026, ensuring continuity in the company’s statutory compliance and corporate governance functions.

The Board accepted Stuti Pareek’s resignation with effect from the closure of business hours on August 1, 2026. In its announcement, the Board placed on record its appreciation for Pareek’s contributions during her tenure. The company disclosed the resignation and subsequent appointment pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III of the same regulations.

Appointment Details

CS Neetika Gupta assumes the role of Company Secretary and Compliance Officer immediately following Pareek’s departure. The appointment was made based on the recommendation of the Nomination and Remuneration Committee. Gupta brings over eight years of experience in company secretarial, legal, and corporate governance functions.

Professional Background

Gupta is an Associate Member of the Institute of Company Secretaries of India holding Membership No. ACS A44754. Her expertise includes ROC filings, board meeting documentation, statutory compliance under the Companies Act 2013 and SEBI LODR, share capital management, XBRL, and liaison with regulators, auditors, and RTA/Depositories.

Prior to joining Secur Credentials Limited, Gupta worked across infrastructure, aviation training, securities, and cooperative sectors. Her previous engagements include roles at Flight Simulation Technique Centre, BGK Infrastructure, KMG & Co, and Vikalp Securities Ltd. The filing notes she is known for strong judgment, adaptability, and the ability to streamline compliance processes while aligning with organizational goals.

Regulatory Disclosures

The company submitted the requisite disclosures to the BSE Limited and National Stock Exchange of India Limited. The disclosures were made in accordance with Regulation 30 of the SEBI (LODR) Regulations, read with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. Annexure A detailed Pareek’s resignation, citing personal reasons and confirming her cessation date as August 1, 2026. Annexure B provided Gupta’s profile and confirmed no conflicts of interest with the Board of Directors.