Advance Syntex Limited (now operating as **Midas Events Limited**) is a specialized manufacturer with over **47 years** of experience in the metallic film and glitter industry. While the company pioneered several innovative products in the Indian market, it is currently undergoing a period of extreme financial distress, operational suspension, and asset liquidation. --- ### **Historical Product Portfolio & Market Positioning** The company established itself as a vertically integrated manufacturer of decorative and industrial materials. Its portfolio was designed to serve both high-volume industrial B2B clients and niche retail segments. * **Glitter Powder:** A comprehensive range including standard varieties and a pioneering line of **Biodegradable Glitter Powder**. The company was the first Indian manufacturer to enter the biodegradable segment. * **Lacquered Metalized Polyester Film (LMPF):** High-grade films used for industrial coating and metallizing services. * **Specialized Materials:** Production of **Metallic Yarn**, **Epoxy resins**, **Glitter Glue**, and **Angelina Fibers**. * **Value-Added Innovations:** * **Shaped Glitters:** Precision-cut shapes for niche craft markets. * **Glitter Paper:** Transitioned toward machine-based mass production to scale output. * **Brand Strategy:** Products are marketed under the **Midas** brand, with a Direct-to-Consumer (D2C) presence established via **Amazon India**. --- ### **Operational Infrastructure & Vertical Integration** Historically, the company operated four specialized units in **GIDC, POR Ramangamdi, Vadodara, Gujarat**. The business model was built on vertical integration to minimize lead times and enhance cost-effectiveness. | Facility | Function / Address | | :--- | :--- | | **Unit 1** | Registered Office & Production (233/2 & 238/2, GIDC) | | **Unit 2** | Manufacturing (104, GIDC) | | **Unit 3** | Manufacturing (149, GIDC) | | **Unit 4 / Admin** | Administration & Packing (425 & 426, GIDC) | **Strategic Infrastructure Initiatives:** * **In-house Resin Production:** Manufacturing of metalized polyester film and resins in-house to control quality. * **Export Logistics:** Established a dedicated unit for export packing and developed **special stackable containers** to optimize international shipping costs. * **Packaging Integration:** Moved toward in-house container production to reduce inventory days. --- ### **Market Reach & Client Relationships** Despite current operational challenges, the company built a significant footprint in domestic and international markets: * **United States:** Continuous supplier to a **leading multicity craft store** and recently initiated supply to a **second large American chain store**. * **United Kingdom:** Successful testing of biodegradable glitters for the greeting card industry. * **Domestic (India):** Supplier of **Roff branded glitter** to a major MNC and finalized orders with a prestigious international paint firm’s Indian group company. * **Brand Visibility:** Engaged in regional marketing such as the **"Nuvoco Duraguard Sauathi Khas Garba"** campaign to build community trust. --- ### **Financial Performance & Solvency Crisis** The company has experienced a catastrophic decline in revenue and a widening of losses over the last three fiscal cycles, leading to a total collapse of its financial framework. **Three-Year Financial Trend:** | Particulars (INR) | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :--- | :--- | :--- | | **Total Income** | **74,62,316** | **19,15,07,773** | **29,11,84,404** | | **Profit Before Tax** | **(6,30,01,593)** | **(2,29,92,750)** | **(5,22,33,406)** | | **Cash Loss** | **(5,81,00,000)** | **(3,26,00,000)** | *Not Specified* | **Debt and NPA Status:** * **Total NPA Classification:** **Rs. 31,99,38,731** has been classified as Non-Performing Assets. This includes **Rs. 21.18 Crore** from banks and **Rs. 10.81 Crore** from NBFCs. * **Interest Non-Recognition:** The company has ceased providing for interest expenses on these debts, meaning reported losses are likely **understated**. * **Negative Net Worth:** Continuous losses have completely eroded the company's capital base. --- ### **Critical Risk Factors & Operational Cessation** As of early **2026**, the company faces an adverse "Going Concern" status due to the following factors: **1. Asset Liquidation & Business Closure:** * Manufacturing operations were suspended in **July 2023**. * Under the **SARFAESI Act, 2002**, Axis Bank seized and sold all land, buildings, plant, machinery, and inventory. * As of **February 2026**, the **Fixed Assets block is zero**. **Asset Realization Discrepancy (Nov 2025):** | Asset Category | Book Value (₹) | Realized Amount (₹) | | :--- | :--- | :--- | | **Land & Buildings** | **1,23,00,032** | **4,54,00,000** | | **Plant, Machinery & Inventory** | **21,81,50,336** | **66,00,000** | **2. Audit Qualifications & Financial Misstatements:** * **VRAJM & Associates** issued an **Adverse Opinion** due to material misstatements. * **Trade Receivables:** No legal action or provisions have been made for old outstanding debts (some over **3 years**), leading to unquantified impairment risks. * **Inventory:** Remaining stock consists of slow-moving, pre-COVID items with high valuation risk. * **Employee Liabilities:** Gratuity provisions have not been updated via **actuarial valuation**. **3. Regulatory & Governance Failures:** * **BSE Suspension:** Equity shares are **suspended from trading** due to non-payment of Annual Listing Fees for **FY 2022-23, 2023-24, and 2024-25**. * **Compliance Lapses:** Failure to appoint a **Company Secretary**, a **Secretarial Auditor**, or an **Internal Auditor**. * **Statutory Defaults:** Failure to transfer **Rs. 20,265** in unpaid dividends to the **IEPF** by the August 2025 deadline. * **Ind-AS Non-compliance:** The company has ceased following Indian Accounting Standards following the closure of business activities.