1. The Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2025; 2. The Audited Standalone Financial Results of the Company for the Quarter ....
Awaiting price reaction for this filing.
Muzali Arts Limited's Board approved audited standalone financial results for Q4 and FY ended March 31, 2025, showing a sharp deterioration. Revenue from operations was nil for FY25 (vs Rs 30.48 lakhs in FY24), as the company has had no active operations since October 2022. Total expenses ballooned to Rs 327.99 lakhs (vs Rs 168.63 lakhs), driven largely by write-offs of Rs 290.34 lakhs, resulting in a loss before tax of Rs 281.67 lakhs and a net loss of Rs 293.72 lakhs (vs Rs 106.95 lakhs loss prior year). EPS was Rs (0.50). The company also appointed a new Internal Auditor (Mr. Bhushan Adhatrao) and Secretarial Auditor (Mr. Nuren Lodaya). Critically, while the company's declaration claims an 'unmodified opinion,' the actual auditor's report (by newly appointed Bilimoria Mehta & Co.) is a 'Disclaimer of Opinion' due to inability to verify loans and advances of Rs 6.55 crores, write-offs, and weak internal controls. The auditor flagged serious going concern doubts, noting no employees since October 2023, inventory liquidation at a loss, and an unresolved BSE trading suspension.
This is a severe red-flag filing for shareholders. The company is operationally dormant, deeply loss-making, faces a BSE trading suspension, and received a disclaimer of opinion from its auditor (not the clean opinion management claimed). Going concern is in serious doubt. The stock is highly risky and the prior auditor (Gupta Ravi & Associates) also issued a disclaimer last year, indicating persistent unresolved issues.